Document:

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,
                                Master Servicer,

                                       and
                         BANK ONE, NATIONAL ASSOCIATION,
                                     Trustee

                               SERIES SUPPLEMENT,
                         DATED AS OF SEPTEMBER 1, 2002,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                           DATED AS OF AUGUST 1, 2002

                       Mortgage Pass-Through Certificates

                                 Series 2002-S12

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions..........................................................-5-
        Section 1.02  Use of Words and Phrases............................................-22-

                                   ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES

        Section 2.01  Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard Terms)
                       ...................................................................-23-
        Section 2.02  Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)
                       ...................................................................-23-
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company.............................................................-23-
        Section 2.04  Representations and Warranties of Sellers. (See Section 2.04 of the Standard
                      Terms)
                       ...................................................................-25-
        Section 2.05  Execution and Authentication of Certificates........................-25-

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

        Section 4.01  Certificate Account.  (See Section 4.01 of the Standard Terms)
                       ...................................................................-28-
        Section 4.03  Statements to Certificateholders; Exchange Act Reporting.  (See Section
                      4.03(a) through (d) of the Standard Terms and Exhibit Three attached hereto)
                       ...................................................................-37-
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer. (See Section 4.04 of the Standard Terms)
                       ...................................................................-38-
        Section 4.05  Allocation of Realized Losses.......................................-38-

<PAGE>

        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
                      Section 4.06 of the Standard Terms)
                       ...................................................................-39-
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the
                      Standard Terms)
                       ...................................................................-39-
        Section 4.08  [Reserved] .........................................................-40-
        Section 4.09  Distributions on the Uncertificated REMIC I Regular Interests.......-40-
        Section 4.10  Distributions on the Uncertificated Class A-V REMIC Regular Interests
                       ...................................................................-41-
        Section 4.11  Reserve Fund........................................................-41-
        Section 4.12  Rounding Account....................................................-42-
        Section 4.13  Principal Distributions on the Insured Certificates.................-42-

                                          ARTICLE V

                                THE CERTIFICATES
        Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms).........-47-
        Section 5.02. Registration of Transfer and Exchange of Certificates...............-47-
        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.  (See Section 5.03 of the
                      Standard Terms).....................................................-48-
        Section 5.04. Persons Deemed Owners.  (See Section 5.04 of the Standard Terms)
                       ...................................................................-48-
        Section 5.05. Appointment of Paying Agent.  (See Section 5.05 of the Standard Terms)
                       ...................................................................-48-

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                                   ARTICLE VII

                                     DEFAULT

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                                   ARTICLE IX

                                   TERMINATION

                                    ARTICLE X

                                REMIC PROVISIONS

<PAGE>

        Section 10.01 REMIC Administration.  (See Section 10.01 of the Standard Terms)
                       ...................................................................-53-
        Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification.  (See
                      Section 10.02 of the  Standard Terms)...............................-53-
        Section 10.03 Designation of REMIC(s).............................................-53-
        Section 10.04 ....................................................................-53-
        Section 10.05 Compliance with Withholding Requirements............................-54-

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment.  (See Section 11.01 of the Standard Terms)
                       ...................................................................-55-
        Section 11.02 Recordation of Agreement.  Counterparts.  (See Section 11.02 of the Standard
                      Terms)
                       ...................................................................-55-
        Section 11.03 Limitation on Rights of Certificateholders.  (See Section 11.03 of the
                     Standard Terms)
                       ...................................................................-55-
        Section 11.04 Governing Laws.  (See Section 11.04 of the Standard Terms)
                       ...................................................................-55-
        Section 11.05 Notices.............................................................-55-
        Section 11.06 Required Notices to Rating Agency and Subservicer.
                        ...................................................................-56-
        Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard Terms)
                       ...................................................................-56-
        Section 11.08 Supplemental Provisions for Resecuritization.  (See Section 11.08 of the
                      Standard Terms)
                       ...................................................................-57-
        Section 11.09 Allocation of Voting Rights.........................................-57-

                                         ARTICLE XII

                      CERTAIN MATTERS REGARDING THE CERTIFICATE  INSURER

        Section 12.01.Rights of the Certificate Insurer to Exercise Rights of Insured
                      Certificateholders..................................................-58-
        Section 12.02.Claims Upon the Certificate Policy; Certificate Insurance Account...-58-
        Section 12.03.Effect of Payments by the Certificate Insurer; Subrogation..........-59-
        Section 12.04.Notices and Information to the Certificate Insurer..................-60-
        Section 12.05.Trustee to Hold Certificate Policy..................................-60-
        Section 12.06.Ratings.............................................................-60-
       Section 12.07.Third Party Beneficiaries...........................................-60-
</TABLE>

<PAGE>

EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement dated as of August 1, 2002
Exhibit Five:         Certificate Policy of MBIA Insurance Corporation
Exhibit Six:          Form of Form 10-k Certificate
Exhibit Seven:        Form of Back-up Certification to Form 10-k Certificate

<PAGE>

        This is a Series Supplement,  dated as of September 1, 2002 (the "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of August 1, 2002 and attached as Exhibit Four hereto (the "Standard Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among  RESIDENTIAL  FUNDING  MORTGAGE  SECURITIES I, INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and  assigns,  the  "Master  Servicer"),   and  BANK  ONE,  NATIONAL
ASSOCIATION, as Trustee (together with its permitted successors and assigns, the
"Trustee").

                              PRELIMINARY STATEMENT

The Company intends to sell Mortgage  Pass-Through  Certificates  (collectively,
the  "Certificates"),  to be issued hereunder in multiple classes,  which in the
aggregate will evidence the entire  beneficial  ownership  interest in the Trust
Fund. As provided herein, the REMIC Administrator will make an election to treat
the entire  segregated pool of assets described in the definition of REMIC I (as
defined herein), and subject to this Agreement (including the Mortgage Loans but
excluding the Rounding Account, the Reserve Fund and the Initial Monthly Payment
Fund),  as a real estate  mortgage  investment  conduit (a "REMIC")  for federal
income tax purposes and such segregated pool of assets will be designated as the
"REMIC  I."  The  Uncertificated  REMIC I  Regular  Interests  will be  "regular
interests" in REMIC I and the Class R-I  Certificates  will be the sole class of
"residual interests" in REMIC I for purposes of the REMIC Provisions (as defined
herein).  A segregated pool of assets consisting of the  Uncertificated  REMIC I
Regular Interests will be designated as "REMIC II," and the REMIC  Administrator
will  make a  separate  REMIC  election  with  respect  thereto.  The  Class A-1
Certificates,   Class  A-2  Certificates,  Class  A-3  Certificates,  Class  A-4
Certificates,   Class  A-5  Certificates,  Class  A-6  Certificates,  Class  A-7
Certificates,  Class  A-8  Certificates,  Class  A-9  Certificates,  Class  A-10
Certificates,  Class A-11  Certificates,  Class A-12  Certificates,  Class A- 13
Certificates,   Class  A-P  Certificates,  Class  M-1  Certificates,  Class  M-2
Certificates,   Class  M-3  Certificates,  Class  B-1  Certificates,  Class  B-2
Certificates,  Class B-3  Certificates  and the  Uncertificated  Class A-V REMIC
Regular  Interests  will be "regular  interests"  in REMIC II and the Class R-II
Certificates will be the sole class of "residual interests" therein for purposes
of the REMIC  Provisions.  The Class A-V Certificates  will represent the entire
beneficial  ownership  interest in the  Uncertificated  Class A-V REMIC  Regular
Interests.

        The terms and provisions of the Standard  Terms are hereby  incorporated
by reference herein as though set forth in full herein. If any term or provision
contained  herein shall  conflict  with or be  inconsistent  with any  provision
contained  in the  Standard  Terms,  the terms  and  provisions  of this  Series
Supplement  shall govern.  Any  cross-reference  to a section of the Pooling and
Servicing  Agreement,  to the extent the terms of the Standard  Terms and Series
Supplement conflict with respect to that section,  shall be a cross-reference to
the  related  section  of the  Series  Supplement.  All  capitalized  terms  not
otherwise  defined  herein  shall have the  meanings  set forth in the  Standard
Terms. The Pooling and Servicing  Agreement shall be dated as of the date of the
Series Supplement.

        The  following  table  irrevocably  sets  forth  the  designation,   the
Uncertificated REMIC I Pass- Through Rate, the initial Uncertificated  Principal
Balance,  and solely for  purposes of  satisfying  Treasury  regulation  Section
1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the

                                             -1-

<PAGE>

Uncertificated  REMIC I Regular Interests.  None of the  Uncertificated  REMIC I
Regular Interests will be certificated.

<TABLE>
<CAPTION>

                          UNCERTIFICATED    INITIAL UNCERTIFICATED           LATEST
                         -REMIC-I-PASS---------PRINCIPAL-BALANCE------POSSIBLE-MATURITY(1)
 DESIGNATION          THROUGH RATE

<S>                           <C>         <C>                                       <C> <C>
REMIC I Regular Interest      6.25%       $           101,580,138.51      September 25, 2032
           R
REMIC I Regular Interest      6.00%       $            40,000,000.00      September 25, 2032
           S
REMIC I Regular Interest      6.25%       $            15,181,000.00      September 25, 2032
           T
REMIC I Regular Interest      6.25%       $            18,624,000.00      September 25, 2032
           U
REMIC I Regular Interest      6.25%       $               236,000.00      September 25, 2032
           V
REMIC I Regular Interest      8.50%       $            32,222,223.00      September 25, 2032
           W
REMIC I Regular Interest      5.75%       $            50,000,000.00      September 25, 2032
           X
REMIC I Regular Interest      5.50%       $            50,000,000.00      September 25, 2032
           Y
REMIC I Regular Interest      0.00%       $             1,887,805.66      September 25, 2032
           Z
        REMIC I            Variable (2)                       N/A(3)      September 25, 2032
  IO Regular Interests
</TABLE>

-------------------

(1)     Solely for  purposes  of  Section  1.860G-1(a)(4)(iii)  of the  Treasury
        regulations,  the Distribution  Date immediately  following the maturity
        date for the  Mortgage  Loan  with  the  latest  maturity  date has been
        designated  as the  "latest  possible  maturity  date" for each  REMIC I
        Regular Interest.

(2)  Calculated  in   accordance   with  the   definition   of   "Uncertificated
     Pass-Through Rate" herein.

(3)  The  Uncertificated  REMIC I IO Regular  Interests  have no  Uncertificated
     Principal Balance.

        The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance,  Maturity Date, initial ratings
and certain features for each Class of Certificates  comprising the interests in
the Trust Fund created hereunder.

                                             -2-

<PAGE>

        The following table sets forth the designation, type, Pass-Through Rate,
aggregate Initial Certificate Principal Balance,  Maturity Date, initial ratings
and certain features for each Class of Certificates  comprising the interests in
the Trust Fund created hereunder.
<TABLE>
<CAPTION>

                            AGGREGATE
                             INITIAL
                PASS-      CERTIFICATE
               THROUGH      PRINCIPAL                                 MATURITY                       MINIMUM
DESIGNATION      RATE        BALANCE            FEATURES1               DATE        FITCH/ S&P   DENOMINATIONS2

<S>     <C>     <C>       <C>                                               <C> <C>                  <C>
Class A-1       6.25%     $ 20,000,000.00         Senior          September 25, 2032 AAA/AAA         $25,000
Class A-2       6.00%     $ 40,000,000.00         Senior          September 25, 2032 AAA/AAA         $25,000
Class A-3       6.25%     $ 34,668,777.00         Senior          September 25, 2032 AAA/AAA         $25,000
Class A-4       6.25%     $ 28,858,000.00         Senior          September 25, 2032 AAA/AAA         $25,000
Class A-5       5.75%     $ 15,181,000.00 Senior/Retail/Insured   September 25, 2032 AAA/AAA         $1,000
Class A-6       6.25%     $ 10,000,000.00     Senior/Lockout      September 25, 2032 AAA/AAA         $25,000
Class A-7       6.00%     $ 18,624,000.00  Super Senior/Lockout   September 25, 2032 AAA/AAA         $25,000
Class A-8       6.00%     $    236,000.00 Senior Support/Lockout  September 25, 2032 AAA/AAA         $25,000
Class A-9       0.25%     $                Senior/Interest Only   September 25, 2032 AAA/AAA         $25,000
Class A-10      8.50%     $ 32,222,223.00         Senior          September 25, 2032 AAA/AAA         $25,000
Class A-11      5.75%     $ 50,000,000.00         Senior          September 25, 2032 AAA/AAA         $25,000
Class A-12      5.50%     $ 50,000,000.00         Senior          September 25, 2032 AAA/AAA         $25,000
Class A-13      0.43%     $                Senior/Interest Only   September 25, 2032 AAA/AAA         $25,000
                                            Senior/Principal                        AAA/AAA
Class A-P       0.00%     $  1,887,805.66          Only           September 25, 2032                 $25,000
                                          Senior/Interest Only/                      AAA/AAA
Class A-V    Variable Rate$                   Variable Strip      September 25, 2032                   20%
Class R-I       6.25%     $         100.00 Senior/Residual        September 25, 2032 AAA/AAA           20%
Class R-II      6.25%     $         100.00 Senior/Residual        September 25, 2032 AAA/AAA           20%
Class M-1       6.25%     $   4,181,500.00      Mezzanine         September 25, 2032  NA/AA          $25,000
Class M-2       6.25%     $   1,548,700.00      Mezzanine         September 25, 2032   NA/A         $250,000
Class M-3       6.25%     $     929,200.00     Mezzanine          September 25, 2032  NA/BBB        $250,000
Class B-1       6.25%     $     464,600.00    Subordinate         September 25, 2032  NA/BB         $250,000
Class B-2       6.25%     $     464,600.00    Subordinate         September 25, 2032   NA/B         $250,000

--------

1    The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class
     A-7, Class A-8, Class A-9, Class A-10,  Class A-11,  Class A-12, Class A-13
     and Class M Certificates shall be Book-Entry  Certificates.  The Class A-P,
     Class  A-V,  Class R and Class B  Certificates  shall be  delivered  to the
     holders thereof in physical form.

2    The Certificates,  other than the Class A-V and Class R Certificates, shall
     be  issuable  in  minimum  dollar  denominations  as  indicated  above  (by
     Certificate  Principal  Balance or  Notional  Amount,  as  applicable)  and
     integral  multiples  of $1 (or $1,000 in the case of the Class  A-5,  Class
     A-P, Class B-1, Class B-2 and Class B-3  Certificates)  in excess  thereof,
     except  that  one  Certificate  of  any  of  the  Class  A-P  and  Class  B
     Certificates  that contains an uneven multiple of $1,000 shall be issued in
     a denomination  equal to the sum of the related  minimum  denomination  set
     forth  above and such  uneven  multiple  for such  Class or the sum of such
     denomination and an integral  multiple of $1,000.  The Class R Certificates
     and Class A-V  Certificates  shall be issuable in minimum  denominations of
     not less than a 20% Percentage Interest;  provided, however, that one Class
     R  Certificate  will be issuable  to  Residential  Funding as "tax  matters
     person"  pursuant  to Section  10.01(c)  and (e) in a minimum  denomination
     representing a Percentage Interest of not less than 0.01%.

                                             -3-

<PAGE>

Class B-3       6.25%     $      464,661.51    Subordinate        September 25, 2032  NA/NA         $250,000
</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $309,731,267.17.

        In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:

                                             -4-

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

        Section 1.01  Definitions.

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Accrued  Certificate  Interest:  With respect to each Distribution Date,
(a) in the case of each Class of  Certificates  (other  than the  Interest  Only
Certificates  and Principal  Only  Certificates),  interest  accrued  during the
related  Interest  Accrual Period on the  Certificate  Principal  Balance of the
Certificates of that Class  immediately  prior to such  Distribution Date at the
related Pass-Through Rate and (b) as to the Interest Only Certificates, interest
accrued during the related Interest  Accrual Period at the related  Pass-Through
Rate on the Notional Amount thereof immediately prior to such Distribution Date.
Accrued Certificate  Interest will be calculated on the basis of a 360-day year,
consisting of twelve 30-day months. In each case Accrued Certificate Interest on
any Class or Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls  on all  Mortgage  Loans (to the
               extent  not  offset by the  Master  Servicer  with a  payment  of
               Compensating Interest as provided in Section 4.01),

        (ii)   the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan)) of Realized Losses on all Mortgage Loans (including Excess
               Special Hazard  Losses,  Excess Fraud Losses,  Excess  Bankruptcy
               Losses and  Extraordinary  Losses) not allocated solely to one or
               more specific Classes of Certificates pursuant to Section 4.05,

        (iii)  the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans which remained unreimbursed  following the Cash Liquidation
               or REO  Disposition  of such Mortgage Loan or REO Property or (B)
               made  with  respect  to   delinquencies   that  were   ultimately
               determined  to be Excess  Special  Hazard  Losses,  Excess  Fraud
               Losses, Excess Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Relief Act, as amended, or similar legislation or
               regulations as in effect from time to time,

with all such  reductions  allocated  among all of the  Certificates  (or,  with
respect to the  Insured  Certificates,  to the extent not covered by the Reserve
Fund and the Certificate  Policy) in proportion to their  respective  amounts of
Accrued  Certificate  Interest  payable on such  Distribution  Date  absent such
reductions, with the remainder of such reductions allocated among the Holders of
the Class M

                                             -5-

<PAGE>

Certificates and Class B Certificates in proportion to their respective  amounts
of Accrued  Certificate  Interest payable on such  Distribution Date absent such
reductions.  In  addition to that  portion of the  reductions  described  in the
preceding  sentence that are allocated to any Class of Class B  Certificates  or
any Class of Class M Certificates, Accrued Certificate Interest on such Class of
Class B Certificates  or such Class of Class M  Certificates  will be reduced by
the interest portion (adjusted to the Net Mortgage Rate) of Realized Losses that
are  allocated  solely to such  Class of Class B  Certificates  or such Class of
Class M Certificates pursuant to Section 4.05.

        Bankruptcy  Amount:  As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$101,491 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

               (1) the lesser of (a) the Bankruptcy  Amount calculated as of the
        close of business on the Business  Day  immediately  preceding  the most
        recent anniversary of the Cut-off Date coinciding with or preceding such
        date  of  determination  (or,  if  such  date  of  determination  is  an
        anniversary of the Cut-off Date, the Business Day immediately  preceding
        such  date of  determination)  (for  purposes  of this  definition,  the
        "Relevant Anniversary") and (b) the greater of

                      (A)  the  greater  of  (i)  0.0006  times  the   aggregate
               principal  balance of all the Mortgage Loans in the Mortgage Pool
               as of the Relevant Anniversary (other than Additional  Collateral
               Loans, if any) having a Loan-to-Value  Ratio at origination which
               exceeds 75% and (ii) $100,000; and

                      (B) the greater of (i) the product of (x) an amount  equal
               to the largest  difference in the related Monthly Payment for any
               Non-Primary  Residence Loan remaining in the Mortgage Pool (other
               than Additional  Collateral  Loans, if any) which had an original
               Loan-to-Value  Ratio of 80% or greater  that would  result if the
               Net  Mortgage  Rate  thereof  was equal to the  weighted  average
               (based on the principal  balance of the Mortgage  Loans as of the
               Relevant  Anniversary)  of the Net Mortgage Rates of all Mortgage
               Loans as of the Relevant  Anniversary less 1.25% per annum, (y) a
               number equal to the weighted average  remaining term to maturity,
               in months,  of all  Non-Primary  Residence Loans remaining in the
               Mortgage  Pool as of the Relevant  Anniversary,  and (z) one plus
               the  quotient of the number of all  Non-Primary  Residence  Loans
               remaining  in the  Mortgage  Pool  divided by the total number of
               Outstanding  Mortgage  Loans  in  the  Mortgage  Pool  as of  the
               Relevant  Anniversary,  and (ii) $50,000,  over (2) the aggregate
               amount  of  Bankruptcy  Losses  allocated  solely  to one or more
               specific  Classes of Certificates in accordance with Section 4.05
               since the Relevant Anniversary.

        The  Bankruptcy  Amount  may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating assigned to any Class of Certificates by such Rating

                                             -6-

<PAGE>

Agency  (without  giving  effect  to the  Certificate  Policy in the case of the
Insured  Certificates)  below the lower of the then-current rating or the rating
assigned to such  Certificates  as of the Closing Date by such Rating Agency and
(ii) provide a copy of such written confirmation to the Trustee.

        Certificate:  Any Class A, Class M, Class B or Class R Certificate.

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "Bank  One,  National  Association,  as  trustee,  in  trust  for  the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through  Certificates,  Series  2002-S12"  and  which  must be an  Eligible
Account.

     Certificate  Insurance Account: The account established pursuant to Section
12.02(b) of this Series Supplement.

     Certificate  Insurance Payment: Any payment made by the Certificate Insurer
with respect to the Insured Certificates under the Certificate Policy.

        Certificate  Insurer:  MBIA  Insurance  Corporation,  a stock  insurance
company  organized and created under the laws of the State of New York,  and any
successors thereto, issuer of the Certificate Policy.

        Certificate Insurer Default:  The existence and continuance of a failure
by the  Certificate  Insurer to make a payment  required  under the  Certificate
Policy in accordance with its terms.

     Certificate  Policy:  The certificate  guaranty  insurance policy No. 39129
issued by the Certificate  Insurer for the benefit of the Holders of the Insured
Certificates,  including any  endorsements  thereto,  attached hereto as Exhibit
Five.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

     (i)  the  Initial  Certificate  Principal  Balance of such  Certificate  as
          specified on the face thereof, plus

     (ii) the sum of (x) the  aggregate  of all amounts  previously  distributed
          with respect to such Certificate (or any predecessor  Certificate) and
          applied to reduce the Certificate  Principal  Balance thereof pursuant
          to  Section  4.02(a)  and  (y)  the  aggregate  of all  reductions  in
          Certificate  Principal  Balance  deemed to have occurred in connection
          with  Realized  Losses  which  were   previously   allocated  to  such
          Certificate (or any predecessor Certificate) pursuant to Section 4.05;
          provided,  however,  that  solely  for  purposes  of  determining  the
          Certificate    Insurer's   rights   as   subrogee   to   the   Insured
          Certificateholders,  the Certificate  Principal Balance of any Insured
          Certificate shall be deemed to not be reduced by any principal amounts
          paid to the Holder thereof from Certificate Insurance Payments, unless
          such amounts have been reimbursed to the Certificate  Insurer pursuant
          to Section 4.02(a)(xvi) or Section 4.02(g);

                                             -7-

<PAGE>

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates  then outstanding with a Certificate  Principal  Balance greater
than zero (not taking  into  consideration  any  reductions  in the  Certificate
Principal Balance of the Insured  Certificates due to a withdrawal of funds from
the Rounding Account).

        Class A  Certificate:  Any one of the Class A-1,  Class A-2,  Class A-3,
Class A-4,  Class A-5,  Class A-6,  Class A-7, Class A-8, Class A-9, Class A-10,
Class  A-11,  Class  A-12,  Class  A-13,  Class A-P or Class  A-V  Certificates,
executed  by  the  Trustee  and  authenticated  by  the  Certificate   Registrar
substantially in the form annexed to the Standard Terms as Exhibit A.

        Class R  Certificate:  Any one of the Class R-I  Certificates  and Class
R-II  Certificates  executed by the Trustee and authenticated by the Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit D
and evidencing an interest designated as a "residual interest" in the each REMIC
for purposes of the REMIC Provisions.

        Closing Date: September 27, 2002.

        Commission: The Securities and Exchange Commission.

        Commitment   Letter:  The  commitment  to  issue  a  financial  guaranty
insurance policy,  dated September 26, 2002,  between the Senior Underwriter and
the Certificate Insurer.

        Corporate Trust Office:  The principal office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at 1 Bank One Plaza,  Suite  IL1-0126,  Chicago,  Illinois
60670-0126, Attention: Residential Funding Corporation Series 2002-S12.

        Corresponding  Certificated  Interests:  With respect to  Uncertificated
REMIC I Regular  Interest  R, the Class A-1,  Class A-3,  Class A-4,  Class A-6,
Class R-II,  Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3
Certificates;  with respect to  Uncertificated  REMIC I Regular  Interest S, the
Class A-2 Certificates;  with respect to Uncertificated REMIC I Regular Interest
T, the Class A-5 Certificates;  with respect to  Uncertificated  REMIC I Regular
Interest U, the Class A-7 Certificates;  with respect to Uncertificated  REMIC I
Regular Interest V, the Class A-8  Certificates;  with respect to Uncertificated
REMIC I Regular  Interest  W, the  Class  A-10  Certificates;  with  respect  to
Uncertificated  REMIC I Regular  Interest X, the Class A-11  Certificates;  with
respect  to   Uncertificated   REMIC  I  Regular  Interest  Y,  the  Class  A-12
Certificates;  with respect to  Uncertificated  REMIC I Regular  Interest Z, the
Class  A-P  Certificates;  and with  respect  to the  Uncertificated  REMIC I IO
Regular Interests, the Class A-V Certificates.

     Cumulative  Insurance  Payments:  As of  any  time  of  determination,  the
aggregate  of  all  Certificate   Insurance  Payments  previously  made  by  the
Certificate  Insurer  under the  Certificate  Policy minus the  aggregate of all
payments previously made to the Certificate Insurer pursuant to

                                             -8-

<PAGE>

Sections 4.02(a)(xvi) of this Series Supplement as reimbursement for Certificate
Insurance Payments.

        Cut-off Date: September 1, 2002.

        Deceased Holder: A Certificate Owner of an Insured Certificate who was a
natural  person  living  at the  time  such  interest  was  acquired  and  whose
authorized personal representative,  surviving tenant by the entirety, surviving
joint tenant or surviving  tenant in common or other person  empowered to act on
behalf of a deceased  Certificate Owner causes to be furnished to the Depository
Participant evidence of death satisfactory to the Depository Participant and any
tax waivers requested by the Depository Participant.

     Deficiency Amount:  With respect to the Insured  Certificates and as of any
Distribution Date, an amount equal to:

        (i) any interest shortfall allocated to the Insured Certificates, except
        for (a) any  Prepayment  Interest  Shortfalls  allocated  to the Insured
        Certificates  that  were not  offset  by the  Master  Servicer  and were
        otherwise  covered by the Reserve Fund and (b) any  interest  shortfalls
        caused by the  application  of the Relief Act  allocated  to the Insured
        Certificates that were otherwise covered by the Reserve Fund;

          (ii) the  principal  portion of any Realized  Losses  allocated to the
          Insured Certificates; and

        (iii) the Certificate  Principal Balance of the Insured  Certificates to
        the extent unpaid on the Scheduled Final Distribution Date.

     Determination  Date:  With  respect to any  Distribution  Date,  the second
Business Day prior to each Distribution Date.

        Discount Net Mortgage Rate: 6.25% per annum.

        Due Period:  With  respect to each  Distribution  Date and any  Mortgage
Loan, the period commencing on the second day of the month prior to the month in
which such  Distribution Date occurs and ending on the first day of the month in
which such Distribution Date occurs.

        Eligible Funds: On any  Distribution  Date, the portion,  if any, of the
Available  Distribution  Amount  remaining after reduction by the sum of (i) the
aggregate  amount of Accrued  Certificate  Interest on the Senior  Certificates,
(ii) the Senior  Principal  Distribution  Amount  (determined  without regard to
Section  4.02(a)(ii)(Y)(D)  of this  Series  Supplement),  (iii)  the  Class A-P
Principal   Distribution   Amount   (determined   without   regard  to   Section
4.02(b)(i)(E)  of this  Series  Supplement)  and (iv) the  aggregate  amount  of
Accrued  Certificate   Interest  on  the  Class  M,  Class  B-1  and  Class  B-2
Certificates.

        Exchange Act: The Securities Exchange Act of 1934, as amended.

                                             -9-

<PAGE>

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date,  an amount  equal to: (X) prior to the third  anniversary  of the  Cut-off
Date, an amount equal to 1.0% of the aggregate  outstanding principal balance of
all of the Mortgage  Loans as of the Cut-off Date minus the aggregate  amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination and (Y) from the third to the fifth anniversary of
the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount
as of the most  recent  anniversary  of the  Cut-off  Date and (b)  0.50% of the
aggregate  outstanding  principal balance of all of the Mortgage Loans as of the
most recent  anniversary  of the Cut-off Date minus (2) the aggregate  amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance  with  Section 4.05 of this Series  Supplement  since the most recent
anniversary of the Cut-off Date up to such date of  determination.  On and after
the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero.

        The Fraud  Loss  Amount may be  further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Insured Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates  as of the Closing  Date by such Rating  Agency and (ii)  provide a
copy of such written confirmation to the Trustee.

        Indirect Depository Participant: An institution that is not a Depository
Participant  but clears  through or  maintains  a  custodial  relationship  with
Participants and has access to the Depository's clearing system.

     Individual  Insured  Certificate:  An Insured  Certificate  that  evidences
$1,000 Initial Certificate Principal Balance.

        Initial Monthly Payment Fund: $398,426, representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
in September  2002,  for those  Mortgage Loans for which the Trustee will not be
entitled to receive such payment in  accordance  with the  definition  of "Trust
Fund". The Initial Monthly Payment Fund will not be part of any REMIC.

        Initial  Notional  Amount:  With respect to the Class A-9  Certificates,
approximately  $18,860,000.   With  respect  to  the  Class  A-13  Certificates,
approximately  $15,181,000.  With  respect  to any  Class  A-V  Certificates  or
Subclass thereof issued pursuant to Section 5.01(c),  the aggregate Cut-off Date
Principal  Balance of the Mortgage  Loans  corresponding  to the  Uncertificated
Class A- V REMIC Regular Interests represented by such Class or Subclass on such
date.

        Initial  Subordinate  Class  Percentage:  With  respect to each Class of
Subordinate  Certificates,  an amount  which is equal to the  initial  aggregate
Certificate Principal Balance of such Class of Subordinate  Certificates divided
by the aggregate  Stated  Principal  Balance of all the Mortgage Loans as of the
Cut-off Date as follows:

                                      -10-

<PAGE>

        Class M-1: 1.35%                    Class B-1: 0.15%
        Class M-2: 0.50%                    Class B-2: 0.15%
        Class M-3: 0.30%                    Class B-3: 0.15%

        Insurance  Premium:  With respect to any  Distribution  Date,  an amount
equal to 1/12th of the product of (a) the Certificate  Principal  Balance of the
Class A-5 Certificates as of such  Distribution  Date (prior to giving effect to
any  distributions  thereon  on such  Distribution  Date)  and  (b) the  Premium
Percentage (as defined in the Commitment Letter).

        Insured Certificates:  Any one of the Class A-5 Certificates.

     Insured  Payment:  With respect to the Insured  Certificates  (a) as of any
Distribution Date, any Deficiency Amount, and (b) any Preference Amount.

     Interest Only Certificates:  Any one of Class A-9 Certificates,  Class A-13
Certificates or Class A-V Certificates. The Interest Only Certificates will have
no Certificate Principal Balance.

     Interest  Accrual  Period:   With  respect  to  any  Certificates  and  any
Distribution  Date,  the  calendar  month  preceding  the  month in  which  such
Distribution Date occurs.

     Living Owner: A Certificate  Owner of an Insured  Certificate  other than a
Deceased Holder.

      Lockout Certificates: The Class A-6, Class A-7 and Class A-8 Certificates.

        Lockout  Percentage:  For any  Distribution  Date occurring prior to the
Distribution Date in October 2007, 0%. For any Distribution Date occurring after
the first five years  following  the Closing  Date, a percentage  determined  as
follows:  (i) for any Distribution  Date during the sixth year after the Closing
Date,  30%;  (ii) for any  Distribution  Date during the seventh  year after the
Closing Date, 40%; (iii) for any Distribution  Date during the eighth year after
the Closing  Date,  60%;  (iv) for any  Distribution  Date during the ninth year
after the Closing Date, 80%; and (v) for any Distribution Date thereafter, 100%.

        Maturity Date: With respect to each Class of Certificates, September 25,
2032, the Distribution Date immediately  following the latest scheduled maturity
date of any Mortgage Loan.

        Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit One (as amended  from time to time to reflect the  addition of
Qualified  Substitute  Mortgage Loans),  which list or lists shall set forth the
following information as to each Mortgage Loan:

          (a)  the Mortgage Loan identifying number ("RFC LOAN #");

          (b)  the maturity of the Mortgage Note ("MATURITY DATE");

          (c)  the Mortgage Rate ("ORIG RATE");

          (d)  the Subservicer pass-through rate ("CURR NET");

          (e)  the Net Mortgage Rate ("NET MTG RT");

          (f)  the Pool Strip Rate ("STRIP");

                                      -11-

<PAGE>

          (g)  the initial scheduled  monthly payment of principal,  if any, and
               interest ("ORIGINAL P & I");

        (h)    the Cut-off Date Principal Balance ("PRINCIPAL BAL");
        (i)    the Loan-to-Value Ratio at origination ("LTV");
        (j)    the rate at which the  Subservicing  Fee accrues  ("SUBSERV FEE")
               and at which the Servicing Fee accrues ("MSTR SERV FEE");
        (k)    a  code  "T,"  "BT"  or  "CT"  under  the  column  "LN  FEATURE,"
               indicating  that the  Mortgage  Loan is  secured  by a second  or
               vacation residence; and
        (l)    a code "N" under the  column  "OCCP  CODE,"  indicating  that the
               Mortgage Loan is secured by a non-owner occupied residence.

Such schedule may consist of multiple reports that collectively set forth all of
the information required.

        Notional Amount: As of any Distribution  Date, with respect to the Class
A-9 Certificates, an amount equal to the aggregate Certificate Principal Balance
of the Class A-7 Certificates and Class A-8 Certificates. For federal income tax
purposes,  however,  as of any Distribution  Date, with respect to the Class A-9
Certificates,   the   equivalent  of  the   foregoing,   expressed  as  (i)  the
Uncertificated  Principal Balance of  Uncertificated  REMIC I Regular Interest U
and (ii) the Uncertificated  Principal Balance of Uncertificated REMIC I Regular
Interest  V. As of the  Closing  Date,  the  Notional  Amount  of the  Class A-9
Certificates is equal to approximately $18,860,000. As of any Distribution Date,
with respect to the Class A-13  Certificates,  an amount equal to the  aggregate
Certificate Principal Balance of the Class A-5 Certificates.  For federal income
tax purposes,  however,  as of any Distribution  Date, with respect to the Class
A-13   Certificates,   the  equivalent  of  the  foregoing,   expressed  as  the
Uncertificated  Principal Balance of Uncertificated  REMIC I Regular Interest T.
As of the Closing Date, the Notional  Amount of the Class A-13  Certificates  is
equal to approximately $15,181,000. As of any Distribution Date, with respect to
any Class A-V  Certificates  or  Subclass  thereof  issued  pursuant  to Section
5.01(c),   the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding  to  the   Uncertificated   Class  A-V  REMIC  Regular   Interests
represented by such Class or Subclass as of the day  immediately  preceding such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close of business on the Cut- off Date).

        Pass-Through Rate: With respect to the Class A Certificates  (other than
the  Class  A-V   Certificates  and  Principal  Only   Certificates),   Class  M
Certificates, Class B Certificates and Class R Certificates and any Distribution
Date, the per annum rates set forth in the Preliminary  Statement  hereto.  With
respect to the Class A-V Certificates  (other than any Subclass thereof) and any
Distribution  Date,  a  rate  equal  to the  weighted  average,  expressed  as a
percentage,  of the Pool Strip Rates of all Mortgage Loans as of the Due Date in
the related Due Period, weighted on the basis of the respective Stated Principal
Balances  of such  Mortgage  Loans  as of the  day  immediately  preceding  such
Distribution  Date (or,  with respect to the initial  Distribution  Date, at the
close  of  business  on  the  Cut-off  Date).  With  respect  to the  Class  A-V
Certificates and the initial Distribution Date the Pass-Through Rate is equal to
0.1307% per annum.  With respect to any Subclass of Class A-V  Certificates  and
any  Distribution  Date,  a rate equal to the weighted  average,  expressed as a
percentage,  of the Pool Strip Rates of all Mortgage Loans  corresponding to the
Uncertificated Class A-V REMIC Regular Interests represented by such Subclass as
of the Due Date in the related Due

                                      -12-

<PAGE>

Period,  weighted on the basis of the respective  Stated  Principal  Balances of
such Mortgage Loans as of the day immediately  preceding such  Distribution Date
(or with respect to the initial  Distribution  Date, at the close of business on
the Cut-off Date).  The Principal Only  Certificates  have no Pass- Through Rate
and are not entitled to Accrued Certificate Interest.

        Preference   Amount:   Any   amount   previously    distributed   to   a
Certificateholder on an Insured Certificate that is recoverable and sought to be
recovered as a voidable  preference by a trustee in  bankruptcy  pursuant to the
United  States  Bankruptcy  Code (11 U.S.C.),  as amended from time to time,  in
accordance  with  a  final  nonappealable  order  of a  court  having  competent
jurisdiction.

        Prepayment Assumption: A prepayment assumption of 300% of the prepayment
speed  assumption,  used for  determining the accrual of original issue discount
and market  discount  and premium on the  Certificates  for  federal  income tax
purposes.  The prepayment speed assumption assumes a constant rate of prepayment
of mortgage loans of 0.2% per annum of the then outstanding principal balance of
such  mortgage  loans in the  first  month of the  life of the  mortgage  loans,
increasing by an additional  0.2% per annum in each  succeeding  month until the
thirtieth month,  and a constant 6% per annum rate of prepayment  thereafter for
the life of the mortgage loans.

        Prepayment  Distribution  Percentage:  With respect to any  Distribution
Date  and  each  Class  of  Subordinate   Certificates,   under  the  applicable
circumstances set forth below, the respective percentages set forth below:

               (i) For any Distribution  Date prior to the Distribution  Date in
        October 2007 (unless the  Certificate  Principal  Balances of the Senior
        Certificates  (other than the Class A-P Certificates)  have been reduced
        to zero), 0%.

               (ii) For any  Distribution  Date for which  clause (i) above does
        not  apply,  and on which  any  Class of  Subordinate  Certificates  are
        outstanding:

                      (a) in the case of the Class of  Subordinate  Certificates
               then  outstanding  with the Highest Priority and each other Class
               of  Subordinate  Certificates  for which the  related  Prepayment
               Distribution Trigger has been satisfied, a fraction, expressed as
               a percentage, the numerator of which is the Certificate Principal
               Balance  of such  Class  immediately  prior to such  date and the
               denominator  of  which  is the sum of the  Certificate  Principal
               Balances  immediately  prior  to such  date of (1) the  Class  of
               Subordinate   Certificates  then  outstanding  with  the  Highest
               Priority and (2) all other  Classes of  Subordinate  Certificates
               for which the respective  Prepayment  Distribution  Triggers have
               been satisfied; and

                      (b) in  the  case  of  each  other  Class  of  Subordinate
               Certificates for which the Prepayment  Distribution Triggers have
               not been satisfied, 0%; and

               (iii)  Notwithstanding  the foregoing,  if the application of the
        foregoing  percentages on any  Distribution  Date as provided in Section
        4.02 of this Series Supplement (determined without regard to the proviso
        to the definition of "Subordinate  Principal Distribution Amount") would
        result in a distribution in respect of principal of any Class or Classes
        of

                                      -13-

<PAGE>

        Subordinate  Certificates  in  an  amount  greater  than  the  remaining
        Certificate  Principal  Balance  thereof  (any such  class,  a "Maturing
        Class"),  then:  (a)  the  Prepayment  Distribution  Percentage  of each
        Maturing  Class  shall be  reduced  to a level  that,  when  applied  as
        described above, would exactly reduce the Certificate  Principal Balance
        of such Class to zero;  (b) the  Prepayment  Distribution  Percentage of
        each  other  Class  of  Subordinate  Certificates  (any  such  Class,  a
        "Non-Maturing  Class")  shall be  recalculated  in  accordance  with the
        provisions  in paragraph  (ii) above,  as if the  Certificate  Principal
        Balance of each Maturing Class had been reduced to zero (such percentage
        as recalculated, the "Recalculated Percentage"); (c) the total amount of
        the  reductions  in  the  Prepayment  Distribution  Percentages  of  the
        Maturing  Class or  Classes  pursuant  to clause  (a) of this  sentence,
        expressed  as an  aggregate  percentage,  shall be  allocated  among the
        Non-Maturing  Classes in  proportion  to their  respective  Recalculated
        Percentages (the portion of such aggregate reduction so allocated to any
        Non-Maturing Class, the "Adjustment  Percentage");  and (d) for purposes
        of such  Distribution  Date, the Prepayment  Distribution  Percentage of
        each Non-Maturing  Class shall be equal to the sum of (1) the Prepayment
        Distribution  Percentage  thereof,  calculated  in  accordance  with the
        provisions  in  paragraph  (ii)  above as if the  Certificate  Principal
        Balance of each  Maturing  Class had not been reduced to zero,  plus (2)
        the related Adjustment Percentage.

        Principal Only Certificates:  Any one of the Class A-P Certificates.

        Random Lot: With respect to any  Distribution  Date, the method by which
the Depository will determine which Insured Certificates will be paid, using its
established random lot procedures or, if the Insured  Certificates are no longer
represented by a Book-Entry Certificate, using the Trustee's procedures.

        Record Date:  With respect to each  Distribution  Date and each Class of
Certificates,  the close of business on the last  business day of the month next
preceding the month in which the related Distribution Date occurs.

     Relief  Act:  The  Soldiers'  and  Sailors'  Civil  Relief Act of 1940,  as
amended, or similar legislation or regulations as in effect from time to time.

     Relief Act Shortfalls:  Shortfalls in interest  payable by a Mortgagor that
is not collectable from the Mortgagor pursuant to the Relief Act.

        REMIC I: The  segregated  pool of assets  related to this  Series,  with
respect  to which a REMIC  election  is to be made  (except as  provided  below)
pursuant to this Agreement, consisting of:

          (i)  the Mortgage Loans and the related  Mortgage Files and collateral
               securing such Mortgage Loans,

        (ii)   all payments on and  collections in respect of the Mortgage Loans
               due  after  the  Cut-off  Date  as  shall  be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging to the Trust Fund, including the proceeds from

                                      -14-

<PAGE>

               the  liquidation  of  Additional  Collateral  for any  Additional
               Collateral  Loan,  but not  including  amounts  on deposit in the
               Initial Monthly Payment Fund,

        (iii)  property  that secured a Mortgage Loan and that has been acquired
               for the benefit of the  Certificateholders by foreclosure or deed
               in lieu of foreclosure,

        (iv)   the hazard insurance policies and Primary Insurance Policies,  if
               any,  and the  interest  in the Surety  Bond  transferred  to the
               Trustee pursuant to Section 2.01 of the Standard Terms, and

        (v)    all proceeds of clauses (i) through (iv) above.

        Notwithstanding the foregoing,  the REMIC election specifically excludes
the Initial Monthly Payment Fund, the Rounding Account and the Reserve Fund.

        REMIC I Certificates:  The Class R-I Certificates.

        REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular  Interests  conveyed  in trust to the Trustee for the benefit of
the holders of the Class A-1,  Class A-2, Class A-3, Class A-4, Class A-5, Class
A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A- 11, Class A-12, Class
A-13,  Class A-P,  Class A-V,  Class M-1, Class M-2, Class M-3, Class B-1, Class
B-2, Class B-3 and R-II  Certificates  pursuant to Section 2.06, with respect to
which a separate  REMIC  election is to be made. The REMIC election with respect
to REMIC II specifically excludes the Initial Monthly Payment Fund, the Rounding
Account and the Reserve Fund.

        REMIC II Certificates: Any of the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5,  Class A-6,  Class A-7, Class A-8, Class A-9, Class A-10,  Class
A-11,  Class A-12, Class A-13, Class A-P, Class A-V, Class M-1, Class M-2, Class
M-3, Class B-1, Class B-2, Class B-3 and Class R-II Certificates.

        Reserve Fund:  Any one or more  segregated  trust  accounts  established
pursuant  to Section  4.11 that are  Eligible  Accounts,  which  shall be titled
"Reserve Fund,  Bank One,  National  Association,  as trustee for the registered
holders of Residential Funding Mortgage Securities I, Inc.,
Mortgage Pass-Through Certificates, Series 2002-S12 Class A-5."

        Reserve Fund Deposit:  $8,345.

        Reserve Fund Withdrawal:  As defined in Section 4.11.

     Rounding  Account:  With respect to the Insured  Certificates,  the account
created and maintained for such Insured Certificates pursuant to Section 4.12.

        Rounding  Amount:  With respect to the Rounding  Account,  the amount of
funds,  if any,  needed  to be  withdrawn  and used to round  the  amount of any
distributions in reduction of the Certificate  Principal  Balance of the Insured
Certificates upward to the next higher integral multiple of $1,000.

                                      -15-

<PAGE>

        Scheduled Final Distribution Date: September 25, 2032.

        Senior  Certificate:  Any one of the  Class A  Certificates  or  Class R
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed to the Standard Terms as Exhibit A
and Exhibit D, respectively.

        Senior Percentage: As of any Distribution Date, the lesser of 100% and a
fraction,  expressed as a  percentage,  the  numerator of which is the aggregate
Certificate  Principal Balance of the Senior  Certificates (other than the Class
A-P   Certificates)   immediately  prior  to  such  Distribution  Date  and  the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Senior Principal  Distribution  Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available  Distribution  Amount remaining after
the distribution of all amounts  required to be distributed  pursuant to Section
4.02(a)(i)  and  Section  4.02(a)(ii)(X)  of  this  Series  Supplement  and  the
distribution of the Insurance  Premium,  or, after the Credit Support  Depletion
Date, the amount required to be distributed to the Class A-P  Certificateholders
pursuant  to Section  4.02(c) of this Series  Supplement  and (b) the sum of the
amounts  required to be  distributed  to the Senior  Certificateholders  on such
Distribution Date pursuant to Section 4.02(a)(ii)(Y), (xvii) and (xviii) of this
Series Supplement and the distribution of the Insurance Premium.

        Senior Support Certificates:  Any of the Class A-8 Certificates.

        Senior Underwriter: Salomon Smith Barney Inc.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$3,097,313  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated. For each anniversary of the Cut- off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the product of 1.00% multiplied by the outstanding  principal
balance of all Mortgage Loans on the  Distribution  Date  immediately  preceding
such anniversary and (iii) the aggregate  outstanding  principal  balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate  principal  balance as of such  anniversary and (B) the greater of (i)
the product of 0.50%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  preceding such anniversary
multiplied  by a  fraction,  the  numerator  of which is equal to the  aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of all of the Mortgage  Loans secured by Mortgaged  Properties  located in
the State of California divided by the aggregate  outstanding  principal balance
(as of the  immediately  preceding  Distribution  Date)  of all of the  Mortgage
Loans, expressed as a percentage, and the denominator of which is equal to 50.0%

                                      -16-

<PAGE>

(which percentage is equal to the percentage of Mortgage Loans initially secured
by  Mortgaged  Properties  located  in the  State  of  California)  and (ii) the
aggregate  outstanding  principal  balance  (as  of  the  immediately  preceding
Distribution  Date) of the largest Mortgage Loan secured by a Mortgaged Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
located in the State of California.

        The Special Hazard Amount may be further  reduced by the Master Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency  (without
giving effect to the Certificate Policy in the case of the Insured Certificates)
below  the  lower of the  then-current  rating or the  rating  assigned  to such
Certificates  as of the Closing  Date by such Rating  Agency and (ii)  provide a
copy of such written confirmation to the Trustee.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the aggregate of the amounts  calculated  for such  Distribution  Date under
clauses (1), (2) and (3) of Section  4.02(a)(ii)(Y)(A) of this Series Supplement
(without  giving effect to the Senior  Percentage)  to the extent not payable to
the  Senior  Certificates;  (ii)  such  Class's  pro  rata  share,  based on the
Certificate  Principal  Balance of each Class of Subordinate  Certificates  then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)  of this Series  Supplement  (without  giving effect to the
Senior Accelerated  Distribution  Percentage) to the extent such collections are
not otherwise  distributed to the Senior Certificates;  (iii) the product of (x)
the related  Prepayment  Distribution  Percentage  and (y) the  aggregate of all
Principal  Prepayments  in Full  received in the related  Prepayment  Period and
Curtailments  received in the preceding  calendar  month (other than the related
Discount  Fraction of such Principal  Prepayments in Full and Curtailments  with
respect to a  Discount  Mortgage  Loan) to the extent not  payable to the Senior
Certificates;  (iv) if such Class is the Class of Subordinate  Certificates with
the  Highest  Priority,   any  Excess  Subordinate  Principal  Amount  for  such
Distribution  Date; and (v) any amounts described in clauses (i), (ii) and (iii)
as determined for any previous  Distribution Date, that remain  undistributed to
the extent that such amounts are not  attributable to Realized Losses which have
been allocated to a Class of Subordinate  Certificates minus (b) with respect to
the Class of  Subordinate  Certificates  with the  Lowest  Priority,  any Excess
Subordinate Principal Amount for such Distribution Date; provided, however, that
the  Subordinate  Principal  Distribution  Amount  for any Class of  Subordinate
Certificates on any  Distribution  Date shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.

        Super Senior Certificates: Any of the Class A-7 Certificates.

        Super Senior Optimal Percentage: As to any Distribution Date on or after
the Credit Support Depletion Date and the Super Senior Certificates, a fraction,
expressed as a percentage,  the numerator of which is the Certificate  Principal
Balance of the Super Senior Certificates  immediately prior to such Distribution
Date and the denominator of which is the aggregate Certificate Principal Balance
of the Senior Certificates  (other than the Class A-P Certificates)  immediately
prior to such Distribution Date.

                                      -17-

<PAGE>

        Super  Senior  Optimal   Principal   Distribution   Amount:  As  to  any
Distribution  Date on or after the Credit  Support  Depletion Date and the Super
Senior  Certificates,  the  product  of (a) the then-  applicable  Super  Senior
Optimal Percentage and (b) the Senior Principal Distribution Amount.

     Trust Fund: REMIC I, REMIC II, the Rounding  Account,  the Reserve Fund and
the Initial Monthly Payment Fund.

        Uncertificated  Class A-V REMIC Accrued  Interest:  With respect to each
Distribution Date, as to each  Uncertificated  Class A-V REMIC Regular Interest,
an amount equal to the  aggregate  amount of Accrued  Certificate  Interest that
would  result  under  the  terms  of  the   definition   thereof  on  each  such
uncertificated  interest,  if  the  Pass-Through  Rate  on  such  uncertificated
interest were equal to the related  Uncertificated  REMIC  Pass-Through Rate and
the notional  amount of such  uncertificated  interest were equal to the related
Uncertificated REMIC Notional Amount, and any reduction in the amount of Accrued
Certificate  Interest  resulting  from the  allocation  of  Prepayment  Interest
Shortfalls, Realized Losses or other amounts to the Class A-V Certificateholders
pursuant to Section 4.05 hereof shall be allocated to the  Uncertificated  REMIC
Regular  Interests  pro rata in accordance  with the amount of interest  accrued
with  respect to each  related  Uncertificated  REMIC  Notional  Amount and such
Distribution Date.

        Uncertificated  Class A-V REMIC  Notional  Amount:  With respect to each
Uncertificated  Class A-V REMIC  Regular  Interest,  the  amount of the  related
Uncertificated REMIC I IO Notional Amount.

        Uncertificated  Class A-V REMIC  Pass-Through Rate: With respect to each
Uncertificated Class A-V REMIC Regular Interest, 100% of the interest payable on
the related Uncertificated REMIC I IO Regular Interest.

        Uncertificated  Class A-V REMIC Regular Interest  Distribution  Amounts:
With  respect to any  Distribution  Date,  the sum of the  amounts  deemed to be
distributed  on the  Uncertificated  Class AV REMIC  Regular  Interests for such
Distribution Date pursuant to Section 4.08(a).

        Uncertificated Class A-V REMIC Regular Interests: The 503 uncertificated
partial  undivided  beneficial  ownership  interests in the Trust Fund  numbered
sequentially  from 1 through 503 each relating to the  particular  Mortgage Loan
identified by sequential  number on the Mortgage Loan  Schedule,  each having no
principal balance, and each bearing the respective Pool Strip Rate on the Stated
Principal Balance of the related Mortgage Loan.

        Uncertificated  Principal Balance:  With respect to each  Uncertificated
REMIC I Regular Interest on any date of determination, an amount equal to (A)(i)
$101,580,138.51  with respect to Uncertificated REMIC I Regular Interest R, (ii)
$40,000,000.00 with respect to Uncertificated  REMIC I Regular Interest S, (iii)
$15,181,000.00  with respect to Uncertificated  REMIC I Regular Interest T, (iv)
$18,624,000.00  with respect to  Uncertificated  REMIC I Regular Interest U, (v)
$236,000.00  with  respect to  Uncertificated  REMIC I Regular  Interest V, (vi)
$32,222,223.00 with respect to Uncertificated  REMIC I Regular Interest W, (vii)
$50,000,000.00 with respect to Uncertificated REMIC I Regular Interest X, (viii)
$50,000,000.00  with respect to  Uncertificated  REMIC I Regular Interest Y, and
(ix) $1,887,805.66 with respect to Uncertificated REMIC I Regular

                                      -18-

<PAGE>

Interest Z, minus (B) the sum of (x) the  aggregate  of all  amounts  previously
deemed  distributed  with  respect to such  interest  and  applied to reduce the
Uncertificated Principal Balance thereof pursuant to Section 4.09(a)(ii) and (y)
the aggregate of all reductions in  Uncertificated  Principal  Balance deemed to
have occurred in connection  with Realized  Losses that were  previously  deemed
allocated to the Uncertificated Principal Balance of such Uncertificated REMIC I
Regular Interest pursuant to Section 4.09(d).

        Uncertificated   REMIC  I  Accrued   Interest:   With  respect  to  each
Distribution  Date,  (i) as to  Uncertificated  REMIC I Regular  Interest  R, an
amount equal to the aggregate amount of Accrued Certificate  Interest that would
result under the terms of the  definition  thereof on the Class A-1,  Class A-3,
Class A-4,  Class A-6,  Class R-II,  Class M-1, Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates if the Pass-Through Rate on each such Class
were  equal  to  the   Uncertificated   REMIC  I   Pass-Through   Rate  and  the
Uncertificated  Principal Balances were the Certificate Principal Balances, (ii)
as to  Uncertificated  REMIC I  Regular  Interest  S,  an  amount  equal  to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms  of  the  definition   thereof  on  the  Class  A-2  Certificates  if  the
Pass-Through  Rate on each such Class were equal to the  Uncertificated  REMIC I
Pass-Through Rate and the Uncertificated Principal Balances were the Certificate
Principal  Balances,  (iii) as to Uncertificated  REMIC I Regular Interest T, an
amount equal to the aggregate amount of Accrued Certificate  Interest that would
result under the terms of the definition  thereof on the Class A-5  Certificates
if the  Pass-Through  Rate on each such Class  were equal to the  Uncertificated
REMIC I Pass-Through  Rate and the  Uncertificated  Principal  Balances were the
Certificate  Principal  Balances,  (iv) as to  Uncertificated  REMIC  I  Regular
Interest  U, an amount  equal to the  aggregate  amount of  Accrued  Certificate
Interest  that would  result  under the terms of the  definition  thereof on the
Class A-7 Certificates if the Pass-Through Rate on each such Class were equal to
the Uncertificated  REMIC I Pass-Through Rate and the  Uncertificated  Principal
Balances were the Certificate Principal Balances, (v) as to Uncertificated REMIC
I  Regular  Interest  V, an amount  equal to the  aggregate  amount  of  Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A-8 Certificates if the  Pass-Through  Rate on each such Class were
equal to the  Uncertificated  REMIC I Pass-Through  Rate and the  Uncertificated
Principal  Balances  were  the  Certificate  Principal  Balances,   (vi)  as  to
Uncertificated  REMIC I Regular  Interest  W, an amount  equal to the  aggregate
amount of Accrued Certificate  Interest that would result under the terms of the
definition  thereof on the Class A-10  Certificates if the Pass- Through Rate on
each such Class were equal to the  Uncertificated  REMIC I Pass-Through Rate and
the Uncertificated  Principal Balances were the Certificate  Principal Balances,
(vii) as to  Uncertificated  REMIC I Regular  Interest X, an amount equal to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms  of  the  definition  thereof  on  the  Class  A-11  Certificates  if  the
Pass-Through  Rate on each such Class were equal to the  Uncertificated  REMIC I
Pass-Through Rate and the Uncertificated Principal Balances were the Certificate
Principal Balances,  (viii) as to Uncertificated  REMIC I Regular Interest Y, an
amount equal to the aggregate amount of Accrued Certificate  Interest that would
result under the terms of the definition  thereof on the Class A-12 Certificates
if the  Pass-Through  Rate on each such Class  were equal to the  Uncertificated
REMIC I Pass-Through  Rate and the  Uncertificated  Principal  Balances were the
Certificate  Principal Balances,  and (v) as to each  Uncertificated  REMIC I IO
Regular Interest, an amount equal to the aggregate amount of Accrued Certificate
Interest  that would  result under the terms of the  definition  thereof on each
such  uncertificated  interest,  if the Pass-Through Rate on such uncertificated
interest was equal to the related  Uncertificated  REMIC I Pass-Through Rate and
the

                                      -19-

<PAGE>

notional  amount  of such  uncertificated  interest  was  equal  to the  related
Uncertificated REMIC I IO Notional Amount;  provided,  that any reduction in the
amount  of  Accrued  Certificate  Interest  resulting  from  the  allocation  of
Prepayment  Interest  Shortfalls,  Realized  Losses  or  other  amounts  to  the
Certificates  pursuant to Sections 4.02(a) and 4.05 hereof shall be allocated to
the Uncertificated REMIC I Regular Interests for which such Certificates are the
Corresponding Certificated Interests.

        Uncertificated  REMIC  I  IO  Notional  Amount:  With  respect  to  each
Uncertificated  REMIC I IO Regular  Interest,  an amount equal to the  aggregate
Stated Principal Balance of the related Non- Discount Mortgage Loan.

        Uncertificated  REMIC I Pass-Through  Rate:  With respect to each of the
Uncertificated  REMIC I Regular  Interests  R, S, T, U, V, W, X, Y and Z, 6.25%,
6.00%, 6.25%, 6.25%,  6.25%, 8.50%, 5.75%, 5.50% and 0.00%,  respectively.  With
respect to Uncertificated  REMIC I IO Regular  Interest,  an amount equal to the
Pool Strip Rate for the related Mortgage Loan.

        Uncertificated  REMIC I Regular  Interest R: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the aggregate  Certificate  Principal  Balance of the Class A-1,  Class
A-3, Class A-4,  Class A-6,  Class R-II,  Class M-1, Class M-2, Class M-3, Class
B-1,  Class B-2 and Class B-3  Certificates,  and which bears interest at a rate
equal to 6.25% per annum.

        Uncertificated  REMIC I Regular  Interest S: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-2
Certificates and which bears interest at a rate equal to 6.00% per annum.

        Uncertificated  REMIC I Regular  Interest T: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-5
Certificates and which bears interest at a rate equal to 6.25% per annum.

        Uncertificated  REMIC I Regular  Interest U: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-7
Certificates and which bears interest at a rate equal to 6.25% per annum.

        Uncertificated  REMIC I Regular  Interest V: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-8
Certificates and which bears interest at a rate equal to 6.25% per annum.

        Uncertificated  REMIC I Regular  Interest W: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate  Certificate  Principal  Balance  of  the  Class  A-10
Certificates and which bears interest at a rate equal to 8.50% per annum.

        Uncertificated  REMIC I Regular  Interest X: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate  Certificate  Principal  Balance  of  the  Class  A-11
Certificates and which bears interest at a rate equal to 5.75% per annum.

                                      -20-

<PAGE>

        Uncertificated  REMIC I Regular  Interest Y: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate  Certificate  Principal  Balance  of  the  Class  A-12
Certificates, and which bears interest at a rate equal to 5.50% per annum.

        Uncertificated  REMIC I Regular  Interest Z: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-P
Certificates, and which bears interest at a rate equal to 0.00% per annum.

        Uncertificated REMIC I Regular Interests: Uncertificated REMIC I Regular
Interest R, Uncertificated  REMIC I Regular Interest S,  Uncertificated  REMIC I
Regular Interest T,  Uncertificated  REMIC I Regular Interest U,  Uncertificated
REMIC  I  Regular  Interest  V,  Uncertificated  REMIC  I  Regular  Interest  W,
Uncertificated  REMIC I  Regular  Interest  X,  Uncertificated  REMIC I  Regular
Interest Y,  Uncertificated  REMIC I Regular  Interest Z and the  Uncertificated
Class A-V REMIC Regular Interests.

        Uncertificated  REMIC I IO Regular Interest  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on the  Uncertificated  Class A-V REMIC Regular  Interests for such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest R  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  R  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest S  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  S  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest T  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  T  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest U  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  U  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest V  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  V  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest W  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  W  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest X  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  X  for  such
Distribution Date pursuant to Section 4.09(a).

                                      -21-

<PAGE>

        Uncertificated  REMIC I Regular  Interest Y  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  Y  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC I Regular  Interest Z  Distribution  Amount:  With
respect  to  any  Distribution  Date,  the  sum  of  the  amounts  deemed  to be
distributed  on  the  Uncertificated   REMIC  I  Regular  Interest  Z  for  such
Distribution Date pursuant to Section 4.09(a).

        Uncertificated  REMIC  I  Regular  Interest  Distribution  Amounts:  The
Uncertificated   REMIC  I  Regular   Interest   R   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   S   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   T   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   U   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   V   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   W   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   X   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   Y   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular  Interest  Z  Distribution   Amount  and  the
Uncertificated REMIC I IO Regular Interest Distribution Amount.

        Underwriters: Salomon Smith Barney Inc. and Bear, Stearns & Co. Inc.

        Section 1.02  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," "hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definitions  set forth herein include both the singular and the
plural.

                                      -22-

<PAGE>

                                   ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES

          Section 2.01  Conveyance of Mortgage  Loans.  (See Section 2.01 of the
               Standard Terms)

          Section 2.02 Acceptance by Trustee.  (See Section 2.02 of the Standard
               Terms)

          Section 2.03  Representations,  Warranties and Covenants of the Master
               Servicer and the Company.

               (a) For  representations,  warranties and covenants of the Master
        Servicer, see Section 2.03(a) of the Standard Terms.

               (b) The Company hereby represents and warrants to the Trustee for
        the benefit of  Certificateholders  that as of the Closing  Date (or, if
        otherwise specified below, as of the date so specified):

                      (i) No  Mortgage  Loan is 30 or more  days  Delinquent  in
               payment of  principal  and interest as of the Cut-off Date and no
               Mortgage  Loan  has  been so  Delinquent  more  than  once in the
               12-month period prior to the Cut-off Date;

                      (ii) The  information set forth in Exhibit One hereto with
               respect to each Mortgage Loan or the Mortgage  Loans, as the case
               may be, is true and correct in all material  respects at the date
               or dates respecting which such information is furnished;

                      (iii) The Mortgage Loans are fully-amortizing,  fixed-rate
               mortgage loans with level Monthly Payments due, with respect to a
               majority of the  Mortgage  Loans,  on the first day of each month
               and terms to maturity at origination or  modification of not more
               than 30 years;

                      (iv) To the best of the Company's knowledge, if a Mortgage
               Loan is  secured by a  Mortgaged  Property  with a  Loan-to-Value
               Ratio at  origination in excess of 80%, such Mortgage Loan is the
               subject of a Primary  Insurance  Policy that  insures that (a) at
               least 30% of the Stated Principal Balance of the Mortgage Loan at
               origination  if the  Loan-to-Value  Ratio is  between  95.00% and
               90.01%,  (b) at least 25% of such  balance  if the  Loan-to-Value
               Ratio is between 90.00% and 85.01%,  and (c) at least 12% of such
               balance if the Loan-to-Value  Ratio is between 85.00% and 80.01%.
               To the  best  of  the  Company's  knowledge,  each  such  Primary
               Insurance  Policy is in full force and effect and the  Trustee is
               entitled to the benefits thereunder;

                      (v) The  issuers of the  Primary  Insurance  Policies  are
               insurance companies whose  claims-paying  abilities are currently
               acceptable to each Rating Agency;

                                      -23-

<PAGE>

                      (vi) No more than 0.8% of the Mortgage  Loans by aggregate
               Stated  Principal  Balance as of the Cut-off  Date are secured by
               Mortgaged  Properties  located  in  any  one  zip  code  area  in
               California  and no  more  than  0.8%  of the  Mortgage  Loans  by
               aggregate  Stated  Principal  Balance as of the Cut-off  Date are
               secured by Mortgaged  Properties located in any one zip code area
               outside California;

                      (vii) The improvements  upon the Mortgaged  Properties are
               insured against loss by fire and other hazards as required by the
               Program Guide,  including  flood  insurance if required under the
               National  Flood  Insurance Act of 1968, as amended.  The Mortgage
               requires the Mortgagor to maintain such casualty insurance at the
               Mortgagor's  expense,  and on the  Mortgagor's  failure to do so,
               authorizes the holder of the Mortgage to obtain and maintain such
               insurance at the  Mortgagor's  expense and to seek  reimbursement
               therefor from the Mortgagor;

                      (viii) Immediately prior to the assignment of the Mortgage
               Loans to the Trustee,  the Company had good title to, and was the
               sole owner of, each  Mortgage  Loan free and clear of any pledge,
               lien,  encumbrance  or  security  interest  (other than rights to
               servicing and related  compensation) and such assignment  validly
               transfers ownership of the Mortgage Loans to the Trustee free and
               clear of any pledge, lien, encumbrance or security interest;

                    (ix) 12.57% of the Mortgage Loans were underwritten  under a
               reduced loan documentation program;

                      (x) Each  Mortgagor  represented  in its loan  application
               with  respect to the  related  Mortgage  Loan that the  Mortgaged
               Property would be  owner-occupied  and therefore  would not be an
               investor  property as of the date of origination of such Mortgage
               Loan. No Mortgagor is a corporation or a partnership;

                    (xi) None of the Mortgage Loans is a Buydown Mortgage Loan;

                      (xii) Each Mortgage Loan constitutes a qualified  mortgage
               under Section  860G(a)(3)(A) of the Code and Treasury Regulations
               Section 1.860G-2(a)(1);

                      (xiii) A policy of title insurance was effective as of the
               closing  of each  Mortgage  Loan and is  valid  and  binding  and
               remains in full force and effect, unless the Mortgaged Properties
               are  located in the State of Iowa and an  attorney's  certificate
               has been provided as described in the Program Guide;

                      (xiv)  None of the Mortgage Loans are Cooperative Loans;

                      (xv) With respect to each Mortgage Loan originated under a
               "streamlined"  Mortgage  Loan  program  (through  which no new or
               updated  appraisals  of  Mortgaged  Properties  are  obtained  in
               connection with the refinancing thereof),  the related Seller has
               represented  that either (a) the value of the  related  Mortgaged
               Property as of the date the Mortgage Loan was  originated was not
               less than the appraised value of such

                                      -24-

<PAGE>

               property at the time of origination  of the  refinanced  Mortgage
               Loan or (b) the Loan-  to-Value  Ratio of the Mortgage Loan as of
               the date of origination of the Mortgage Loan generally  meets the
               Company's underwriting guidelines;

                    (xvi)  Interest on each  Mortgage  Loan is calculated on the
               basis of a 360-day year consisting of twelve 30-day months;

                    (xvii) None of the  Mortgage  Loans  contains in the related
               Mortgage File a Destroyed Mortgage Note; and

                    (xviii)None of the Mortgage Loans are Pledged Asset Loans or
               Additional Collateral Loans.

It is understood and agreed that the representations and warranties set forth in
this Section 2.03(b) shall survive delivery of the respective  Mortgage Files to
the Trustee or any Custodian.

        Upon discovery by any of the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth  in this  Section  2.03(b)  that  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02;  provided  that the  Company
shall have the option to  substitute  a Qualified  Substitute  Mortgage  Loan or
Loans  for such  Mortgage  Loan if such  substitution  occurs  within  two years
following the Closing Date;  provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified  mortgage" as defined in Section
860G(a)(3) of the Code,  any such cure or  repurchase  must occur within 90 days
from the date  such  breach  was  discovered.  Any  such  substitution  shall be
effected  by the  Company  under the same terms and  conditions  as  provided in
Section 2.04 for  substitutions  by  Residential  Funding.  It is understood and
agreed that the  obligation of the Company to cure such breach or to so purchase
or  substitute  for any Mortgage Loan as to which such a breach has occurred and
is continuing shall constitute the sole remedy  respecting such breach available
to the  Certificateholders  or the Trustee on behalf of the  Certificateholders.
Notwithstanding  the  foregoing,  the  Company  shall  not be  required  to cure
breaches  or  purchase  or  substitute  for  Mortgage  Loans as provided in this
Section  2.03(b) if the  substance of the breach of a  representation  set forth
above also constitutes fraud in the origination of the Mortgage Loan.

          Section 2.04  Representations and Warranties of Sellers.  (See Section
               2.04 of the Standard Terms)

        Section 2.05  Execution and Authentication of Certificates.

        The Trustee  acknowledges the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together

                                      -25-

<PAGE>

with the  assignment  to it of all other  assets  included  in the  Trust  Fund,
receipt of which is hereby acknowledged.  Concurrently with such delivery and in
exchange therefor,  the Trustee,  pursuant to the written request of the Company
executed  by  an  officer  of  the  Company  has   executed  and  caused  to  be
authenticated and delivered to or upon the order of the Company the Certificates
in authorized denominations which evidence ownership of the entire Trust Fund.

                                      -26-

<PAGE>

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS
                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                      -27-

<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

          Section 4.01  Certificate  Account.  (See Section 4.01 of the Standard
               Terms)

        Section 4.02  Distributions.

               (a) On each  Distribution  Date (x) the Master Servicer on behalf
        of the Trustee or (y) the Paying Agent  appointed by the Trustee,  shall
        distribute  to the  Certificate  Insurer the Insurance  Premium,  to the
        Master  Servicer,  in the case of a  distribution  pursuant  to  Section
        4.02(a)(iii)  below, the amount required to be distributed to the Master
        Servicer or a Sub-Servicer  pursuant to Section  4.02(a)(iii)  below, to
        the  Certificate  Insurer,  in the case of a  distribution  pursuant  to
        Section 4.02(a)(xvi) below, the amount required to be distributed to the
        Certificate Insurer pursuant to Section  4.02(a)(xvi) below, and to each
        Certificateholder  of record on the next  preceding  Record  Date (other
        than as provided in Section  9.01  respecting  the final  distribution),
        either  (1)  in  immediately   available  funds  (by  wire  transfer  or
        otherwise) to the account of such  Certificateholder  at a bank or other
        entity having appropriate facilities therefor, if such Certificateholder
        has so notified the Master Servicer or the Paying Agent, as the case may
        be, or (2) if such  Certificateholder  has not so  notified  the  Master
        Servicer or the Paying Agent by the Record Date, by check mailed to such
        Certificateholder  at  the  address  of  such  Holder  appearing  in the
        Certificate Register,  such  Certificateholder's  share (which share (A)
        with respect to each Class of  Certificates  (other than any Subclass of
        the  Class A-V  Certificates),  shall be based on the  aggregate  of the
        Percentage Interests represented by Certificates of the applicable Class
        held by such Holder or (B) with respect to any Subclass of the Class A-V
        Certificates, shall be equal to the amount (if any) distributed pursuant
        to Section 4.02(a)(i) below to each Holder of a Subclass thereof) of the
        following  amounts,  in the following order of priority  (subject to the
        provisions of Section 4.02(b) below),  in each case to the extent of the
        Available  Distribution  Amount (net of the Insurance  Premium) together
        with,  as to the  Insured  Certificates,  any  Reserve  Fund  Withdrawal
        pursuant  to Section  4.11 of this  Series  Supplement  and any  Insured
        Payment pursuant to Section 12.02 of this Series Supplement:

                      (i) to the Senior  Certificates  (other than the Principal
               Only   Certificates)  on  a  pro  rata  basis  based  on  Accrued
               Certificate Interest payable on such Certificates with respect to
               such  Distribution  Date,  Accrued  Certificate  Interest on such
               Classes of Certificates  (or Subclasses,  if any, with respect to
               the Class A-V Certificates) for such Distribution  Date, plus any
               Accrued  Certificate  Interest thereon  remaining unpaid from any
               previous  Distribution  Date  except  as  provided  in  the  last
               paragraph   of  this  Section   4.02(a)  (the  "Senior   Interest
               Distribution Amount"); and

                      (ii) (X) to the  Class  A-P  Certificates,  the  Class A-P
               Principal  Distribution  Amount (as defined in Section 4.02(b)(i)
               herein); and

                             (Y) to the  Senior  Certificates  (other  than  the
               Class A-P Certificates),  in the priorities and amounts set forth
               in Section 4.02(b)(ii) through

                                      -28-

<PAGE>

               Section 4.02(e),  the sum of the following (applied to reduce the
               Certificate  Principal Balances of such Senior  Certificates,  as
               applicable):

                             (A) the  Senior  Percentage  for such  Distribution
                      Date times the sum of the following:

                                    (1) the  principal  portion of each  Monthly
                             Payment  due during the  related Due Period on each
                             Outstanding  Mortgage  Loan (other than the related
                             Discount  Fraction of the principal portion of such
                             payment with respect to a Discount  Mortgage Loan),
                             whether or not  received on or prior to the related
                             Determination  Date, minus the principal portion of
                             any Debt Service  Reduction (other than the related
                             Discount  Fraction of the principal portion of such
                             Debt  Service   Reductions  with  respect  to  each
                             Discount  Mortgage  Loan) which together with other
                             Bankruptcy Losses exceeds the Bankruptcy Amount;

                                    (2)  the  Stated  Principal  Balance  of any
                             Mortgage  Loan  repurchased  during  the  preceding
                             calendar   month   (or   deemed  to  have  been  so
                             repurchased in accordance  with Section  3.07(b) of
                             the Standard Terms) pursuant to Sections 2.02, 2.04
                             or 4.07 of the  Standard  Terms and Section 2.03 of
                             the Standard Terms and this Series Supplement,  and
                             the  amount  of  any  shortfall  deposited  in  the
                             Custodial    Account   in   connection   with   the
                             substitution of a Deleted Mortgage Loan pursuant to
                             Section 2.04 of the Standard  Terms or Section 2.03
                             of the Standard  Terms and this Series  Supplement,
                             during the preceding calendar month (other than the
                             related Discount  Fraction of such Stated Principal
                             Balance or shortfall  with respect to each Discount
                             Mortgage Loan); and

                                    (3)  the  principal  portion  of  all  other
                             unscheduled   collections   (other  than  Principal
                             Prepayments  in Full and  Curtailments  and amounts
                             received in connection  with a Cash  Liquidation or
                             REO  Disposition  of a Mortgage  Loan  described in
                             Section    4.02(a)(ii)(Y)(B)    of   this    Series
                             Supplement,  including without limitation Insurance
                             Proceeds,  Liquidation  Proceeds and REO Proceeds),
                             including  Subsequent  Recoveries,  received during
                             the  preceding  calendar  month (or  deemed to have
                             been so received in accordance with Section 3.07(b)
                             of the Standard Terms) to the extent applied by the
                             Master  Servicer as  recoveries of principal of the
                             related  Mortgage  Loan pursuant to Section 3.14 of
                             the Standard Terms (other than the related Discount
                             Fraction   of  the   principal   portion   of  such
                             unscheduled  collections,   with  respect  to  each
                             Discount Mortgage Loan);

                                      -29-

<PAGE>

                             (B) with respect to each  Mortgage Loan for which a
                      Cash Liquidation or a REO Disposition  occurred during the
                      preceding  calendar  month (or was deemed to have occurred
                      during such period in accordance  with Section  3.07(b) of
                      the  Standard  Terms)  and did not  result  in any  Excess
                      Special  Hazard  Losses,   Excess  Fraud  Losses,   Excess
                      Bankruptcy Losses or Extraordinary Losses, an amount equal
                      to the  lesser  of (a)  the  Senior  Percentage  for  such
                      Distribution  Date times the Stated  Principal  Balance of
                      such  Mortgage  Loan  (other  than  the  related  Discount
                      Fraction of such Stated Principal Balance, with respect to
                      each   Discount   Mortgage   Loan)  and  (b)  the   Senior
                      Accelerated  Distribution Percentage for such Distribution
                      Date times the related unscheduled  collections (including
                      without   limitation   Insurance   Proceeds,   Liquidation
                      Proceeds and REO  Proceeds)  to the extent  applied by the
                      Master  Servicer as recoveries of principal of the related
                      Mortgage  Loan  pursuant to Section  3.14 of the  Standard
                      Terms  (in  each  case  other  than  the  portion  of such
                      unscheduled  collections,   with  respect  to  a  Discount
                      Mortgage Loan,  included in Section  4.02(b)(i)(C) of this
                      Series Supplement);

                             (C) the Senior Accelerated  Distribution Percentage
                      for such  Distribution  Date  times the  aggregate  of all
                      Principal  Prepayments  in Full  received  in the  related
                      Prepayment   Period  and  Curtailments   received  in  the
                      preceding  calendar month (other than the related Discount
                      Fraction  of  such  Principal   Prepayments  in  Full  and
                      Curtailments,  with  respect  to  each  Discount  Mortgage
                      Loan);

                         (D) any Excess  Subordinate  Principal  Amount for such
                    Distribution Date; and

                             (E) any amounts  described in  subsection  (ii)(Y),
                      clauses  (A),  (B)  and (C) of this  Section  4.02(a),  as
                      determined  for  any  previous  Distribution  Date,  which
                      remain  unpaid  after  application  of amounts  previously
                      distributed pursuant to this clause (E) to the extent that
                      such amounts are not attributable to Realized Losses which
                      have been allocated to the Subordinate Certificates;

                      (iii)  if  the  Certificate   Principal  Balances  of  the
               Subordinate  Certificates  have not been reduced to zero,  to the
               Master  Servicer or a  Sub-Servicer,  by remitting for deposit to
               the Custodial Account,  to the extent of and in reimbursement for
               any  Advances  or  Sub-Servicer  Advances  previously  made  with
               respect  to any  Mortgage  Loan  or  REO  Property  which  remain
               unreimbursed  in whole or in part following the Cash  Liquidation
               or REO  Disposition of such Mortgage Loan or REO Property,  minus
               any such  Advances  that were made with respect to  delinquencies
               that ultimately  constituted Excess Special Hazard Losses, Excess
               Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses;

                      (iv) to the  Holders  of the Class M-1  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued Certificate Interest

                                      -30-

<PAGE>

               thereon  remaining  unpaid from any previous  Distribution  Date,
               except as provided below;

                      (v) to the  Holders  of the  Class  M-1  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such Distribution  Date, minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of Sections 4.02(a)(vii), (ix), (xi), (xiii), (xiv)
               and (xv) of this Series  Supplement  are  insufficient  therefor,
               applied in reduction of the Certificate  Principal Balance of the
               Class M-1 Certificates;

                      (vi) to the  Holders  of the Class M-2  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (vii) to the  Holders  of the Class M-2  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such Distribution  Date, minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of Sections  4.02(a)(ix),  (xi), (xiii),  (xiv) and
               (xv) of this Series Supplement are insufficient therefor, applied
               in reduction of the  Certificate  Principal  Balance of the Class
               M-2 Certificates;

                      (viii) to the Holders of the Class M-3  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (ix) to the  Holders  of the  Class M-3  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of Sections 4.02(a)(xi),  (xiii), (xiv) and (xv) of
               this Series  Supplement  are  insufficient  therefor,  applied in
               reduction of the Certificate  Principal  Balance of the Class M-3
               Certificates;

                      (x) to the  Holders  of the  Class B-1  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (xi) to the  Holders  of the  Class B-1  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution Dates, to the

                                      -31-

<PAGE>

               extent the amounts  available  pursuant to clause (x) of Sections
               4.02(a)(xiii),  (xiv)  and  (xv) of this  Series  Supplement  are
               insufficient  therefor,  applied in reduction of the  Certificate
               Principal Balance of the Class B-1 Certificates;

                      (xii) to the  Holders of the Class B-2  Certificates,  the
               Accrued Certificate  Interest thereon for such Distribution Date,
               plus any Accrued  Certificate  Interest thereon  remaining unpaid
               from any previous Distribution Date, except as provided below;

                      (xiii) to the  Holders of the Class B-2  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates, to the extent the amounts available pursuant
               to clause (x) of  Sections  4.02(a)(xiv)  and (xv) of this Series
               Supplement are insufficient therefor, applied in reduction of the
               Certificate Principal Balance of the Class B-2 Certificates;

                      (xiv) to the  Holders  of the Class B-3  Certificates,  an
               amount equal to (x) the Accrued Certificate  Interest thereon for
               such  Distribution  Date, plus any Accrued  Certificate  Interest
               thereon  remaining  unpaid from any previous  Distribution  Date,
               except as provided  below,  minus (y) the amount of any Class A-P
               Collection  Shortfalls  for such  Distribution  Date or remaining
               unpaid for all  previous  Distribution  Dates,  to the extent the
               amounts available  pursuant to clause (x) of Section 4.02(a) (xv)
               of this Series Supplement are insufficient therefor;

                      (xv) to the  Holders  of the  Class B-3  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such  Distribution  Date minus
               (y) the amount of any Class A-P  Collection  Shortfalls  for such
               Distribution   Date  or   remaining   unpaid  for  all   previous
               Distribution  Dates  applied  in  reduction  of  the  Certificate
               Principal Balance of the Class B-3 Certificates;

                      (xvi)  to the  Certificate  Insurer,  as  subrogee  of the
               Insured Certificateholders,  an amount necessary to reimburse the
               Certificate Insurer for claims paid under the Certificate Policy,
               to the extent of  Cumulative  Insurance  Payments  on the Insured
               Certificates;

                      (xvii) to the Senior  Certificates,  in the  priority  set
               forth in Section 4.02(b) of this Series Supplement,  the portion,
               if any, of the Available  Distribution Amount remaining after the
               foregoing distributions,  together with Insured Payments pursuant
               to Section 12.02 herein and any Reserve Fund Withdrawals pursuant
               to  Section   4.11  herein  each  with  respect  to  the  Insured
               Certificates and Rounding Account withdrawals with respect to the
               Insured Certificates, applied to reduce the Certificate Principal
               Balances of such Senior  Certificates,  but in no event more than
               the aggregate of the outstanding  Certificate  Principal Balances
               of each such Class of Senior  Certificates,  and  thereafter,  to
               each Class of Subordinate Certificates then outstanding beginning
               with such Class with the Highest Priority, any portion of the

                                      -32-

<PAGE>

               Available   Distribution   Amount   remaining  after  the  Senior
               Certificates have been retired, applied to reduce the Certificate
               Principal Balance of each such Class of Subordinate Certificates,
               but in no event more than the outstanding  Certificate  Principal
               Balance of each such Class of Subordinate Certificates; and

                    (xviii)to the Class R-II Certificates,  the balance, if any,
               of the Available Distribution Amount.

        Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous  Distribution Date will be distributable only
to the extent that such unpaid Accrued Certificate  Interest was attributable to
interest  shortfalls  relating to the failure of the Master Servicer to make any
required Advance,  or the determination by the Master Servicer that any proposed
Advance would be a  Nonrecoverable  Advance with respect to the related Mortgage
Loan where such Mortgage Loan has not yet been the subject of a Cash Liquidation
or REO Disposition or the related Liquidation  Proceeds,  Insurance Proceeds and
REO Proceeds have not yet been distributed to the Certificateholders.

               (b) Distributions of principal on the Senior Certificates on each
        Distribution  Date occurring prior to the Credit Support  Depletion Date
        will be made as follows:

                      (i) to the Class A-P  Certificates,  until the Certificate
               Principal  Balance  thereof is reduced  to zero,  an amount  (the
               "Class A-P Principal Distribution Amount") equal to the aggregate
               of:

                             (A) the related Discount  Fraction of the principal
                      portion of each Monthly Payment on each Discount  Mortgage
                      Loan due during the  related  Due  Period,  whether or not
                      received  on or prior to the related  Determination  Date,
                      minus the Discount  Fraction of the  principal  portion of
                      any related Debt Service  Reduction  which  together  with
                      other Bankruptcy Losses exceeds the Bankruptcy Amount;

                             (B) the related Discount  Fraction of the principal
                      portion of all  unscheduled  collections  on each Discount
                      Mortgage Loan received during the preceding calendar month
                      or, in the case of Principal  Prepayments in Full,  during
                      the related Prepayment Period (other than amounts received
                      in connection  with a Cash  Liquidation or REO Disposition
                      of a  Discount  Mortgage  Loan  described  in  clause  (C)
                      below),   including   Principal   Prepayments   in   Full,
                      Curtailments,   Subsequent   Recoveries  and   repurchases
                      (including deemed repurchases under Section 3.07(b) of the
                      Standard  Terms) of  Discount  Mortgage  Loans (or, in the
                      case of a  substitution  of a Deleted  Mortgage  Loan, the
                      Discount Fraction of the amount of any shortfall deposited
                      in  the  Custodial   Account  in   connection   with  such
                      substitution);

                                      -33-

<PAGE>

                             (C) in connection with the Cash  Liquidation or REO
                      Disposition  of a  Discount  Mortgage  Loan  that  did not
                      result in any Excess Special  Hazard Losses,  Excess Fraud
                      Losses,  Excess Bankruptcy Losses or Extraordinary Losses,
                      an  amount  equal  to the  lesser  of (1)  the  applicable
                      Discount  Fraction of the Stated Principal Balance of such
                      Discount   Mortgage   Loan   immediately   prior  to  such
                      Distribution  Date  and (2) the  aggregate  amount  of the
                      collections  on such Discount  Mortgage Loan to the extent
                      applied as recoveries of principal;

                             (D) any  amounts  allocable  to  principal  for any
                      previous Distribution Date (calculated pursuant to clauses
                      (A) through (C) above) that remain undistributed; and

                             (E)  the   amount  of  any  Class  A-P   Collection
                      Shortfalls  for such  Distribution  Date and the amount of
                      any Class A-P Collection  Shortfalls  remaining unpaid for
                      all previous Distribution Dates, but only to the extent of
                      the Eligible Funds for such Distribution Date;

                      (ii) the Senior  Principal  Distribution  Amount  shall be
        distributed to the Class R-I and Class R-II Certificates,  on a pro rata
        basis,  until  the  Certificate  Principal  Balances  thereof  have been
        reduced to zero;

                      (iii) the  balance  of the Senior  Principal  Distribution
        Amount remaining after the  distribution  described in clause (ii) above
        shall be distributed concurrently as follows:

                             (A)  6.6713366023%  to the Class A-1  Certificates,
               until the Certificate  Principal Balance thereof has been reduced
               to zero;

                             (B)  93.3286633977%  in the  following  manner  and
order of priority:

                                    (1)    to    the    Lockout    Certificates,
                      concurrently  on a pro rata  basis,  in  reduction  of the
                      Certificate Principal Balances thereof, in an amount equal
                      to the Lockout Percentage of the Lockout Certificates' pro
                      rata share (based on the aggregate  Certificate  Principal
                      Balance  thereof  relative  to the  aggregate  Certificate
                      Principal  Balance of all  classes of Senior  Certificates
                      (other than the Principal Only  Certificates and Class A-1
                      Certificates))  of the  aggregate of the amounts set forth
                      in   Section   4.02(a)(ii)(Y)(A),   (B),   (C)   and   (E)
                      distributable under clause (iii)(B), until the Certificate
                      Principal Balances thereof have been reduced to zero;

                                    (2) commencing on the  distribution  date in
                      October  2005, an amount equal to $5,000 of the portion of
                      the Senior Principal  Distribution  Amount remaining after
                      the distribution, if any, described in clause (B)(1) above
                      shall be distributed to the Class A-5 Certificates,  until
                      the Certificate Principal Balance thereof has been reduced
                      to zero;

                                      -34-

<PAGE>

                                    (3)  the  balance  of the  Senior  Principal
                      Distribution Amount remaining after the distributions,  if
                      any,  described  in clauses  (B)(1) and (2) above shall be
                      distributed to the Class A-2, Class A-3, Class A-10, Class
                      A- 11 and Class A-12  Certificates,  concurrently on a pro
                      rata  basis,  until  the  Certificate  Principal  Balances
                      thereof have been reduced to zero;

                                    (4)  the  balance  of the  Senior  Principal
                      Distribution Amount remaining after the distributions,  if
                      any,  described in clauses  (B)(1) through (3) above shall
                      be distributed  sequentially to the Class A-4 Certificates
                      and Class A-5  Certificates,  in that order,  in each case
                      until the Certificate  Principal  Balance thereof has been
                      reduced to zero; and

                                    (5)  the  balance  of the  Senior  Principal
                      Distribution Amount remaining after the distributions,  if
                      any,  described in clauses  (B)(1) through (4) above shall
                      be distributed to the Lockout  Certificates,  concurrently
                      on a pro  rata  basis,  until  the  Certificate  Principal
                      Balances thereof have been reduced to zero.

               (c) On or after the  occurrence of the Credit  Support  Depletion
        Date but prior to the reduction of the Certificate  Principal Balance of
        the Senior Support  Certificates  to zero,  all  priorities  relating to
        distributions as described in Section 4.02(b) of this Series  Supplement
        in respect of principal  among the Senior  Certificates  (other than the
        Class A-P Certificates) will be disregarded,  and (i) an amount equal to
        the  Discount  Fraction  of  the  principal  portion  of  scheduled  and
        unscheduled  payments  received or  advanced in respect of the  Discount
        Mortgage Loans will be distributed to the Class A-P  Certificates,  (ii)
        the Senior  Principal  Distribution  Amount will be  distributed  to the
        remaining Senior  Certificates  (other than the Class A-P  Certificates)
        pro rata in accordance  with their  respective  outstanding  Certificate
        Principal  Balances and (iii) the amount set forth in Section 4.02(a)(i)
        herein  will be  distributed  as set forth  therein;  provided  that the
        aggregate amount  distributable  to the Senior Support  Certificates and
        Super Senior Certificates will be distributed among such Certificates in
        the following priority:  first, to the Super Senior Certificates,  up to
        an amount equal to the Accrued Certificate  Interest thereon;  second to
        the Super Senior Certificates,  up to the Super Senior Optimal Principal
        Distribution  Amount, in reduction of the Certificate  Principal Balance
        thereof,  until such Certificate  Principal  Balance has been reduced to
        zero; third, to the Senior Support  Certificates,  up to an amount equal
        to the Accrued Certificate  Interest thereon;  and fourth, to the Senior
        Support  Certificates,  the remainder,  until the Certificate  Principal
        Balance thereof is reduced to zero.

               (d) On or after the  occurrence of the Credit  Support  Depletion
        Date and after the reduction of the Certificate Principal Balance of the
        Senior  Support   Certificates  to  zero,  all  priorities  relating  to
        distributions  as described in clauses  4.02(b) and (c) above in respect
        of principal  among the various  classes of Senior  Certificates  (other
        than the Class A-P Certificates) will be disregarded, an amount equal to
        the Discount Fraction of the principal portion of scheduled payments and
        unscheduled  collections  received  or  advanced  in respect of Discount
        Mortgage Loans will be distributed  to the Class A-P  Certificates,  and
        the Senior  Principal  Distribution  Amount will be  distributed  to the
        remaining Senior Certificates (other

                                      -35-

<PAGE>

        than the Class  A-P  Certificates)  pro rata in  accordance  with  their
        respective outstanding Certificate Principal Balances and the amount set
        forth in Section 4.02(a)(i) will be distributed as set forth therein.

               (e) After the reduction of the Certificate  Principal Balances of
        the Senior  Certificates (other than the Class A-P Certificates) to zero
        but prior to the Credit Support Depletion Date, the Senior  Certificates
        (other than the Class A-P  Certificates)  will be entitled to no further
        distributions of principal thereon and the Available Distribution Amount
        will be paid solely to the Holders of the Class A-P Certificates,  Class
        A-V Certificates,  Class M Certificates and Class B Certificates in each
        case as described herein.

               (f) In addition to the foregoing  distributions,  with respect to
        any Subsequent Recoveries,  the Master Servicer shall deposit such funds
        into the Custodial Account pursuant to Section  3.07(b)(iii).  If, after
        taking into account such Subsequent Recoveries, the amount of a Realized
        Loss is  reduced,  the  amount  of such  Subsequent  Recoveries  will be
        applied to increase the  Certificate  Principal  Balance of the Class of
        Subordinate  Certificates  with the Highest  Priority to which  Realized
        Losses, other than Excess Bankruptcy Losses, Excess Fraud Losses, Excess
        Special Hazard Losses and Extraordinary Losses, have been allocated, but
        not by more than the amount of Realized Losses  previously  allocated to
        that Class of  Certificates  pursuant to Section 4.05. The amount of any
        remaining  Subsequent   Recoveries  will  be  applied  to  increase  the
        Certificate Principal Balance of the Class of Certificates with the next
        Lower  Priority,  up to the amount of such  Realized  Losses  previously
        allocated to that Class of  Certificates  pursuant to Section 4.05.  Any
        remaining Subsequent  Recoveries will in turn be applied to increase the
        Certificate Principal Balance of the Class of Certificates with the next
        Lower  Priority  up to the  amount of such  Realized  Losses  previously
        allocated to that Class of Certificates pursuant to Section 4.05, and so
        on. Holders of such  Certificates will not be entitled to any payment in
        respect of Accrued Certificate  Interest on the amount of such increases
        for any Interest Accrual Period preceding the Distribution Date on which
        such  increase  occurs.  Any  such  increases  shall be  applied  to the
        Certificate  Principal  Balance  of each  Certificate  of such  Class in
        accordance with its respective Percentage Interest.

               (g) Each  distribution  with respect to a Book-Entry  Certificate
        shall be paid to the Depository,  as Holder thereof,  and the Depository
        shall  be  solely   responsible   for   crediting  the  amount  of  such
        distribution   to  the  accounts  of  its  Depository   Participants  in
        accordance with its normal procedures. Each Depository Participant shall
        be  responsible  for disbursing  such  distribution  to the  Certificate
        Owners that it represents and to each indirect  participating  brokerage
        firm (a  "brokerage  firm") for which it acts as agent.  Each  brokerage
        firm shall be responsible for disbursing funds to the Certificate Owners
        that it represents.  None of the Trustee, the Certificate Registrar, the
        Company or the Master Servicer shall have any responsibility therefor.

               (h) Except as otherwise  provided in Section  9.01, if the Master
        Servicer anticipates that a final distribution with respect to any Class
        of Certificates will be made on the next  Distribution  Date, the Master
        Servicer  shall,  no later than the  Determination  Date in the month of
        such final  distribution,  notify the Trustee and the Trustee shall,  no
        later than

                                      -36-

<PAGE>

        two (2) Business Days after such  Determination  Date, mail on such date
        to each  Holder of such  Class of  Certificates  a notice to the  effect
        that:  (i) the  Trustee  anticipates  that the final  distribution  with
        respect to such Class of Certificates  will be made on such Distribution
        Date but only upon  presentation  and surrender of such  Certificates at
        the office of the Trustee or as otherwise specified therein, and (ii) no
        interest shall accrue on such Certificates from and after the end of the
        related  Interest Accrual Period.  In the event that  Certificateholders
        required to surrender their Certificates  pursuant to Section 9.01(c) do
        not surrender their  Certificates  for final  cancellation,  the Trustee
        shall cause funds  distributable with respect to such Certificates to be
        withdrawn from the Certificate Account and credited to a separate escrow
        account  for the  benefit  of such  Certificateholders  as  provided  in
        Section 9.01(d).

               (i)  Notwithstanding  the priorities relating to distributions of
        principal  among  the  Insured  Certificates  described  above,  on  any
        Distribution Date,  distributions in respect of principal on the Insured
        Certificates  will be  allocated  among  the  Certificate  Owners of the
        Insured  Certificates as set forth in Section 4.13. On each Distribution
        Date on which amounts are available  for  distributions  in reduction of
        the   Certificate   Principal   Balance  of  the  Insured   Certificates
        (including,   for  purposes  of  this  paragraph,  the  portion  of  any
        Certificate  Insurance  Payment  allocable to  principal)  the aggregate
        amount  available for such  distributions  will be rounded upward by the
        Rounding  Amount.  Such  rounding  will  be  accomplished  on the  first
        Distribution Date on which distributions in reduction of the Certificate
        Principal  Balance of the Insured  Certificates  are made by withdrawing
        from the  Rounding  Account the  Rounding  Amount for  deposit  into the
        Certificate  Account,  and  such  Rounding  Amount  will be added to the
        amount  that  is  available  for   distributions  in  reduction  of  the
        Certificate  Principal  Balance  of the  Insured  Certificates.  On each
        succeeding  Distribution Date on which distributions in reduction of the
        Certificate  Principal  Balance of the  Insured  Certificates  are made,
        first,  the aggregate  amount available for distribution in reduction of
        the Certificate  Principal  Balance of the Insured  Certificates will be
        applied to repay the Rounding Amount withdrawn from the Rounding Account
        on the prior Distribution Date and then, the remainder of such allocable
        amount,  if any,  will  be  similarly  rounded  upward  through  another
        withdrawal from the Rounding Account and such determined Rounding Amount
        will be  added to the  amount  that is  available  for  distribution  in
        reduction  of  the   Certificate   Principal   Balance  of  the  Insured
        Certificates.  Any funds  remaining  in the Rounding  Account  after the
        Certificate  Principal Balance of the Insured Certificates is reduced to
        zero shall be distributed to the Class R-II Certificateholders.

          Section 4.03 Statements to Certificateholders; Exchange Act Reporting.
               (See  Section  4.03(a)  through  (d) of the  Standard  Terms  and
               Exhibit Three attached hereto)

               (e) The Master  Servicer  shall,  on behalf of the Company and in
respect of the Trust Fund,  sign and cause to be filed with the  Commission  any
periodic  reports required to be filed under the provisions of the Exchange Act,
and the rules and regulations of the Commission  thereunder.  In connection with
the  preparation and filing of such periodic  reports,  the Trustee shall timely
provide  to  the  Master  Servicer  all  material  information  that  is in  the
possession of the Trustee and is not, to the best of the Trustee's knowledge, in
the  possession  of the Master  Servicer and which is required to be included in
such  reports.  Neither  the  Master  Servicer  nor the  Trustee  shall have any
liability with respect to the Master  Servicer's  failure to properly prepare or
file such periodic reports resulting

                                      -37-

<PAGE>

from or relating  to the Master  Servicer's  inability  or failure to obtain any
information  not resulting from the Master  Servicer's own negligence or willful
misconduct.  Any Form 10-K filed with the  Commission  in  connection  with this
clause (e) shall include a certification, signed by the senior officer in charge
of the  servicing  functions  of the Master  Servicer,  in the form  attached as
Exhibit  Six hereto or such other form as may be required  or  permitted  by the
Commission (the "Form 10-K  Certification"),  in compliance with Rule 13a-14 and
15d-14 under the Exchange Act and any additional  directives of the  Commission.
In connection  with the Form 10-K  Certification,  the Trustee shall provide the
Master Servicer with a back-up certification  substantially in the form attached
hereto as Exhibit Seven.  This Section 4.03(e) may be amended in accordance with
this Agreement without the consent of the Certificateholders.

               (f) The Trustee will make the reports referred to in this Section
4.03 (and, at its option,  any additional  files containing the same information
in an  alternative  format)  available  each  month to  Certificateholders,  the
Certificate  Insurer  and  other  parties  to the  Agreement  via the  Trustee's
website,  which is presently  located at  www.abs.bankone.com.  Persons that are
unable to use the above website are entitled to have a paper copy mailed to them
via first class mail by calling the Trustee at (800) 524-9472. The Trustee shall
have the right to change the way the reports  referred to in this  Section  4.03
are distributed in order to make such  distribution  more convenient and/or more
accessible  to  the  above  parties  and  to  the   Certificateholders  and  the
Certificate Insurer. The Trustee shall provide timely and adequate  notification
to all  the  parties  mentioned  above  and to the  Certificateholders  and  the
Certificate Insurer regarding any such change.

          Section 4.04  Distribution  of Reports to the Trustee and the Company;
               Advances  by  the  Master  Servicer.  (See  Section  4.04  of the
               Standard Terms)

        Section 4.05  Allocation of Realized Losses.

        Prior to each Distribution Date, the Master Servicer shall determine the
total  amount  of  Realized  Losses,   if  any,  that  resulted  from  any  Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the  Monthly  Payment  due during the  related  Due  Period.  The amount of each
Realized  Loss shall be  evidenced  by an  Officers'  Certificate.  All Realized
Losses, other than Excess Special Hazard Losses,  Extraordinary  Losses,  Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows:  first,
to the Class B-3 Certificates  until the Certificate  Principal  Balance thereof
has been  reduced  to zero;  second,  to the  Class B-2  Certificates  until the
Certificate  Principal  Balance thereof has been reduced to zero;  third, to the
Class B-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  fourth,  to the Class M-3  Certificates  until the Certificate
Principal  Balance  thereof has been  reduced to zero;  fifth,  to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  sixth,  to the Class M-1  Certificates  until the  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all the Senior  Certificates  (other than the Class A-P Certificates) on a
pro rata basis,  as described  below.  Any Excess Special Hazard Losses,  Excess
Bankruptcy Losses,

                                      -38-

<PAGE>

Excess Fraud Losses and Extraordinary Losses on Non-Discount Mortgage Loans will
be  allocated  among  the  Senior   Certificates   (other  than  the  Class  A-P
Certificates)  and Subordinate  Certificates,  on a pro rata basis, as described
below.  The principal  portion of such Realized Losses on the Discount  Mortgage
Loans will be allocated to the Class A-P  Certificates in an amount equal to the
Discount  Fraction  thereof and the  remainder  of such  Realized  Losses on the
Discount  Mortgage  Loans  and the  entire  amount  of such  Realized  Losses on
Non-Discount  Mortgage  Loans will be  allocated  among the Senior  Certificates
(other than the Class A-P Certificates) and Subordinate  Certificates,  on a pro
rata basis, as described below,  provided,  however, that Realized Losses, other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses,  otherwise allocable to the Super Senior Certificates
will be  allocated  to the Senior  Support  Certificates  until the  Certificate
Principal  Balance of the Senior  Support  Certificates  is reduced to zero. Any
Realized  Losses  otherwise  allocable  to the  Class A-5  Certificates  will be
covered by the Certificate Policy.

        As used herein,  an  allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation  shall be deemed to have  occurred  on such  Distribution  Date.  Any
allocation of the principal  portion of Realized Losses (other than Debt Service
Reductions) to the Subordinate  Certificates  then  outstanding  with the Lowest
Priority shall be made by operation of the definition of "Certificate  Principal
Balance" and by operation of the provisions of Section  4.02(a).  Allocations of
the  interest  portions of Realized  Losses shall be made in  proportion  to the
amount of Accrued  Certificate  Interest and by operation of the  definition  of
"Accrued  Certificate  Interest"  and by operation of the  provisions of Section
4.02(a).  Allocations of the principal portion of Debt Service  Reductions shall
be made by operation of the provisions of Section  4.02(a).  All Realized Losses
and all other losses  allocated  to a Class of  Certificates  hereunder  will be
allocated  among the  Certificates of such Class in proportion to the Percentage
Interests  evidenced  thereby;  provided that if any Subclasses of the Class A-V
Certificates have been issued pursuant to Section 5.01(c),  such Realized Losses
and other  losses  allocated  to the Class A-V  Certificates  shall be allocated
among  such  Subclasses  in  proportion  to the  respective  amounts  of Accrued
Certificate  Interest payable on such Distribution Date that would have resulted
absent such reductions.

          Section 4.06  Reports of  Foreclosures  and  Abandonment  of Mortgaged
               Property. (See Section 4.06 of the Standard Terms)

          Section 4.07  Optional  Purchase of  Defaulted  Mortgage  Loans.  (See
               Section 4.07 of the Standard Terms)

        Section 4.08  [Reserved]

                                      -39-

<PAGE>

        Section  4.09  Distributions  on  the  Uncertificated  REMIC  I  Regular
Interests.

        (a) On each  Distribution Date the Trustee shall be deemed to distribute
to itself, as the holder of the Uncertificated  REMIC I Regular Interests,  from
REMIC I, the following  amounts in the following order of priority to the extent
of the Available  Distribution Amount reduced by distributions made to the Class
R-I Certificates pursuant to Section 4.02(a):

             (i)  Uncertificated  REMIC I Accrued Interest on the Uncertificated
        REMIC  I  Regular  Interests  for  such  Distribution   Date,  plus  any
        Uncertificated  REMIC I Accrued Interest  thereon  remaining unpaid from
        any previous Distribution Date; and

            (ii) In accordance  with the priority set forth in Section  4.09(b),
        an  amount  equal to the sum of the  amounts  in  respect  of  principal
        distributable  on the Class A-1  Certificates,  Class A-2  Certificates,
        Class A-3 Certificates,  Class A-4 Certificates, Class A-5 Certificates,
        Class A-6 Certificates,  Class A-7 Certificates, Class A-8 Certificates,
        Class   A-10   Certificates,   Class  A-11   Certificates,   Class  A-12
        Certificates, Class A-13 Certificates, Class A-P Certificates, Class M-1
        Certificates,  Class M-2 Certificates, Class M-3 Certificates, Class B-1
        Certificates,  Class B-2 Certificates,  Class B-3 Certificates and Class
        R-II Certificates  under Section 4.02(a),  as allocated thereto pursuant
        to Section 4.02(b).

        (b)  The  amount  described  in  Section  4.09(a)(ii)  shall  be  deemed
distributed   to  (i)   Uncertificated   REMIC  I  Regular   Interest   R,  (ii)
Uncertificated  REMIC I Regular Interest S, (iii) Uncertificated REMIC I Regular
Interest T,  (iv)Uncertificated  REMIC I Regular  Interest U,  (v)Uncertificated
REMIC I Regular  Interest  V, (vi)  Uncertificated  REMIC I Regular  Interest W,
(vii) Uncertificated  REMIC I Regular Interest X, (viii)  Uncertificated REMIC I
Regular Interest Y and (ix)  Uncertificated  REMIC I Regular Interest Z with the
amount to be distributed  allocated  among such interests in accordance with the
priority  assigned to the (i) Class A-1,  Class A-3, Class A-4, Class A-6, Class
R-II,  Class M-1,  Class  M-2,  Class  M-3,  Class B-1,  Class B-2 and Class B-3
Certificates,  (ii) Class A-2 Certificates,  (iii) Class A-5 Certificates,  (iv)
Class  A-7   Certificates,   (v)  Class  A-8   Certificates,   (vi)  Class  A-10
Certificates, (vii) Class A-11 Certificates,  (viii) Class A-12 Certificates and
(ix) Class A-P  Certificates,  respectively,  under  Section  4.02(b)  until the
Uncertificated Principal Balance of each such interest is reduced to zero.

        (c)  The  portion  of  the  Uncertificated   REMIC  I  Regular  Interest
Distribution Amounts described in Section 4.09(a)(i) shall be deemed distributed
by REMIC I to REMIC II in accordance with the priority  assigned to the REMIC II
Certificates relative to that assigned to the REMIC I Certificates under Section
4.02(b).

        (d) In determining from time to time the Uncertificated  REMIC I Regular
Interest  Distribution  Amounts,  Realized Losses  allocated to the Certificates
shall be  allocated  to  Uncertificated  REMIC I Regular  Interests  in the same
amounts and priorities as allocated to the Corresponding Certificated Interests.

                                      -40-

<PAGE>

        (e) Notwithstanding the deemed distributions on the Uncertificated REMIC
I Regular Interests described in this Section 4.09,  distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

          Section 4.10  Distributions  on the  Uncertificated  Class  A-V  REMIC
               Regular Interests.

        (a) On each Distribution Date, the Trustee shall be deemed to distribute
to  itself,  as the  holder  of  the  Uncertificated  Class  A-V  REMIC  Regular
Interests, from REMIC II, Uncertificated Class A-V REMIC Accrued Interest on the
Uncertificated  Class A-V REMIC Regular  Interests for such  Distribution  Date,
plus any  Uncertificated  Class A-V REMIC  Accrued  Interest  thereon  remaining
unpaid from any previous Distribution Date.

        (b) In determining from time to time the Uncertificated  Class A-V REMIC
Regular Interest  Distribution  Amounts,  Realized Losses allocated to the Class
A-V Certificates  under Section 4.05 shall be deemed allocated to Uncertificated
Class  A-V  REMIC   Regular   Interests  on  a  pro  rata  basis  based  on  the
Uncertificated  Class A-V REMIC  Accrued  Interest for the related  Distribution
Date.

        (c) On each Distribution Date, the Trustee shall be deemed to distribute
from the Trust Fund, in the priority set forth in Sections 4.02(a), to the Class
A-V  Certificates,  the amounts  distributable  thereon from the  Uncertificated
Class  A-V  REMIC  Regular  Interest  Distribution  Amounts  deemed to have been
received by the Trustee from the Trust Fund under this Section 4.08.  The amount
deemed distributable  hereunder with respect to the Class A-V Certificates shall
equal 100% of the amounts payable with respect to the  Uncertificated  Class A-V
REMIC Regular Interests.

        (d) Notwithstanding the deemed distributions on the Uncertificated Class
A-V REMIC Regular  Interests  described in this Section 4.10,  distributions  of
funds from the Certificate Account shall be made only in accordance with Section
4.02.

        Section 4.11  Reserve Fund.
                      ------------

        No later than the Closing Date,  the Trustee will establish and maintain
the Reserve Fund. On the Closing Date the Senior  Underwriter shall deposit with
the Trustee,  and the Trustee shall  deposit into the Reserve  Fund,  cash in an
amount equal to the Reserve Fund Deposit.

        The  Master  Servicer  shall  direct  the  Trustee  in  writing  on each
Distribution Date to withdraw amounts on deposit in the Reserve Fund for deposit
into  the  Certificate  Account,  and  to  pay to  the  holders  of the  Insured
Certificates  pursuant to Section  4.02(a),  the amount of  Prepayment  Interest
Shortfalls  and  Relief  Act  Shortfalls  otherwise  allocable  to  the  Insured
Certificates  pursuant to the definition of Accrued Certificate Interest (to the
extent not  offset by the Master  Servicer  pursuant  to Section  3.16(e) of the
Standard Terms),  and to the extent of funds on deposit in the Reserve Fund (the
amount  of  such  withdrawal  for  any  Distribution  Date,  the  "Reserve  Fund
Withdrawal").

        For federal  income tax purposes,  the Senior  Underwriter  shall be the
owner of the Reserve Fund and shall report all items of income,  deduction, gain
or loss arising therefrom.  Notwithstanding anything herein to the contrary, the
Reserve Fund shall not be an asset of any

                                      -41-

<PAGE>

REMIC.  The  Reserve  Fund shall be  invested in  Permitted  Investments  at the
direction  of  the  Senior  Underwriter.  All  income  and  gain  realized  from
investment  of funds  deposited  in the Reserve  Fund shall be  deposited in the
Reserve Fund for the sole use and  exclusive  benefit of the Reserve  Fund.  The
amount  of any  loss  incurred  in  respect  of any  such  investments  shall be
deposited  in the Reserve  Fund by the Senior  Underwriter  out of its own funds
immediately as realized without any right of reimbursement. The balance, if any,
remaining in the Reserve Fund on the Distribution  Date on which the Certificate
Principal  Balance  of the  Insured  Certificates  is  reduced  to zero  will be
distributed  by the  Trustee to the Senior  Underwriter.  To the extent that the
Reserve Fund constitutes a reserve fund for federal income tax purposes,  (1) it
shall be an outside  reserve fund and not an asset of any REMIC and (2) it shall
be  owned  by  the  Senior  Underwriter,  all  within  the  meaning  of  Section
1.860G-2(h)  of the Treasury  Regulations.  The Reserve Fund may not be owned by
more than one Person and for all federal tax purposes,  any amounts  transferred
by any REMIC to the Reserve Fund will be treated as amounts  distributed  by any
REMIC to the Senior Underwriter.

        Section 4.12  Rounding Account.
                      ----------------

        No later than the Closing Date,  the Trustee will establish and maintain
with itself a segregated trust account that is an Eligible Account,  which shall
be titled "Rounding Account, Bank One, National Association,  as trustee for the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through Certificates, Series 2002-S12, Class A-5." On the Closing Date, the
Senior Underwriter shall deposit with the Trustee, and the Trustee shall deposit
into the Rounding Account, cash in an amount equal to $999.99.

        The  Trustee on each  Distribution  Date shall,  based upon  information
provided by the Master  Servicer  for the related  Distribution  Date,  withdraw
funds from the Rounding Account to pay the Rounding Amount to the Holders of the
Insured  Certificates  pursuant to Section 4.02(i). In addition,  the Trustee on
each  Distribution  Date shall,  based upon  information  provided by the Master
Servicer for the related  Distribution Date, withdraw funds from the Certificate
Account to repay to the  Rounding  Account  the  Rounding  Amount from the prior
Distribution Date as contemplated in Section 4.02(i).

        Section 4.13  Principal Distributions on the Insured Certificates.
                      ---------------------------------------------------

        Distributions in reduction of the Certificate  Principal  Balance of the
Insured Certificates will be made in integral multiples of $1,000 at the request
of  the  appropriate   representatives  of  Deceased  Holders  of  such  Insured
Certificates and at the request of Living Owners of such Insured Certificates or
by mandatory distributions by Random Lot, pursuant to clauses (a) and (d) below,
or on a pro rata basis pursuant to clause (e) below.

        (a) On each Distribution Date on which distributions in reduction of the
Certificate  Principal  Balance  of the  Insured  Certificates  are  made , such
distributions  will be made in the  following  priority  among  the  Certificate
Owners of the Insured Certificates:

               (i) any  request by the  personal  representatives  of a Deceased
        Holder or by a surviving  tenant by the entirety,  by a surviving  joint
        tenant  or by a  surviving  tenant  in  common,  but  not  exceeding  an
        aggregate amount of $100,000 per request; and

                                      -42-

<PAGE>

               (ii)  any  request  by a  Living  Owner,  but  not  exceeding  an
          aggregate amount of $10,000 per request.

        Thereafter,  distributions  will be made,  with  respect to the  Insured
Certificates,  as provided in clauses (i) and (ii) above up to a second $100,000
and $10,000, respectively. This sequence of priorities will be repeated for each
request  for  principal  distributions  made by the  Certificate  Owners  of the
Insured Certificates until all such requests have been honored.

        Requests for  distributions  in reduction of the  Certificate  Principal
Balance of the Insured  Certificates  presented on behalf of Deceased Holders in
accordance  with the provisions of clause (i) above will be accepted in order of
their receipt by the Depository.  Requests for distributions in reduction of the
Certificate Principal Balance of the Insured Certificate presented in accordance
with the  provisions of clause (ii) above will be accepted in the order of their
receipt by the Depository after all requests presented in accordance with clause
(i) above have been honored.  All requests for distributions in reduction of the
Certificate  Principal  Balance of the Insured  Certificates will be accepted in
accordance  with the provisions set forth in Section  4.13(c).  All requests for
distributions in reduction of the Certificate  Principal  Balance of the Insured
Certificates  with  respect to any  Distribution  Date must be  received  by the
Depository and on the Depository's "participant terminal system" and received by
the  Trustee no later than the close of business  on the  related  Record  Date.
Requests for  distributions  that are on the Depository's  participant  terminal
system and received by the Trustee  after the related  Record Date and requests,
in either case, for  distributions not accepted with respect to any Distribution
Date,  will be  treated  as  requests  for  distributions  in  reduction  of the
Certificate  Principal  Balance of Insured  Certificates  on the next succeeding
Distribution Date, and each succeeding Distribution Date thereafter,  until such
request is  accepted  or is  withdrawn  as  provided  in Section  4.13(c).  Such
requests as are not so withdrawn  shall  retain their order of priority  without
the need for any further action on the part of the appropriate Certificate Owner
of the related Insured Certificate, all in accordance with the procedures of the
Depository and the Trustee. Upon the transfer of the beneficial ownership of the
Insured Certificate,  any distribution request previously submitted with respect
to such  Certificate will be deemed to have been withdrawn only upon the receipt
by the  Trustee  on or before  the  Record  Date for such  Distribution  Date of
notification  of such  withdrawal in the manner set forth in Section  4.13(c) on
the Depository's participant terminal system.

        Distributions in reduction of the Certificate  Principal  Balance of the
Insured  Certificates will be applied in an amount equal to the Senior Principal
Distribution  Amount allocable to such Class pursuant to Section 4.02(b),  plus,
with respect to the Insured Certificates, any amounts available for distribution
from the Rounding Account established as provided in Section 4.12, provided that
the aggregate  distribution in reduction of the Certificate Principal Balance of
the Insured  Certificates on any Distribution  Date shall be made in an integral
multiple of $1,000.

        To the extent  that the  portion of the  Senior  Principal  Distribution
Amount  allocable to  distributions  in reduction of the  Certificate  Principal
Balance  of the  Insured  Certificates  on any  Distribution  Date  exceeds  the
aggregate Certificate Principal Balance of the Insured Certificates with respect
to which distribution requests, as set forth above, have been received (plus any
amounts required to be distributed pursuant to the Rounding Account with respect
to the Insured Certificates),

                                      -43-

<PAGE>

distributions in reduction of the Certificate  Principal  Balance of the Insured
Certificates will be made by mandatory distribution pursuant to Section 4.13(d).

        (b) An  Insured  Certificate  shall be deemed  to be held by a  Deceased
Holder for purposes of this Section 4.13 if the death of the  Certificate  Owner
thereof is deemed to have occurred.  Insured Certificates  beneficially owned by
tenants by the  entirety,  joint tenants or tenants in common will be considered
to be  beneficially  owned  by a single  owner.  The  death  of a tenant  by the
entirety, joint tenant or tenant in common will be deemed to be the death of the
Certificate  Owner, and the Insured  Certificates so beneficially  owned will be
eligible  for  priority  with  respect  to  distributions  in  reduction  of the
Certificate Principal Balance thereof,  subject to the limitations stated above.
Insured  Certificates  beneficially  owned by a trust will be  considered  to be
beneficially  owned  by each  beneficiary  of the  trust to the  extent  of such
beneficiary's  beneficial  interest  therein,  but in no  event  will a  trust's
beneficiaries  collectively  be deemed to be  Certificate  Owners of a number of
Individual Insured Certificates of which such trust is the owner. The death of a
beneficiary of a trust will be deemed to be the death of a Certificate  Owner of
the Insured  Certificates,  as  applicable,  owned by the trust to the extent of
such beneficiary's beneficial interest in such trust. The death of an individual
who was a tenant by the entirety,  joint tenant or tenant in common in a tenancy
which  is the  beneficiary  of a trust  will be  deemed  to be the  death of the
beneficiary  of such  trust.  The  death  of a  person  who,  during  his or her
lifetime,  was  entitled  to  substantially  all  of  the  beneficial  ownership
interests in Individual  Insured  Certificates will be deemed to be the death of
the Certificate Owner of the Insured Certificates regardless of the registration
of ownership, if such beneficial interest can be established to the satisfaction
of the Depository Participant.  Such beneficial interest will be deemed to exist
in typical  cases of street name or nominee  ownership,  ownership by a trustee,
ownership under the Uniform Gifts to Minors Act and community  property or other
joint ownership  arrangements between a husband and wife. Certificate beneficial
interests shall include the power to sell,  transfer or otherwise  dispose of an
Insured Certificate and the right to receive the proceeds therefrom,  as well as
interest and distributions in reduction of the Certificate  Principal Balance of
the Insured  Certificates,  as  applicable,  payable with respect  thereto.  The
Trustee shall not be under any duty to determine independently the occurrence of
the death of any deceased  Certificate Owner. The Trustee may rely entirely upon
documentation  delivered to it pursuant to Section 4.13(c) in  establishing  the
eligibility of any Certificate  Owner to receive the priority  accorded Deceased
Holders in Section 4.13(a).

        (c) Requests for distributions in reduction of the Certificate Principal
Balance of Insured  Certificates  must be made by  delivering a written  request
therefor to the Depository  Participant or Indirect Depository  Participant that
maintains the account  evidencing such  Certificate  Owner's interest in Insured
Certificates.  In  the  case  of a  request  on  behalf  of a  Deceased  Holder,
appropriate  evidence of death and any tax waivers are  required to be forwarded
to the Depository  Participant under separate cover. The Depository  Participant
shall forward a certification, satisfactory to the Trustee, certifying the death
of the Deceased Holder and the receipt of the appropriate death and tax waivers.
The  Depository  Participant  should in turn make the request of the  Depository
(or, in the case of an Indirect Depository Participant, such Indirect Depository
Participant  must notify the related  Depository  Participant  of such  request,
which Depository  Participant  should make the request of the Depository) on the
Depository's  participant  terminal  system.  The  Depository may establish such
procedures  as it deems fair and  equitable to establish the order of receipt of
requests for such distributions received by it on the same day. None of the

                                      -44-

<PAGE>

Company,  the Master  Servicer or the  Trustee  shall be liable for any delay in
delivery of requests for  distributions  or  withdrawals of such requests by the
Depository, a Depository Participant or any Indirect Depository Participant.

        The Depository  shall maintain a list of those  Depository  Participants
representing the appropriate  Certificate  Owners of Insured  Certificates  that
have  submitted  requests for  distributions  in  reduction  of the  Certificate
Principal  Balance of Insured  Certificates,  together with the order of receipt
and the  amounts  of such  requests  on the  Depository's  participant  terminal
system.  The Depository  will honor requests for  distributions  in the order of
their receipt  (subject to the priorities  described in Section  4.13(a) above).
The Trustee shall notify the Depository as to which  requests  should be honored
on each  Distribution Date at least two Business Days prior to such Distribution
Date based on the report  received by the Trustee  pursuant to Section  4.04 and
shall  notify  the  Depository  as  to  the  amount  of  the  Senior   Principal
Distribution amount to be distributed to the Insured  Certificates by Random Lot
pursuant to Section  4.13(d).  Requests  shall be honored by the  Depository  in
accordance with the procedures,  and subject to the priorities and  limitations,
described  in this  Section  4.13.  The exact  procedures  to be followed by the
Trustee and the  Depository  for purposes of  determining  such  priorities  and
limitations  will be those  established  from time to time by the Trustee or the
Depository,  as the case may be. The decisions of the Trustee and the Depository
concerning such matters will be final and binding on all affected persons.

        Individual   Insured   Certificates   that  have  been  accepted  for  a
distribution shall be due and payable on the applicable  Distribution Date. Such
Certificates  shall  cease to bear  interest  after  the  last day of the  month
preceding the month in which such Distribution Date occurs.

        Any  Certificate  Owner of an Insured  Certificate  that has requested a
distribution  may withdraw its request by so notifying in writing the Depository
Participant or Indirect  Depository  Participant that maintains such Certificate
Owner's  account.  In the event that such account is  maintained  by an Indirect
Depository  Participant,  such Indirect  Depository  Participant must notify the
related Depository Participant which in turn must forward the withdrawal of such
request on the Depository's participant terminal system. If such withdrawal of a
request for distribution  has not been received on the Depository's  participant
terminal system on or before the Record Date for the next Distribution Date, the
previously made request for distribution will be irrevocable with respect to the
making of distributions in reduction of the Certificate Principal Balance of the
Insured Certificates on such Distribution Date.

        In  the  event  any  requests  for  distributions  in  reduction  of the
Certificate  Principal  Balance of the Insured  Certificates are rejected by the
Trustee for failure to comply with the  requirements  of this Section 4.13,  the
Trustee shall return such request to the appropriate Depository Participant with
a copy  to  the  Depository  with  an  explanation  as to the  reason  for  such
rejection.

        (d) To the  extent,  if any,  that  distributions  in  reduction  of the
Certificate Principal Balance of the Insured Certificates on a Distribution Date
exceed the outstanding Certificate Principal Balance of the Insured Certificates
with respect to which  distribution  requests  have been received by the related
Record Date, as provided in Section 4.13(a) above, the additional  distributions
in reduction of the Certificate  Principal  Balance of the Insured  Certificates
will be made by mandatory  distributions  in reduction  thereof.  Such mandatory
distributions on Individual Insured

                                      -45-

<PAGE>

Certificates  will be made by Random Lot in accordance with the  then-applicable
Random Lot procedures of the  Depository,  the Depository  Participants  and the
Indirect  Depository  Participants  representing  the  Certificate  Owners.  The
Trustee shall notify the  Depository  of the  aggregate  amount of the mandatory
distribution  in reduction of the Certificate  Principal  Balance of the Insured
Certificates to be made on any such Distribution Date. The Depository shall then
allocate such aggregate amount among its Depository Participants on a Random Lot
basis.  Each  Depository  Participant  and, in turn,  each  Indirect  Depository
Participant will then select, in accordance with its own procedures,  Individual
Insured  Certificates from among those held in its accounts to receive mandatory
distributions in reduction of the Certificate  Principal  Balance of the Insured
Certificates,  such that the total amount so selected is equal to the  aggregate
amount of such mandatory  distributions allocated to such Depository Participant
by the  Depository  and to such Indirect  Depository  Participant by its related
Depository Participant, as the case may be. Depository Participants and Indirect
Depository  Participants that hold Insured  Certificates  selected for mandatory
distributions  in reduction of the  Certificate  Principal  Balance  thereof are
required  to provide  notice of such  mandatory  distributions  to the  affected
Certificate  Owners.  The Master  Servicer  agrees to notify the  Trustee of the
amount of distributions in reduction of the Certificate Principal Balance of the
Insured  Certificates  to be made on each  Distribution  Date in a timely manner
such that the  Trustee may  fulfill  its  obligations  pursuant to the letter of
representations  dated the Closing Date among the  Company,  the Trustee and the
Depository.

        (e)  Notwithstanding  any  provisions  herein  to the  contrary,  on any
Distribution  Date on which (i) any Realized Losses are allocated to the Insured
Certificates  and (ii) a  Certificate  Insurer  Default has  occurred  and/or is
continuing,  distributions in reduction of the Certificate  Principal Balance of
the Insured  Certificates will be made pro rata on the basis of their respective
Percentage  Interests  with the  respect to the Insured  Certificates  among the
Certificate Owners of the Insured  Certificates and will not be made in integral
multiples of $1,000 nor pursuant to requests  for  distribution  as permitted by
this Section 4.13 or mandatory distributions by Random Lot.

        (f) In the event that Definitive  Certificates  representing the Insured
Certificates  are issued  pursuant to Section  5.01 of the  Standard  Terms,  an
amendment to this  Agreement,  which may be approved  without the consent of any
Certificateholders,  shall establish  procedures relating to the manner in which
distributions in reduction of the Certificate  Principal Balance of such Insured
Certificates are to be made;  provided that such procedures shall be consistent,
to the extent practicable and customary for certificates  similar to the Insured
Certificates, with the provisions of this Section 4.13.

                                      -46-

<PAGE>

                                          ARTICLE V

                                THE CERTIFICATES

        Section 5.01. The Certificates. (See Section 5.01 of the Standard Terms)

        Section 5.02. Registration of Transfer and Exchange of Certificates.

               (a) -  (d).  (See  Section  5.02(a)  - (d)  and  (f) - (h) of the
          Standard Terms)

        (e) (i) In the case of any Class B or Class R Certificate  presented for
        registration  in the name of any Person,  either (A) the  Trustee  shall
        require an Opinion of Counsel  acceptable  to and in form and  substance
        satisfactory to the Trustee,  the Company and the Master Servicer to the
        effect  that  the  purchase  or  holding  of  such  Class  B or  Class R
        Certificate is permissible  under applicable law, will not constitute or
        result in any non-exempt prohibited transaction under Section 406 of the
        Employee  Retirement Income Security Act of 1974, as amended  ("ERISA"),
        or Section 4975 of the Code (or comparable  provisions of any subsequent
        enactments), and will not subject the Trustee, the Company or the Master
        Servicer  to any  obligation  or  liability  (including  obligations  or
        liabilities  under  ERISA or Section  4975 of the Code) in  addition  to
        those  undertaken in this Agreement,  which Opinion of Counsel shall not
        be an expense of the Trustee,  the Company or the Master Servicer or (B)
        the prospective Transferee shall be required to provide the Trustee, the
        Company and the Master Servicer with a  certification  to the effect set
        forth in paragraph six of Exhibit H to the Standard  Terms (with respect
        to any Class B Certificate) or paragraph  fourteen of Exhibit G-1 to the
        Standard  Terms  (with  respect to any Class R  Certificate),  which the
        Trustee may rely upon without further inquiry or investigation,  or such
        other  certifications  as the Trustee may deem desirable or necessary in
        order to establish that such Transferee or the Person in whose name such
        registration is requested  either (a) is not an employee benefit plan or
        other plan subject to the prohibited  transaction provisions of ERISA or
        Section  4975  of the  Code,  or any  Person  (including  an  investment
        manager,  a named  fiduciary or a trustee of any such plan) who is using
        "plan assets" of any such plan to effect such acquisition (each, a "Plan
        Investor") or (b) in the case of any Class B Certificate,  the following
        conditions are satisfied:  (i) such Transferee is an insurance  company,
        (ii) the source of funds used to purchase or hold such  Certificate  (or
        interest therein) is an "insurance  company general account" (as defined
        in U.S.  Department  of Labor  Prohibited  Transaction  Class  Exemption
        ("PTCE") 95-60, and (iii) the conditions set forth in Sections I and III
        of PTCE 95-60 have been  satisfied  (each  entity  that  satisfies  this
        clause (b), a "Complying Insurance Company").

               (ii) Any  Transferee of a Class M  Certificate  will be deemed to
          have  represented  by  virtue  of its  purchase  or  holding  of  such
          Certificate  (or interest  therein) that either (a) such Transferee is
          not a  Plan  Investor,  (b)  it  has  acquired  and  is  holding  such
          Certificate in reliance on Prohibited  Transaction  Exemption  ("PTE")
          94-29,  59 Fed. Reg. 14674 (March 29, 1994),  as amended by PTE 97-34,
          62 Fed. Reg.  39021 (July 21, 1997),  PTE 2000-58,  65 Fed. Reg. 67765
          (November 13, 2000) and PTE 2002-41,  67 Fed.  Reg.  54487 (August 22,
          2002) (the "RFC  Exemption"),  and that it understands  that there are
          certain conditions to the

                                      -47-

<PAGE>

        availability of the RFC Exemption  including that such  Certificate must
        be  rated,  at the time of  purchase,  not  lower  than  "BBB-"  (or its
        equivalent)  by  Standard  &  Poor's,  Fitch  or  Moody's  or  (c)  such
        Transferee is a Complying Insurance Company.

               (iii) (A) If any Class M Certificate (or any interest therein) is
               acquired  or  held  by any  Person  that  does  not  satisfy  the
               conditions  described  in  paragraph  (ii)  above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

                      (B) Any purported  Certificate  Owner whose acquisition or
               holding of any Class M  Certificate  (or  interest  therein)  was
               effected in violation of the restrictions in this Section 5.02(e)
               shall indemnify and hold harmless the Company,  the Trustee,  the
               Master Servicer, any Subservicer,  the Underwriters and the Trust
               Fund from and against any and all liabilities,  claims,  costs or
               expenses incurred by such parties as a result of such acquisition
               or holding.

          Section 5.03. Mutilated,  Destroyed, Lost or Stolen Certificates. (See
               Section 5.03 of the Standard Terms)

          Section 5.04. Persons Deemed Owners. (See Section 5.04 of the Standard
               Terms)

          Section 5.05.  Appointment  of Paying Agent.  (See Section 5.05 of the
               Standard Terms)

                                      -48-

<PAGE>

                                   ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                      -49-

<PAGE>

                                   ARTICLE VII

                                     DEFAULT
                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                      -50-

<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE
                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                      -51-

<PAGE>

                                   ARTICLE IX

                                   TERMINATION
                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                      -52-

<PAGE>

                                    ARTICLE X

                                REMIC PROVISIONS

          Section 10.01 REMIC Administration. (See Section 10.01 of the Standard
               Terms)

          Section  10.02  Master  Servicer;   REMIC  Administrator  and  Trustee
               Indemnification. (See Section 10.02 of the Standard Terms)

        Section 10.03 Designation of REMIC(s).

        The REMIC Administrator will make elections to treat each of REMIC I and
REMIC II, and  subject  to this  Agreement  (including  the  Mortgage  Loans but
excluding the Initial  Monthly  Payment Fund) as a REMIC for federal  income tax
purposes.

        The Uncertificated  REMIC I Regular Interests shall be designated as the
"regular  interests" and the Class R-I  Certificates  shall be designated as the
sole class of "residual  interests" in REMIC I. The Class A-1,  Class A-2, Class
A-3,  Class A-4,  Class A-5,  Class A-6,  Class A-7, Class A-8, Class A-9, Class
A-10, Class A-11, Class A-12, Class A-13, Class A-P, Class M-1, Class M-2, Class
M-3,  Class B-1, Class B-2 and Class B-3  Certificates  and the rights in and to
which  will be  represented  by the Class  A-V  Certificates,  will be  "regular
interests"  in the REMIC II,  and the Class R-II  Certificates  will be the sole
class of "residual  interests"  therein for purposes of the REMIC Provisions (as
defined in the Standard  Terms) under  federal  income tax law. On and after the
date of issuance of any Subclass of Class A-V  Certificates  pursuant to Section
5.01(c)  of  the  Standard   Terms,   any  such  Subclass  will   represent  the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to said Section.

     Section 10.04 Distributions on the Uncertificated REMIC Regular Interests.

        (a) On each  Distribution Date the Trustee shall be deemed to distribute
to  itself,  as  the  holder  of the  Uncertificated  REMIC  Regular  Interests,
Uncertificated  Accrued Interest on the  Uncertificated  REMIC Regular Interests
for such  Distribution  Date, plus any  Uncertificated  Accrued Interest thereon
remaining unpaid from any previous Distribution Date.

        (b) In determining  from time to time the  Uncertificated  REMIC Regular
Interest  Distribution  Amounts,  Realized  Losses  allocated  to the  Class A-V
Certificates  under  Section 4.05 shall be deemed  allocated  to  Uncertificated
REMIC Regular Interests on a pro rata basis based on the Uncertificated  Accrued
Interest for the related Distribution Date.

        (c) On each Distribution Date, the Trustee shall be deemed to distribute
from the Trust Fund, in the priority set forth in Section 4.02(a),  to the Class
A-V  Certificates,  the amounts  distributable  thereon from the  Uncertificated
REMIC Regular Interest  Distribution Amounts deemed to have been received by the
Trustee  from the Trust  Fund  under  this  Section  10.04.  The  amount  deemed
distributable  hereunder with respect to the Class A-V Certificates  shall equal
100% of the amounts  payable with respect to the  Uncertificated  REMIC  Regular
Interests.

                                      -53-

<PAGE>

        (d) Notwithstanding the deemed distributions on the Uncertificated REMIC
Regular Interests  described in this Section 10.04,  distributions of funds from
the Certificate Account shall be made only in accordance with Section 4.02.

        Section 10.05 Compliance with Withholding Requirements.

        Notwithstanding  any other provision of this  Agreement,  the Trustee or
any Paying  Agent,  as  applicable,  shall  comply with all federal  withholding
requirements  respecting payments to  Certificateholders,  including interest or
original  interest discount payments or advances thereof that the Trustee or any
Paying Agent, as applicable,  reasonably believes are applicable under the Code.
The consent of Certificateholders shall not be required for such withholding. In
the event the Trustee or any Paying  Agent,  as  applicable,  does  withhold any
amount from interest or original issue discount  payments or advances thereof to
any Certificateholder pursuant to federal withholding requirements,  the Trustee
or any Paying Agent,  as applicable,  shall indicate the amount withheld to such
Certificateholder pursuant to the terms of such requirements.

                                      -54-

<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.  (See Section 11.01 of the Standard Terms)

          Section 11.02  Recordation  of Agreement.  Counterparts.  (See Section
               11.02 of the Standard Terms)

          Section 11.03 Limitation on Rights of Certificateholders. (See Section
               11.03 of the Standard Terms)

        Section 11.04 Governing Laws.  (See Section 11.04 of the Standard Terms)

          Section 11.05 Notices.  All demands and notices  hereunder shall be in
               writing and shall be deemed to have been duly given if personally
               delivered  at or  mailed  by  registered  mail,  postage  prepaid
               (except for notices to the Trustee  which shall be deemed to have
               been duly given only when received),  to the appropriate  address
               for each  recipient  listed in the table  below or, in each case,
               such other  address as may  hereafter  be furnished in writing to
               the Master Servicer, the Trustee and the Company, as applicable:

           Recipient                                        Address

                     8400 Normandale Lake Boulevard
                     Suite 250, Minneapolis, Minnesota  55437,
Company              Attention:  President
                     2255 N. Ontario Street, Suite 400
                     Burbank, California 91504-2130,
Master Servicer      Attention:  Managing Director/Master Servicing
                     Corporate Trust Office
                     The Trustee  designates its offices  located at
                     55 Water Street,  1st Floor New York,  New York
                     10041, for the purposes of Section 8.12
Trustee              of the Standard Terms
                     55 Water Street
Standard and Poor's  New York, New York 10041
                     One State Street Plaza
Fitch                New York, New York 10007
Certificate Insurer  113 King Street
                     Armonk, New York 10504
                     Attention: Insured Portfolio Managment--Structured Finance
                     (RFMSI 2002-S12)

Any notice  required or permitted to be mailed to a  Certificateholder  shall be
given by first class  mail,  postage  prepaid,  at the address of such Holder as
shown in the Certificate Register. Any notice so

                                      -55-

<PAGE>

mailed  within  the time  prescribed  in this  Agreement  shall be  conclusively
presumed to have been duly given, whether or not the Certificateholder  receives
such notice.

        Section 11.06 Required Notices to Rating Agency and Subservicer.

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

               (a)    a material change or amendment to this Agreement,

               (b)    the occurrence of an Event of Default,

               (c) the termination or appointment of a successor Master Servicer
          or Trustee or a change in the majority ownership of the Trustee,

               (d) the filing of any claim under the Master  Servicer's  blanket
        fidelity bond and the errors and omissions  insurance policy required by
        Section 3.12 or the  cancellation  or modification of coverage under any
        such instrument,

               (e) the statement required to be delivered to the Holders of each
          Class of Certificates pursuant to Section 4.03,

               (f) the statements  required to be delivered pursuant to Sections
          3.18 and 3.19,

               (g) a change in the  location  of the  Custodial  Account  or the
          Certificate Account,

               (h) the  occurrence  of any monthly  cash flow  shortfall  to the
        Holders of any Class of  Certificates  resulting from the failure by the
        Master Servicer to make an Advance pursuant to Section 4.04,

               (i)    the occurrence of the Final Distribution Date,

               (j) the repurchase of or substitution for any Mortgage Loan, and

               (k)    any Certificate Insurer Default that has not been cured,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

          Section 11.07  Severability  of Provisions.  (See Section 11.07 of the
               Standard Terms)

                                      -56-

<PAGE>

          Section  11.08  Supplemental  Provisions  for  Resecuritization.  (See
               Section 11.08 of the Standard Terms)

        Section 11.09 Allocation of Voting Rights.

        96.0%  of  all  Voting  Rights  shall  be  allocated  among  Holders  of
Certificates,   other  than  the  Interest   Only   Certificates   and  Residual
Certificates, in proportion to the outstanding Certificate Principal Balances of
their  respective  Certificates,  1.0% of all Voting  Rights  shall be allocated
among the  Holders  of the Class  A-V  Certificates  in  accordance  with  their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class  A-9  Certificates  in  accordance  with  their
respective  Percentage  Interests;  1.0% of all Voting Rights shall be allocated
among the  Holders  of the Class  A-13  Certificates  in  accordance  with their
respective Percentage Interests; and 0.5% and 0.5% of all Voting Rights shall be
allocated  among  the  Holders  of the  Class R-I  Certificates  and Class  R-II
Certificates,  respectively,  in  accordance  with their  respective  Percentage
Interests.

        Notwithstanding the foregoing, so long as there does not exist a failure
by the  Certificate  Insurer to make a required  payment  under the  Certificate
Policy,  the Insurer  shall have the right to exercise all rights of the Holders
of the  Insured  Certificates  without  any  consent of such  holders,  and such
Holders may  exercise  such rights  only with the prior  written  consent of the
Certificate Insurer.

                                      -57-

<PAGE>

                                   ARTICLE XII

                      CERTAIN MATTERS REGARDING THE CERTIFICATE INSURER

          Section 12.01.Rights of the Certificate  Insurer to Exercise Rights of
               Insured Certificateholders.

        By accepting its Certificate, each Insured Certificateholder agrees that
unless a Certificate  Insurer Default exists, the Certificate Insurer shall have
the right to exercise all consent, voting, direction and other control rights of
the Insured  Certificateholders under this Agreement without any further consent
of the Insured Certificateholders.

               Section  12.02.Claims  Upon the Certificate  Policy;  Certificate
          Insurance Account.

        (a) If, on the Business Day next succeeding the Determination  Date, the
Master  Servicer  determines  that (i) the funds  that will be on deposit in the
Certificate  Account on the related  Certificate  Account  Deposit  Date, to the
extent  distributable  to the  Insured  Certificateholders  pursuant  to Section
4.02(a)(i),   together  with  any  Reserve  Fund   Withdrawal  for  the  related
Distribution Date, are insufficient to pay the Accrued Certificate  Interest for
such Distribution Date; provided however,  Accrued  Certificate  Interest on the
Insured  Certificates  will be deemed to  include  any  portion  of the  amounts
allocated to such Certificates described in clause (i) of the definition thereof
(to the  extent  such  amounts  are not  offset by  payments  made by the Master
Servicer or from the Reserve Fund  Withdrawal)  and clauses (ii) through (iv) of
the  definition  thereof (in each case,  to the extent such  shortfalls  are not
covered by the subordination provided by the Class M and Class B Certificates or
otherwise  offset by the Reserve Fund  Withdrawals) on such  Distribution  Date,
(ii) the  principal  portion of any  Realized  Loss is  allocated to the Insured
Certificates  on such  Distribution  Date or (iii)  the funds  available  on the
Scheduled Final Distribution Date will be insufficient to reduce the Certificate
Principal Balance of the Insured Certificates to zero, the Master Servicer shall
deliver  to the  Trustee  not later  than  1:00  p.m.  New York City time on the
Business Day next succeeding the  Determination  Date a certificate  signed by a
Servicing  Officer  directing the Trustee to draw on the Certificate  Policy and
stating the amount to be drawn and stating the Insured  Payment for each Insured
Certificate,  and the Trustee  shall give notice by telephone or telecopy of the
aggregate amount of such deficiency,  confirmed in writing in the form set forth
as Exhibit A to the Certificate  Policy, to the Certificate Insurer at or before
12:00 noon,  New York City time, on the Business Day prior to such  Distribution
Date.  If,  subsequent to such notice,  and prior to payment by the  Certificate
Insurer  pursuant  to such  notice,  additional  amounts  are  deposited  in the
Certificate   Account,   the  Trustee  shall  reasonably   promptly  notify  the
Certificate  Insurer and  withdraw the notice or reduce the amount  claimed,  as
appropriate.

        (b) The Trustee shall establish a separate special purpose trust account
for the  benefit of  Holders of the  Insured  Certificates  and the  Certificate
Insurer referred to herein as the "Certificate Insurance Account" over which the
Trustee shall have exclusive  control and sole right of withdrawal.  The Trustee
shall deposit any amount paid under the  Certificate  Policy in the  Certificate
Insurance  Account and  distribute  such amount only for  purposes of payment to
Holders of Insured  Certificates  of the  Insured  Payment for which a claim was
made.  Such  amount  may not be  applied  to  satisfy  any  costs,  expenses  or
liabilities of the Master Servicer, the Trustee or the Trust Fund. Amounts paid

                                      -58-

<PAGE>

under the Certificate Policy shall be transferred to the Certificate  Account in
accordance  with the next  succeeding  paragraph and disbursed by the Trustee to
Holders of Insured  Certificates  in  accordance  with  Section  4.02 or Section
9.01(c),  as applicable.  It shall not be necessary for such payments to be made
by checks or wire  transfers  separate from the checks or wire transfers used to
pay the  Insured  Payment  with  other  funds  available  to make such  payment.
However,  the amount of any payment of  principal  of or interest on the Insured
Certificates to be paid from funds  transferred  from the Certificate  Insurance
Account  shall be noted as provided in paragraph  (c) below and in the statement
to be furnished to Holders of the  Certificates  pursuant to Section 4.03. Funds
held in the  Certificate  Insurance  Account shall not be invested by the Master
Servicer or any other Person.

        On any  Distribution  Date with  respect  to which a claim has been made
under the Certificate Policy, the amount of any funds received by the Trustee as
a result of any claim under the  Certificate  Policy,  to the extent required to
make the Insured Payment on such Distribution  Date, shall be withdrawn from the
Certificate  Insurance  Account and  deposited  in the  Certificate  Account and
applied by the Master Servicer on behalf of the Trustee, together with the other
funds to be  distributed to the Insured  Certificateholders  pursuant to Section
4.02,  directly to the payment in full of the Insured Payment due on the Insured
Certificates.  Any funds remaining in the Certificate  Insurance  Account on the
first  Business  Day  following  a  Distribution  Date shall be  remitted to the
Certificate Insurer, pursuant to the instructions of the Certificate Insurer, by
the end of such Business Day.

        (c) The Trustee shall keep a complete and accurate  record of the amount
of interest and principal paid into the Certificate Insurance Account in respect
of the Insured  Certificates from moneys received under the Certificate  Policy.
The  Certificate  Insurer  shall  have the  right to  inspect  such  records  at
reasonable  times during  normal  business  hours upon two Business  Day's prior
notice to the Trustee.

        (d) In accordance with the terms of the Certificate Policy, any claim on
the  Certificate  Policy in respect of a Preference  Amount,  shall  require the
Trustee  to obtain a  certified  copy of the  order  requiring  the  return of a
preference  payment,  an  opinion  of counsel  satisfactory  to the  Certificate
Insurer  that  the  order  is  final  and  not  subject  to  appeal,  and  other
documentation as required by the Certificate Policy. Any such opinion of counsel
shall be provided at the sole expense of the Senior  Underwriter,  in accordance
with the terms of the Commitment Letter.

       Section 12.03.Effect of Payments by the Certificate Insurer; Subrogation.

        Anything  herein to the contrary  notwithstanding,  for purposes of this
Section  12.03,  any payment  with  respect to  principal  of or interest on the
Insured Certificates which is made with monies received pursuant to the terms of
the  Certificate   Policy  shall  not  be  considered  payment  of  the  Insured
Certificates  from the Trust  Fund.  The Master  Servicer,  the  Company and the
Trustee acknowledge, and each Holder by its acceptance of an Insured Certificate
agrees,  that  without  the  need  for any  further  action  on the  part of the
Certificate  Insurer,  the Master  Servicer,  the  Company,  the  Trustee or the
Certificate  Registrar,  to the extent the  Certificate  Insurer makes payments,
directly or  indirectly,  on account of  principal of or interest on the Insured
Certificates to the Holders of such Certificates,  the Certificate  Insurer will
be fully subrogated to, and each Insured Certificateholder,

                                      -59-

<PAGE>

the Master  Servicer,  the Company and the Trustee hereby delegate and assign to
the Certificate  Insurer,  to the fullest extent permitted by law, the rights of
such  Holders  to receive  such  principal  and  interest  from the Trust  Fund;
provided that the  Certificate  Insurer shall be paid such amounts only from the
sources and in the manner explicitly provided for herein.

        The Trustee and the Master Servicer shall cooperate in all respects with
any  reasonable  request by the  Certificate  Insurer  for action to preserve or
enforce the  Certificate  Insurer's  rights or  interests  under this  Agreement
without  limiting  the  rights or  affecting  the  interests  of the  Holders as
otherwise set forth herein.

        Section 12.04.Notices and Information to the Certificate Insurer.

        (a) All notices, statements,  reports, certificates or opinions required
by this Agreement to be sent to any other party hereto to the Rating Agencies or
to the Certificateholders shall also be sent to the Certificate Insurer.

        (b) the Master  Servicer shall designate a Person who shall be available
to the Certificate Insurer to provide reasonable access to information regarding
the Mortgage Loans.

        Section 12.05.Trustee to Hold Certificate Policy.

        The Trustee will hold the  Certificate  Policy in trust as agent for the
Insured  Certificateholders  for  the  purpose  of  making  claims  thereon  and
distributing  the proceeds  thereof.  Neither the  Certificate  Policy,  nor the
amounts paid on the Certificate Policy will constitute part of the Trust Fund or
assets of any REMIC created by this Agreement.  Each Insured  Certificateholder,
by accepting its Certificate,  appoints the Trustee as attorney-in-fact  for the
purpose of making claims on the Certificate  Policy. The Trustee shall surrender
the Certificate  Policy to the  Certificate  Insurer for  cancellation  upon the
payment in full of the Insured Certificates.  To the extent that the Certificate
Policy constitutes a reserve fund for federal income tax purposes,  (1) it shall
be an outside credit support  agreement and not an asset of any REMIC and (2) it
shall be owned by the  Certificate  Insurer,  all within the  meaning of Section
1.860G-2(h) of the Treasury Regulations.

        Section 12.06.Ratings.

        The parties  hereto agree that  references  in this  Agreement or in the
Standard   Terms  to  ratings  on  the   Certificates   or   interests   of  the
Certificateholders shall be determined without regard to the Certificate Policy.

        Section 12.07.Third Party Beneficiaries.

        The Certificate Insurer shall be an express  third-party  beneficiary of
this Agreement to the extent of its express  subrogation  rights,  its rights to
receive the Insurance Premium pursuant to Section 4.02(a) and its express rights
set forth in Article XII of this  Agreement  and shall have the right to enforce
the related provisions of this Agreement as if it were a party hereto.

                                      -60-

<PAGE>

        IN WITNESS  WHEREOF,  the Company,  the Master  Servicer and the Trustee
have  caused  their  names to be  signed  hereto  by their  respective  officers
thereunto  duly  authorized and their  respective  seals,  duly attested,  to be
hereunto affixed, all as of the day and year first above written.

[Seal]                                          RESIDENTIAL FUNDING MORTGAGE
                                                        SECURITIES I, INC.

Attest:        /s/Julie Steinhagen              By:     /s/Julie Malanoski
        Name:  Julie Steinhagen                 Name:   Julie Malanoski
        Title:   Vice President                 Title:  Vice President

[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

Attest:        /s/Karen Fox                     By:      /s/Julie Steinhagen
        Name:  Karen Fox                        Name:    Julie Steinhagen
        Title: Director                         Title:   Director

[Seal]                                          BANK ONE, NATIONAL ASSOCIATION
                                                                  as Trustee

Attest:
                /s/R. Tarnas
        Name:   R. Tarnas                       By:     /s/Keith R. Richardson
        Title:  Vice President                  Name:   Keith R. Richardson
                                                Title:  Vice President

                                             -1-

<PAGE>

STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 27th day of September,  2002 before me, a notary public in
and for said State,  personally  appeared Julie  Malanoski,  known to me to be a
Vice President of Residential  Funding  Mortgage  Securities I, Inc., one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said  corporation,  and  acknowledged  to me
that such corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    -----------------

[Notarial Seal]

                                             -2-

<PAGE>

STATE OF MINNESOTA              )
                                ) ss.:
COUNTY OF HENNEPIN              )

               On the 27th day of September,  2002 before me, a notary public in
and for said State,  personally  appeared Julie Steinhagen,  known to me to be a
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    ------------------

[Notarial Seal]

                                             -3-

<PAGE>

STATE OF ILLINOIS               )
                                ) ss.:
COUNTY OF COOK                  )

               On the 27th day of September,  2002 before me, a notary public in
and for said State, personally appeared Keith R. Richardson, known to me to be a
Vice President of Bank One, National Association, a national banking association
that executed the within  instrument,  and also known to me to be the person who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

               IN WITNESS  WHEREOF,  I have  hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                                    Notary Public

                                                    -------------------

[Notarial Seal]

                                             -4-

<PAGE>

                                         EXHIBIT ONE
                             MORTGAGE LOAN SCHEDULE
                            (Available Upon Request)

  RUN ON     : 09/20/02           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 14.01.58           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2002-S12                                 CUTOFF : 09/01/02
  POOL       : 0004617
             :
             :
  POOL STATUS: F

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST STRIP RATE                      STRIP
  ---------------------------------------------------------------------------

      7539281                              .3750
      378,385.35                          .0800
            6.8750                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7641491                              .5000
      379,716.52                          .0800
            7.0000                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7660935                              .2500
      847,948.79                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7666571                              .2500
      255,232.89                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      7691551                              .2500
      744,980.25                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7700411                              .2500
      392,066.99                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200
1

      7744061                              .2500
      328,431.88                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7746515                              .2500
      408,610.30                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7761601                              .2500
      343,106.45                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7764973                              .2500
      344,125.46                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7775915                              .2500
      354,401.80                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7784141                              .2500
      136,100.87                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7789383                              .2500
      446,518.19                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7796979                              .2500
      518,775.68                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700
1

      7796995                              .2500
      354,943.53                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7797735                              .2500
      331,426.69                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7798099                              .2500
      314,469.20                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7799503                              .2500
      342,422.01                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7800413                              .2500
      375,350.72                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7802653                              .2500
      419,307.74                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7813857                              .2500
      341,718.89                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7813867                              .2500
      898,368.37                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000
1

      7815871                              .2500
      418,793.12                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7815903                              .2500
      494,102.60                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      7821560                              .2500
      398,166.95                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      7822351                              .2500
      489,153.87                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7822451                              .2500
      334,321.68                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7822825                              .2500
      334,934.66                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7825667                              .2500
      409,274.54                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      7828407                              .2500
      387,346.19                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950
1

      7828505                              .2500
      332,938.03                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7833799                              .2500
      361,390.02                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7834927                              .2500
      347,716.14                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7834937                              .2500
      389,326.53                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7834949                              .2500
      610,912.43                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7837849                              .2500
      326,968.24                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7838457                              .2500
      649,426.52                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      7838817                              .2500
      396,288.45                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700
1

      7838911                              .2500
      367,296.92                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7839983                              .2500
      329,430.16                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7840973                              .2500
      398,960.97                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7842857                              .2500
      349,691.20                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      7843361                              .2500
      336,010.45                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7844013                              .2500
      399,647.09                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      7845793                              .2500
      380,687.70                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7847771                              .2500
      327,011.45                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200
1

      7848033                              .2500
      422,304.52                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7848475                              .2500
      341,423.71                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7851565                              .2500
      333,188.99                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      7853927                              .2500
      326,012.12                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      7855839                              .2500
      368,362.81                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7856533                              .2500
      325,969.11                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7856545                              .2500
      371,679.71                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7857321                              .2500
      639,435.34                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450
1

      7857747                              .2500
      339,157.74                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7858615                              .2500
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            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      8011119                              .2500
      444,000.00                          .0300
            6.3750                         .0000
            6.1250                         .0000
            6.0950                         .0000
            6.0950                         .0000

      8011147                              .2500
      650,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      8011985                              .2500
      296,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      8012017                              .2500
      400,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8012041                              .2500
      500,000.00                          .0300
            6.3750                         .0000
            6.1250                         .0000
            6.0950                         .0000
            6.0950                         .0000

      8012047                              .2500
      455,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000
1

      8013143                              .2500
      440,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8013857                              .2500
      352,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      8014101                              .2500
      495,000.00                          .0300
            6.3750                         .0000
            6.1250                         .0000
            6.0950                         .0000
            6.0950                         .0000

      8015185                              .2500
      446,150.00                          .0300
            6.3750                         .0000
            6.1250                         .0000
            6.0950                         .0000
            6.0950                         .0000

      8015817                              .2500
      275,000.00                          .0300
            6.2500                         .0000
            6.0000                         .0000
            5.9700                         .0000
            5.9700                         .0000

      8017371                              .2500
      425,900.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      8017863                              .2500
      181,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      8017867                              .2500
      511,000.00                          .0300
            6.3750                         .0000
            6.1250                         .0000
            6.0950                         .0000
            6.0950                         .0000
1

      8017891                              .2500
      337,000.00                          .0300
            6.3750                         .0000
            6.1250                         .0000
            6.0950                         .0000
            6.0950                         .0000

      8018067                              .2500
      333,400.00                          .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000

      8022709                              .2500
      416,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8022715                              .2500
      424,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8022727                              .2500
      420,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8022735                              .2500
      495,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8022739                              .2500
      404,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      8025171                              .2500
      525,000.00                          .0300
            6.3750                         .0000
            6.1250                         .0000
            6.0950                         .0000
            6.0950                         .0000
1

      8025379                              .2500
      381,290.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8030215                              .2500
      276,500.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      8035809                              .2500
      435,500.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      8121860                              .2500
      381,247.30                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      8315250                              .2500
      372,054.49                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      8317078                              .2500
      364,078.24                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      8318028                              .2500
      479,150.68                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      8320230                              .2500
      108,807.13                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450
1

      8320742                              .2500
      552,500.08                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8320968                              .2500
      354,701.75                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      8322478                              .2500
      501,600.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      8323152                              .2500
      240,000.00                          .0300
            6.3750                         .0000
            6.1250                         .0000
            6.0950                         .0000
            6.0950                         .0000

      8323154                              .2500
      500,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8323354                              .2500
      349,050.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      8323600                              .2500
      563,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      8323952                              .2500
      447,200.00                          .0300
            6.3750                         .0000
            6.1250                         .0000
            6.0950                         .0000
            6.0950                         .0000
1

      8323996                              .2500
      435,000.00                          .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000

      8325736                              .2500
      450,000.00                          .0300
            6.3750                         .0000
            6.1250                         .0000
            6.0950                         .0000
            6.0950                         .0000

      8325918                              .2500
      320,000.00                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

  TOTAL NUMBER OF LOANS:      745
  TOTAL BALANCE........:        309,731,267.17

  RUN ON     : 09/20/02            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 14.01.58            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2002-S12       FIXED SUMMARY REPORT      CUTOFF : 09/01/02
  POOL       : 0004617
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ----------------------------------------------------------------------------
  CURR NOTE RATE                        6.6576            6.1250      7.6250
  RFC NET RATE                          6.4059            5.8750      7.3750
  NET MTG RATE(INVSTR RATE)             6.3426            5.8450      7.2950
  POST STRIP RATE                       6.2119            5.8450      6.2500
  SUB SERV FEE                           .2517             .2500       .5000
  MSTR SERV FEE                          .0634             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .1307             .0000      1.0450

  TOTAL NUMBER OF LOANS:   745
  TOTAL BALANCE........:     309,731,267.17

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 09/20/02           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 14.01.58          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2002-S12                                 CUTOFF : 09/01/02
  POOL       : 0004617
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ORIG RATE                                      ORIGINAL P+I     LTV
  CURR NET                                       CURRENT P+I
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    7539281          405/405             F          380,000.00         ZZ
                                         360        378,385.35          1
                                       6.875          2,496.33         59
                                       6.500          2,496.33
    DIAMOND BAR      CA   91765          1            03/22/02         00
    0018333708                           03           05/01/02          0
    0018333708                           O            04/01/32
    0

    7641491          405/405             F          381,300.00         ZZ
                                         360        379,716.52          1
                                       7.000          2,536.80         80
                                       6.500          2,536.80
    FORT WORTH       TX   76132          2            03/28/02         00
    0013097506                           05           05/01/02          0
    0013097506                           O            04/01/32
    0

    7660935          E98/G01             F          850,000.00         ZZ
                                         360        847,948.79          1
                                       7.125          5,726.61         55
                                       6.875          5,726.61
    SHOREWOOD        MN   55331          4            05/08/02         00
    0434467452                           05           07/01/02          0
    LEVINE                               O            06/01/32
    0

    7666571          Q87/G01             F          256,000.00         ZZ
                                         360        255,232.89          1
                                       7.500          1,789.99         74
                                       7.250          1,789.99
    MONTGOMERY       AL   36117          2            05/01/02         00
    0433987435                           03           06/06/02          0
1

    GLJA01                               O            05/06/32
    0

    7691551          225/G01             F          750,000.00         ZZ
                                         360        744,980.25          1
                                       7.000          4,989.77         59
                                       6.750          4,989.77
    KEY BISCAYNE     FL   33149          4            12/20/01         00
    0434018834                           05           02/01/02          0
    6503573                              O            01/01/32
    0

    7700411          W47/G01             F          393,750.00         ZZ
                                         360        392,066.99          1
                                       7.000          2,619.63         75
                                       6.750          2,619.63
    SOUTH BARRINGTO  IL   60010          5            04/20/02         00
    0434054920                           05           05/25/02          0
    02030121                             O            04/25/32
    0

    7744061          E82/G01             F          329,000.00         ZZ
                                         360        328,431.88          1
                                       6.750          2,133.89         66
                                       6.500          2,133.89
    SAN DIEGO        CA   92127          2            05/29/02         00
    0400634911                           03           08/01/02          0
    1958539                              O            07/01/32
    0

    7746515          E45/G01             F          410,000.00         ZZ
                                         360        408,610.30          1
                                       6.875          2,693.41         78
                                       6.625          2,693.41
    CLIFTON          VA   20124          1            04/30/02         00
    0434108353                           03           06/01/02          0
    230109                               O            05/01/32
    0

    7761601          W93/G01             F          344,000.00         ZZ
                                         360        343,106.45          1
                                       6.750          2,231.18         80
                                       6.500          2,231.18
    MORGAN HILL      CA   95037          1            05/20/02         00
    0434184339                           05           07/01/02          0
    20380735                             O            06/01/32
    0

1

    7764973          964/G01             F          345,000.00         ZZ
                                         360        344,125.46          1
                                       6.875          2,266.41         64
                                       6.625          2,266.41
    GRANITE BAY      CA   95746          1            05/30/02         00
    0434123931                           03           07/01/02          0
    212485                               O            06/01/32
    0

    7775915          964/G01             F          355,000.00         ZZ
                                         360        354,401.80          1
                                       6.875          2,332.10         69
                                       6.625          2,332.10
    NOVATO           CA   94947          5            05/31/02         00
    0434129094                           05           08/01/02          0
    216321                               O            07/01/32
    0

    7784141          E22/G01             F          136,325.00         ZZ
                                         360        136,100.87          1
                                       7.000            906.97         95
                                       6.750            906.97
    SUMMERVILLE      SC   29485          2            06/11/02         10
    0414248393                           05           08/01/02         30
    0414248393                           O            07/01/32
    0

    7789383          601/G01             F          448,000.00         ZZ
                                         360        446,518.19          1
                                       7.000          2,980.56         80
                                       6.750          2,980.56
    CAMANO ISLAND    WA   98282          2            04/25/02         00
    0434200879                           03           06/01/02          0
    119018471                            O            05/01/32
    0

    7796979          601/G01             F          520,000.00         ZZ
                                         360        518,775.68          1
                                       7.250          3,547.32         64
                                       7.000          3,547.32
    TREASURE ISLAND  FL   33706          5            05/21/02         00
    0434196226                           05           07/01/02          0
    61407961                             O            06/01/32
    0

    7796995          601/G01             F          356,250.00         ZZ
                                         360        354,943.53          1
                                       6.875          2,340.31         75
                                       6.625          2,340.31
1

    TAMPA            FL   33624          5            05/02/02         00
    0434200895                           03           07/01/02          0
    61444246                             O            06/01/32
    0

    7797735          964/G01             F          332,000.00         ZZ
                                         360        331,426.69          1
                                       6.750          2,153.35         80
                                       6.500          2,153.35
    CERRITOS         CA   90703          1            05/30/02         00
    0434180261                           05           08/01/02          0
    214241                               O            07/01/32
    0

    7798099          964/G01             F          315,000.00         ZZ
                                         360        314,469.20          1
                                       6.875          2,069.33         68
                                       6.625          2,069.33
    MONTARA          CA   94037          2            06/07/02         00
    0434180329                           05           08/01/02          0
    216881                               O            07/01/32
    0

    7799503          964/G01             F          343,000.00         ZZ
                                         360        342,422.01          1
                                       6.875          2,253.27         74
                                       6.625          2,253.27
    COOL             CA   95614          2            06/14/02         00
    0434200440                           03           08/01/02          0
    200899                               O            07/01/32
    0

    7800413          N47/G01             F          376,000.00         ZZ
                                         360        375,350.72          1
                                       6.750          2,438.73         80
                                       6.500          2,438.73
    OCEANSIDE        CA   92057          2            06/14/02         00
    0434217980                           05           08/01/02          0
    30112430                             O            07/01/32
    0

    7802653          B60/G01             F          420,500.00         ZZ
                                         360        419,307.74          1
                                       6.750          2,727.36         66
                                       6.500          2,727.36
    BURBANK          CA   91501          2            05/23/02         00
    0434214540                           05           07/01/02          0
    403639                               O            06/01/32
    0
1

    7813857          E22/G01             F          342,310.00         ZZ
                                         360        341,718.89          1
                                       6.750          2,220.22         80
                                       6.500          2,220.22
    SANTA CLARA      CA   95054          1            06/21/02         00
    0414193359                           09           08/01/02          0
    0414193359                           O            07/01/32
    0

    7813867          E22/G01             F          900,000.00         ZZ
                                         360        898,368.37          1
                                       6.500          5,688.61         66
                                       6.250          5,688.61
    CAMPBELL         CA   95008          1            06/24/02         00
    0414207084                           05           08/01/02          0
    0414207084                           O            07/01/32
    0

    7815871          964/G01             F          419,500.00         ZZ
                                         360        418,793.12          1
                                       6.875          2,755.82         80
                                       6.625          2,755.82
    SAN LEANDRO      CA   94579          2            06/19/02         00
    0434215604                           05           08/01/02          0
    218425                               O            07/01/32
    0

    7815903          964/G01             F          495,000.00         ZZ
                                         360        494,102.60          1
                                       6.500          3,128.74         53
                                       6.250          3,128.74
    DIAMOND BAR      CA   91765          2            06/21/02         00
    0434276234                           03           08/01/02          0
    221332                               O            07/01/32
    0

    7821560          825/G01             F          400,000.00         ZZ
                                         360        398,166.95          1
                                       7.375          2,762.70         80
                                       7.125          2,762.70
    ASPEN            CO   81611          2            03/27/02         00
    0433918927                           01           06/02/02          0
    CRAWFORD                             O            05/02/32
    0

    7822351          696/G01             F          490,000.00         ZZ
                                         360        489,153.87          1
1

                                       6.750          3,178.13         45
                                       6.500          3,178.13
    WASHINGTON       DC   20009          5            06/26/02         00
    0434210498                           07           08/01/02          0
    30202117                             O            07/01/32
    0

    7822451          B57/G01             F          334,900.00         ZZ
                                         360        334,321.68          1
                                       6.750          2,172.16         70
                                       6.500          2,172.16
    STEVENSON RANCH  CA   91381          1            06/25/02         00
    0434229381                           05           08/01/02          0
    10003459                             O            07/01/32
    0

    7822825          964/G01             F          335,500.00         ZZ
                                         360        334,934.66          1
                                       6.875          2,204.00         63
                                       6.625          2,204.00
    SAN JOSE         CA   95119          2            06/20/02         00
    0434246005                           05           08/01/02          0
    219078                               O            07/01/32
    0

    7825667          825/G01             F          410,000.00         ZZ
                                         360        409,274.54          1
                                       6.625          2,625.27         75
                                       6.375          2,625.27
    HAYWARD          CA   94541          2            06/27/02         00
    0434236147                           05           08/01/02          0
    MEYER                                O            07/01/32
    0

    7828407          461/G01             F          388,000.00         ZZ
                                         360        387,346.19          1
                                       6.875          2,548.89         80
                                       6.625          2,548.89
    EUREKA           CA   95501          1            06/28/02         00
    0434362471                           05           08/01/02          0
    9031476880                           O            07/01/32
    0

    7828505          L49/G01             F          333,500.00         ZZ
                                         360        332,938.03          1
                                       6.875          2,190.86         78
                                       6.625          2,190.86
    SANTA CRUZ       CA   95060          1            06/20/02         00
    0434221081                           05           08/01/02          0
1

    10009637                             O            07/01/32
    0

    7833799          E22/G01             F          362,000.00         ZZ
                                         360        361,390.02          1
                                       6.875          2,378.08         46
                                       6.625          2,378.08
    AUSTIN           TX   78703          5            06/24/02         00
    0414241786                           05           08/01/02          0
    0414241786                           O            07/01/32
    0

    7834927          405/405             F          348,400.00         ZZ
                                         360        347,716.14          1
                                       6.750          2,259.72         80
                                       6.500          2,259.72
    LIVERMORE        CA   94550          1            06/18/02         00
    0018510263                           03           08/01/02          0
    0018510263                           O            07/01/32
    0

    7834937          405/405             F          390,000.00         ZZ
                                         360        389,326.53          1
                                       6.750          2,529.54         71
                                       6.500          2,529.54
    LOS ANGELES      CA   90291          1            06/21/02         00
    0018522573                           01           08/01/02          0
    0018522573                           O            07/01/32
    0

    7834949          405/405             F          612,000.00         ZZ
                                         360        610,912.43          1
                                       6.750          3,969.43         57
                                       6.500          3,969.43
    LOS ANGELES      CA   90210          2            06/13/02         00
    0018527036                           05           08/01/02          0
    0018527036                           O            07/01/32
    0

    7837849          964/G01             F          327,250.00         ZZ
                                         360        326,968.24          1
                                       6.750          2,122.54         75
                                       6.500          2,122.54
    SANTA MARIA      CA   93455          5            06/28/02         00
    0434252532                           05           09/01/02          0
    221789                               O            08/01/32
    0

1

    7838457          E22/G01             F          650,000.00         ZZ
                                         360        649,426.52          2
                                       6.625          4,162.02         62
                                       6.375          4,162.02
    SAN FRANCISCO    CA   94121          1            06/28/02         00
    0414370064                           05           09/01/02          0
    0414370064                           O            08/01/32
    0

    7838817          E45/G01             F          400,000.00         ZZ
                                         360        396,288.45          1
                                       6.750          2,594.39         75
                                       6.500          2,594.39
    SNELLVILLE       GA   30039          5            06/07/02         00
    0434243473                           05           08/01/02          0
    244769                               O            07/01/32
    0

    7838911          E45/G01             F          368,000.00         ZZ
                                         360        367,296.92          1
                                       6.875          2,417.50         80
                                       6.625          2,417.50
    MUNDELEIN        IL   60060          1            06/14/02         00
    0434256921                           05           08/01/02          0
    245462                               O            07/01/32
    0

    7839983          E45/G01             F          330,000.00         ZZ
                                         360        329,430.16          1
                                       6.750          2,140.37         74
                                       6.500          2,140.37
    YORBA LINDA      CA   92886          1            06/03/02         00
    0434253498                           03           08/01/02          0
    243295                               O            07/01/32
    0

    7840973          W53/G01             F          400,000.00         T
                                         360        398,960.97          1
                                       6.750          2,594.40         80
                                       6.500          2,594.40
    WEST PALM BEACH  FL   33412          1            05/22/02         00
    0434279113                           03           07/01/02          0
    1901002213                           O            06/01/32
    0

    7842857          E22/G01             F          350,000.00         ZZ
                                         360        349,691.20          1
                                       6.625          2,241.09         67
                                       6.375          2,241.09
1

    TRABUCO CANYON   CA   92679          5            07/02/02         00
    0414384776                           03           09/01/02          0
    0414384776                           O            08/01/32
    0

    7843361          E82/G01             F          336,300.00         ZZ
                                         360        336,010.45          1
                                       6.750          2,181.24         68
                                       6.500          2,181.24
    CUPERTINO        CA   95014          2            07/01/02         00
    0400650198                           05           09/01/02          0
    1728466                              O            08/01/32
    0

    7844013          B57/G01             F          400,000.00         ZZ
                                         360        399,647.09          1
                                       6.625          2,561.24         57
                                       6.375          2,561.24
    PASADENA         CA   91105          1            07/02/02         00
    0434313706                           05           09/01/02          0
    50000291                             O            08/01/32
    0

    7845793          E22/G01             F          381,000.00         ZZ
                                         360        380,687.70          1
                                       7.000          2,534.80         75
                                       6.750          2,534.80
    KENT             WA   98042          5            07/02/02         00
    0414325753                           05           09/01/02          0
    0414325753                           O            08/01/32
    0

    7847771          E45/G01             F          327,550.00         ZZ
                                         360        327,011.45          1
                                       7.000          2,179.20         95
                                       6.750          2,179.20
    LAS VEGAS        NV   89135          1            06/14/02         11
    0434261046                           03           08/01/02         30
    240517                               O            07/01/32
    0

    7848033          601/G01             F          423,000.00         T
                                         360        422,304.52          1
                                       7.000          2,814.23         68
                                       6.750          2,814.23
    STOWE            VT   05672          2            06/19/02         00
    0434265765                           05           08/01/02          0
    18333096                             O            07/01/32
    0
1

    7848475          964/G01             F          342,000.00         ZZ
                                         360        341,423.71          1
                                       6.875          2,246.70         69
                                       6.625          2,246.70
    MARTINEZ         CA   94553          2            06/24/02         00
    0434272084                           03           08/01/02          0
    220867                               O            07/01/32
    0

    7851565          196/G01             F          334,100.00         ZZ
                                         360        333,188.99          1
                                       6.500          2,111.74         48
                                       6.250          2,111.74
    COLORADO SPRING  CO   80908          2            05/31/02         00
    0434262945                           05           07/01/02          0
    1320637                              O            06/01/32
    0

    7853927          E22/G01             F          326,300.00         ZZ
                                         360        326,012.12          1
                                       6.625          2,089.33         74
                                       6.375          2,089.33
    SOUTHLAKE        TX   76092          2            07/08/02         00
    0414382804                           03           09/01/02          0
    0414382804                           O            08/01/32
    0

    7855839          477/G01             F          369,000.00         ZZ
                                         360        368,362.81          1
                                       6.750          2,393.33         65
                                       6.500          2,393.33
    TORRANCE         CA   90501          1            06/13/02         00
    0434274155                           05           08/01/02          0
    232321                               O            07/01/32
    0

    7856533          964/G01             F          326,250.00         ZZ
                                         360        325,969.11          1
                                       6.750          2,116.05         75
                                       6.500          2,116.05
    CHICO            CA   95926          2            07/03/02         00
    0434330791                           05           09/01/02          0
    220331                               O            08/01/32
    0

    7856545          964/G01             F          372,000.00         ZZ
                                         360        371,679.71          1
1

                                       6.750          2,412.79         56
                                       6.500          2,412.79
    MANHATTAN BEACH  CA   90266          5            07/05/02         00
    0434291274                           05           09/01/02          0
    225508                               O            08/01/32
    0

    7857321          975/G01             F          640,000.00         ZZ
                                         360        639,435.34          1
                                       6.625          4,097.99         80
                                       6.375          4,097.99
    SAN MARINO       CA   91108          1            07/08/02         00
    0434295515                           05           09/01/02          0
    2022635                              O            08/01/32
    0

    7857747          E82/G01             F          339,450.00         ZZ
                                         360        339,157.74          1
                                       6.750          2,201.67         69
                                       6.500          2,201.67
    LIVERMORE        CA   94550          2            07/10/02         00
    0400655262                           05           09/01/02          0
    4781517                              O            08/01/32
    0

    7858615          225/G01             F          355,000.00         ZZ
                                         360        354,416.33          1
                                       7.000          2,361.82         65
                                       6.750          2,361.82
    CHESAPEAKE BE    MD   20732          1            06/19/02         00
    0434344750                           05           08/01/02          0
    006208051                            O            07/01/32
    0

    7858645          225/G01             F          366,000.00         ZZ
                                         360        365,398.23          1
                                       7.000          2,435.01         80
                                       6.750          2,435.01
    EAST ROCKAWAY    NY   11518          1            06/18/02         00
    0434345468                           05           08/01/02          0
    006581122                            O            07/01/32
    0

    7858663          225/G01             F          324,000.00         T
                                         360        323,454.04          1
                                       6.875          2,128.45         62
                                       6.625          2,128.45
    TOPTON           NC   28781          2            06/26/02         00
    0434334512                           05           08/01/02          0
1

    006584704                            O            07/01/32
    0

    7858675          225/G01             F          350,000.00         ZZ
                                         360        349,410.23          1
                                       6.875          2,299.25         68
                                       6.625          2,299.25
    ALEXANDRIA       VA   22314          5            06/13/02         00
    0434346516                           05           08/01/02          0
    006585272                            O            07/01/32
    0

    7858695          225/G01             F          560,000.00         ZZ
                                         360        559,079.28          1
                                       7.000          3,725.69         80
                                       6.750          3,725.69
    ST AUGUSTINE     FL   32092          1            06/21/02         00
    0434340071                           05           08/01/02          0
    006586170                            O            07/01/32
    0

    7858707          225/G01             F          388,000.00         ZZ
                                         360        387,346.21          1
                                       6.875          2,548.88         80
                                       6.625          2,548.88
    YORKTOWN         NY   10598          1            06/21/02         00
    0434344982                           05           08/01/02          0
    006587041                            O            07/01/32
    0

    7858725          225/G01             F          412,000.00         ZZ
                                         360        411,288.56          1
                                       6.750          2,672.22         80
                                       6.500          2,672.22
    MOORESTOWN       NJ   08057          1            06/24/02         00
    0434339958                           05           08/01/02          0
    006589256                            O            07/01/32
    0

    7858749          225/G01             F        1,000,000.00         ZZ
                                         353        998,397.90          1
                                       7.375          6,944.43         53
                                       7.125          6,944.43
    BRECKENRIDGE     CO   80424          4            06/17/02         00
    0434348322                           03           08/01/02          0
    007306811                            O            12/01/31
    0

1

    7858837          225/G01             F          316,000.00         T
                                         360        315,467.52          1
                                       6.875          2,075.90         80
                                       6.625          2,075.90
    OCEAN CITY       MD   21842          1            06/07/02         00
    0434342457                           08           08/01/02          0
    008476018                            O            07/01/32
    0

    7858859          225/G01             F          356,000.00         ZZ
                                         360        355,400.11          1
                                       6.875          2,338.67         80
                                       6.625          2,338.67
    RALEIGH          NC   27615          1            06/14/02         00
    0434345328                           03           08/01/02          0
    006584662                            O            07/01/32
    0

    7858871          225/G01             F          400,050.00         ZZ
                                         360        399,359.18          1
                                       6.750          2,594.72         80
                                       6.500          2,594.72
    GAINESVILLE      VA   20155          1            06/27/02         00
    0434344552                           03           08/01/02          0
    006590381                            O            07/01/32
    0

    7858875          225/G01             F          392,150.00         ZZ
                                         360        391,489.20          1
                                       6.875          2,576.15         80
                                       6.625          2,576.15
    NOBLESVILLE      IN   46060          1            06/19/02         00
    0434338059                           03           08/01/02          0
    007371823                            O            07/01/32
    0

    7858883          225/G01             F          400,000.00         ZZ
                                         360        399,309.26          1
                                       6.750          2,594.40         61
                                       6.500          2,594.40
    PHOENIX          AZ   85022          1            06/19/02         00
    0434339891                           03           08/01/02          0
    007377402                            O            07/01/32
    0

    7859119          893/G01             F          368,000.00         ZZ
                                         360        367,675.33          1
                                       6.625          2,356.34         50
                                       6.375          2,356.34
1

    SAN CARLOS       CA   94070          2            07/12/02         00
    0434328415                           05           09/01/02          0
    H20611031                            O            08/01/32
    0

    7860295          964/G01             F          351,500.00         ZZ
                                         360        351,189.88          1
                                       6.625          2,250.69         62
                                       6.375          2,250.69
    HOLLYWOOD (AREA  CA   90068          2            07/03/02         00
    0434279956                           05           09/01/02          0
    216240                               O            08/01/32
    0

    7860383          964/G01             F          345,000.00         ZZ
                                         360        344,389.56          1
                                       6.625          2,209.07         75
                                       6.375          2,209.07
    PETALUMA         CA   94954          1            06/26/02         00
    0434288890                           03           08/01/02          0
    222485                               O            07/01/32
    0

    7860841          E22/G01             F          400,000.00         ZZ
                                         360        399,647.09          1
                                       6.625          2,561.24         62
                                       6.375          2,561.24
    SANTA CLARA      CA   95051          5            07/08/02         00
    0414354514                           05           09/01/02          0
    0414354514                           O            08/01/32
    0

    7861033          E82/G01             F          337,800.00         ZZ
                                         360        337,487.13          1
                                       6.375          2,107.43         61
                                       6.125          2,107.43
    SAN JOSE         CA   95125          2            07/10/02         00
    0400654836                           05           09/01/02          0
    5007841                              O            08/01/32
    0

    7861693          550/550             F        1,000,000.00         ZZ
                                         360        999,155.73          1
                                       6.850          6,552.60         47
                                       6.600          6,552.60
    SAN FRANCISCO    CA   94115          2            07/09/02         00
    120589846                            05           09/01/02          0
    120589846                            O            08/01/32
    0
1

    7862189          964/G01             F          380,000.00         ZZ
                                         360        379,639.44          1
                                       6.250          2,339.73         43
                                       6.000          2,339.73
    LOS ALAMITOS     CA   90720          1            07/12/02         00
    0434326393                           05           09/01/02          0
    220439                               O            08/01/32
    0

    7863437          E33/G01             F          430,000.00         ZZ
                                         360        429,601.74          1
                                       6.375          2,682.64         54
                                       6.125          2,682.64
    LAKE FOREST      IL   60045          2            07/12/02         00
    0434319604                           05           09/01/02          0
    BASSO                                O            08/01/32
    0

    7863493          E22/G01             F          617,000.00         ZZ
                                         360        616,468.78          1
                                       6.750          4,001.85         71
                                       6.500          4,001.85
    LOS ANGELES      CA   90292          2            07/11/02         00
    0414218255                           05           09/01/02          0
    0414218255                           O            08/01/32
    0

    7863871          E82/G01             F          591,500.00         ZZ
                                         360        590,990.73          1
                                       6.750          3,836.46         80
                                       6.500          3,836.46
    ALTADENA         CA   91001          2            07/10/02         00
    0400652301                           03           09/01/02          0
    0400652301                           O            08/01/32
    0

    7865095          356/G01             F          339,000.00         ZZ
                                         360        338,708.13          1
                                       6.750          2,198.75         51
                                       6.500          2,198.75
    PLEASANTON       CA   94566          2            06/26/02         00
    0434329116                           05           09/01/02          0
    28911683                             O            08/01/32
    0

    7865139          588/G01             F          403,030.00         ZZ
                                         360        402,367.35          1
1

                                       7.000          2,681.37         80
                                       6.750          2,681.37
    TOWN OF MONROE   NY   10950          1            06/28/02         00
    0434372462                           09           08/01/02          0
    1061205                              O            07/01/32
    0

    7866733          588/G01             F          340,000.00         ZZ
                                         360        339,427.08          1
                                       6.875          2,233.56         69
                                       6.625          2,233.56
    VIENNA           VA   22182          1            06/26/02         00
    0434372397                           03           08/01/02          0
    1064366                              O            07/01/32
    0

    7866811          588/G01             F          348,300.00         ZZ
                                         360        347,754.94          1
                                       7.250          2,376.02         90
                                       7.000          2,376.02
    GREENWICH TOWNS  NJ   08886          1            06/20/02         01
    0434372439                           03           08/01/02         25
    1063451                              O            07/01/32
    0

    7866903          944/G01             F          306,500.00         ZZ
                                         360        306,242.50          1
                                       6.875          2,013.49         80
                                       6.625          2,013.49
    NEVADA CITY      CA   95959          1            07/11/02         00
    0434318689                           05           09/01/02          0
    W01606063                            O            08/01/32
    0

    7866913          E22/G01             F          342,400.00         ZZ
                                         360        342,105.20          1
                                       6.750          2,220.80         80
                                       6.500          2,220.80
    SANTA ROSA       CA   95407          1            07/11/02         00
    0414102137                           05           09/01/02          0
    0414102137                           O            08/01/32
    0

    7866991          E22/G01             F          394,400.00         ZZ
                                         360        394,052.03          1
                                       6.625          2,525.39         80
                                       6.375          2,525.39
    SAN JOSE         CA   95138          1            07/05/02         00
    0414373936                           03           09/01/02          0
1

    0414373936                           O            08/01/32
    0

    7866993          E22/G01             F          328,000.00         ZZ
                                         360        327,717.60          1
                                       6.750          2,127.40         80
                                       6.500          2,127.40
    HAYWARD          CA   94545          1            07/08/02         00
    0414375303                           05           09/01/02          0
    0414375303                           O            08/01/32
    0

    7867035          E22/G01             F          530,000.00         ZZ
                                         360        529,532.39          1
                                       6.625          3,393.65         63
                                       6.375          3,393.65
    SOLVANG          CA   93463          1            07/15/02         00
    0414431601                           05           09/01/02          0
    0414431601                           O            08/01/32
    0

    7867585          998/998             F          402,500.00         ZZ
                                         360        401,282.58          1
                                       7.000          2,677.84         80
                                       6.750          2,677.84
    CLARKSTON        MI   48348          2            07/07/02         00
    4395312                              05           07/01/02          0
    4395312                              O            06/01/32
    0

    7867587          998/998             F          544,300.00         ZZ
                                         360        543,080.55          1
                                       7.500          3,805.83         80
                                       7.250          3,805.83
    FENTON           MI   48430          1            05/30/02         00
    4568835                              29           07/01/02          0
    4568835                              O            06/01/32
    0

    7867593          998/998             F          400,000.00         ZZ
                                         360        398,986.06          1
                                       6.875          2,627.72         58
                                       6.625          2,627.72
    PONTE VEDRA BEA  FL   32082          2            05/31/02         00
    4757169                              05           07/01/02          0
    4757169                              O            06/01/32
    0

1

    7867609          998/998             F          423,600.00         ZZ
                                         360        422,552.25          1
                                       7.000          2,818.22         80
                                       6.750          2,818.22
    TRAVERSE CITY    MI   49686          1            05/31/02         00
    4964010                              05           07/01/02          0
    4964010                              O            06/01/32
    0

    7869107          R65/G01             F          850,000.00         ZZ
                                         360        849,212.74          1
                                       6.375          5,302.89         73
                                       6.125          5,302.89
    RESTON           VA   20194          1            07/08/02         00
    0434323416                           03           09/01/02          0
    4115591                              O            08/01/32
    0

    7871335          E82/G01             F          374,800.00         ZZ
                                         360        374,485.12          1
                                       6.875          2,462.17         75
                                       6.625          2,462.17
    APTOS            CA   95003          2            07/16/02         00
    0400631982                           05           09/01/02          0
    4762639                              O            08/01/32
    0

    7871347          E82/G01             F          418,000.00         ZZ
                                         360        417,648.83          1
                                       6.875          2,745.96         56
                                       6.625          2,745.96
    STAMFORD         CT   06903          2            07/18/02         00
    0400638664                           05           09/01/02          0
    1914377                              O            08/01/32
    0

    7872777          E87/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.125          2,278.54         67
                                       5.875          2,278.54
    SANTA BARBARA    CA   93111          2            08/07/02         00
    0434477972                           05           10/01/02          0
    1                                    O            09/01/32
    0

    7873007          L20/G01             F          405,000.00         ZZ
                                         360        404,133.87          1
                                       6.500          2,559.88         54
                                       6.250          2,559.88
1

    SANDY            UT   84092          2            07/16/02         00
    0434323747                           05           09/01/02          0
    283422                               O            08/01/32
    0

    7873055          964/G01             F          399,950.00         ZZ
                                         360        399,597.14          1
                                       6.625          2,560.92         50
                                       6.375          2,560.92
    LARKSPUR         CA   94939          2            07/16/02         00
    0434324331                           05           09/01/02          0
    228572                               O            08/01/32
    0

    7873061          964/G01             F          332,000.00         ZZ
                                         360        331,713.50          1
                                       6.750          2,153.35         79
                                       6.500          2,153.35
    RICHMOND         CA   94805          1            07/16/02         00
    0434324554                           05           09/01/02          0
    223295                               O            08/01/32
    0

    7873067          964/G01             F          384,000.00         ZZ
                                         360        383,669.38          1
                                       6.750          2,490.62         71
                                       6.500          2,490.62
    LADERA RANCH     CA   92694          2            07/03/02         00
    0434334397                           03           09/01/02          0
    218668                               O            08/01/32
    0

    7873213          W02/G01             F          400,000.00         ZZ
                                         360        399,647.08          1
                                       6.625          2,561.25         72
                                       6.375          2,561.25
    SEMINOLE         FL   33776          5            07/05/02         00
    0434346714                           05           09/01/02          0
    1001236595                           O            08/01/32
    0

    7873241          405/405             F          400,000.00         ZZ
                                         360        398,300.38          1
                                       6.875          2,627.72         80
                                       6.500          2,627.72
    CENTENNIAL       CO   80112          5            03/22/02         00
    0013066584                           03           05/01/02          0
    0013066584                           O            04/01/32
    0
1

    7873249          405/405             F          319,900.00         ZZ
                                         360        319,360.94          1
                                       6.875          2,101.52         80
                                       6.500          2,101.52
    GLEN MILLS       PA   19342          1            06/28/02         00
    0013255807                           03           08/01/02          0
    0013255807                           O            07/01/32
    0

    7873269          405/405             F          405,000.00         ZZ
                                         360        404,315.26          1
                                       6.875          2,660.56         70
                                       6.500          2,660.56
    TUSTIN           CA   92620          2            06/21/02         00
    0013327515                           05           08/01/02          0
    0013327515                           O            07/01/32
    0

    7873271          405/405             F          532,000.00         ZZ
                                         360        531,081.32          1
                                       6.750          3,450.55         67
                                       6.500          3,450.55
    LOS ANGELES      CA   90265          5            06/17/02         00
    0018093468                           05           08/01/02          0
    0018093468                           O            07/01/32
    0

    7873279          405/405             F          552,500.00         ZZ
                                         360        551,133.41          1
                                       7.000          3,675.80         65
                                       6.500          3,675.80
    RANCHO PALOS VE  CA   90275          1            05/08/02         00
    0018429662                           05           07/01/02          0
    0018429662                           O            06/01/32
    0

    7873301          405/405             F          416,000.00         ZZ
                                         360        415,299.00          1
                                       6.875          2,732.83         80
                                       6.500          2,732.83
    SAN JOSE         CA   95124          2            06/26/02         00
    0018541284                           05           08/01/02          0
    0018541284                           O            07/01/32
    0

    7873309          405/405             F          348,000.00         ZZ
                                         360        347,707.63          1
1

                                       6.875          2,286.12         63
                                       6.500          2,286.12
    SANTA FE         NM   87505          5            07/01/02         00
    0018550186                           05           09/01/02          0
    0018550186                           O            08/01/32
    0

    7873349          405/405             F          600,000.00         ZZ
                                         360        599,470.63          1
                                       6.625          3,841.87         76
                                       6.375          3,841.87
    LIVERMORE        CA   94550          1            07/02/02         00
    0018581165                           05           09/01/02          0
    0018581165                           O            08/01/32
    0

    7873373          405/405             F          400,000.00         ZZ
                                         360        399,647.08          1
                                       6.625          2,561.25         65
                                       6.375          2,561.25
    SAN FRANCISCO    CA   94114          1            07/10/02         00
    0060089380                           05           09/01/02          0
    0060089380                           O            08/01/32
    0

    7875315          E22/G01             F          343,000.00         ZZ
                                         360        342,704.69          1
                                       6.750          2,224.69         46
                                       6.500          2,224.69
    MILL VALLEY      CA   94941          2            07/16/02         00
    0414402552                           05           09/01/02          0
    0414402552                           O            08/01/32
    0

    7875395          E22/G01             F          333,000.00         ZZ
                                         360        332,713.30          1
                                       6.750          2,159.83         73
                                       6.500          2,159.83
    NEWARK           CA   94560          2            07/15/02         00
    0414454991                           05           09/01/02          0
    0414454991                           O            08/01/32
    0

    7875421          E22/G01             F          399,950.00         ZZ
                                         360        399,605.65          1
                                       6.750          2,594.07         80
                                       6.500          2,594.07
    SAN FRANCISCO    CA   94131          1            07/17/02         00
    0414482067                           01           09/01/02          0
1

    0414482067                           O            08/01/32
    0

    7876483          B57/G01             F          422,400.00         ZZ
                                         360        422,036.32          1
                                       6.750          2,739.68         80
                                       6.500          2,739.68
    LOS ANGELES      CA   90046          1            07/16/02         00
    0434331450                           05           09/01/02          0
    10003929                             O            08/01/32
    0

    7876985          964/G01             F          380,000.00         ZZ
                                         360        379,672.83          1
                                       6.750          2,464.67         78
                                       6.500          2,464.67
    WOODINVILLE      WA   98072          2            07/12/02         00
    0434430781                           03           09/01/02          0
    226763                               O            08/01/32
    0

    7876999          964/G01             F          327,600.00         ZZ
                                         360        327,324.78          1
                                       6.875          2,152.10         69
                                       6.625          2,152.10
    LA MIRADA        CA   90638          2            07/15/02         00
    0434380432                           03           09/01/02          0
    231188                               O            08/01/32
    0

    7877001          964/G01             F          559,900.00         ZZ
                                         360        559,406.01          1
                                       6.625          3,585.10         80
                                       6.375          3,585.10
    IRVINE           CA   92612          1            07/18/02         00
    0434328779                           01           09/01/02          0
    227647                               O            08/01/32
    0

    7877299          893/G01             F          501,000.00         ZZ
                                         360        500,557.98          1
                                       6.625          3,207.96         52
                                       6.375          3,207.96
    CORTE MADERA     CA   94925          5            07/05/02         00
    0434331971                           03           09/01/02          0
    M20617051                            O            08/01/32
    0

1

    7878145          E22/G01             F          350,000.00         ZZ
                                         360        349,675.84          1
                                       6.375          2,183.54         78
                                       6.125          2,183.54
    LOS ALAMITOS     CA   90720          1            07/14/02         00
    0414483685                           05           09/01/02          0
    0414483685                           O            08/01/32
    0

    7878157          E22/G01             F          480,000.00         ZZ
                                         360        479,555.42          1
                                       6.375          2,994.58         74
                                       6.125          2,994.58
    LEESBURG         VA   20176          2            07/18/02         00
    0414496448                           05           09/01/02          0
    0414496448                           O            08/01/32
    0

    7878943          964/G01             F          405,000.00         ZZ
                                         360        404,235.94          1
                                       6.625          2,593.26         42
                                       6.375          2,593.26
    MILL VALLEY      CA   94941          2            07/18/02         00
    0434335444                           05           09/01/02          0
    229085                               O            08/01/32
    0

    7878955          964/G01             F          418,000.00         ZZ
                                         360        417,631.21          1
                                       6.625          2,676.50         56
                                       6.375          2,676.50
    COTO DE CAZA     CA   92679          2            07/17/02         00
    0434334439                           03           09/01/02          0
    228527                               O            08/01/32
    0

    7878973          964/G01             F          363,000.00         ZZ
                                         360        362,687.47          1
                                       6.750          2,354.41         49
                                       6.500          2,354.41
    MENLO PARK       CA   94025          2            07/16/02         00
    0434335899                           05           09/01/02          0
    226418                               O            08/01/32
    0

    7880607          E22/G01             F          342,000.00         ZZ
                                         360        341,705.54          1
                                       6.750          2,218.21         41
                                       6.500          2,218.21
1

    SAN RAMON        CA   94583          2            07/11/02         00
    0414402248                           05           09/01/02          0
    0414402248                           O            08/01/32
    0

    7880659          E22/G01             F          357,500.00         ZZ
                                         360        357,192.20          1
                                       6.750          2,318.74         65
                                       6.500          2,318.74
    TOWNSHIP OF HOW  NJ   07728          2            07/19/02         00
    0414427740                           05           09/01/02          0
    0414427740                           O            08/01/32
    0

    7882081          B57/G01             F          340,000.00         ZZ
                                         360        339,707.27          1
                                       6.750          2,205.23         80
                                       6.500          2,205.23
    LOS ANGELES      CA   91364          2            07/16/02         00
    0434332359                           05           09/01/02          0
    10003288                             O            08/01/32
    0

    7882221          Q73/G01             F           87,000.00         ZZ
                                         360         86,921.35          1
                                       6.500            549.90         37
                                       6.250            549.90
    OXFORD           MS   38655          5            07/17/02         00
    0434386421                           05           09/01/02          0
    2940964                              O            08/01/32
    0

    7882703          S43/G01             F          388,000.00         ZZ
                                         360        387,674.04          1
                                       6.875          2,548.88         80
                                       6.625          2,548.88
    SCOTTSDALE       AZ   85254          1            07/25/02         00
    0434336301                           03           09/01/02          0
    020924                               O            08/01/32
    0

    7882997          E22/G01             F          380,000.00         ZZ
                                         360        379,664.74          1
                                       6.625          2,433.18         64
                                       6.375          2,433.18
    BOXFORD          MA   01921          1            07/25/02         00
    0414204800                           05           09/01/02          0
    0414204800                           O            08/01/32
    0
1

    7883039          E22/G01             F          327,000.00         ZZ
                                         360        326,718.46          1
                                       6.750          2,120.92         65
                                       6.500          2,120.92
    SANTA CLARA      CA   95051          2            07/16/02         00
    0414375006                           05           09/01/02          0
    0414375006                           O            08/01/32
    0

    7883061          E22/G01             F          372,000.00         ZZ
                                         360        371,671.79          1
                                       6.625          2,381.96         51
                                       6.375          2,381.96
    MORAGA           CA   94556          2            07/18/02         00
    0414411736                           03           09/01/02          0
    0414411736                           O            08/01/32
    0

    7883217          E82/G01             F          339,700.00         ZZ
                                         360        339,414.61          1
                                       6.875          2,231.59         53
                                       6.625          2,231.59
    SAN JOSE         CA   95120          2            07/16/02         00
    0400652459                           05           09/01/02          0
    1738649                              O            08/01/32
    0

    7883223          E82/G01             F          395,900.00         ZZ
                                         360        395,559.14          1
                                       6.750          2,567.80         55
                                       6.500          2,567.80
    EATONTON         GA   31024          2            07/19/02         00
    0400657797                           05           09/01/02          0
    1954702                              O            08/01/32
    0

    7883253          E82/G01             F          370,000.00         ZZ
                                         360        369,696.71          1
                                       7.000          2,461.62         75
                                       6.750          2,461.62
    MONROE           CT   06468          5            07/16/02         00
    0400650800                           05           09/01/02          0
    0400650800                           O            08/01/32
    0

    7883285          E82/G01             F          350,500.00         ZZ
                                         360        350,190.76          1
1

                                       6.625          2,244.29         55
                                       6.375          2,244.29
    PT REYES STATIO  CA   94956          2            07/20/02         00
    0400662524                           03           09/01/02          0
    5588614                              O            08/01/32
    0

    7883733          975/G01             F          407,000.00         ZZ
                                         360        406,623.04          1
                                       6.375          2,539.15         67
                                       6.125          2,539.15
    RANCHO CUCAMONG  CA   91730          1            07/17/02         00
    0434348017                           05           09/01/02          0
    2022644                              O            08/01/32
    0

    7884115          952/G01             F          545,000.00         ZZ
                                         360        543,507.31          1
                                       6.500          3,444.77         59
                                       6.250          3,444.77
    WOODCLIFF LAKE   NJ   07675          1            07/26/02         00
    0434336806                           05           09/01/02          0
    20026192                             O            08/01/32
    0

    7884673          S11/G01             F          329,600.00         ZZ
                                         360        329,316.22          1
                                       6.750          2,137.78         80
                                       6.500          2,137.78
    LONG BEACH       CA   90815          1            06/28/02         00
    0434344156                           05           09/01/02          0
    10208279                             O            08/01/32
    0

    7885973          E82/G01             F          576,200.00         ZZ
                                         360        575,715.93          1
                                       6.875          3,785.22         65
                                       6.625          3,785.22
    WEST PALM BEACH  FL   33412          2            07/25/02         00
    0400662029                           05           09/01/02          0
    1893518                              O            08/01/32
    0

    7885987          E82/G01             F          328,400.00         ZZ
                                         360        328,124.11          1
                                       6.875          2,157.35         70
                                       6.625          2,157.35
    LONG BEACH       CA   90803          2            07/22/02         00
    0400650495                           05           09/01/02          0
1

    4799854                              O            08/01/32
    0

    7885997          E82/G01             F          337,300.00         ZZ
                                         360        337,016.63          1
                                       6.875          2,215.82         80
                                       6.625          2,215.82
    ALAMEDA          CA   94501          2            07/22/02         00
    0400651576                           05           09/01/02          0
    3599099                              O            08/01/32
    0

    7886845          H22/G01             F          499,900.00         ZZ
                                         360        499,458.96          1
                                       6.625          3,200.91         69
                                       6.375          3,200.91
    WHITESTONE       NY   11357          1            07/26/02         00
    0434353132                           05           09/01/02          0
    0206008                              O            08/01/32
    0

    7888527          E22/G01             F          362,000.00         ZZ
                                         360        361,672.74          1
                                       6.500          2,288.09         64
                                       6.250          2,288.09
    CHICAGO          IL   60641          2            07/23/02         00
    0414430124                           05           09/01/02          0
    0414430124                           O            08/01/32
    0

    7888535          E22/G01             F          487,000.00         ZZ
                                         360        486,580.71          1
                                       6.750          3,158.67         65
                                       6.500          3,158.67
    MCLEAN           VA   22102          5            07/22/02         00
    0414431411                           05           09/01/02          0
    0414431411                           O            08/01/32
    0

    7888577          E22/G01             F          400,000.00         ZZ
                                         360        399,647.09          1
                                       6.625          2,561.24         72
                                       6.375          2,561.24
    CASTLE ROCK      CO   80104          5            07/24/02         00
    0414443275                           03           09/01/02          0
    0414443275                           O            08/01/32
    0

1

    7888771          E82/G01             F          218,700.00         ZZ
                                         360        218,516.27          2
                                       6.875          1,436.70         60
                                       6.625          1,436.70
    BROOKLYN         NY   11234          2            07/26/02         00
    0400644514                           05           09/01/02          0
    4068300                              O            08/01/32
    0

    7888789          E82/G01             F          311,000.00         ZZ
                                         360        310,725.61          1
                                       6.625          1,991.37         48
                                       6.375          1,991.37
    MOUNTAIN VIEW    CA   94043          2            07/24/02         00
    0400661179                           05           09/01/02          0
    5124246                              O            08/01/32
    0

    7888791          E82/G01             F          399,000.00         ZZ
                                         360        398,656.47          1
                                       6.750          2,587.91         36
                                       6.500          2,587.91
    REDWOOD CITY     CA   94062          2            07/26/02         00
    0400656179                           05           09/01/02          0
    1846519                              O            08/01/32
    0

    7888803          E82/G01             F          332,000.00         ZZ
                                         360        331,707.09          1
                                       6.625          2,125.83         70
                                       6.375          2,125.83
    HOWELL           NJ   07731          5            07/26/02         00
    0400662052                           05           09/01/02          0
    0400662052                           O            08/01/32
    0

    7888827          E82/G01             F          384,000.00         ZZ
                                         360        383,652.86          1
                                       6.500          2,427.14         62
                                       6.250          2,427.14
    CAMPBELL         CA   95008          2            07/26/02         00
    0400656674                           05           09/01/02          0
    0400656674                           O            08/01/32
    0

    7888857          E82/G01             F          384,000.00         ZZ
                                         360        383,677.39          1
                                       6.875          2,522.61         61
                                       6.625          2,522.61
1

    SAN DIEGO        CA   92131          2            07/26/02         00
    0400649018                           05           09/01/02          0
    0400649018                           O            08/01/32
    0

    7888883          E82/G01             F          211,000.00         ZZ
                                         360        210,818.34          1
                                       6.750          1,368.54         55
                                       6.500          1,368.54
    SODDY DAISY      TN   37379          2            07/26/02         00
    0400653481                           05           09/01/02          0
    1886766                              O            08/01/32
    0

    7888889          E82/G01             F          304,000.00         ZZ
                                         360        303,744.61          1
                                       6.875          1,997.06         80
                                       6.625          1,997.06
    NAPA             CA   94558          2            07/25/02         00
    0400662623                           05           09/01/02          0
    5544195                              O            08/01/32
    0

    7888907          E82/G01             F          355,000.00         ZZ
                                         360        354,701.75          1
                                       6.875          2,332.10         69
                                       6.625          2,332.10
    POWAY            CA   92064          2            07/22/02         00
    0400651006                           05           09/01/02          0
    5261045                              O            08/01/32
    0

    7888925          E82/G01             F          336,600.00         ZZ
                                         360        336,310.20          1
                                       6.750          2,183.18         75
                                       6.500          2,183.18
    CARMICHAEL       CA   95608          2            07/25/02         00
    0400658860                           05           09/01/02          0
    4968855                              O            08/01/32
    0

    7889037          E82/G01             F          136,600.00         ZZ
                                         360        136,485.24          1
                                       6.875            897.36         61
                                       6.625            897.36
    NEPTUNE TOWNSHI  NJ   07756          2            07/24/02         00
    0400655999                           05           09/01/02          0
    3574713                              O            08/01/32
    0
1

    7889075          E82/G01             F          187,500.00         ZZ
                                         360        187,146.31          1
                                       7.000          1,247.44         84
                                       6.750          1,247.44
    MODESTO          CA   95355          2            07/26/02         10
    0400659793                           05           09/01/02         12
    0400659793                           O            08/01/32
    0

    7889951          X08/G01             F          388,000.00         ZZ
                                         360        387,681.96          1
                                       7.000          2,581.37         46
                                       6.750          2,581.37
    ALPINE           UT   84004          2            07/17/02         00
    0434346284                           05           09/01/02          0
    6010026                              O            08/01/32
    0

    7890231          E33/G01             F          335,000.00         ZZ
                                         360        334,697.15          1
                                       6.500          2,117.43         59
                                       6.250          2,117.43
    LINCOLNSHIRE     IL   60069          1            07/30/02         00
    0434403028                           05           09/01/02          0
    1                                    O            08/01/32
    0

    7890309          L01/G01             F          386,000.00         ZZ
                                         360        385,675.71          1
                                       6.875          2,535.75         73
                                       6.625          2,535.75
    FOUNTAIN HILLS   AZ   85268          5            07/25/02         00
    0434466355                           05           09/01/02          0
    9020560                              O            08/01/32
    0

    7890381          714/G01             F          347,798.83         ZZ
                                         354        347,487.91          1
                                       6.875          2,296.53         75
                                       6.625          2,296.53
    CEDARBUIRG       WI   53012          2            06/05/02         00
    0434385100                           05           09/01/02          0
    1000615620001                        O            02/01/32
    0

    7890423          069/G01             F          385,000.00         ZZ
                                         360        384,660.32          1
1

                                       6.625          2,465.20         61
                                       6.375          2,465.20
    TORRANCE         CA   90505          2            07/12/02         00
    0434354437                           05           09/01/02          0
    35188317524                          O            08/01/32
    0

    7890573          W53/G01             F          399,950.00         ZZ
                                         360        399,588.44          1
                                       6.500          2,527.96         69
                                       6.250          2,527.96
    GAINESVILLE      GA   30506          5            07/15/02         00
    0434344073                           05           09/01/02          0
    1310000565                           O            08/01/32
    0

    7891661          964/G01             F          350,400.00         ZZ
                                         360        350,075.46          1
                                       6.375          2,186.04         80
                                       6.125          2,186.04
    GRASS VALLEY     CA   95949          1            07/25/02         00
    0434354205                           05           09/01/02          0
    232593                               O            08/01/32
    0

    7891673          964/G01             F          330,500.00         ZZ
                                         360        330,215.44          1
                                       6.750          2,143.62         44
                                       6.500          2,143.62
    VENTURA          CA   93003          2            07/22/02         00
    0434354684                           05           09/01/02          0
    230922                               O            08/01/32
    0

    7892241          E22/G01             F          554,000.00         ZZ
                                         360        553,534.57          1
                                       6.875          3,639.39         64
                                       6.625          3,639.39
    SAN FRANCISCO    CA   94127          2            07/25/02         00
    0414413625                           07           09/01/02          0
    0414413625                           O            08/01/32
    0

    7892279          E22/G01             F          462,000.00         ZZ
                                         360        461,582.35          1
                                       6.500          2,920.15         60
                                       6.250          2,920.15
    SAN RAFAEL       CA   94901          2            07/24/02         00
    0414435602                           05           09/01/02          0
1

    0414435602                           O            08/01/32
    0

    7892905          696/G01             F          400,000.00         ZZ
                                         360        399,655.61          1
                                       6.750          2,594.39         80
                                       6.500          2,594.39
    FALLS CHURCH     VA   22043          1            07/29/02         00
    0434337325                           09           09/01/02          0
    32602174                             O            08/01/32
    0

    7893221          W68/G01             F          310,000.00         ZZ
                                         360        309,733.10          1
                                       6.750          2,010.65         73
                                       6.500          2,010.65
    DALLAS           TX   75225          1            07/19/02         00
    0434344404                           05           09/01/02          0
    28538                                O            08/01/32
    0

    7893275          975/G01             F          394,000.00         ZZ
                                         360        393,652.38          1
                                       6.625          2,522.83         73
                                       6.375          2,522.83
    ANAHEIM          CA   92807          2            07/16/02         00
    0434345583                           05           09/01/02          0
    2022727                              O            08/01/32
    0

    7895133          H58/G01             F          355,000.00         ZZ
                                         360        354,709.01          1
                                       7.000          2,361.82         69
                                       6.750          2,361.82
    SACRAMENTO       CA   95864          2            07/17/02         00
    0434353629                           05           09/01/02          0
    0000103318                           O            08/01/32
    0

    7897727          E22/G01             F          355,000.00         ZZ
                                         360        354,185.64          1
                                       6.500          2,243.84         55
                                       6.250          2,243.84
    WINDSOR          CO   80550          2            07/26/02         00
    0414401604                           05           09/01/02          0
    0414401604                           O            08/01/32
    0

1

    7897779          E22/G01             F          174,000.00         ZZ
                                         360        173,846.48          1
                                       6.625          1,114.14         75
                                       6.375          1,114.14
    RENO             NV   89523          1            07/29/02         00
    0414430330                           05           09/01/02          0
    0414430330                           O            08/01/32
    0

    7898021          E22/G01             F          375,700.00         ZZ
                                         360        375,360.36          1
                                       6.500          2,374.68         75
                                       6.250          2,374.68
    MONUMENT         CO   80132          2            07/26/02         00
    0414516971                           05           09/01/02          0
    0414516971                           O            08/01/32
    0

    7898049          E22/G01             F          359,000.00         ZZ
                                         360        358,481.98          1
                                       6.625          2,298.72         80
                                       6.375          2,298.72
    WEST BLOOMFIELD  MI   48323          2            07/26/02         00
    0414529040                           05           09/01/02          0
    0414529040                           O            08/01/32
    0

    7899417          998/998             F          439,000.00         ZZ
                                         360        437,350.50          1
                                       7.500          3,069.55         78
                                       7.250          3,069.55
    SAN CLEMENTE     CA   92673          2            03/14/02         00
    3349510                              03           05/01/02          0
    3349510                              O            04/01/32
    0

    7899421          998/998             F          572,000.00         ZZ
                                         360        570,987.89          1
                                       6.625          3,662.58         80
                                       6.375          3,662.58
    STATEN ISLAND    NY   10309          1            06/27/02         00
    3831105                              05           08/01/02          0
    3831105                              O            07/01/32
    0

    7899437          998/998             F          391,500.00         ZZ
                                         360        390,823.96          1
                                       6.750          2,539.26         90
                                       6.500          2,539.26
1

    OMAHA            NE   68130          2            06/27/02         12
    5108367                              03           08/01/02         25
    5108367                              O            07/01/32
    0

    7899441          998/998             F          604,000.00         ZZ
                                         360        602,957.01          1
                                       6.750          3,917.53         59
                                       6.500          3,917.53
    LAWRENCEVILLE    GA   30043          2            06/24/02         00
    5162877                              05           08/01/02          0
    5162877                              O            07/01/32
    0

    7899697          470/G01             F          310,000.00         ZZ
                                         360        309,733.10          1
                                       6.750          2,010.65         71
                                       6.500          2,010.65
    MISSION VIEJO    CA   92692          5            07/16/02         00
    0434499752                           05           09/01/02          0
    110101259                            O            08/01/32
    0

    7899707          B57/G01             F          408,000.00         ZZ
                                         360        407,640.03          1
                                       6.625          2,612.47         80
                                       6.375          2,612.47
    LOS ANGELES      CA   90048          1            07/16/02         00
    0434354734                           05           09/01/02          0
    10003981                             O            08/01/32
    0

    7899711          893/G01             F          360,000.00         ZZ
                                         360        358,912.50          1
                                       6.375          2,245.93         52
                                       6.125          2,245.93
    NOVATO           CA   94949          2            07/24/02         00
    0434362596                           05           09/01/02          0
    M20703031                            O            08/01/32
    0

    7899911          E45/G01             F          340,800.00         ZZ
                                         360        340,513.69          1
                                       6.875          2,238.81         80
                                       6.625          2,238.81
    BOSTON           MA   02118          1            07/15/02         00
    0434343901                           01           09/01/02          0
    245378                               O            08/01/32
    0
1

    7900813          E45/G01             F          880,500.00         ZZ
                                         360        879,760.27          1
                                       6.875          5,784.26         59
                                       6.625          5,784.26
    ENCINO AREA      CA   91436          2            07/01/02         00
    0434344081                           05           09/01/02          0
    245095                               O            08/01/32
    0

    7901169          L01/G01             F          350,500.00         ZZ
                                         360        350,175.37          1
                                       6.375          2,186.66         59
                                       6.125          2,186.66
    FOUNTAIN HILLS   AZ   85268          2            07/29/02         00
    0434454450                           05           09/01/02          0
    9031874                              O            08/01/32
    0

    7901677          116/116             F          505,000.00         ZZ
                                         360        504,520.83          1
                                       6.250          3,109.38         68
                                       6.000          3,109.38
    THE WOODLANDS    TX   77382          1            07/24/02         00
    091022142                            05           09/01/02          0
    091022142                            O            08/01/32
    0

    7902657          H58/G01             F          329,500.00         ZZ
                                         360        329,216.31          1
                                       6.750          2,137.13         42
                                       6.500          2,137.13
    DANVILLE         CA   94526          5            07/12/02         00
    0434358545                           05           09/01/02          0
    0000104058                           O            08/01/32
    0

    7902773          F99/G01             F          376,000.00         ZZ
                                         360        375,668.26          1
                                       6.625          2,407.57         80
                                       6.375          2,407.57
    WEST HARTFORD    CT   06117          1            07/26/02         00
    0434402350                           05           09/01/02          0
    4702452217                           O            08/01/32
    0

    7902933          964/G01             F          419,000.00         ZZ
                                         360        418,630.33          1
1

                                       6.625          2,682.90         73
                                       6.375          2,682.90
    BERKELEY         CA   94707          2            07/17/02         00
    0434364105                           05           09/01/02          0
    228587                               O            08/01/32
    0

    7902955          964/G01             F          335,000.00         ZZ
                                         360        334,718.56          1
                                       6.875          2,200.71         78
                                       6.625          2,200.71
    NEWARK           CA   94560          2            07/12/02         00
    0434352498                           05           09/01/02          0
    225191                               O            08/01/32
    0

    7902967          964/G01             F          360,000.00         ZZ
                                         360        359,682.38          1
                                       6.625          2,305.12         75
                                       6.375          2,305.12
    LOVELAND         CO   80538          5            07/24/02         00
    0434372710                           05           09/01/02          0
    231263                               O            08/01/32
    0

    7902971          964/G01             F          333,000.00         ZZ
                                         360        332,720.24          1
                                       6.875          2,187.57         50
                                       6.625          2,187.57
    SOUTH SAN FRANC  CA   94080          2            07/19/02         00
    0434357588                           03           09/01/02          0
    219458                               O            08/01/32
    0

    7903253          E22/G01             F          414,000.00         ZZ
                                         360        413,652.19          1
                                       6.875          2,719.69         90
                                       6.625          2,719.69
    BIRMINGHAM       AL   35223          1            08/01/02         10
    0414450262                           05           09/01/02         25
    0414450262                           O            08/01/32
    0

    7903271          E22/G01             F          346,500.00         ZZ
                                         360        346,186.76          1
                                       6.500          2,190.12         77
                                       6.250          2,190.12
    UNION CITY       CA   94587          1            07/24/02         00
    0414476093                           05           09/01/02          0
1

    0414476093                           O            08/01/32
    0

    7903299          E22/G01             F          433,000.00         ZZ
                                         360        432,627.20          1
                                       6.750          2,808.43         65
                                       6.500          2,808.43
    SEATTLE          WA   98199          2            07/24/02         00
    0414535484                           05           09/01/02          0
    0414535484                           O            08/01/32
    0

    7903335          E82/G01             F          357,500.00         ZZ
                                         360        357,206.96          1
                                       7.000          2,378.46         73
                                       6.750          2,378.46
    ENGLEWOOD        CO   80111          2            07/31/02         00
    0400620878                           05           09/01/02          0
    0400620878                           O            08/01/32
    0

    7903337          E82/G01             F          170,000.00         ZZ
                                         360        169,857.18          1
                                       6.875          1,116.78         43
                                       6.625          1,116.78
    BROOKLYN         NY   11229          5            07/30/02         00
    0400648028                           05           09/01/02          0
    0400648028                           O            08/01/32
    0

    7904843          S43/G01             F          601,400.00         ZZ
                                         360        600,869.40          1
                                       6.625          3,850.83         76
                                       6.375          3,850.83
    BERNALILLO       NM   87004          2            07/31/02         00
    0434350104                           05           09/01/02          0
    021103                               O            08/01/32
    0

    7905785          F28/G01             F          420,000.00         ZZ
                                         360        419,274.75          1
                                       6.750          2,724.11         80
                                       6.500          2,724.11
    GREENWICH        CT   06831          1            06/28/02         00
    0434385928                           01           08/01/02          0
    1843108                              O            07/01/32
    0

1

    7905829          F28/G01             F          430,000.00         ZZ
                                         360        429,257.46          1
                                       6.750          2,788.97         76
                                       6.500          2,788.97
    HUNTINGTON BEAC  CA   92648          2            06/21/02         00
    0434346698                           05           08/01/02          0
    3040893                              O            07/01/32
    0

    7905835          F28/G01             F          508,000.00         ZZ
                                         360        507,143.99          1
                                       6.875          3,337.20         80
                                       6.625          3,337.20
    WILTON           CT   06897          1            06/26/02         00
    0434367322                           01           08/01/02          0
    1792281                              O            07/01/32
    0

    7905849          F28/G01             F          479,200.00         ZZ
                                         360        478,450.10          1
                                       7.250          3,268.99         80
                                       7.000          3,268.99
    CHICAGO          IL   60607          1            06/21/02         00
    0434369120                           01           08/01/02          0
    1798828                              O            07/01/32
    0

    7905873          F28/G01             F          340,000.00         ZZ
                                         360        339,714.36          1
                                       6.875          2,233.56         80
                                       6.625          2,233.56
    LORTON           VA   22079          2            07/01/02         00
    0434355582                           05           09/01/02          0
    3124703                              O            08/01/32
    0

    7905881          F28/G01             F          380,000.00         ZZ
                                         360        379,327.61          1
                                       6.625          2,433.18         56
                                       6.375          2,433.18
    TEQUESTA         FL   38000          1            06/28/02         00
    0434375150                           03           08/01/02          0
    3066229                              O            07/01/32
    0

    7905949          F28/G01             F          370,000.00         ZZ
                                         360        369,376.52          1
                                       6.875          2,430.64         79
                                       6.625          2,430.64
1

    PORTLAND         OR   97219          1            06/18/02         00
    0434373221                           05           08/01/02          0
    1945905                              O            07/01/32
    0

    7905967          F28/G01             F          357,100.00         ZZ
                                         360        356,512.86          1
                                       7.000          2,375.80         78
                                       6.750          2,375.80
    STILLWATER       MN   55082          1            06/24/02         00
    0434384715                           03           08/01/02          0
    1774198                              O            07/01/32
    0

    7905977          F28/G01             F          527,200.00         ZZ
                                         360        526,311.64          1
                                       6.875          3,463.33         80
                                       6.625          3,463.33
    DEL MAR          CA   92014          1            06/11/02         00
    0434348421                           01           08/01/02          0
    1900298                              O            07/01/32
    0

    7906049          F28/G01             F          358,000.00         ZZ
                                         360        357,393.53          1
                                       6.875          2,351.81         67
                                       6.625          2,351.81
    WOODBURY         MN   55125          2            06/07/02         00
    0434370573                           05           08/01/02          0
    1909853                              O            07/01/32
    0

    7906073          F28/G01             F          392,000.00         ZZ
                                         360        391,355.48          1
                                       7.000          2,607.99         68
                                       6.750          2,607.99
    LOS ANGELES      CA   90066          2            06/12/02         00
    0434381745                           05           08/01/02          0
    1966556                              O            07/01/32
    0

    7906077          F28/G01             F          402,300.00         ZZ
                                         360        401,229.27          1
                                       6.625          2,575.97         80
                                       6.375          2,575.97
    ELIZABETH        CO   80107          1            06/24/02         00
    0434373882                           05           08/01/02          0
    1882445                              O            07/01/32
    0
1

    7906113          F28/G01             F          406,400.00         ZZ
                                         360        405,715.19          1
                                       6.875          2,669.76         80
                                       6.625          2,669.76
    SAN DIEGO        CA   92128          1            06/20/02         00
    0434366878                           03           08/01/02          0
    1883831                              O            07/01/32
    0

    7906135          F28/G01             F          386,800.00         ZZ
                                         360        386,132.07          1
                                       6.750          2,508.78         80
                                       6.500          2,508.78
    HOUSTON          TX   77082          1            06/17/02         00
    0434379798                           03           08/01/02          0
    1943023                              O            07/01/32
    0

    7906187          F28/G01             F          428,000.00         ZZ
                                         360        427,278.78          1
                                       6.875          2,811.66         80
                                       6.625          2,811.66
    WEST NEWTON      MA   02465          1            06/18/02         00
    0434373247                           05           08/01/02          0
    1618312                              O            07/01/32
    0

    7906215          F28/G01             F          642,000.00         ZZ
                                         360        640,944.43          1
                                       7.000          4,271.24         75
                                       6.750          4,271.24
    TUSTIN           CA   92782          1            06/01/02         00
    0434381620                           03           08/01/02          0
    1932448                              O            07/01/32
    0

    7906619          696/G01             F          621,500.00         ZZ
                                         360        620,951.67          1
                                       6.625          3,979.53         75
                                       6.375          3,979.53
    VIENNA           VA   22182          2            07/23/02         00
    0434485728                           05           09/01/02          0
    24602182                             O            08/01/32
    0

    7906953          E22/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
1

                                       6.500          2,073.18         80
                                       6.250          2,073.18
    MONROE           WA   98272          1            07/30/02         00
    0414581678                           05           10/01/02          0
    0414581678                           O            09/01/32
    0

    7908573          757/G01             F          370,000.00         ZZ
                                         360        369,689.15          1
                                       6.875          2,430.64         78
                                       6.625          2,430.64
    PROVIDENCE       RI   02906          2            07/25/02         00
    0434364642                           05           09/01/02          0
    1000771673                           O            08/01/32
    0

    7909735          L49/G01             F          444,000.00         ZZ
                                         360        443,636.05          1
                                       7.000          2,953.95         80
                                       6.750          2,953.95
    CARLSBAD         CA   92009          1            07/01/02         00
    0434351821                           03           09/01/02          0
    10010064                             O            08/01/32
    0

    7909781          461/G01             F          326,000.00         ZZ
                                         360        325,726.12          1
                                       6.875          2,141.59         70
                                       6.625          2,141.59
    REDONDO BEACH    CA   90278          2            07/31/02         00
    0434359956                           05           09/01/02          0
    9031563554                           O            08/01/32
    0

    7909795          461/G01             F          649,500.00         ZZ
                                         360        648,926.96          1
                                       6.625          4,158.82         79
                                       6.375          4,158.82
    PEBBLE BEACH     CA   93953          1            07/31/02         00
    0434361622                           05           09/01/02          0
    9031533300                           O            08/01/32
    0

    7909807          461/G01             F          585,500.00         ZZ
                                         360        585,008.11          1
                                       6.875          3,846.32         67
                                       6.625          3,846.32
    HUNTINGTON BEAC  CA   92649          2            07/31/02         00
    0434376315                           03           09/01/02          0
1

    9031525488                           O            08/01/32
    0

    7909851          L49/G01             F          440,400.00         ZZ
                                         360        440,020.82          1
                                       6.750          2,856.43         80
                                       6.500          2,856.43
    LADERA RANCH AR  CA   92694          1            07/01/02         00
    0434352100                           03           09/01/02          0
    10008386                             O            08/01/32
    0

    7910215          H22/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.875          2,299.25         74
                                       6.625          2,299.25
    CORTLANDT MANOR  NY   10567          1            08/02/02         00
    0434381257                           05           10/01/02          0
    0205024                              O            09/01/32
    0

    7911021          A06/G01             F          640,900.00         ZZ
                                         360        640,306.39          1
                                       6.375          3,998.39         33
                                       6.125          3,998.39
    BLOOMFIELD HILL  MI   48301          2            07/29/02         00
    0434369385                           05           09/01/02          0
    1                                    O            08/01/32
    0

    7913297          025/025             F          495,111.86         ZZ
                                         360        491,372.92          1
                                       7.000          3,293.99         75
                                       6.750          3,293.99
    DELRAY BEACH     FL   33446          2            11/30/01         00
    0020637807                           05           01/01/02          0
    0020637807                           O            12/01/31
    0

    7913305          025/025             F          358,100.00         ZZ
                                         360        355,605.14          1
                                       6.875          2,352.46         82
                                       6.625          2,352.46
    MORRISTOWN       TN   37813          2            12/12/01         12
    0025892878                           05           02/01/02         20
    0025892878                           O            01/01/32
    0

1

    7914591          964/G01             F          844,000.00         ZZ
                                         360        843,255.35          1
                                       6.625          5,404.23         47
                                       6.375          5,404.23
    NEWPORT BEACH    CA   92657          2            07/23/02         00
    0434370813                           03           09/01/02          0
    230322                               O            08/01/32
    0

    7914611          964/G01             F          420,000.00         ZZ
                                         360        419,638.39          1
                                       6.750          2,724.11         80
                                       6.500          2,724.11
    PLEASANTON       CA   94588          1            07/18/02         00
    0434369732                           03           09/01/02          0
    227666                               O            08/01/32
    0

    7915573          E22/G01             F          107,160.00         ZZ
                                         360        107,058.32          1
                                       6.250            659.80         80
                                       6.000            659.80
    TACOMA           WA   98418          1            07/30/02         00
    0414323485                           05           09/01/02          0
    0414323485                           O            08/01/32
    0

    7915737          E22/G01             F          387,000.00         ZZ
                                         360        386,658.56          1
                                       6.625          2,478.00         58
                                       6.375          2,478.00
    BIRMINGHAM       MI   48009          2            07/31/02         00
    0414486209                           05           09/01/02          0
    0414486209                           O            08/01/32
    0

    7915749          E22/G01             F          452,500.00         ZZ
                                         360        452,100.77          1
                                       6.625          2,897.41         72
                                       6.375          2,897.41
    EDMOND           OK   73013          2            07/30/02         00
    0414491258                           03           09/01/02          0
    0414491258                           O            08/01/32
    0

    7915985          E82/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.750          2,270.09         68
                                       6.500          2,270.09
1

    WOODBRIDGE       VA   22192          2            08/01/02         00
    0400663001                           05           10/01/02          0
    2879481                              O            09/01/32
    0

    7915987          E82/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.750          2,140.37         60
                                       6.500          2,140.37
    ARLINGTON        VA   22207          2            07/24/02         00
    0400659512                           05           10/01/02          0
    2788192                              O            09/01/32
    0

    7916333          L49/G01             F          466,550.00         ZZ
                                         360        466,138.37          1
                                       6.625          2,987.37         80
                                       6.375          2,987.37
    LADERA RANCH AR  CA   92694          1            07/08/02         00
    0434355418                           03           09/01/02          0
    10008558                             O            08/01/32
    0

    7917845          B57/G01             F          440,000.00         ZZ
                                         360        439,611.80          1
                                       6.625          2,817.37         80
                                       6.375          2,817.37
    PASADENA         CA   91107          1            07/29/02         00
    0434418109                           05           09/01/02          0
    50000292                             O            08/01/32
    0

    7917927          601/G01             F          356,250.00         ZZ
                                         360        355,935.69          1
                                       6.625          2,281.11         75
                                       6.375          2,281.11
    SUPERIOR         CO   80027          5            07/19/02         00
    0434371415                           05           09/01/02          0
    61604195                             O            08/01/32
    0

    7917951          E11/G01             F          510,000.00         ZZ
                                         360        509,550.03          1
                                       6.625          3,265.59         60
                                       6.375          3,265.59
    EXCELSIOR        MN   55331          5            07/24/02         00
    0434393153                           05           09/01/02          0
    0003001044487                        O            08/01/32
    0
1

    7919369          R65/G01             F          545,600.00         ZZ
                                         360        545,130.25          1
                                       6.750          3,538.75         80
                                       6.500          3,538.75
    UPPER SADDLE RI  NJ   07458          1            07/29/02         00
    0434369740                           05           09/01/02          0
    129910013000000                      O            08/01/32
    0

    7920575          E22/G01             F          358,000.00         ZZ
                                         360        357,684.15          4
                                       6.625          2,292.31         65
                                       6.375          2,292.31
    GLENDALE         CA   91203          2            07/23/02         00
    0414368027                           05           09/01/02          0
    0414368027                           O            08/01/32
    0

    7920595          E22/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       6.750          2,594.07         67
                                       6.500          2,594.07
    CASTRO VALLEY    CA   94552          2            07/31/02         00
    0414425280                           05           10/01/02          0
    0414425280                           O            09/01/32
    0

    7920777          E82/G01             F          404,000.00         ZZ
                                         360        404,000.00          1
                                       6.750          2,620.34         75
                                       6.500          2,620.34
    SAN ANSELMO      CA   94960          2            07/29/02         00
    0400654380                           05           10/01/02          0
    17433767                             O            09/01/32
    0

    7921999          B57/G01             F          544,000.00         ZZ
                                         360        543,496.15          1
                                       6.375          3,393.85         80
                                       6.125          3,393.85
    LOS ANGELES      CA   90039          1            07/31/02         00
    0434373866                           05           09/01/02          0
    10004335                             O            08/01/32
    0

    7922171          K15/G01             F          151,000.00         ZZ
                                         360        151,000.00          1
1

                                       7.000          1,004.61         65
                                       6.750          1,004.61
    LINDENHURST      NY   11757          5            07/29/02         00
    0434379848                           05           10/01/02          0
    020605300001                         O            09/01/32
    0

    7922885          P44/G01             F          488,000.00         ZZ
                                         360        487,558.84          1
                                       6.500          3,084.49         70
                                       6.250          3,084.49
    FALMOUTH (NORTH  MA   02556          2            07/29/02         00
    0434372454                           05           09/01/02          0
    0011737                              O            08/01/32
    0

    7923749          964/G01             F          390,000.00         ZZ
                                         360        389,672.36          1
                                       6.875          2,562.02         69
                                       6.625          2,562.02
    ARCADIA          CA   91006          2            07/19/02         00
    0434495495                           05           09/01/02          0
    229786                               O            08/01/32
    0

    7923761          964/G01             F          444,400.00         ZZ
                                         360        444,007.92          1
                                       6.625          2,845.54         70
                                       6.375          2,845.54
    VALENCIA (AREA)  CA   91355          2            07/18/02         00
    0434397428                           03           09/01/02          0
    228176                               O            08/01/32
    0

    7923767          964/G01             F          525,000.00         ZZ
                                         360        524,547.99          1
                                       6.750          3,405.14         80
                                       6.500          3,405.14
    SAN JOSE         CA   95126          2            07/22/02         00
    0434380242                           05           09/01/02          0
    230634                               O            08/01/32
    0

    7923771          964/G01             F          330,250.00         ZZ
                                         360        329,951.44          1
                                       6.500          2,087.41         50
                                       6.250          2,087.41
    LITTLETON        CO   80127          5            07/26/02         00
    0434372116                           03           09/01/02          0
1

    236003                               O            08/01/32
    0

    7924157          E22/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       6.750          2,587.91         80
                                       6.500          2,587.91
    SPRING LAKE      MI   49456          2            08/02/02         00
    0414413971                           05           10/01/02          0
    0414413971                           O            09/01/32
    0

    7924225          E22/G01             F          121,000.00         ZZ
                                         360        120,895.83          2
                                       6.750            784.80         60
                                       6.500            784.80
    EVERETT          WA   98203          2            07/31/02         00
    0414484568                           05           09/01/02          0
    0414484568                           O            08/01/32
    0

    7924411          696/G01             F          366,000.00         ZZ
                                         360        365,677.08          1
                                       6.625          2,343.54         78
                                       6.375          2,343.54
    WASHINGTON       DC   20016          1            07/31/02         00
    0434386520                           05           09/01/02          0
    24602183                             O            08/01/32
    0

    7924461          E82/G01             F          173,800.00         ZZ
                                         360        173,800.00          1
                                       7.125          1,170.92         79
                                       6.875          1,170.92
    PISCATAWAY       NJ   08854          2            08/02/02         00
    0400663175                           05           10/01/02          0
    4287975                              O            09/01/32
    0

    7925453          F62/F62             F          384,000.00         ZZ
                                         360        383,677.39          1
                                       6.875          2,522.61         80
                                       6.625          2,522.61
    PEMBROKE PINES   FL   33028          1            07/30/02         00
    28495                                03           09/01/02          0
    28495                                O            08/01/32
    0

1

    7925543          N47/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.500          2,338.65         62
                                       6.250          2,338.65
    MARTINEZ         CA   94553          2            08/01/02         00
    0434394201                           05           10/01/02          0
    20221179                             O            09/01/32
    0

    7925697          M27/G01             F          312,000.00         ZZ
                                         360        311,731.37          1
                                       6.750          2,023.63         80
                                       6.500          2,023.63
    CHARLOTTE        NC   28204          1            08/01/02         00
    0434387965                           05           09/01/02          0
    600788676                            O            08/01/32
    0

    7925733          550/550             F          457,000.00         ZZ
                                         360        457,000.00          1
                                       6.600          2,918.68         58
                                       6.350          2,918.68
    MENLO PARK       CA   94025          2            07/25/02         00
    120592261                            05           10/01/02          0
    120592261                            O            09/01/32
    0

    7927291          964/G01             F          433,000.00         ZZ
                                         360        433,000.00          1
                                       6.500          2,736.86         80
                                       6.250          2,736.86
    SAN LUIS OBISPO  CA   93401          1            08/02/02         00
    0434390365                           05           10/01/02          0
    233139                               O            09/01/32
    0

    7927299          964/G01             F          527,500.00         ZZ
                                         360        527,045.83          1
                                       6.750          3,421.36         43
                                       6.500          3,421.36
    LOS ALTOS        CA   94024          2            07/24/02         00
    0434452330                           05           09/01/02          0
    228072                               O            08/01/32
    0

    7927379          356/G01             F          426,000.00         ZZ
                                         360        425,633.22          1
                                       6.750          2,763.03         69
                                       6.500          2,763.03
1

    SAN JOSE         CA   95148          2            07/16/02         00
    0434444212                           05           09/01/02          0
    28914448                             O            08/01/32
    0

    7927385          575/G01             F          375,000.00         ZZ
                                         360        374,684.95          1
                                       6.875          2,463.49         70
                                       6.625          2,463.49
    POTOMAC          MD   20854          5            07/12/02         00
    0434404935                           05           09/01/02          0
    0012202396                           O            08/01/32
    0

    7927427          696/G01             F          345,000.00         ZZ
                                         360        344,688.12          1
                                       6.500          2,180.63         66
                                       6.250          2,180.63
    ALEXANDRIA       VA   22301          1            08/02/02         00
    0434385126                           05           09/01/02          0
    32202020                             O            08/01/32
    0

    7927905          E22/G01             F          479,200.00         ZZ
                                         360        479,200.00          1
                                       6.125          2,911.67         80
                                       5.875          2,911.67
    DUBLIN           CA   94568          1            08/04/02         00
    0414356402                           03           10/01/02          0
    0414356402                           O            09/01/32
    0

    7927935          E22/G01             F          415,000.00         ZZ
                                         360        415,000.00          1
                                       6.875          2,726.25         80
                                       6.625          2,726.25
    ROSEVILLE        CA   95661          1            08/01/02         00
    0414445429                           05           10/01/02          0
    0414445429                           O            09/01/32
    0

    7930277          964/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.625          3,201.56         55
                                       6.375          3,201.56
    HALF MOON BAY    CA   94019          5            08/05/02         00
    0434409017                           05           10/01/02          0
    227797                               O            09/01/32
    0
1

    7930279          964/G01             F          424,000.00         ZZ
                                         360        423,625.91          1
                                       6.625          2,714.92         74
                                       6.375          2,714.92
    SAN JOSE         CA   95002          2            07/26/02         00
    0434444873                           03           09/01/02          0
    229721                               O            08/01/32
    0

    7930283          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.375          2,183.55         28
                                       6.125          2,183.55
    WATSONVILLE      CA   95076          1            07/26/02         00
    0434407722                           05           10/01/02          0
    232141                               O            09/01/32
    0

    7931219          E60/G01             F          426,000.00         ZZ
                                         360        426,000.00          1
                                       6.750          2,763.03         79
                                       6.500          2,763.03
    MANHATTAN BEACH  CA   90266          2            08/01/02         00
    0434388138                           05           10/01/02          0
    522074                               O            09/01/32
    0

    7931225          B57/G01             F          399,900.00         ZZ
                                         360        399,547.18          1
                                       6.625          2,560.60         64
                                       6.375          2,560.60
    LOS ANGELES      CA   90046          1            07/30/02         00
    0434390142                           05           09/01/02          0
    10003495                             O            08/01/32
    0

    7934571          K15/G01             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.500            948.10         70
                                       6.250            948.10
    SAROSOTA         FL   34243          5            08/01/02         00
    0434411955                           05           10/01/02          0
    009505502004                         O            09/01/32
    0

    7937507          E82/G01             F          160,000.00         ZZ
                                         360        160,000.00          1
1

                                       6.875          1,051.09         80
                                       6.625          1,051.09
    BOISE            ID   83716          2            08/06/02         00
    0400663977                           05           10/01/02          0
    3050587                              O            09/01/32
    0

    7937513          E82/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.750          2,432.24         58
                                       6.500          2,432.24
    DANVILLE         CA   94506          2            08/07/02         00
    0400664561                           03           10/01/02          0
    8070870                              O            09/01/32
    0

    7937521          E82/G01             F          188,000.00         ZZ
                                         360        188,000.00          1
                                       6.750          1,219.36         70
                                       6.500          1,219.36
    MARENGO          IL   60152          2            08/07/02         00
    0400648859                           05           10/01/02          0
    1709458                              O            09/01/32
    0

    7937527          E82/G01             F          496,500.00         ZZ
                                         360        496,500.00          1
                                       6.625          3,179.14         55
                                       6.375          3,179.14
    BURLINGAME       CA   94010          2            08/05/02         00
    0400665618                           05           10/01/02          0
    5006619                              O            09/01/32
    0

    7937531          E82/G01             F          297,300.00         ZZ
                                         360        297,300.00          1
                                       6.750          1,928.28         72
                                       6.500          1,928.28
    WHITEHOUSE STAT  NJ   08889          2            08/06/02         00
    0400667002                           05           10/01/02          0
    4756170                              O            09/01/32
    0

    7937547          E82/G01             F          322,800.00         ZZ
                                         360        322,800.00          1
                                       6.875          2,120.57         65
                                       6.625          2,120.57
    MOUNT VERNON     NY   10552          2            08/07/02         00
    0400649976                           05           10/01/02          0
1

    4693433                              O            09/01/32
    0

    7937549          E82/G01             F          288,500.00         ZZ
                                         360        288,500.00          1
                                       6.750          1,871.21         75
                                       6.500          1,871.21
    LEMONT           IL   60439          2            08/07/02         00
    0400653614                           05           10/01/02          0
    4703144                              O            09/01/32
    0

    7937571          696/G01             F          476,000.00         ZZ
                                         360        475,559.13          1
                                       6.375          2,969.62         80
                                       6.125          2,969.62
    FAIRFAX          VA   22033          1            07/26/02         00
    0434400297                           03           09/01/02          0
    25402096                             O            08/01/32
    0

    7937927          E22/G01             F          243,240.00         ZZ
                                         360        243,240.00          1
                                       6.625          1,557.49         80
                                       6.375          1,557.49
    SOUTH JORDAN     UT   84095          1            08/05/02         00
    0414317933                           05           10/01/02          0
    0414317933                           O            09/01/32
    0

    7937937          E22/G01             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       6.625          6,403.11         50
                                       6.375          6,403.11
    SAN JUAN CAPIST  CA   92675          1            08/06/02         00
    0414365809                           03           10/01/02          0
    0414365809                           O            09/01/32
    0

    7937969          E22/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.500          2,212.24         75
                                       6.250          2,212.24
    MINNEAPOLIS      MN   55405          1            08/09/02         00
    0414431858                           05           10/01/02          0
    0414431858                           O            09/01/32
    0

1

    7939857          E22/G01             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.750          1,556.64         80
                                       6.500          1,556.64
    RENTON           WA   98059          2            08/06/02         00
    0414375659                           05           10/01/02          0
    0414375659                           O            09/01/32
    0

    7939859          E22/G01             F          450,400.00         ZZ
                                         360        450,400.00          1
                                       6.500          2,846.83         80
                                       6.250          2,846.83
    BELLEVUE         WA   98006          1            08/05/02         00
    0414380816                           03           10/01/02          0
    0414380816                           O            09/01/32
    0

    7939877          E22/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       6.750          2,023.63         80
                                       6.500          2,023.63
    PASADENA         MD   21122          2            08/07/02         00
    0414434027                           03           10/01/02          0
    0414434027                           O            09/01/32
    0

    7939889          E22/G01             F          622,500.00         ZZ
                                         360        621,937.26          1
                                       6.500          3,934.62         75
                                       6.250          3,934.62
    SEATTLE          WA   98105          1            07/29/02         00
    0414446385                           05           09/01/02          0
    0414446385                           O            08/01/32
    0

    7939927          E22/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.625          2,305.12         56
                                       6.375          2,305.12
    FREEHOLD         NJ   07728          5            08/07/02         00
    0414467902                           05           10/01/02          0
    0414467902                           O            09/01/32
    0

    7939937          E22/G01             F          122,400.00         ZZ
                                         360        122,400.00          1
                                       7.000            814.33         51
                                       6.750            814.33
1

    DALLAS           TX   75223          5            08/06/02         00
    0414475111                           05           10/01/02          0
    0414475111                           O            09/01/32
    0

    7939969          E22/G01             F          472,000.00         ZZ
                                         360        472,000.00          1
                                       6.375          2,944.67         61
                                       6.125          2,944.67
    TAOS             NM   87571          2            08/06/02         00
    0414499921                           05           10/01/02          0
    0414499921                           O            09/01/32
    0

    7939977          E22/G01             F          367,000.00         ZZ
                                         360        367,000.00          1
                                       6.500          2,319.69         64
                                       6.250          2,319.69
    PARK RIDGE       IL   60068          2            08/07/02         00
    0414505545                           05           10/01/02          0
    0414505545                           O            09/01/32
    0

    7939981          E22/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       6.500          2,686.29         74
                                       6.250          2,686.29
    HINGHAM          MA   02043          2            08/07/02         00
    0414507566                           05           10/01/02          0
    0414507566                           O            09/01/32
    0

    7939983          E22/G01             F          367,500.00         ZZ
                                         360        367,500.00          1
                                       6.625          2,353.14         62
                                       6.375          2,353.14
    SAN FRANCISCO    CA   94132          2            07/29/02         00
    0414507830                           05           10/01/02          0
    0414507830                           O            09/01/32
    0

    7940039          E22/G01             F          367,500.00         ZZ
                                         360        367,500.00          1
                                       6.750          2,383.60         70
                                       6.500          2,383.60
    SEATTLE          WA   98144          2            08/06/02         00
    0414525832                           05           10/01/02          0
    0414525832                           O            09/01/32
    0
1

    7940063          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.125          2,308.92         55
                                       5.875          2,308.92
    SAN JOSE         CA   95125          2            08/02/02         00
    0414535864                           05           10/01/02          0
    0414535864                           O            09/01/32
    0

    7940081          E22/G01             F          784,000.00         ZZ
                                         360        784,000.00          1
                                       6.625          5,020.04         66
                                       6.375          5,020.04
    SAN FRANCISCO    CA   94116          2            08/06/02         00
    0414548651                           05           10/01/02          0
    0414548651                           O            09/01/32
    0

    7940209          E22/G01             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       6.750          1,135.05         77
                                       6.500          1,135.05
    SEATTLE          WA   98168          2            08/06/02         00
    0414648436                           05           10/01/02          0
    0414648436                           O            09/01/32
    0

    7940215          E22/G01             F          447,000.00         ZZ
                                         360        447,000.00          1
                                       6.500          2,825.34         48
                                       6.250          2,825.34
    HESPERUS         CO   81326          2            08/06/02         00
    0414658898                           05           10/01/02          0
    0414658898                           O            09/01/32
    0

    7940533          R84/G01             F          948,300.00         ZZ
                                         360        948,300.00          1
                                       6.250          5,838.85         48
                                       6.000          5,838.85
    HOUSTON          TX   77027          2            08/15/02         00
    0434500609                           05           10/01/02          0
    0595980                              O            09/01/32
    0

    7940785          G51/G01             F          337,000.00         ZZ
                                         360        336,702.67          1
1

                                       6.625          2,157.85         57
                                       6.375          2,157.85
    DENVER           CO   80209          2            07/30/02         00
    0434450524                           05           09/01/02          0
    LEE                                  O            08/01/32
    0

    7941227          550/550             F          990,000.00         ZZ
                                         360        990,000.00          1
                                       6.700          6,388.26         16
                                       6.450          6,388.26
    ROSS             CA   94707          5            08/01/02         00
    120561720                            05           10/01/02          0
    120561720                            O            09/01/32
    0

    7941399          313/G01             F          396,000.00         ZZ
                                         360        395,332.71          1
                                       6.875          2,601.44         80
                                       6.625          2,601.44
    COLLEYVILLE      TX   76034          1            06/28/02         00
    0434400057                           05           08/01/02          0
    8751216                              O            07/01/32
    0

    7941403          313/G01             F          319,000.00         ZZ
                                         360        318,475.50          1
                                       7.000          2,122.32         71
                                       6.750          2,122.32
    MENDON           MA   01756          1            07/03/02         00
    0434413613                           05           08/01/02          0
    8748964                              O            07/01/32
    0

    7941407          313/G01             F          565,600.00         ZZ
                                         360        564,692.69          1
                                       7.125          3,810.56         70
                                       6.875          3,810.56
    RIVER HILLS      WI   53217          5            07/09/02         00
    0434405981                           05           08/01/02          0
    8691073                              O            07/01/32
    0

    7941411          313/G01             F          650,000.00         ZZ
                                         360        649,426.51          1
                                       6.625          4,162.03         55
                                       6.375          4,162.03
    CUMMING          GA   30040          2            07/12/02         00
    0434402814                           05           09/01/02          0
1

    8812422                              O            08/01/32
    0

    7941437          313/G01             F          506,000.00         ZZ
                                         360        503,763.59          1
                                       7.625          3,581.44         80
                                       7.375          3,581.44
    TRACY            CA   95304          1            03/04/02         00
    0434402061                           05           04/01/02          0
    8620247                              O            03/01/32
    0

    7941449          313/G01             F          359,000.00         ZZ
                                         360        358,395.05          1
                                       6.875          2,358.38         80
                                       6.625          2,358.38
    WAUNAKEE         WI   53597          1            06/28/02         00
    0434404661                           05           08/01/02          0
    8804460                              O            07/01/32
    0

    7941463          313/G01             F          800,000.00         ZZ
                                         360        799,311.21          1
                                       6.750          5,188.79         65
                                       6.500          5,188.79
    NORTHRIDGE       CA   91324          2            07/08/02         00
    0434402632                           03           09/01/02          0
    8794158                              O            08/01/32
    0

    7941469          313/G01             F          365,000.00         ZZ
                                         360        363,997.54          1
                                       7.000          2,428.36         56
                                       6.750          2,428.36
    SAN JUAN CAPIST  CA   92675          2            07/10/02         00
    0434408027                           03           08/01/02          0
    8799165                              O            07/01/32
    0

    7941471          313/G01             F          425,000.00         T
                                         360        424,634.08          1
                                       6.750          2,756.55         55
                                       6.500          2,756.55
    PALM DESERT      CA   92211          1            07/11/02         00
    0434402251                           03           09/01/02          0
    8767964                              O            08/01/32
    0

1

    7941477          313/G01             F          496,000.00         ZZ
                                         360        495,562.38          1
                                       6.625          3,175.95         69
                                       6.375          3,175.95
    WOODLAND HILLS   CA   91364          5            07/08/02         00
    0434404075                           05           09/01/02          0
    8828774                              O            08/01/32
    0

    7941637          964/G01             F          650,000.00         ZZ
                                         360        649,426.52          1
                                       6.625          4,162.02         79
                                       6.375          4,162.02
    ORANGE           CA   92869          1            07/22/02         00
    0434433231                           05           09/01/02          0
    220272                               O            08/01/32
    0

    7941643          964/G01             F          385,500.00         ZZ
                                         360        385,500.00          1
                                       6.750          2,500.35         55
                                       6.500          2,500.35
    CAMPBELL         CA   95008          2            08/01/02         00
    0434428264                           05           10/01/02          0
    230355                               O            09/01/32
    0

    7941651          964/G01             F          575,300.00         ZZ
                                         360        574,792.43          1
                                       6.625          3,683.71         77
                                       6.375          3,683.71
    SANTA CLARA      CA   95051          2            07/26/02         00
    0434415659                           05           09/01/02          0
    227063                               O            08/01/32
    0

    7941653          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.625          2,433.18         35
                                       6.375          2,433.18
    BELMONT          CA   94002          2            08/01/02         00
    0434452124                           05           10/01/02          0
    232823                               O            09/01/32
    0

    7941675          964/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.500          2,338.65         55
                                       6.250          2,338.65
1

    MILPITAS         CA   95035          5            07/31/02         00
    0434414363                           05           10/01/02          0
    233908                               O            09/01/32
    0

    7941677          964/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       6.375          2,146.11         57
                                       6.125          2,146.11
    TORRANCE         CA   90503          5            07/30/02         00
    0434431821                           05           10/01/02          0
    233912                               O            09/01/32
    0

    7941699          964/G01             F          650,000.00         ZZ
                                         360        649,426.52          1
                                       6.625          4,162.02         44
                                       6.375          4,162.02
    SANTA CRUZ       CA   95060          5            07/24/02         00
    0434417630                           05           09/01/02          0
    226330                               O            08/01/32
    0

    7941703          964/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.500          2,275.45         58
                                       6.250          2,275.45
    FREMONT          CA   94539          2            07/31/02         00
    0434456778                           05           10/01/02          0
    234959                               O            09/01/32
    0

    7942503          562/562             F          330,000.00         ZZ
                                         360        324,904.96          1
                                       6.875          2,167.87         49
                                       6.625          2,167.87
    SEASIDE PARK     NJ   08752          5            01/08/02         00
    110917708                            05           03/01/02          0
    110917708                            O            02/01/32
    0

    7942859          601/G01             F          483,000.00         ZZ
                                         360        473,798.65          1
                                       7.000          3,213.41         74
                                       6.750          3,213.41
    EUGENE           OR   97401          2            03/08/02         00
    0434429148                           05           05/01/02          0
    SL56451                              O            04/01/32
    0
1

    7943119          A06/G01             F          405,000.00         ZZ
                                         360        405,000.00          1
                                       6.375          2,526.68         36
                                       6.125          2,526.68
    KEEGO HARBOR     MI   48320          2            08/07/02         00
    0434415949                           05           10/01/02          0
    20217945                             O            09/01/32
    0

    7943533          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.500          2,401.86         54
                                       6.250          2,401.86
    BELL CANYON (AR  CA   91307          1            08/05/02         00
    0434414967                           03           10/01/02          0
    234272                               O            09/01/32
    0

    7943535          964/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.500          3,033.93         80
                                       6.250          3,033.93
    MANHATTAN BEACH  CA   90266          1            08/01/02         00
    0434426003                           05           10/01/02          0
    233803                               O            09/01/32
    0

    7943841          E22/G01             F          346,505.00         ZZ
                                         360        346,505.00          1
                                       6.875          2,276.29         80
                                       6.625          2,276.29
    CARMEL           IN   46033          1            08/13/02         00
    0414490243                           03           10/01/02          0
    0414490243                           O            09/01/32
    0

    7943865          E22/G01             F          464,000.00         ZZ
                                         360        464,000.00          1
                                       6.625          2,971.04         79
                                       6.375          2,971.04
    SNOHOMISH        WA   98296          2            08/02/02         00
    0414511907                           05           10/01/02          0
    0414511907                           O            09/01/32
    0

    7943887          E22/G01             F          385,000.00         ZZ
                                         360        385,000.00          1
1

                                       6.500          2,433.46         49
                                       6.250          2,433.46
    SAN JOSE         CA   95125          2            08/01/02         00
    0414535757                           05           10/01/02          0
    0414535757                           O            09/01/32
    0

    7943915          E22/G01             F          314,000.00         ZZ
                                         360        314,000.00          1
                                       6.250          1,933.35         60
                                       6.000          1,933.35
    BELLEVUE         WA   98008          1            08/07/02         00
    0414557801                           05           10/01/02          0
    0414557801                           O            09/01/32
    0

    7943979          E22/G01             F          254,000.00         ZZ
                                         360        254,000.00          1
                                       6.375          1,584.63         70
                                       6.125          1,584.63
    SAN JOSE         CA   95129          5            08/07/02         00
    0414628271                           01           10/01/02          0
    0414628271                           O            09/01/32
    0

    7945175          H58/G01             F          580,000.00         ZZ
                                         360        580,000.00          1
                                       6.625          3,713.80         70
                                       6.375          3,713.80
    STUDIO CITY ARE  CA   91604          5            08/01/02         00
    0434465068                           05           10/01/02          0
    0000105286                           O            09/01/32
    0

    7946509          964/G01             F          386,250.00         ZZ
                                         360        386,250.00          1
                                       6.500          2,441.36         75
                                       6.250          2,441.36
    SANTA YNEZ       CA   93460          1            08/08/02         00
    0434455580                           05           10/01/02          0
    230043                               O            09/01/32
    0

    7946521          964/G01             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       6.625          2,253.90         59
                                       6.375          2,253.90
    ROSEVILLE        CA   95661          2            07/31/02         00
    0434455382                           03           10/01/02          0
1

    234495                               O            09/01/32
    0

    7946525          964/G01             F          645,000.00         ZZ
                                         360        645,000.00          1
                                       6.625          4,130.01         70
                                       6.375          4,130.01
    EL DORADO HILLS  CA   95762          5            08/01/02         00
    0434443511                           05           10/01/02          0
    235959                               O            09/01/32
    0

    7947401          U97/G01             F          411,000.00         ZZ
                                         360        411,000.00          1
                                       6.750          2,665.74         79
                                       6.500          2,665.74
    PASADENA         CA   91107          2            08/06/02         00
    0434412664                           05           10/01/02          0
    7149145                              O            09/01/32
    0

    7947479          E22/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.875          3,153.26         80
                                       6.625          3,153.26
    NOVATO           CA   94945          2            08/01/02         00
    0414429753                           05           10/01/02          0
    0414429753                           O            09/01/32
    0

    7947575          E22/G01             F          740,000.00         ZZ
                                         360        740,000.00          1
                                       6.500          4,677.30         60
                                       6.250          4,677.30
    SANTA ANA        CA   92705          5            08/09/02         00
    0414539502                           05           10/01/02          0
    0414539502                           O            09/01/32
    0

    7947643          E22/G01             F          433,000.00         ZZ
                                         360        433,000.00          1
                                       6.500          2,736.85         55
                                       6.250          2,736.85
    LAGUNA HILLS     CA   92653          2            08/09/02         00
    0414586776                           03           10/01/02          0
    0414586776                           O            09/01/32
    0

1

    7947645          E22/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       6.500          2,054.22         75
                                       6.250          2,054.22
    LITTLE SILVER B  NJ   07739          5            08/09/02         00
    0414589945                           05           10/01/02          0
    0414589945                           O            09/01/32
    0

    7947657          E22/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.750          2,724.11         80
                                       6.500          2,724.11
    SAN JOSE         CA   95123          2            08/07/02         00
    0414597500                           05           10/01/02          0
    0414597500                           O            09/01/32
    0

    7947677          E22/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       6.375          1,934.00         64
                                       6.125          1,934.00
    COLORADO SPRING  CO   80908          5            08/09/02         00
    0414608109                           05           10/01/02          0
    0414608109                           O            09/01/32
    0

    7947725          E22/G01             F          303,950.00         ZZ
                                         360        303,950.00          1
                                       6.500          1,921.17         80
                                       6.250          1,921.17
    SEATTLE          WA   98116          1            08/09/02         00
    0414654426                           05           10/01/02          0
    0414654426                           O            09/01/32
    0

    7947729          E22/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.625          3,201.55         56
                                       6.375          3,201.55
    HOUSTON          TX   77007          5            08/09/02         00
    0414664300                           05           10/01/02          0
    0414664300                           O            09/01/32
    0

    7948025          757/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.625          2,113.03         69
                                       6.375          2,113.03
1

    GAITHERSBURG     MD   20878          2            08/07/02         00
    0434420105                           03           10/01/02          0
    1000809689                           O            09/01/32
    0

    7948323          E45/G01             F          359,900.00         ZZ
                                         360        359,597.64          1
                                       6.875          2,364.29         90
                                       6.625          2,364.29
    SILVER SPRING    MD   20905          1            07/31/02         11
    0434459236                           03           09/01/02         25
    255553                               O            08/01/32
    0

    7948371          M27/G01             F          350,000.00         ZZ
                                         360        349,683.59          1
                                       6.500          2,212.24         62
                                       6.250          2,212.24
    CHAPEL HILL      NC   27516          4            07/26/02         00
    0434499299                           03           09/01/02          0
    60722412                             O            08/01/32
    0

    7948383          758/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.375          2,495.48         79
                                       6.125          2,495.48
    HOUSTON          TX   77005          1            08/01/02         00
    0434473120                           05           10/01/02          0
    102081                               O            09/01/32
    0

    7948385          K15/G01             F           88,000.00         ZZ
                                         360         88,000.00          1
                                       7.000            585.47         72
                                       6.750            585.47
    PIKEVILLE        TN   37367          5            08/09/02         00
    0434424685                           05           10/01/02          0
    00405501549                          O            09/01/32
    0

    7948515          369/G01             F          392,000.00         ZZ
                                         360        391,654.15          1
                                       6.625          2,510.02         80
                                       6.375          2,510.02
    ALPHARETTA       GA   30004          2            09/21/01         00
    0434454310                           03           09/01/02          0
    6120021                              O            08/01/32
    0
1

    7948537          L85/G01             F          507,250.00         ZZ
                                         360        507,250.00          1
                                       6.250          3,123.23         75
                                       6.000          3,123.23
    TUSTIN           CA   92782          2            08/13/02         00
    0434465605                           05           10/01/02          0
    10207100                             O            09/01/32
    0

    7948721          B57/G01             F          357,000.00         ZZ
                                         360        357,000.00          1
                                       6.500          2,256.48         57
                                       6.250          2,256.48
    SCOTTSDALE       AZ   85255          2            08/07/02         00
    0434454146                           03           10/01/02          0
    20000588                             O            09/01/32
    0

    7948737          356/G01             F          380,000.00         ZZ
                                         360        379,672.82          1
                                       6.750          2,464.68         23
                                       6.500          2,464.68
    CARMEL VALLEY    CA   93924          5            07/19/02         00
    0434463717                           05           09/01/02          0
    2948263                              O            08/01/32
    0

    7949033          964/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       6.500          2,338.65         62
                                       6.250          2,338.65
    UNION CITY       CA   94587          2            08/05/02         00
    0434450482                           03           10/01/02          0
    232847                               O            09/01/32
    0

    7949237          E45/G01             F          338,000.00         ZZ
                                         360        337,722.95          1
                                       7.000          2,248.72         79
                                       6.750          2,248.72
    MARTINSBURG      WV   25401          2            07/19/02         00
    0434443628                           05           09/01/02          0
    251637                               O            08/01/32
    0

    7949403          E45/G01             F          425,000.00         ZZ
                                         360        424,615.79          1
1

                                       6.500          2,686.29         70
                                       6.250          2,686.29
    CARLSBAD         CA   92009          5            07/15/02         00
    0434433355                           03           09/01/02          0
    251720                               O            08/01/32
    0

    7949409          356/356             F          485,000.00         ZZ
                                         360        484,582.40          1
                                       6.750          3,145.71         38
                                       6.500          3,145.71
    DANVILLE         CA   94506          2            07/23/02         00
    28915759                             03           09/01/02          0
    28915759                             O            08/01/32
    0

    7949549          E45/G01             F          414,000.00         ZZ
                                         360        413,643.55          1
                                       6.750          2,685.20         68
                                       6.500          2,685.20
    LUTHERSVILLE     MD   21093          2            07/25/02         00
    0434447215                           05           09/01/02          0
    251789                               O            08/01/32
    0

    7949561          757/G01             F          480,000.00         ZZ
                                         360        479,555.42          1
                                       6.375          2,994.58         77
                                       6.125          2,994.58
    SUWANEE          GA   30024          2            07/31/02         00
    0434450359                           05           09/01/02          0
    1000794097                           O            08/01/32
    0

    7949637          K15/G01             F          142,500.00         ZZ
                                         360        142,500.00          1
                                       7.000            948.06         73
                                       6.750            948.06
    SELDEN           NY   11784          5            08/08/02         00
    0434444501                           05           10/01/02          0
    020705303526                         O            09/01/32
    0

    7949859          E45/G01             F          319,000.00         ZZ
                                         360        318,732.00          1
                                       6.875          2,095.60         75
                                       6.625          2,095.60
    ELMHURST         IL   60126          1            07/30/02         00
    0434452173                           05           09/01/02          0
1

    253142                               O            08/01/32
    0

    7949885          E45/G01             F          355,300.00         ZZ
                                         360        354,970.92          1
                                       6.375          2,216.61         65
                                       6.125          2,216.61
    CASTLE ROCK      CO   80104          2            07/16/02         00
    0434452280                           03           09/01/02          0
    256301                               O            08/01/32
    0

    7950023          E45/G01             F          365,000.00         ZZ
                                         360        364,661.93          1
                                       6.375          2,277.13         65
                                       6.125          2,277.13
    PARK RIDGE       IL   60068          2            07/25/02         00
    0434451878                           05           09/01/02          0
    260545                               O            08/01/32
    0

    7950135          E45/G01             F          336,000.00         ZZ
                                         360        335,717.72          1
                                       6.875          2,207.28         52
                                       6.625          2,207.28
    YORBA LINDA      CA   92886          2            07/22/02         00
    0434452587                           05           09/01/02          0
    255578                               O            08/01/32
    0

    7950299          J49/G01             F          536,300.00         ZZ
                                         360        536,300.00          1
                                       6.625          3,433.99         79
                                       6.375          3,433.99
    YORBA LINDA      CA   92887          2            08/08/02         00
    0434456851                           03           10/01/02          0
    10207095                             O            09/01/32
    0

    7952051          E45/G01             F          450,000.00         ZZ
                                         360        449,573.02          1
                                       6.250          2,770.73         66
                                       6.000          2,770.73
    TORRANCE         CA   90503          1            07/24/02         00
    0434426607                           05           09/01/02          0
    249191                               O            08/01/32
    0

1

    7952237          E45/G01             F          429,850.00         ZZ
                                         360        429,479.91          1
                                       6.750          2,788.00         80
                                       6.500          2,788.00
    COHASETT         MA   02025          2            07/18/02         00
    0434405387                           09           09/01/02          0
    251705                               O            08/01/32
    0

    7952473          E22/G01             F          176,000.00         ZZ
                                         360        175,840.89          1
                                       6.500          1,112.44         80
                                       6.250          1,112.44
    MONROE           WA   98272          1            07/28/02         00
    0414460204                           03           09/01/02          0
    0414460204                           O            08/01/32
    0

    7952519          E22/G01             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       6.625          2,407.57         58
                                       6.375          2,407.57
    SAN FRANCISCO    CA   94127          2            08/06/02         00
    0414546697                           05           10/01/02          0
    0414546697                           O            09/01/32
    0

    7952539          E22/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       6.500          2,243.84         44
                                       6.250          2,243.84
    SAN FRANCISCO    CA   94122          2            08/06/02         00
    0414570119                           05           10/01/02          0
    0414570119                           O            09/01/32
    0

    7952569          E22/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       6.500          2,907.51         80
                                       6.250          2,907.51
    LIVERMORE        CA   94550          1            08/01/02         00
    0414616433                           05           10/01/02          0
    0414616433                           O            09/01/32
    0

    7952741          Q51/G01             F          371,200.00         ZZ
                                         360        371,200.00          1
                                       6.750          2,407.60         72
                                       6.500          2,407.60
1

    MONROVIA         CA   91016          5            08/02/02         00
    0434464046                           05           10/01/02          0
    0594249R2060502                      O            09/01/32
    0

    7952825          K15/G01             F          100,500.00         ZZ
                                         360        100,500.00          1
                                       7.000            668.63         65
                                       6.750            668.63
    APOPKA           FL   32712          5            08/12/02         00
    0434450227                           05           10/01/02          0
    009405502116                         O            09/01/32
    0

    7952907          975/G01             F          800,000.00         ZZ
                                         360        799,294.18          1
                                       6.625          5,122.49         53
                                       6.375          5,122.49
    ARCADIA          CA   91006          1            07/18/02         00
    0434457214                           03           09/01/02          0
    2022697                              O            08/01/32
    0

    7952925          E76/G01             F          386,250.00         ZZ
                                         360        386,250.00          1
                                       6.500          2,441.36         75
                                       6.250          2,441.36
    LITTLETON        CO   80127          5            08/09/02         00
    0434462032                           05           10/01/02          0
    10015613                             O            09/01/32
    0

    7953043          975/G01             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       6.500          3,539.58         73
                                       6.250          3,539.58
    WEST HILLS       CA   91304          2            08/01/02         00
    0434453411                           05           10/01/02          0
    2022954                              O            09/01/32
    0

    7953143          964/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.500          3,160.34         46
                                       6.250          3,160.34
    DANVILLE         CA   94506          5            08/08/02         00
    0434453544                           03           10/01/02          0
    233280                               O            09/01/32
    0
1

    7953147          964/G01             F          446,000.00         ZZ
                                         360        446,000.00          1
                                       6.500          2,819.03         57
                                       6.250          2,819.03
    SAN JOSE         CA   95132          1            08/12/02         00
    0434451621                           05           10/01/02          0
    243837                               O            09/01/32
    0

    7953149          964/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.250          3,694.30         75
                                       6.000          3,694.30
    ORINDA           CA   94563          1            08/02/02         00
    0434450581                           05           10/01/02          0
    238105                               O            09/01/32
    0

    7953151          964/G01             F          647,000.00         ZZ
                                         360        646,442.95          1
                                       6.750          4,196.43         70
                                       6.500          4,196.43
    BELMONT          CA   94002          2            07/22/02         00
    0434447074                           05           09/01/02          0
    231896                               O            08/01/32
    0

    7953159          964/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       6.375          2,495.17         80
                                       6.125          2,495.17
    FREMONT          CA   94555          1            08/13/02         00
    0434450565                           05           10/01/02          0
    234317                               O            09/01/32
    0

    7953167          964/G01             F          513,000.00         ZZ
                                         360        513,000.00          1
                                       6.375          3,200.45         54
                                       6.125          3,200.45
    PIEDMONT         CA   94611          2            08/06/02         00
    0434452215                           05           10/01/02          0
    233450                               O            09/01/32
    0

    7953327          Q97/G01             F          375,200.00         ZZ
                                         360        375,200.00          1
1

                                       6.625          2,402.45         79
                                       6.375          2,402.45
    BEDFORD          MA   01730          2            08/05/02         00
    0434446233                           05           10/01/02          0
    16071223                             O            09/01/32
    0

    7953677          B57/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.375          3,431.28         51
                                       6.125          3,431.28
    WESTLAKE VILLAG  CA   91361          1            08/01/02         00
    0434455549                           05           10/01/02          0
    10003986                             O            09/01/32
    0

    7953935          696/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.750          2,205.23         80
                                       6.500          2,205.23
    KENSINGTON       MD   20895          1            08/14/02         00
    0434415808                           05           10/01/02          0
    31102162                             O            09/01/32
    0

    7954217          E22/G01             F          205,600.00         ZZ
                                         360        205,600.00          1
                                       6.500          1,299.53         80
                                       6.250          1,299.53
    MIAMI            FL   33181          1            08/16/02         00
    0414603233                           05           10/01/02          0
    0414603233                           O            09/01/32
    0

    7954599          225/G01             F          336,000.00         ZZ
                                         360        335,710.71          1
                                       6.750          2,179.29         40
                                       6.500          2,179.29
    FAIR HAVEN       NJ   07704          2            07/12/02         00
    0434492195                           05           09/01/02          0
    006591459                            O            08/01/32
    0

    7954731          225/G01             F          650,000.00         ZZ
                                         360        649,426.51          1
                                       6.625          4,162.03         45
                                       6.375          4,162.03
    LOS ALTOS        CA   94024          5            07/19/02         00
    0434477600                           05           09/01/02          0
1

    007379828                            O            08/01/32
    0

    7954741          225/G01             F          353,000.00         ZZ
                                         360        352,688.55          1
                                       6.625          2,260.30         75
                                       6.375          2,260.30
    FRAMINGHAM       MA   01701          5            08/01/02         00
    0434486965                           05           09/01/02          0
    007384527                            O            08/01/32
    0

    7954763          225/G01             F          500,000.00         ZZ
                                         360        499,558.86          1
                                       6.625          3,201.56         79
                                       6.375          3,201.56
    ANN ARBOR        MI   48103          1            07/23/02         00
    0434486940                           01           09/01/02          0
    007378685                            O            08/01/32
    0

    7954789          225/G01             F          358,050.00         ZZ
                                         360        357,734.10          1
                                       6.625          2,292.63         56
                                       6.375          2,292.63
    ALEXANDRIA       VA   22315          2            07/25/02         00
    0434492625                           03           09/01/02          0
    006593214                            O            08/01/32
    0

    7954913          E82/G01             F          571,000.00         ZZ
                                         360        571,000.00          1
                                       6.875          3,751.06         70
                                       6.625          3,751.06
    SAN DIEGO        CA   92107          5            08/12/02         00
    0400660213                           05           10/01/02          0
    0400660213                           O            09/01/32
    0

    7954915          E82/G01             F          291,200.00         ZZ
                                         360        291,200.00          1
                                       6.625          1,864.59         75
                                       6.375          1,864.59
    BURIEN           WA   98166          2            08/13/02         00
    0400671368                           05           10/01/02          0
    4753521                              O            09/01/32
    0

1

    7954921          E82/G01             F          179,200.00         ZZ
                                         360        179,200.00          1
                                       6.625          1,147.44         56
                                       6.375          1,147.44
    RICHMOND         VA   23225          2            08/09/02         00
    0400669024                           05           10/01/02          0
    3095589                              O            09/01/32
    0

    7954937          E82/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       6.625          2,081.01         59
                                       6.375          2,081.01
    GREENSBORO       GA   30642          2            08/09/02         00
    0400668380                           05           10/01/02          0
    5153240                              O            09/01/32
    0

    7954967          E82/G01             F          305,000.00         ZZ
                                         360        305,000.00          1
                                       6.625          1,952.95         63
                                       6.375          1,952.95
    TRABUCO CANYON   CA   92679          2            08/09/02         00
    0400668372                           03           10/01/02          0
    1801203                              O            09/01/32
    0

    7956607          926/926             F          449,538.38         T
                                         354        449,135.97          1
                                       6.750          2,931.06         70
                                       6.500          2,931.06
    HILTON HEAD ISL  SC   29926          1            08/15/02         00
    142002921                            03           09/01/02          0
    142002921                            O            02/01/32
    0

    7956619          R84/G01             F          422,000.00         ZZ
                                         360        422,000.00          1
                                       6.250          2,598.33         51
                                       6.000          2,598.33
    HOUSTON          TX   77057          2            08/09/02         00
    0434457149                           03           10/01/02          0
    0595165                              O            09/01/32
    0

    7956665          550/550             F          995,000.00         ZZ
                                         360        995,000.00          1
                                       6.500          6,289.08         56
                                       6.250          6,289.08
1

    OAKLAND          CA   94611          2            08/14/02         00
    120595629                            05           10/01/02          0
    120595629                            O            09/01/32
    0

    7957093          757/G01             F          388,000.00         ZZ
                                         360        388,000.00          1
                                       6.750          2,516.57         77
                                       6.500          2,516.57
    BROOKLINE        MA   02446          2            08/08/02         00
    0434470001                           01           10/01/02          0
    1000798676                           O            09/01/32
    0

    7957957          356/356             F          773,250.00         ZZ
                                         360        773,250.00          1
                                       6.625          4,951.20         46
                                       6.375          4,951.20
    PLEASANTON       CA   94566          2            07/31/02         00
    2975506                              03           10/01/02          0
    2975506                              O            09/01/32
    0

    7960315          696/G01             F          418,500.00         ZZ
                                         360        418,500.00          1
                                       6.625          2,679.70         77
                                       6.375          2,679.70
    FAIRFAX          VA   22030          2            08/09/02         00
    0434419446                           03           10/01/02          0
    25102193                             O            09/01/32
    0

    7960387          696/G01             F          800,000.00         T
                                         360        799,344.25          1
                                       7.000          5,322.42         56
                                       6.750          5,322.42
    ST MICHAELS      MD   21663          2            06/17/02         00
    0434464939                           05           09/01/02          0
    10002060                             O            08/01/32
    0

    7960391          696/G01             F          337,100.00         ZZ
                                         360        337,100.00          1
                                       6.625          2,158.49         71
                                       6.375          2,158.49
    WASHINGTON       DC   20007          5            08/15/02         00
    0434453593                           05           10/01/02          0
    25702013                             O            09/01/32
    0
1

    7960553          964/G01             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       6.500          3,539.58         68
                                       6.250          3,539.58
    NOVATO           CA   94945          2            08/09/02         00
    0434453619                           05           10/01/02          0
    236597                               O            09/01/32
    0

    7960571          964/G01             F          540,000.00         ZZ
                                         360        540,000.00          1
                                       6.625          3,457.68         80
                                       6.375          3,457.68
    CAMARILLO        CA   93010          1            08/09/02         00
    0434455648                           05           10/01/02          0
    237210                               O            09/01/32
    0

    7960591          964/G01             F          546,000.00         ZZ
                                         360        546,000.00          1
                                       6.625          3,496.10         77
                                       6.375          3,496.10
    SAN JOSE         CA   95120          2            08/06/02         00
    0434470241                           05           10/01/02          0
    232523                               O            09/01/32
    0

    7960595          964/G01             F          599,000.00         ZZ
                                         360        599,000.00          1
                                       6.500          3,786.09         80
                                       6.250          3,786.09
    BAINBRIDGE IS    WA   98110          2            08/14/02         00
    0434444170                           05           10/01/02          0
    212896                               O            09/01/32
    0

    7960719          E22/G01             F          227,000.00         T
                                         360        227,000.00          1
                                       6.375          1,416.18         72
                                       6.125          1,416.18
    SEATTLE          WA   98117          1            08/08/02         00
    0414539049                           05           10/01/02          0
    0414539049                           O            09/01/32
    0

    7960783          E22/G01             F          171,000.00         ZZ
                                         360        171,000.00          1
1

                                       6.375          1,066.82         66
                                       6.125          1,066.82
    PEARLAND         TX   77584          5            08/13/02         00
    0414574830                           03           10/01/02          0
    0414574830                           O            09/01/32
    0

    7961609          E82/G01             F          255,400.00         ZZ
                                         360        255,400.00          1
                                       6.750          1,656.52         55
                                       6.500          1,656.52
    MONTEREY         CA   93940          2            08/14/02         00
    0400659751                           05           10/01/02          0
    1743709                              O            09/01/32
    0

    7961615          E82/G01             F          247,000.00         ZZ
                                         360        247,000.00          1
                                       6.625          1,581.57         48
                                       6.375          1,581.57
    AGOURA           CA   91377          2            08/12/02         00
    0400662797                           03           10/01/02          0
    1804937                              O            09/01/32
    0

    7961631          E82/G01             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       6.375          1,216.55         80
                                       6.125          1,216.55
    STARKVILLE       MS   39759          2            08/12/02         00
    0400668018                           05           10/01/02          0
    3514928                              O            09/01/32
    0

    7961661          E82/G01             F          446,000.00         ZZ
                                         360        446,000.00          1
                                       6.500          2,819.02         50
                                       6.250          2,819.02
    FAIRFAX          CA   94930          2            08/14/02         00
    0400674214                           03           10/01/02          0
    0400674214                           O            09/01/32
    0

    7964511          998/998             F          312,500.00         ZZ
                                         360        311,973.42          1
                                       6.875          2,052.90         66
                                       6.625          2,052.90
    DULUTH           MN   55804          5            06/28/02         00
    4978898                              05           08/01/02          0
1

    4978898                              O            07/01/32
    0

    7964513          998/998             F          548,000.00         ZZ
                                         360        547,120.94          1
                                       7.125          3,691.98         80
                                       6.875          3,691.98
    LINCOLN          NE   68520          1            06/25/02         00
    4987618                              03           08/01/02          0
    4987618                              O            07/01/32
    0

    7964897          T53/G01             F          346,500.00         ZZ
                                         360        346,500.00          1
                                       6.500          2,190.12         90
                                       6.250          2,190.12
    MISSION VIEJO    CA   92691          1            08/08/02         10
    0434467585                           03           10/01/02         25
    05001325                             O            09/01/32
    0

    7964917          E87/G01             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       6.500          2,307.05         63
                                       6.250          2,307.05
    LOS ANGELES      CA   91423          5            08/05/02         00
    0434457388                           05           10/01/02          0
    70004193                             O            09/01/32
    0

    7965687          E11/G01             F          424,800.00         ZZ
                                         360        424,800.00          1
                                       6.750          2,755.24         80
                                       6.500          2,755.24
    ST PAUL          MN   55105          1            08/15/02         00
    0434474409                           05           10/01/02          0
    LEE                                  O            09/01/32
    0

    7966101          575/G01             F          402,000.00         ZZ
                                         360        401,616.49          1
                                       6.500          2,540.92         79
                                       6.250          2,540.92
    ASHBURN          VA   20147          2            07/25/02         00
    0434467924                           03           09/01/02          0
    0012208476                           O            08/01/32
    0

1

    7966125          227/G01             F          500,000.00         ZZ
                                         360        499,569.50          1
                                       6.750          3,243.00         72
                                       6.500          3,243.00
    SCOTTSDALE       AZ   85255          4            08/01/02         00
    0434515466                           03           09/01/02          0
    1920936                              O            08/01/32
    0

    7966567          696/G01             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       6.625          2,228.28         80
                                       6.375          2,228.28
    NORTH POTOMAC    MD   20878          2            08/08/02         00
    0434433926                           03           10/01/02          0
    30502125                             O            09/01/32
    0

    7966949          964/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       6.250          2,462.56         44
                                       6.000          2,462.56
    NOVATO           CA   94947          2            08/02/02         00
    0434474284                           05           10/01/02          0
    227765                               O            09/01/32
    0

    7967167          E22/G01             F          120,180.00         ZZ
                                         360        120,180.00          1
                                       6.375            749.77         73
                                       6.125            749.77
    ALBUQUERQUE      NM   87109          2            08/09/02         00
    0414447615                           05           10/01/02          0
    0414447615                           O            09/01/32
    0

    7967299          E22/G01             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       6.625          2,465.20         77
                                       6.375          2,465.20
    TACOMA           WA   98422          2            08/12/02         00
    0414620666                           05           10/01/02          0
    0414620666                           O            09/01/32
    0

    7967309          E22/G01             F          273,400.00         ZZ
                                         360        273,400.00          1
                                       6.625          1,750.61         68
                                       6.375          1,750.61
1

    ELLISVILLE       MO   63021          2            08/15/02         00
    0414626267                           03           10/01/02          0
    0414626267                           O            09/01/32
    0

    7967625          E82/G01             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.625          1,536.75         67
                                       6.375          1,536.75
    MILL VALLEY      CA   94941          2            08/14/02         00
    0400665212                           05           10/01/02          0
    1475637                              O            09/01/32
    0

    7967637          E82/G01             F          495,000.00         ZZ
                                         360        495,000.00          1
                                       6.375          3,088.16         53
                                       6.125          3,088.16
    ISLE OF PALMS    SC   29451          2            08/15/02         00
    0400667325                           05           10/01/02          0
    5462027                              O            09/01/32
    0

    7969181          757/G01             F          331,000.00         ZZ
                                         360        331,000.00          1
                                       6.375          2,065.01         51
                                       6.125          2,065.01
    RALIEGH          NC   27608          2            08/14/02         00
    0434464830                           05           10/01/02          0
    1000813335                           O            09/01/32
    0

    7969937          757/G01             F          394,000.00         ZZ
                                         360        394,000.00          1
                                       6.625          2,522.83         80
                                       6.375          2,522.83
    VALDOSTA         GA   31602          5            08/16/02         00
    0434478756                           03           10/01/02          0
    1000785749                           O            09/01/32
    0

    7969951          356/G01             F          364,000.00         ZZ
                                         360        364,000.00          1
                                       6.625          2,330.74         52
                                       6.375          2,330.74
    SAN JOSE         CA   95132          2            07/26/02         00
    0434467288                           03           10/01/02          0
    28916591                             O            09/01/32
    0
1

    7970139          M12/G01             F          308,850.00         ZZ
                                         360        308,850.00          1
                                       6.375          1,926.82         54
                                       6.125          1,926.82
    TUCSON           AZ   85737          2            08/16/02         00
    0434465365                           03           10/01/02          0
    R0624                                O            09/01/32
    0

    7971141          696/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.625          2,113.03         80
                                       6.375          2,113.03
    FAIRFAX          VA   22032          1            08/20/02         00
    0434462347                           05           10/01/02          0
    24602169                             O            09/01/32
    0

    7971143          696/G01             F          636,000.00         ZZ
                                         360        636,000.00          1
                                       6.750          4,125.08         80
                                       6.500          4,125.08
    WASHINGTON       DC   20015          1            08/16/02         00
    0434461570                           05           10/01/02          0
    30202130                             O            09/01/32
    0

    7971149          696/G01             F          325,950.00         ZZ
                                         360        325,950.00          1
                                       6.750          2,114.11         80
                                       6.500          2,114.11
    LORTON           VA   22079          1            08/12/02         00
    0434461851                           03           10/01/02          0
    25402103                             O            09/01/32
    0

    7971211          964/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.375          2,495.48         80
                                       6.125          2,495.48
    TORRANCE         CA   90503          1            08/08/02         00
    0434462420                           05           10/01/02          0
    236986                               O            09/01/32
    0

    7971237          964/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
1

                                       6.500          3,160.34         56
                                       6.250          3,160.34
    FREMONT          CA   94539          5            08/16/02         00
    0434489316                           03           10/01/02          0
    237752                               O            09/01/32
    0

    7971729          E82/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       6.625          1,997.77         79
                                       6.375          1,997.77
    HARRISBURG       PA   17112          2            08/19/02         00
    0400681680                           05           10/01/02          0
    7413538                              O            09/01/32
    0

    7972453          X80/G01             F          496,500.00         ZZ
                                         360        496,500.00          1
                                       6.500          3,138.22         77
                                       6.250          3,138.22
    TUSTIN           CA   92782          1            08/12/02         00
    0434479226                           05           10/01/02          0
    100372                               O            09/01/32
    0

    7972623          356/G01             F          558,000.00         ZZ
                                         360        558,000.00          1
                                       6.500          3,526.94         60
                                       6.250          3,526.94
    REDWOOD CITY     CA   94061          2            08/08/02         00
    0434467791                           05           10/01/02          0
    2975399                              O            09/01/32
    0

    7973309          356/G01             F          408,000.00         ZZ
                                         360        408,000.00          1
                                       6.625          2,612.47         78
                                       6.375          2,612.47
    DUBLIN           CA   94568          2            07/30/02         00
    0434466728                           05           10/01/02          0
    28915288                             O            09/01/32
    0

    7973331          H58/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.500          2,528.27         61
                                       6.250          2,528.27
    VANCOUVER        WA   98683          2            08/09/02         00
    0434467205                           05           10/01/02          0
1

    0000105649                           O            09/01/32
    0

    7974617          116/116             F          456,000.00         ZZ
                                         360        456,000.00          1
                                       6.375          2,844.85         80
                                       6.125          2,844.85
    HORSESHOE BAY    TX   78657          1            08/01/02         00
    091022238                            05           10/01/02          0
    091022238                            O            09/01/32
    0

    7974807          H58/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       6.250          1,921.04         75
                                       6.000          1,921.04
    LOS BANOS        CA   93635          2            08/14/02         00
    0434473922                           05           10/01/02          0
    0000105813                           O            09/01/32
    0

    7975019          964/G01             F          399,200.00         ZZ
                                         360        399,200.00          1
                                       6.375          2,490.49         80
                                       6.125          2,490.49
    SCOTTSDALE       AZ   85255          1            08/15/02         00
    0434466173                           03           10/01/02          0
    240682                               O            09/01/32
    0

    7975539          E82/G01             F          427,700.00         ZZ
                                         360        427,700.00          1
                                       6.875          2,809.68         58
                                       6.625          2,809.68
    STAMFORD         CT   06903          2            08/19/02         00
    0400657466                           05           10/01/02          0
    0400657466                           O            09/01/32
    0

    7975571          E82/G01             F          377,500.00         ZZ
                                         360        377,500.00          1
                                       6.750          2,448.46         80
                                       6.500          2,448.46
    HERNDON          VA   20171          2            08/19/02         00
    0400665378                           03           10/01/02          0
    4930201                              O            09/01/32
    0

1

    7976533          696/G01             F          368,900.00         ZZ
                                         360        368,900.00          1
                                       6.750          2,392.68         80
                                       6.500          2,392.68
    WASHINGTON       DC   20009          1            08/20/02         00
    0434466090                           01           10/01/02          0
    31202400                             O            09/01/32
    0

    7977183          P09/G01             F          386,500.00         ZZ
                                         360        386,500.00          1
                                       6.500          2,442.94         58
                                       6.250          2,442.94
    BETHESDA         MD   20817          5            08/21/02         00
    0434485876                           05           10/01/02          0
    0207754                              O            09/01/32
    0

    7977825          964/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       6.375          2,495.17         59
                                       6.125          2,495.17
    SAN JOSE         CA   95125          5            08/09/02         00
    0434490116                           05           10/01/02          0
    238889                               O            09/01/32
    0

    7977829          964/G01             F          343,500.00         ZZ
                                         360        343,500.00          1
                                       6.250          2,114.99         62
                                       6.000          2,114.99
    SANTA MARIA      CA   93455          2            08/13/02         00
    0434474094                           05           10/01/02          0
    237466                               O            09/01/32
    0

    7977845          964/G01             F          326,000.00         ZZ
                                         360        326,000.00          1
                                       6.375          2,033.82         72
                                       6.125          2,033.82
    TRABUCO CANYON   CA   92679          2            08/15/02         00
    0434518957                           05           10/01/02          0
    237617                               O            09/01/32
    0

    7977855          964/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.250          2,770.73         70
                                       6.000          2,770.73
1

    LIVERMORE        CA   94551          5            08/14/02         00
    0434475687                           05           10/01/02          0
    240529                               O            09/01/32
    0

    7977879          964/G01             F          388,800.00         ZZ
                                         360        388,800.00          1
                                       6.500          2,457.48         90
                                       6.250          2,457.48
    CORONA           CA   92881          1            08/20/02         04
    0434478160                           05           10/01/02         25
    241255                               O            09/01/32
    0

    7978479          E22/G01             F          409,800.00         ZZ
                                         360        409,800.00          1
                                       6.750          2,657.95         79
                                       6.500          2,657.95
    COLORADO SPRING  CO   80906          2            08/19/02         00
    0414619015                           05           10/01/02          0
    0414619015                           O            09/01/32
    0

    7978507          E22/G01             F          322,500.00         ZZ
                                         360        322,500.00          1
                                       6.125          1,959.54         50
                                       5.875          1,959.54
    DAYTONA BEACH    FL   32128          2            08/19/02         00
    0414639310                           03           10/01/02          0
    0414639310                           O            09/01/32
    0

    7978559          E22/G01             F          446,000.00         ZZ
                                         360        446,000.00          1
                                       6.500          2,819.02         50
                                       6.250          2,819.02
    NORTHRIDGE       CA   91326          1            08/20/02         00
    0414701987                           03           10/01/02          0
    0414701987                           O            09/01/32
    0

    7978601          E22/G01             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       6.500          6,320.68         59
                                       6.250          6,320.68
    BELLEVUE         WA   98006          1            08/22/02         00
    0414738369                           05           10/01/02          0
    0414738369                           O            09/01/32
    0
1

    7978753          E82/G01             F          165,300.00         ZZ
                                         360        165,300.00          1
                                       6.875          1,085.90         74
                                       6.625          1,085.90
    KEY WEST         FL   33040          2            08/21/02         00
    0400669396                           05           10/01/02          0
    1701443                              O            09/01/32
    0

    7978763          E82/G01             F          241,200.00         ZZ
                                         360        241,200.00          1
                                       6.625          1,544.43         71
                                       6.375          1,544.43
    FORT LAUDERDALE  FL   33332          2            08/22/02         00
    0400674305                           03           10/01/02          0
    5056831                              O            09/01/32
    0

    7978787          E82/G01             F          201,200.00         ZZ
                                         360        201,200.00          1
                                       6.625          1,288.31         73
                                       6.375          1,288.31
    FALLBROOK        CA   92028          2            08/21/02         00
    0400666053                           05           10/01/02          0
    1734245                              O            09/01/32
    0

    7978789          E82/G01             F          347,700.00         ZZ
                                         360        347,700.00          1
                                       6.750          2,255.18         72
                                       6.500          2,255.18
    LYME             NH   03768          2            08/20/02         00
    0400664041                           03           10/01/02          0
    4859467                              O            09/01/32
    0

    7978797          E82/G01             F          184,500.00         ZZ
                                         360        184,500.00          1
                                       6.250          1,136.00         50
                                       6.000          1,136.00
    LAGUNA NIGUEL    CA   92677          2            08/20/02         00
    0400666566                           03           10/01/02          0
    1914284                              O            09/01/32
    0

    7978809          E82/G01             F          246,500.00         ZZ
                                         360        246,500.00          4
1

                                       6.875          1,619.33         85
                                       6.625          1,619.33
    NORCROSS         GA   30092          2            08/19/02         04
    0400666103                           05           10/01/02         12
    0400666103                           O            09/01/32
    0

    7978821          E82/G01             F          694,600.00         ZZ
                                         360        694,600.00          1
                                       6.750          4,505.16         58
                                       6.500          4,505.16
    SCARSDALE        NY   10583          2            08/21/02         00
    0400665998                           05           10/01/02          0
    5280528                              O            09/01/32
    0

    7979247          F28/G01             F          340,000.00         ZZ
                                         360        339,707.27          1
                                       6.750          2,205.23         80
                                       6.500          2,205.23
    FULLERTON        CA   92833          1            07/11/02         00
    0434480497                           03           09/01/02          0
    3169718                              O            08/01/32
    0

    7979253          F28/G01             F          360,000.00         ZZ
                                         240        359,265.93          1
                                       6.500          2,684.06         37
                                       6.250          2,684.06
    POTOMAC          MD   20854          2            07/31/02         00
    0434480554                           03           09/01/02          0
    3302392                              O            08/01/22
    0

    7979255          F28/G01             F          510,000.00         ZZ
                                         360        509,527.64          1
                                       6.375          3,181.74         75
                                       6.125          3,181.74
    LOVELAND         CO   80537          2            07/25/02         00
    0434480570                           03           09/01/02          0
    3100481                              O            08/01/32
    0

    7979257          F28/G01             F          345,000.00         ZZ
                                         360        344,680.46          1
                                       6.375          2,152.35         75
                                       6.125          2,152.35
    LAS VEGAS        NV   89128          1            07/29/02         00
    0434480612                           03           09/01/02          0
1

    3323545                              O            08/01/32
    0

    7979273          F28/G01             F          412,000.00         ZZ
                                         360        411,627.55          1
                                       6.500          2,604.12         80
                                       6.250          2,604.12
    HOUSTON          TX   77027          1            07/23/02         00
    0434480737                           05           09/01/02          0
    3227136                              O            08/01/32
    0

    7979307          F28/G01             F          478,500.00         ZZ
                                         360        478,088.02          1
                                       6.750          3,103.54         60
                                       6.500          3,103.54
    RANCHO PALOS VE  CA   90275          5            07/27/02         00
    0434481008                           05           09/01/02          0
    3171019                              O            08/01/32
    0

    7979311          F28/G01             F          396,000.00         ZZ
                                         360        395,633.22          1
                                       6.375          2,470.52         80
                                       6.125          2,470.52
    WRIGHTSVILLE BE  NC   28480          1            07/26/02         00
    0434481024                           01           09/01/02          0
    1551497                              O            08/01/32
    0

    7979315          F28/G01             F          375,000.00         ZZ
                                         360        374,669.14          1
                                       6.625          2,401.17         53
                                       6.375          2,401.17
    WARREN           NJ   07059          5            07/11/02         00
    0434481040                           05           09/01/02          0
    3171902                              O            08/01/32
    0

    7979335          F28/G01             F          418,000.00         ZZ
                                         360        417,631.21          1
                                       6.625          2,676.50         55
                                       6.375          2,676.50
    SAN JOSE         CA   95120          5            07/15/02         00
    0434481198                           05           09/01/02          0
    3180269                              O            08/01/32
    0

1

    7979343          F28/G01             F          447,300.00         ZZ
                                         360        446,895.64          1
                                       6.500          2,827.24         41
                                       6.250          2,827.24
    SEATTLE          WA   98122          2            07/23/02         00
    0434481230                           05           09/01/02          0
    3255434                              O            08/01/32
    0

    7979433          F28/G01             F          440,000.00         ZZ
                                         360        439,602.23          1
                                       6.500          2,781.10         80
                                       6.250          2,781.10
    EL SOBRANTE      CA   94803          1            07/22/02         00
    0434491700                           05           09/01/02          0
    3065868                              O            08/01/32
    0

    7980021          X91/G01             F          560,000.00         ZZ
                                         360        560,000.00          1
                                       6.375          3,493.67         70
                                       6.125          3,493.67
    KANEOHE          HI   96744          5            08/06/02         00
    0434518254                           03           10/01/02          0
    800773                               O            09/01/32
    0

    7980105          E45/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.625          2,561.24         76
                                       6.375          2,561.24
    HARTWELL         GA   30643          2            08/13/02         00
    0434472551                           05           10/01/02          0
    244992                               O            09/01/32
    0

    7980137          E45/G01             F          147,100.00         ZZ
                                         360        146,491.27          1
                                       7.125            991.04         71
                                       6.875            991.04
    CARROLLTON       GA   30116          2            05/15/02         00
    0434532198                           05           07/01/02          0
    163599                               O            06/01/32
    0

    7980141          E45/G01             F          400,000.00         ZZ
                                         360        399,655.61          1
                                       6.750          2,594.40         63
                                       6.500          2,594.40
1

    BROOKLINE        MA   02467          1            08/08/02         00
    0434479150                           05           09/01/02          0
    250290                               O            08/01/32
    0

    7980181          E45/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.750          4,215.89         69
                                       6.500          4,215.89
    COHASSET         MA   02025          2            08/05/02         00
    0434478848                           05           10/01/02          0
    259756                               O            09/01/32
    0

    7980183          E45/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.625          4,162.02         62
                                       6.375          4,162.02
    MARBLEHEAD       MA   01945          2            08/08/02         00
    0434472643                           05           10/01/02          0
    233412                               O            09/01/32
    0

    7980187          F28/G01             F          490,000.00         ZZ
                                         360        489,557.03          1
                                       6.500          3,097.13         63
                                       6.250          3,097.13
    BROOKLINE        MA   02467          1            07/22/02         00
    0434482022                           05           09/01/02          0
    3039582                              O            08/01/32
    0

    7980215          F28/G01             F          390,000.00         ZZ
                                         360        389,647.43          1
                                       6.500          2,465.07         43
                                       6.250          2,465.07
    LITTLETON        CO   80123          5            07/25/02         00
    0434482170                           05           09/01/02          0
    3238000                              O            08/01/32
    0

    7980263          F28/G01             F          447,500.00         ZZ
                                         360        447,105.18          1
                                       6.625          2,865.39         31
                                       6.375          2,865.39
    LARKSPUR         CA   94939          2            07/15/02         00
    0434482451                           05           09/01/02          0
    3228407                              O            08/01/32
    0
1

    7980271          F28/G01             F          343,000.00         ZZ
                                         360        342,704.68          1
                                       6.750          2,224.69         70
                                       6.500          2,224.69
    MOORPARK         CA   93021          2            07/09/02         00
    0434482501                           05           09/01/02          0
    3082572                              O            08/01/32
    0

    7980289          F28/G01             F          456,000.00         ZZ
                                         360        455,587.77          1
                                       6.500          2,882.23         80
                                       6.250          2,882.23
    HOUSTON          TX   77024          1            07/15/02         00
    0434482618                           03           09/01/02          0
    3056949                              O            08/01/32
    0

    7980313          F28/G01             F          420,000.00         ZZ
                                         360        419,292.28          1
                                       6.875          2,759.10         80
                                       6.625          2,759.10
    LAS VEGAS        NV   89129          1            06/26/02         00
    0434482766                           05           08/01/02          0
    3125183                              O            07/01/32
    0

    7980321          F28/G01             F          482,000.00         ZZ
                                         360        481,542.66          1
                                       6.250          2,967.76         70
                                       6.000          2,967.76
    ALAMEDA          CA   94502          1            07/09/02         00
    0434482808                           03           09/01/02          0
    3098032                              O            08/01/32
    0

    7980335          F28/G01             F          360,000.00         ZZ
                                         360        359,674.56          1
                                       6.500          2,275.44         80
                                       6.250          2,275.44
    SAN DIEGO        CA   92128          1            07/22/02         00
    0434482881                           03           09/01/02          0
    3077812                              O            08/01/32
    0

    7980347          F28/G01             F          400,000.00         ZZ
                                         360        399,638.40          1
1

                                       6.500          2,528.27         54
                                       6.250          2,528.27
    STAMFORD         CT   06902          1            07/26/02         00
    0434491726                           05           09/01/02          0
    3084618                              O            08/01/32
    0

    7980381          F28/G01             F          322,500.00         ZZ
                                         360        322,194.00          1
                                       6.250          1,985.69         95
                                       6.000          1,985.69
    MASON            OH   45040          1            07/19/02         04
    0434464889                           03           09/01/02         30
    5977190                              O            08/01/32
    0

    7980415          F28/G01             F          488,000.00         ZZ
                                         360        487,558.83          1
                                       6.500          3,084.50         80
                                       6.250          3,084.50
    CHARLESTON       SC   29407          1            07/17/02         00
    0434483285                           05           09/01/02          0
    3093751                              O            08/01/32
    0

    7980465          F28/G01             F          390,000.00         ZZ
                                         360        389,655.91          1
                                       6.625          2,497.21         56
                                       6.375          2,497.21
    BELLEVUE         WA   98004          2            07/25/02         00
    0434483616                           05           09/01/02          0
    3216461                              O            08/01/32
    0

    7980471          F28/G01             F          375,000.00         ZZ
                                         360        374,669.14          1
                                       6.625          2,401.17         58
                                       6.375          2,401.17
    SOMERVILLE       MA   02144          2            07/19/02         00
    0434483640                           05           09/01/02          0
    3105177                              O            08/01/32
    0

    7980479          F28/G01             F          428,000.00         ZZ
                                         360        427,260.93          1
                                       6.750          2,776.00         80
                                       6.500          2,776.00
    BOSTON           MA   02116          1            06/20/02         00
    0434465993                           01           08/01/02          0
1

    1811073                              O            07/01/32
    0

    7980493          F28/G01             F          446,000.00         ZZ
                                         360        445,596.81          1
                                       6.500          2,819.02         51
                                       6.250          2,819.02
    CONCORD          MA   01742          1            07/19/02         00
    0434483723                           05           09/01/02          0
    1775948                              O            08/01/32
    0

    7980495          F28/G01             F          345,000.00         ZZ
                                         360        343,890.07          1
                                       7.500          2,412.29         74
                                       7.250          2,412.29
    CHAMPLIN         MN   55316          1            04/04/02         00
    0434483749                           05           06/01/02          0
    1113526                              O            05/01/32
    0

    7980511          F28/G01             F          315,000.00         ZZ
                                         360        314,722.08          1
                                       6.625          2,016.98         70
                                       6.375          2,016.98
    LADERA RANCH     CA   92694          5            07/11/02         00
    0434483830                           03           09/01/02          0
    3116412                              O            08/01/32
    0

    7980647          E45/G01             F          396,500.00         ZZ
                                         360        396,166.89          1
                                       6.875          2,604.72         79
                                       6.625          2,604.72
    YORBA LINDA      CA   92886          2            07/24/02         00
    0434479069                           03           09/01/02          0
    249189                               O            08/01/32
    0

    7980737          E45/G01             F          407,000.00         ZZ
                                         360        407,000.00          1
                                       6.375          2,539.15         69
                                       6.125          2,539.15
    FAIRFAX          VA   22033          2            08/09/02         00
    0434473153                           03           10/01/02          0
    259869                               O            09/01/32
    0

1

    7980795          E45/G01             F          409,000.00         ZZ
                                         360        409,000.00          1
                                       6.500          2,585.16         47
                                       6.250          2,585.16
    MCLEAN           VA   22101          2            08/06/02         00
    0434532560                           05           10/01/02          0
    259721                               O            09/01/32
    0

    7980801          964/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       6.375          3,275.32         69
                                       6.125          3,275.32
    NEWPORT BEACH    CA   92660          1            08/02/02         00
    0434463832                           03           10/01/02          0
    232890                               O            09/01/32
    0

    7980855          E45/G01             F          396,000.00         ZZ
                                         360        395,642.01          1
                                       6.500          2,502.99         60
                                       6.250          2,502.99
    ROCKVILLE        MD   20850          2            08/01/02         00
    0434472759                           03           09/01/02          0
    259718                               O            08/01/32
    0

    7980931          K79/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.625          2,241.09         49
                                       6.375          2,241.09
    NEWTON           MA   02159          2            08/20/02         00
    0434479192                           05           10/01/02          0
    15093                                O            09/01/32
    0

    7980999          K88/G01             F          387,000.00         ZZ
                                         360        387,000.00          1
                                       6.625          2,478.01         63
                                       6.375          2,478.01
    FAIR HAVEN       NJ   07704          2            08/15/02         00
    0434478434                           05           10/01/02          0
    40480                                O            09/01/32
    0

    7981055          964/G01             F          409,000.00         ZZ
                                         360        409,000.00          1
                                       6.625          2,618.87         80
                                       6.375          2,618.87
1

    SAN JOSE         CA   95131          2            08/06/02         00
    0434478590                           03           10/01/02          0
    232205                               O            09/01/32
    0

    7981061          964/G01             F          398,000.00         ZZ
                                         360        398,000.00          1
                                       6.250          2,450.56         54
                                       6.000          2,450.56
    POINT REYES STA  CA   94956          2            08/12/02         00
    0434485132                           05           10/01/02          0
    236774                               O            09/01/32
    0

    7981081          964/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.375          2,807.42         61
                                       6.125          2,807.42
    ORINDA           CA   94583          1            08/09/02         00
    0434487351                           05           10/01/02          0
    219908                               O            09/01/32
    0

    7981211          E22/G01             F          724,000.00         ZZ
                                         360        724,000.00          1
                                       6.375          4,516.82         66
                                       6.125          4,516.82
    BELLEVUE         WA   98005          5            08/21/02         00
    0413555376                           03           10/01/02          0
    0413555376                           O            09/01/32
    0

    7981293          E22/G01             F          395,000.00         ZZ
                                         360        395,000.00          1
                                       6.875          2,594.87         74
                                       6.625          2,594.87
    SAN LEANDRO      CA   94579          2            08/15/02         00
    0414521963                           03           10/01/02          0
    0414521963                           O            09/01/32
    0

    7981315          E22/G01             F          406,000.00         ZZ
                                         360        406,000.00          1
                                       6.625          2,599.66         53
                                       6.375          2,599.66
    VENICE           CA   90291          2            08/15/02         00
    0414566984                           05           10/01/02          0
    0414566984                           O            09/01/32
    0
1

    7981331          E22/G01             F          478,000.00         ZZ
                                         360        478,000.00          1
                                       6.250          2,943.13         27
                                       6.000          2,943.13
    LOS ALTOS        CA   94022          2            08/16/02         00
    0414579698                           05           10/01/02          0
    0414579698                           O            09/01/32
    0

    7981377          E22/G01             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       6.500          1,080.84         73
                                       6.250          1,080.84
    BENNINGTON       NE   68007          2            08/20/02         00
    0414610600                           05           10/01/02          0
    0414610600                           O            09/01/32
    0

    7981427          E22/G01             F          551,000.00         ZZ
                                         360        551,000.00          1
                                       6.500          3,482.69         60
                                       6.250          3,482.69
    LOS GATOS        CA   95032          2            08/17/02         00
    0414647263                           05           10/01/02          0
    0414647263                           O            09/01/32
    0

    7981459          E22/G01             F          452,000.00         ZZ
                                         360        452,000.00          1
                                       6.375          2,819.89         28
                                       6.125          2,819.89
    PALO ALTO        CA   94303          2            08/16/02         00
    0414673665                           05           10/01/02          0
    0414673665                           O            09/01/32
    0

    7981653          E82/G01             F          169,000.00         ZZ
                                         360        169,000.00          1
                                       6.750          1,096.13         40
                                       6.500          1,096.13
    ENCINITAS        CA   92024          5            08/13/02         00
    0400670550                           05           10/01/02          0
    0400670550                           O            09/01/32
    0

    7981691          E82/G01             F          302,600.00         ZZ
                                         360        302,600.00          1
1

                                       6.625          1,937.58         80
                                       6.375          1,937.58
    CHANDLER         AZ   85224          2            08/23/02         00
    0400687414                           05           10/01/02          0
    5117025                              O            09/01/32
    0

    7982007          E22/G01             F          311,250.00         ZZ
                                         360        311,250.00          1
                                       6.375          1,941.80         75
                                       6.125          1,941.80
    LOS ANGELES      CA   90025          5            08/14/02         00
    0414539825                           01           10/01/02          0
    0414539825                           O            09/01/32
    0

    7982039          E22/G01             F          536,000.00         ZZ
                                         360        536,000.00          1
                                       6.500          3,387.88         79
                                       6.250          3,387.88
    MORGAN HILL      CA   95037          2            08/15/02         00
    0414577767                           03           10/01/02          0
    0414577767                           O            09/01/32
    0

    7982053          E22/G01             F          484,000.00         ZZ
                                         360        484,000.00          1
                                       6.250          2,980.07         80
                                       6.000          2,980.07
    ROCKVILLE        MD   20855          1            08/21/02         00
    0414586859                           05           10/01/02          0
    0414586859                           O            09/01/32
    0

    7982181          E22/G01             F          409,600.00         ZZ
                                         360        409,600.00          1
                                       6.500          2,588.95         80
                                       6.250          2,588.95
    MIAMI            FL   33157          1            08/21/02         00
    0414710921                           05           10/01/02          0
    0414710921                           O            09/01/32
    0

    7982341          E22/G01             F          403,750.00         ZZ
                                         360        403,750.00          1
                                       6.250          2,485.96         85
                                       6.000          2,485.96
    GLENDALE         CA   91207          2            08/16/02         04
    0414597401                           05           10/01/02         12
1

    0414597401                           O            09/01/32
    0

    7982345          E22/G01             F          535,000.00         ZZ
                                         360        535,000.00          1
                                       6.500          3,381.56         43
                                       6.250          3,381.56
    SAN JOSE         CA   95120          2            08/16/02         00
    0414598664                           05           10/01/02          0
    0414598664                           O            09/01/32
    0

    7982429          E85/G01             F          300,700.00         ZZ
                                         360        300,421.49          1
                                       6.375          1,875.98         36
                                       6.125          1,875.98
    SAUSALITO        CA   94965          5            07/23/02         00
    0434479879                           01           09/01/02          0
    9614086                              O            08/01/32
    0

    7983933          A06/G01             F          274,000.00         ZZ
                                         360        274,000.00          1
                                       6.625          1,754.46         29
                                       6.375          1,754.46
    BLOOMFIELD HILL  MI   48301          2            08/21/02         00
    0434477493                           05           10/01/02          0
    0606899                              O            09/01/32
    0

    7984187          405/405             F          330,450.00         ZZ
                                         360        328,967.46          1
                                       6.750          2,143.29         63
                                       6.500          2,143.29
    STEVENSON RANCH  CA   91381          1            05/17/02         00
    0013230255                           05           07/01/02          0
    0013230255                           O            06/01/32
    0

    7984191          405/405             F          439,200.00         ZZ
                                         360        438,059.18          1
                                       6.750          2,848.64         80
                                       6.500          2,848.64
    HERNANDON        VA   20171          1            05/31/02         00
    0013273362                           05           07/01/02          0
    0013273362                           O            06/01/32
    0

1

    7984195          405/405             F          380,000.00         ZZ
                                         360        378,637.50          1
                                       6.750          2,464.67         39
                                       6.500          2,464.67
    MANHATTAN BEACH  CA   90266          5            07/11/02         00
    0013337209                           05           09/01/02          0
    0013337209                           O            08/01/32
    0

    7984213          405/405             F          559,200.00         ZZ
                                         360        558,718.53          1
                                       6.750          3,626.97         80
                                       6.500          3,626.97
    SANTA MONICA     CA   90405          1            07/11/02         00
    0018555888                           05           09/01/02          0
    0018555888                           O            08/01/32
    0

    7984221          405/405             F          526,000.00         ZZ
                                         360        525,535.92          1
                                       6.625          3,368.04         43
                                       6.375          3,368.04
    CLARKSVILLE      MD   21029          5            08/02/02         00
    0018599761                           05           09/01/02          0
    0018599761                           O            08/01/32
    0

    7984231          405/405             F          341,250.00         ZZ
                                         360        340,956.18          1
                                       6.750          2,213.35         75
                                       6.500          2,213.35
    CONCORD          CA   94521          1            07/12/02         00
    0018619429                           05           09/01/02          0
    0018619429                           O            08/01/32
    0

    7984235          405/405             F          392,000.00         ZZ
                                         360        391,662.49          1
                                       6.750          2,542.51         80
                                       6.500          2,542.51
    BUFFALO GROVE    IL   60089          1            07/31/02         00
    0018621250                           05           09/01/02          0
    0018621250                           O            08/01/32
    0

    7984239          405/405             F          320,000.00         ZZ
                                         360        319,717.67          1
                                       6.625          2,049.00         37
                                       6.375          2,049.00
1

    RANCHO PALOS VE  CA   90275          1            07/25/02         00
    0018623173                           05           09/01/02          0
    0018623173                           O            08/01/32
    0

    7984241          405/405             F          635,000.00         ZZ
                                         360        634,453.28          1
                                       6.750          4,118.60         44
                                       6.500          4,118.60
    FREMONT          CA   94539          5            07/23/02         00
    0018624197                           05           09/01/02          0
    0018624197                           O            08/01/32
    0

    7984245          405/405             F          388,200.00         ZZ
                                         360        387,865.77          1
                                       6.750          2,517.86         62
                                       6.500          2,517.86
    LOS ANGELES      CA   91403          5            07/23/02         00
    0018628776                           05           09/01/02          0
    0018628776                           O            08/01/32
    0

    7984247          405/405             F          339,600.00         ZZ
                                         360        339,218.29          1
                                       6.625          2,174.50         80
                                       6.375          2,174.50
    CHESTERFIELD     MO   63005          5            07/29/02         00
    0018630095                           05           09/01/02          0
    0018630095                           O            08/01/32
    0

    7984263          405/405             F          480,000.00         ZZ
                                         360        479,576.50          1
                                       6.625          3,073.50         80
                                       6.375          3,073.50
    WALNUT CREEK     CA   94598          1            07/25/02         00
    0018664557                           05           09/01/02          0
    0018664557                           O            08/01/32
    0

    7984271          405/405             F          442,000.00         ZZ
                                         360        441,610.03          1
                                       6.625          2,830.18         71
                                       6.375          2,830.18
    DANA POINT       CA   92629          5            07/25/02         00
    0060093192                           05           09/01/02          0
    0060093192                           O            08/01/32
    0
1

    7984273          405/405             F          382,500.00         ZZ
                                         360        382,500.00          1
                                       6.750          2,480.89         90
                                       6.500          2,480.89
    TORRANCE         CA   90503          1            08/01/02         10
    0060093424                           01           10/01/02         25
    0060093424                           O            09/01/32
    0

    7984313          K15/G01             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       6.500            758.48         64
                                       6.250            758.48
    STATEN ISLAND    NY   10314          5            08/19/02         00
    0434475661                           05           10/01/02          0
    020705303519                         O            09/01/32
    0

    7984573          588/G01             F          420,000.00         ZZ
                                         360        419,647.15          1
                                       6.875          2,759.10         80
                                       6.625          2,759.10
    RANDOLPH         NJ   07869          1            07/30/02         00
    0434539995                           05           09/01/02          0
    1068382                              O            08/01/32
    0

    7985131          964/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       6.500          2,351.29         80
                                       6.250          2,351.29
    SCOTTSDALE       AZ   85260          1            08/20/02         00
    0434472783                           05           10/01/02          0
    244695                               O            09/01/32
    0

    7985271          E82/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.500          3,160.34         63
                                       6.250          3,160.34
    ALAMO            CA   94507          2            08/23/02         00
    0400681615                           05           10/01/02          0
    7763595                              O            09/01/32
    0

    7985325          E82/G01             F          236,100.00         T
                                         360        236,100.00          1
1

                                       6.750          1,531.34         53
                                       6.500          1,531.34
    LA QUINTA        CA   92253          2            08/23/02         00
    0400670618                           01           10/01/02          0
    1950290                              O            09/01/32
    0

    7985329          E82/G01             F          289,600.00         ZZ
                                         360        289,600.00          1
                                       6.375          1,806.73         76
                                       6.125          1,806.73
    FREMONT          CA   94539          2            08/27/02         00
    0400672515                           05           10/01/02          0
    1709729                              O            09/01/32
    0

    7985495          E22/G01             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       6.625            960.47         85
                                       6.375            960.47
    BLOOMINGTON      MN   55420          2            08/19/02         04
    0414490169                           05           10/01/02         12
    0414490169                           O            09/01/32
    0

    7985587          E22/G01             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       6.375          2,171.07         58
                                       6.125          2,171.07
    GLENVIEW         IL   60025          2            08/22/02         00
    0414636019                           05           10/01/02          0
    0414636019                           O            09/01/32
    0

    7985641          E22/G01             F          151,000.00         ZZ
                                         360        151,000.00          1
                                       6.250            929.73         65
                                       6.000            929.73
    HOPATCONG        NJ   07843          2            08/22/02         00
    0414684787                           05           10/01/02          0
    0414684787                           O            09/01/32
    0

    7986655          950/G01             F          340,600.00         ZZ
                                         360        340,306.75          1
                                       6.750          2,209.13         80
                                       6.500          2,209.13
    RICHMOND         CA   94806          1            07/23/02         00
    0434491239                           05           09/01/02          0
1

    A3204002                             O            08/01/32
    0

    7987633          E22/G01             F          304,500.00         ZZ
                                         360        304,500.00          1
                                       6.250          1,874.86         70
                                       6.000          1,874.86
    WALNUT CREEK     CA   94598          2            08/20/02         00
    0414572198                           09           10/01/02          0
    0414572198                           O            09/01/32
    0

    7987659          E22/G01             F          477,100.00         ZZ
                                         360        477,100.00          1
                                       6.500          3,015.60         80
                                       6.250          3,015.60
    REDWOOD CITY     CA   94062          2            08/16/02         00
    0414588657                           05           10/01/02          0
    0414588657                           O            09/01/32
    0

    7987671          E22/G01             F           65,000.00         ZZ
                                         360         65,000.00          1
                                       6.625            416.20         32
                                       6.375            416.20
    FLORENCE         OR   97439          5            08/23/02         00
    0414597054                           05           10/01/02          0
    0414597054                           O            09/01/32
    0

    7987689          E22/G01             F          517,000.00         ZZ
                                         360        517,000.00          1
                                       6.375          3,225.41         55
                                       6.125          3,225.41
    SACRAMENTO       CA   95864          2            08/19/02         00
    0414625038                           03           10/01/02          0
    0414625038                           O            09/01/32
    0

    7987727          E22/G01             F          438,500.00         ZZ
                                         300        438,500.00          1
                                       6.500          2,960.78         51
                                       6.250          2,960.78
    BELLEVUE         WA   98006          2            08/22/02         00
    0414646745                           03           10/01/02          0
    0414646745                           O            09/01/27
    0

1

    7987813          E22/G01             F          357,000.00         T
                                         360        357,000.00          1
                                       6.625          2,285.91         70
                                       6.375          2,285.91
    SOUTH PADRE ISL  TX   78597          1            08/26/02         00
    0414693812                           06           10/01/02          0
    0414693812                           O            09/01/32
    0

    7987883          E22/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       6.375          2,320.80         80
                                       6.125          2,320.80
    FLOWER MOUND     TX   75028          2            08/23/02         00
    0414768622                           03           10/01/02          0
    0414768622                           O            09/01/32
    0

    7988201          E82/G01             F          286,000.00         ZZ
                                         360        286,000.00          1
                                       6.250          1,760.95         55
                                       6.000          1,760.95
    SANTA ANA        CA   92705          5            08/26/02         00
    0400674891                           05           10/01/02          0
    0400674891                           O            09/01/32
    0

    7988203          E82/G01             F          167,500.00         ZZ
                                         360        167,500.00          1
                                       6.375          1,044.98         75
                                       6.125          1,044.98
    HENDERSON        NV   89015          2            08/23/02         00
    0400676011                           05           10/01/02          0
    1920650                              O            09/01/32
    0

    7988229          E82/G01             F          429,000.00         ZZ
                                         360        429,000.00          1
                                       6.375          2,676.40         66
                                       6.125          2,676.40
    SHERMAN OAKS     CA   91423          2            08/26/02         00
    0400673273                           05           10/01/02          0
    4452529                              O            09/01/32
    0

    7988249          E82/G01             F          297,000.00         ZZ
                                         360        297,000.00          1
                                       6.500          1,877.24         66
                                       6.250          1,877.24
1

    GILROY           CA   95020          2            08/26/02         00
    0400673851                           05           10/01/02          0
    4997206                              O            09/01/32
    0

    7988273          E82/G01             F          470,200.00         ZZ
                                         360        470,200.00          1
                                       6.375          2,933.44         51
                                       6.125          2,933.44
    LOS ANGELES      CA   90049          2            08/24/02         00
    0400679940                           05           10/01/02          0
    1913029                              O            09/01/32
    0

    7988281          E82/G01             F          251,000.00         ZZ
                                         360        251,000.00          1
                                       6.375          1,565.91         49
                                       6.125          1,565.91
    SAN DIEGO        CA   92124          2            08/23/02         00
    0400676805                           05           10/01/02          0
    1751321                              O            09/01/32
    0

    7988415          E82/G01             F          293,700.00         ZZ
                                         360        293,700.00          1
                                       6.625          1,880.59         79
                                       6.375          1,880.59
    NAPA             CA   94558          2            08/26/02         00
    0400671475                           05           10/01/02          0
    1842251                              O            09/01/32
    0

    7988449          E82/G01             F          290,000.00         ZZ
                                         360        290,000.00          1
                                       6.625          1,856.90         53
                                       6.375          1,856.90
    SEBASTOPOL       CA   95472          5            08/26/02         00
    0400664405                           05           10/01/02          0
    0400664405                           O            09/01/32
    0

    7988503          144/144             F          829,000.00         ZZ
                                         360        829,000.00          1
                                       6.875          5,445.94         67
                                       6.625          5,445.94
    BEDFORD          NY   10506          2            08/14/02         00
    02/BRAND D                           05           10/01/02          0
    02/BRAND D                           O            09/01/32
    0
1

    7988539          R65/G01             F          473,336.00         ZZ
                                         360        473,336.00          1
                                       6.375          2,953.00         68
                                       6.125          2,953.00
    RANCHO PALOS VE  CA   90275          2            08/15/02         00
    0434502928                           05           10/01/02          0
    4156395                              O            09/01/32
    0

    7990275          998/998             F          510,000.00         ZZ
                                         360        510,000.00          1
                                       6.750          3,307.86         69
                                       6.500          3,307.86
    MIAMI            FL   33157          1            08/12/02         00
    4937837                              05           10/01/02          0
    4937837                              O            09/01/32
    0

    7990277          998/998             F          559,808.00         ZZ
                                         360        559,371.29          1
                                       7.250          3,818.88         80
                                       7.000          3,818.88
    MERIDIAN         ID   83642          1            07/09/02         00
    4948259                              05           09/01/02          0
    4948259                              O            08/01/32
    0

    7990279          998/998             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       7.625          3,362.02         53
                                       7.375          3,362.02
    NORTHBROOK       IL   60062          2            08/01/02         00
    5097734                              05           10/01/02          0
    5097734                              O            09/01/32
    0

    7990281          998/998             F          417,400.00         ZZ
                                         360        417,031.74          1
                                       6.625          2,672.66         76
                                       6.375          2,672.66
    SPRINGFIELD      MO   65809          2            07/20/02         00
    5121578                              03           09/01/02          0
    5121578                              O            08/01/32
    0

    7990283          998/998             F          490,000.00         ZZ
                                         360        489,578.12          1
1

                                       6.750          3,178.13         76
                                       6.500          3,178.13
    RICHFIELD        WI   53076          2            07/17/02         00
    5121890                              05           09/01/02          0
    5121890                              O            08/01/32
    0

    7990285          998/998             F          510,000.00         ZZ
                                         360        509,161.48          1
                                       7.000          3,393.04         62
                                       6.750          3,393.04
    ANN ARBOR        MI   48105          5            06/26/02         00
    5127785                              05           08/01/02          0
    5127785                              O            07/01/32
    0

    7990287          998/998             F          650,000.00         ZZ
                                         360        649,517.61          1
                                       7.500          4,544.89         52
                                       7.250          4,544.89
    LONG GROVE       IL   60047          2            07/30/02         00
    5184598                              05           09/01/02          0
    5184598                              O            08/01/32
    0

    7990289          998/998             F          339,000.00         ZZ
                                         360        338,748.41          1
                                       7.500          2,370.34         72
                                       7.250          2,370.34
    SCHERERVILLE     IN   46375          2            07/30/02         00
    5198440                              05           09/01/02          0
    5198440                              O            08/01/32
    0

    7990293          998/998             F          559,000.00         ZZ
                                         360        558,431.54          1
                                       6.750          3,625.67         74
                                       6.500          3,625.67
    SAINT PETERSBUR  FL   33705          2            07/11/02         00
    5211325                              05           09/01/02          0
    5211325                              O            08/01/32
    0

    7990295          998/998             F          320,000.00         ZZ
                                         360        319,737.70          1
                                       7.000          2,128.97         80
                                       6.750          2,128.97
    ANKENY           IA   50021          2            07/30/02         00
    5217845                              05           09/01/02          0
1

    5217845                              O            08/01/32
    0

    7990623          956/G01             F          342,000.00         ZZ
                                         360        341,705.54          1
                                       6.750          2,218.21         66
                                       6.500          2,218.21
    HAYWARD          CA   94544          5            07/17/02         00
    0434525598                           03           09/01/02          0
    112060193                            O            08/01/32
    0

    7990625          956/G01             F          522,000.00         ZZ
                                         360        521,550.57          1
                                       6.750          3,385.68         53
                                       6.500          3,385.68
    DANVILLE         CA   94506          2            07/10/02         00
    0434499984                           03           09/01/02          0
    112060211                            O            08/01/32
    0

    7990627          956/G01             F          477,000.00         ZZ
                                         360        476,579.16          1
                                       6.625          3,054.28         54
                                       6.375          3,054.28
    SAN FRANCISCO    CA   94132          2            07/10/02         00
    0434528386                           05           09/01/02          0
    112060227                            O            08/01/32
    0

    7990631          956/G01             F          425,000.00         ZZ
                                         360        424,525.03          1
                                       6.625          2,721.32         66
                                       6.375          2,721.32
    SAN JOSE         CA   95124          5            07/17/02         00
    0434517074                           05           09/01/02          0
    112060246                            O            08/01/32
    0

    7990633          956/G01             F          425,000.00         ZZ
                                         360        424,634.09          1
                                       6.750          2,756.54         54
                                       6.500          2,756.54
    REDWOOD CITY     CA   94061          2            07/12/02         00
    0434517041                           03           09/01/02          0
    112060253                            O            08/01/32
    0

1

    7990641          956/G01             F          470,400.00         ZZ
                                         360        470,004.81          1
                                       6.875          3,090.19         80
                                       6.625          3,090.19
    SAN JOSE         CA   95125          1            07/17/02         00
    0434516639                           05           09/01/02          0
    112060284                            O            08/01/32
    0

    7990643          956/G01             F          450,000.00         ZZ
                                         360        449,602.97          1
                                       6.625          2,881.40         36
                                       6.375          2,881.40
    SAN MATEO        CA   94402          5            07/18/02         00
    0434495461                           05           09/01/02          0
    112060290                            O            08/01/32
    0

    7990647          956/G01             F          614,000.00         ZZ
                                         360        613,458.28          1
                                       6.625          3,931.51         57
                                       6.375          3,931.51
    CUPERTINO        CA   95014          2            07/24/02         00
    0434527685                           05           09/01/02          0
    112070035                            O            08/01/32
    0

    7990651          956/G01             F          424,000.00         ZZ
                                         360        423,607.29          1
                                       6.375          2,645.21         69
                                       6.125          2,645.21
    SOUTH SAN FRANC  CA   94080          5            07/11/02         00
    0434492641                           05           09/01/02          0
    212060113                            O            08/01/32
    0

    7990655          956/G01             F          431,500.00         ZZ
                                         360        430,401.35          1
                                       6.750          2,798.70         66
                                       6.500          2,798.70
    DANVILLE         CA   94526          2            07/17/02         00
    0434516654                           05           09/01/02          0
    212070022                            O            08/01/32
    0

    7990657          956/G01             F          423,700.00         ZZ
                                         360        423,326.18          1
                                       6.625          2,713.00         41
                                       6.375          2,713.00
1

    DANVILLE         CA   94506          2            07/17/02         00
    0434495701                           03           09/01/02          0
    212070026                            O            08/01/32
    0

    7990659          956/G01             F          450,000.00         ZZ
                                         360        449,602.97          1
                                       6.625          2,881.40         61
                                       6.375          2,881.40
    SAN RAMON        CA   94583          1            07/19/02         00
    0434499687                           05           09/01/02          0
    212070038                            O            08/01/32
    0

    7990661          956/G01             F          435,000.00         ZZ
                                         360        434,625.48          1
                                       6.750          2,821.40         73
                                       6.500          2,821.40
    PHOENIX          AZ   85032          2            07/12/02         00
    0434501557                           03           09/01/02          0
    412060113                            O            08/01/32
    0

    7990663          956/G01             F          336,950.00         ZZ
                                         360        336,659.89          1
                                       6.750          2,185.45         58
                                       6.500          2,185.45
    LOS ANGELES      CA   90026          5            07/11/02         00
    0434525564                           05           09/01/02          0
    512060071                            O            08/01/32
    0

    7990667          956/G01             F          435,000.00         ZZ
                                         360        434,616.21          1
                                       6.625          2,785.35         75
                                       6.375          2,785.35
    AGOURA HILLS     CA   91301          2            07/12/02         00
    0434503843                           05           09/01/02          0
    612070048                            O            08/01/32
    0

    7990673          956/G01             F          334,000.00         ZZ
                                         360        333,712.43          1
                                       6.750          2,166.32         60
                                       6.500          2,166.32
    FREMONT          CA   94539          2            07/03/02         00
    0434525721                           05           09/01/02          0
    712060133                            O            08/01/32
    0
1

    7990675          956/G01             F          484,000.00         ZZ
                                         360        483,562.46          1
                                       6.500          3,059.21         75
                                       6.250          3,059.21
    APTOS            CA   95003          2            07/10/02         00
    0434500344                           05           09/01/02          0
    712060150                            O            08/01/32
    0

    7990679          956/G01             F          455,000.00         ZZ
                                         360        454,608.26          1
                                       6.750          2,951.12         45
                                       6.500          2,951.12
    SAN FRANCISCO    CA   94118          2            07/02/02         00
    0434525622                           05           09/01/02          0
    712060156                            O            08/01/32
    0

    7990691          956/G01             F          446,000.00         ZZ
                                         360        444,962.29          1
                                       6.625          2,855.79         45
                                       6.375          2,855.79
    LOS ALTOS        CA   94024          2            07/11/02         00
    0434501664                           05           09/01/02          0
    712070037                            O            08/01/32
    0

    7990699          956/G01             F          407,000.00         ZZ
                                         360        406,900.00          1
                                       7.000          2,707.78         79
                                       6.750          2,707.78
    ANTIOCH          CA   94509          2            07/02/02         00
    0434502068                           05           09/01/02          0
    812060015                            O            08/01/32
    0

    7990703          956/G01             F          447,900.00         ZZ
                                         360        447,514.37          1
                                       6.750          2,905.07         80
                                       6.500          2,905.07
    CASTRO VALLEY    CA   94546          1            07/19/02         00
    0434529657                           05           09/01/02          0
    812060099                            O            08/01/32
    0

    7990707          956/G01             F          471,000.00         ZZ
                                         360        469,776.57          1
1

                                       6.750          3,054.90         74
                                       6.500          3,054.90
    GRANADA HILLS    CA   91344          2            06/13/02         00
    0434490462                           05           08/01/02          0
    1112041158                           O            07/01/32
    0

    7990709          956/G01             F          400,000.00         ZZ
                                         360        399,309.28          1
                                       6.750          2,594.39         63
                                       6.500          2,594.39
    SYOSSET          NY   11791          1            06/21/02         00
    0434501888                           05           08/01/02          0
    1112050315                           O            07/01/32
    0

    7990711          956/G01             F          351,200.00         ZZ
                                         360        350,622.57          1
                                       7.000          2,336.54         80
                                       6.750          2,336.54
    ROSEVILLE        CA   95678          1            06/06/02         00
    0434499778                           03           08/01/02          0
    1112050366                           O            07/01/32
    0

    7990715          956/G01             F          575,000.00         ZZ
                                         360        574,007.09          1
                                       6.750          3,729.44         80
                                       6.500          3,729.44
    EL GRANADA       CA   94018          2            06/18/02         00
    0434497335                           05           08/01/02          0
    1112050672                           O            07/01/32
    0

    7990717          956/G01             F          650,000.00         ZZ
                                         360        648,877.57          1
                                       6.750          4,215.89         78
                                       6.500          4,215.89
    MORRIS TWP.      NJ   07960          1            06/27/02         00
    0434494126                           05           08/01/02          0
    1112050745                           O            07/01/32
    0

    7990727          956/G01             F          375,000.00         ZZ
                                         360        374,383.45          1
                                       7.000          2,494.88         80
                                       6.750          2,494.88
    LA MESA          CA   91941          2            06/11/02         00
    0434496501                           05           08/01/02          0
1

    1112051065                           O            07/01/32
    0

    7990731          956/G01             F          438,000.00         ZZ
                                         360        437,243.66          1
                                       6.750          2,840.86         78
                                       6.500          2,840.86
    WESTFIELD        NJ   07090          2            06/25/02         00
    0434498119                           05           08/01/02          0
    1112051181                           O            07/01/32
    0

    7990733          956/G01             F          325,000.00         ZZ
                                         360        324,452.35          1
                                       6.875          2,135.02         73
                                       6.625          2,135.02
    YARDLEY          PA   19067          1            06/28/02         00
    0434505293                           05           08/01/02          0
    1112051183                           O            07/01/32
    0

    7990737          956/G01             F          320,300.00         ZZ
                                         360        319,733.24          1
                                       6.625          2,050.92         47
                                       6.375          2,050.92
    WEST WINDSOR TW  NJ   08550          2            06/14/02         00
    0434499836                           05           08/01/02          0
    1112051248                           O            07/01/32
    0

    7990743          956/G01             F          417,000.00         ZZ
                                         360        416,279.93          1
                                       6.750          2,704.65         64
                                       6.500          2,704.65
    EAST HAMPTON     NY   11937          1            06/21/02         00
    0434505095                           05           08/01/02          0
    1112051306                           O            07/01/32
    0

    7990749          956/G01             F          360,000.00         ZZ
                                         360        359,674.56          1
                                       6.500          2,275.44         55
                                       6.250          2,275.44
    TIGARD           OR   97224          1            07/01/02         00
    0434499513                           03           09/01/02          0
    1112051354                           O            08/01/32
    0

1

    7990753          956/G01             F          480,000.00         ZZ
                                         360        479,108.48          1
                                       6.375          2,994.58         62
                                       6.125          2,994.58
    RIDGEFIELD       CT   06877          1            06/11/02         00
    0434497079                           03           08/01/02          0
    1112051427                           O            07/01/32
    0

    7990755          956/G01             F          480,000.00         ZZ
                                         360        479,191.17          1
                                       6.875          3,153.26         80
                                       6.625          3,153.26
    ENGLEWOOD        NJ   07631          1            06/18/02         00
    0434497194                           03           08/01/02          0
    1112051429                           O            07/01/32
    0

    7990761          956/G01             F          373,750.00         ZZ
                                         360        373,104.60          1
                                       6.750          2,424.14         63
                                       6.500          2,424.14
    ISSAQUAH         WA   98027          2            06/19/02         00
    0434499000                           03           08/01/02          0
    1112051545                           O            07/01/32
    0

    7990767          956/G01             F          322,000.00         ZZ
                                         360        321,430.25          1
                                       6.625          2,061.80         70
                                       6.375          2,061.80
    DENVER           CO   80237          2            06/27/02         00
    0434500948                           05           08/01/02          0
    1112060110                           O            07/01/32
    0

    7990769          956/G01             F          336,000.00         ZZ
                                         360        335,148.30          1
                                       6.875          2,207.28         80
                                       6.625          2,207.28
    FULLERTON        CA   92835          1            06/05/02         00
    0434493912                           05           08/01/02          0
    1112060142                           O            07/01/32
    0

    7990773          956/G01             F          462,900.00         ZZ
                                         360        462,100.66          1
                                       6.750          3,002.36         63
                                       6.500          3,002.36
1

    SEATTLE          WA   98199          2            06/19/02         00
    0434492815                           05           08/01/02          0
    1112060192                           O            07/01/32
    0

    7990775          956/G01             F          342,000.00         ZZ
                                         360        341,409.42          1
                                       6.750          2,218.21         52
                                       6.500          2,218.21
    GLEN ELLYN       IL   60137          2            06/20/02         00
    0434495628                           05           08/01/02          0
    1112060222                           O            07/01/32
    0

    7990781          956/G01             F          650,000.00         ZZ
                                         360        648,849.88          1
                                       6.625          4,162.02         63
                                       6.375          4,162.02
    NEWPORT BEACH    CA   92663          5            06/12/02         00
    0434498424                           05           08/01/02          0
    1112060327                           O            07/01/32
    0

    7990785          956/G01             F          437,500.00         ZZ
                                         360        436,744.52          1
                                       6.750          2,837.62         70
                                       6.500          2,837.62
    PARKER           CO   80138          5            06/25/02         00
    0434496980                           05           08/01/02          0
    1112060387                           O            07/01/32
    0

    7990787          956/G01             F          348,000.00         ZZ
                                         360        347,427.84          1
                                       7.000          2,315.25         80
                                       6.750          2,315.25
    YARDLEY          PA   19067          1            06/28/02         00
    0434502340                           05           08/01/02          0
    1112060481                           O            07/01/32
    0

    7990795          956/G01             F          331,000.00         ZZ
                                         360        330,707.97          1
                                       6.625          2,119.43         70
                                       6.375          2,119.43
    DES PLAINES      IL   60016          2            07/11/02         00
    0434502746                           05           09/01/02          0
    1112060658                           O            08/01/32
    0
1

    7990797          956/G01             F          350,000.00         ZZ
                                         360        349,713.11          1
                                       7.000          2,328.56         64
                                       6.750          2,328.56
    MOUNT PROSPECT   IL   60056          5            07/01/02         00
    0434501755                           05           09/01/02          0
    1112060685                           O            08/01/32
    0

    7990801          956/G01             F          371,550.00         ZZ
                                         360        371,222.19          1
                                       6.625          2,379.08         63
                                       6.375          2,379.08
    LINCOLNSHIRE     IL   60069          2            07/16/02         00
    0434516795                           05           09/01/02          0
    1112060715                           O            08/01/32
    0

    7990809          956/G01             F          482,000.00         ZZ
                                         360        481,564.26          1
                                       6.500          3,046.57         78
                                       6.250          3,046.57
    EVERGREEN        CO   80439          2            07/09/02         00
    0434500849                           03           09/01/02          0
    1112060800                           O            08/01/32
    0

    7990811          956/G01             F          375,000.00         ZZ
                                         360        374,660.99          1
                                       6.500          2,370.26         57
                                       6.250          2,370.26
    DENVILLE         NJ   07834          2            07/09/02         00
    0434502597                           05           09/01/02          0
    1112060814                           O            08/01/32
    0

    7990813          956/G01             F          319,000.00         ZZ
                                         360        318,435.55          1
                                       6.625          2,042.59         73
                                       6.375          2,042.59
    TUSTIN           CA   92780          1            06/18/02         00
    0434501813                           05           08/01/02          0
    1112060874                           O            07/01/32
    0

    7990817          956/G01             F          380,000.00         ZZ
                                         360        379,672.83          1
1

                                       6.750          2,464.67         41
                                       6.500          2,464.67
    SAN JOSE         CA   95120          2            06/24/02         00
    0434501623                           05           08/01/02          0
    1112061005                           O            07/01/32
    0

    7990819          956/G01             F          428,000.00         ZZ
                                         360        427,260.93          1
                                       6.750          2,776.00         80
                                       6.500          2,776.00
    LIVERMORE        CA   94550          1            06/25/02         00
    0434499851                           05           08/01/02          0
    1112061037                           O            07/01/32
    0

    7990825          956/G01             F          368,000.00         ZZ
                                         360        367,379.90          1
                                       6.875          2,417.50         80
                                       6.625          2,417.50
    PACIFICA         CA   94044          1            06/18/02         00
    0434498598                           05           08/01/02          0
    1112061107                           O            07/01/32
    0

    7990827          956/G01             F          355,000.00         ZZ
                                         360        354,401.81          1
                                       6.875          2,332.10         52
                                       6.625          2,332.10
    SANTA ROSA       CA   95401          5            06/14/02         00
    0434503629                           05           08/01/02          0
    1112061188                           O            07/01/32
    0

    7990841          956/G01             F          491,000.00         ZZ
                                         360        490,556.13          1
                                       6.500          3,103.45         80
                                       6.250          3,103.45
    MILLBRAE         CA   94030          2            07/12/02         00
    0434489134                           05           09/01/02          0
    1112070428                           O            08/01/32
    0

    7990845          956/G01             F          455,000.00         ZZ
                                         360        454,608.26          1
                                       6.750          2,951.12         66
                                       6.500          2,951.12
    SAN DIEGO        CA   92127          1            07/12/02         00
    0434503744                           05           09/01/02          0
1

    1112070510                           O            08/01/32
    0

    7990847          956/G01             F          405,300.00         ZZ
                                         360        404,929.81          1
                                       6.750          2,628.77         68
                                       6.500          2,628.77
    KENT             WA   98031          2            07/17/02         00
    0434503884                           03           09/01/02          0
    1312060134                           O            08/01/32
    0

    7990849          956/G01             F          340,000.00         ZZ
                                         360        339,692.64          1
                                       6.500          2,149.03         42
                                       6.250          2,149.03
    MERCER ISLAND    WA   98040          2            07/17/02         00
    0434499067                           05           09/01/02          0
    1312060294                           O            08/01/32
    0

    7990851          956/G01             F          420,000.00         ZZ
                                         360        419,629.44          1
                                       6.625          2,689.31         80
                                       6.375          2,689.31
    SUMNER           WA   98390          1            07/16/02         00
    0434489084                           03           09/01/02          0
    1312070019                           O            08/01/32
    0

    7990853          956/G01             F          390,000.00         ZZ
                                         360        389,655.91          1
                                       6.625          2,497.21         75
                                       6.375          2,497.21
    MILL CREEK       WA   98012          5            07/17/02         00
    0434492880                           03           09/01/02          0
    1312070038                           O            08/01/32
    0

    7990857          956/G01             F          400,000.00         ZZ
                                         360        399,672.12          1
                                       7.000          2,661.21         79
                                       6.750          2,661.21
    FALLBROOK        CA   92028          2            07/16/02         00
    0434525697                           05           09/01/02          0
    1512050192                           O            08/01/32
    0

1

    7990859          956/G01             F          355,000.00         ZZ
                                         360        354,723.06          1
                                       7.250          2,421.73         65
                                       7.000          2,421.73
    ENCINITAS        CA   92024          5            07/11/02         00
    0434516910                           05           09/01/02          0
    1512060044                           O            08/01/32
    0

    7990865          956/G01             F          338,000.00         ZZ
                                         360        337,708.99          1
                                       6.750          2,192.26         68
                                       6.500          2,192.26
    SAN DIEGO        CA   92117          2            07/11/02         00
    0434500385                           05           09/01/02          0
    1512060173                           O            08/01/32
    0

    7990867          956/G01             F          450,000.00         ZZ
                                         360        449,602.97          1
                                       6.625          2,881.40         70
                                       6.375          2,881.40
    SAN DIEGO        CA   92107          5            07/22/02         00
    0434529665                           05           09/01/02          0
    1512070051                           O            08/01/32
    0

    7990873          956/G01             F          352,000.00         ZZ
                                         360        351,689.44          1
                                       6.625          2,253.89         80
                                       6.375          2,253.89
    UINTAH           UT   84403          1            07/15/02         00
    0434502332                           05           09/01/02          0
    2212070029                           O            08/01/32
    0

    7990875          956/G01             F          452,000.00         ZZ
                                         360        451,610.84          1
                                       6.750          2,931.66         76
                                       6.500          2,931.66
    HIGHLAND         UT   84003          2            07/18/02         00
    0434498663                           05           09/01/02          0
    2212070081                           O            08/01/32
    0

    7990879          956/G01             F          400,000.00         ZZ
                                         360        399,638.40          1
                                       6.500          2,528.27         87
                                       6.250          2,528.27
1

    BARRINGTON       IL   60010          1            07/29/02         04
    0434487328                           03           09/01/02         25
    2312070070                           O            08/01/32
    0

    7990881          956/G01             F          614,000.00         ZZ
                                         360        613,471.36          1
                                       6.750          3,982.39         43
                                       6.500          3,982.39
    LONGMONT         CO   80503          2            07/24/02         00
    0434499463                           03           09/01/02          0
    2412050124                           O            08/01/32
    0

    7990883          956/G01             F          429,000.00         ZZ
                                         360        428,630.64          1
                                       6.750          2,782.49         74
                                       6.500          2,782.49
    LITTLETON        CO   80128          2            07/17/02         00
    0434499604                           05           09/01/02          0
    2412060008                           O            08/01/32
    0

    7990889          956/G01             F          415,000.00         ZZ
                                         360        414,633.86          1
                                       6.625          2,657.29         74
                                       6.375          2,657.29
    NEW ORLEANS      LA   70118          1            07/12/02         00
    0434503967                           05           09/01/02          0
    2612050088                           O            08/01/32
    0

    7990895          956/G01             F          432,000.00         ZZ
                                         360        431,618.86          1
                                       6.625          2,766.14         73
                                       6.375          2,766.14
    KATY             TX   77450          2            07/19/02         00
    0434502639                           03           09/01/02          0
    2612060113                           O            08/01/32
    0

    7990899          956/G01             F          650,000.00         ZZ
                                         360        649,440.36          1
                                       6.750          4,215.89         53
                                       6.500          4,215.89
    NEWTON           MA   02159          5            07/19/02         00
    0434501029                           05           09/01/02          0
    2812060065                           O            08/01/32
    0
1

    7990903          956/G01             F          414,000.00         ZZ
                                         360        413,643.55          1
                                       6.750          2,685.20         64
                                       6.500          2,685.20
    FRANKLIN         MA   02038          2            07/12/02         00
    0434498655                           05           09/01/02          0
    2812060129                           O            08/01/32
    0

    7990905          956/G01             F          500,000.00         ZZ
                                         360        499,547.99          1
                                       6.500          3,160.34         63
                                       6.250          3,160.34
    ANDOVER          MA   01810          1            07/29/02         00
    0434497350                           05           09/01/02          0
    2812070136                           O            08/01/32
    0

    7990915          956/G01             F          337,500.00         ZZ
                                         360        337,209.42          1
                                       6.750          2,189.02         75
                                       6.500          2,189.02
    OAK VIEW         CA   93022          1            07/19/02         00
    0434534673                           03           09/01/02          0
    2912070006                           O            08/01/32
    0

    7990921          956/G01             F          492,000.00         ZZ
                                         360        491,544.31          1
                                       6.375          3,069.44         80
                                       6.125          3,069.44
    BELLAIRE         TX   77401          1            07/15/02         00
    0434499380                           05           09/01/02          0
    3212070001                           O            08/01/32
    0

    7990923          956/G01             F          448,000.00         ZZ
                                         360        447,614.28          1
                                       6.750          2,905.72         80
                                       6.500          2,905.72
    GEORGETOWN       TX   78628          1            07/18/02         00
    0434491882                           03           09/01/02          0
    3212070019                           O            08/01/32
    0

    7990929          956/G01             F          451,200.00         ZZ
                                         360        450,792.11          1
1

                                       6.500          2,851.89         80
                                       6.250          2,851.89
    PROSPECT         KY   40059          1            07/24/02         00
    0434499265                           05           09/01/02          0
    3312070013                           O            08/01/32
    0

    7990931          956/G01             F          428,000.00         ZZ
                                         360        427,631.50          1
                                       6.750          2,776.00         80
                                       6.500          2,776.00
    FAIRFIELD        CT   06430          1            07/16/02         00
    0434495636                           05           09/01/02          0
    3412060014                           O            08/01/32
    0

    7990935          956/G01             F          402,000.00         ZZ
                                         360        401,248.60          1
                                       6.875          2,640.85         79
                                       6.625          2,640.85
    COLORADO SPRING  CO   80906          2            07/16/02         00
    0434499059                           03           09/01/02          0
    3612060014                           O            08/01/32
    0

    7990937          956/G01             F          383,500.00         ZZ
                                         360        383,177.82          1
                                       6.875          2,519.32         72
                                       6.625          2,519.32
    LITTLETON        CO   80124          2            07/08/02         00
    0434501789                           03           09/01/02          0
    3612060022                           O            08/01/32
    0

    7990941          956/G01             F          447,000.00         ZZ
                                         360        446,624.47          1
                                       6.875          2,936.47         51
                                       6.625          2,936.47
    MORELAND HILLS   OH   44022          2            07/12/02         00
    0434505202                           05           09/01/02          0
    3812050086                           O            08/01/32
    0

    7990945          956/G01             F          400,000.00         ZZ
                                         360        399,634.51          1
                                       6.500          2,528.27         75
                                       6.250          2,528.27
    TAMPA            FL   33609          5            07/17/02         00
    0434501318                           05           09/01/02          0
1

    4112060036                           O            08/01/32
    0

    7990951          956/G01             F          499,500.00         ZZ
                                         360        499,059.31          1
                                       6.625          3,198.35         74
                                       6.375          3,198.35
    ARLINGTON        VA   22207          2            07/12/02         00
    0434499331                           05           09/01/02          0
    4412060042                           O            08/01/32
    0

    7990955          956/G01             F          405,000.00         ZZ
                                         360        404,642.68          1
                                       6.625          2,593.26         70
                                       6.375          2,593.26
    FAIRFAX          VA   22033          2            07/24/02         00
    0434503538                           03           09/01/02          0
    4412070013                           O            08/01/32
    0

    7990967          956/G01             F          368,000.00         ZZ
                                         360        367,475.33          1
                                       6.625          2,356.34         59
                                       6.375          2,356.34
    INDIANAPOLIS     IN   46278          2            07/19/02         00
    0434501532                           05           09/01/02          0
    4912060039                           O            08/01/32
    0

    7990969          956/G01             F          523,000.00         ZZ
                                         360        522,527.20          1
                                       6.500          3,305.72         73
                                       6.250          3,305.72
    CARMEL           IN   46032          2            07/19/02         00
    0434516852                           05           09/01/02          0
    4912070001                           O            08/01/32
    0

    7992135          X51/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       6.390          2,655.62         22
                                       6.140          2,655.62
    SAN FRANCISCO    CA   94118          2            08/20/02         00
    0434502217                           05           10/01/02          0
    R2053426                             O            09/01/32
    0

1

    7992489          964/G01             F          641,000.00         ZZ
                                         360        641,000.00          1
                                       6.375          3,999.01         54
                                       6.125          3,999.01
    TIBURON          CA   94920          2            08/14/02         00
    0434531281                           05           10/01/02          0
    239200                               O            09/01/32
    0

    7992491          964/G01             F          423,000.00         ZZ
                                         360        423,000.00          1
                                       6.375          2,638.97         40
                                       6.125          2,638.97
    LARKSPUR         CA   94904          2            08/21/02         00
    0434500179                           03           10/01/02          0
    239955                               O            09/01/32
    0

    7992493          964/G01             F          470,000.00         ZZ
                                         360        470,000.00          1
                                       6.375          2,932.19         50
                                       6.125          2,932.19
    FOSTER CITY      CA   94404          2            08/16/02         00
    0434496329                           05           10/01/02          0
    241287                               O            09/01/32
    0

    7993335          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.375          4,055.15         77
                                       6.125          4,055.15
    GILROY           CA   95020          1            08/24/02         00
    0414719328                           03           10/01/02          0
    0414719328                           O            09/01/32
    0

    7993367          E22/G01             F          442,000.00         ZZ
                                         360        442,000.00          1
                                       6.250          2,721.47         31
                                       6.000          2,721.47
    PALO ALTO        CA   94303          2            08/22/02         00
    0414752246                           05           10/01/02          0
    0414752246                           O            09/01/32
    0

    7993383          E22/G01             F          330,750.00         ZZ
                                         360        330,750.00          1
                                       6.500          2,090.56         75
                                       6.250          2,090.56
1

    FOUNTAIN VALLEY  CA   92708          5            08/26/02         00
    0414778183                           05           10/01/02          0
    0414778183                           O            09/01/32
    0

    7993391          E22/G01             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       6.625          2,081.01         66
                                       6.375          2,081.01
    AURORA           CO   80015          1            08/21/02         00
    0414784447                           05           10/01/02          0
    0414784447                           O            09/01/32
    0

    7993487          E82/G01             F          281,500.00         ZZ
                                         360        281,500.00          1
                                       6.375          1,756.19         48
                                       6.125          1,756.19
    WHITTIER         CA   90602          2            08/26/02         00
    0400668216                           05           10/01/02          0
    1789642                              O            09/01/32
    0

    7994235          S11/G01             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       6.375          1,684.45         43
                                       6.125          1,684.45
    DANA POINT       CA   92629          1            08/20/02         00
    0434527495                           05           10/01/02          0
    10208981                             O            09/01/32
    0

    7994493          X08/G01             F          140,800.00         ZZ
                                         360        140,669.59          1
                                       6.375            878.41         80
                                       6.125            878.41
    WEST JORDAN      UT   84088          2            07/26/02         00
    0434504213                           05           09/01/02          0
    2797831                              O            08/01/32
    0

    7994735          E60/G01             F          575,000.00         ZZ
                                         360        575,000.00          1
                                       6.500          3,634.40         80
                                       6.250          3,634.40
    CAYUCOS          CA   93430          1            08/12/02         00
    0434531059                           05           10/01/02          0
    514658                               O            09/01/32
    0
1

    7994787          A39/G01             F          234,000.00         ZZ
                                         360        234,000.00          1
                                       6.625          1,498.33         62
                                       6.375          1,498.33
    GLENDALE         CA   91207          2            08/20/02         00
    0434509089                           05           10/01/02          0
    2201824RFC                           O            09/01/32
    0

    7994973          964/G01             F          453,000.00         ZZ
                                         360        453,000.00          1
                                       6.375          2,826.13         64
                                       6.125          2,826.13
    SAN LUIS OBISPO  CA   93401          2            08/26/02         00
    0434530010                           05           10/01/02          0
    242733                               O            09/01/32
    0

    7995423          696/G01             F          470,000.00         ZZ
                                         360        470,000.00          1
                                       6.500          2,970.72         55
                                       6.250          2,970.72
    ALEXANDRIA       VA   22314          1            08/26/02         00
    0434526695                           07           10/01/02          0
    22602131                             O            09/01/32
    0

    7995861          E22/G01             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       6.375          6,238.70         59
                                       6.125          6,238.70
    HIGHLAND PARK    TX   75205          2            08/26/02         00
    0414624171                           05           10/01/02          0
    0414624171                           O            09/01/32
    0

    7995959          E22/G01             F          417,000.00         ZZ
                                         360        417,000.00          1
                                       6.625          2,670.10         76
                                       6.375          2,670.10
    PLEASANTON       CA   94566          2            08/26/02         00
    0414685511                           05           10/01/02          0
    0414685511                           O            09/01/32
    0

    7995997          E22/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
1

                                       6.625          3,201.55         69
                                       6.375          3,201.55
    DALLAS           TX   75225          5            08/26/02         00
    0414715961                           03           10/01/02          0
    0414715961                           O            09/01/32
    0

    7996025          E22/G01             F          558,000.00         ZZ
                                         360        558,000.00          1
                                       6.500          3,526.94         60
                                       6.250          3,526.94
    AUSTIN           TX   78746          5            08/26/02         00
    0414725556                           03           10/01/02          0
    0414725556                           O            09/01/32
    0

    7996331          E82/G01             F          286,000.00         ZZ
                                         360        286,000.00          1
                                       6.625          1,831.29         73
                                       6.375          1,831.29
    SAN JOSE         CA   95124          2            08/28/02         00
    0400672002                           05           10/01/02          0
    1733732                              O            09/01/32
    0

    7996615          069/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.750          4,215.89         77
                                       6.500          4,215.89
    MURRIETA         CA   92562          1            08/01/02         00
    0434497368                           03           10/01/02          0
    35188330766                          O            09/01/32
    0

    7996771          069/G01             F          448,000.00         ZZ
                                         360        448,000.00          1
                                       6.875          2,943.05         80
                                       6.625          2,943.05
    BURBANK          CA   91504          2            08/01/02         00
    0434495156                           05           10/01/02          0
    35188325154                          O            09/01/32
    0

    7997365          S11/G01             F          945,000.00         ZZ
                                         360        945,000.00          1
                                       6.875          6,207.98         63
                                       6.625          6,207.98
    LAGUNA BEACH     CA   92651          2            08/28/02         00
    0434530820                           05           10/01/02          0
1

    10208192                             O            09/01/32
    0

    8000351          550/550             F        1,100,000.00         ZZ
                                         360      1,100,000.00          1
                                       6.350          6,844.60         64
                                       6.100          6,844.60
    SAN FRANCISCO    CA   94121          1            08/20/02         00
    120599258                            05           10/01/02          0
    120599258                            O            09/01/32
    0

    8000365          696/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.500          2,528.27         67
                                       6.250          2,528.27
    ARLINGTON        VA   22207          1            08/28/02         00
    0434532479                           05           10/01/02          0
    25102175                             O            09/01/32
    0

    8000745          W50/G01             F          980,000.00         ZZ
                                         360        980,000.00          1
                                       6.880          6,441.18         70
                                       6.630          6,441.18
    TONKA BAY        MN   55331          2            08/26/02         00
    0434530531                           05           10/01/02          0
    0020416                              O            09/01/32
    0

    8001215          E22/G01             F          487,000.00         ZZ
                                         360        487,000.00          1
                                       6.375          3,038.25         53
                                       6.125          3,038.25
    EASTON           MD   21601          2            08/27/02         00
    0414659813                           03           10/01/02          0
    0414659813                           O            09/01/32
    0

    8001265          E22/G01             F          546,250.00         ZZ
                                         360        546,250.00          1
                                       6.375          3,407.89         55
                                       6.125          3,407.89
    HEALDSBURG       CA   95448          5            08/22/02         00
    0414696963                           05           10/01/02          0
    0414696963                           O            09/01/32
    0

1

    8001653          550/550             F          485,000.00         ZZ
                                         360        485,000.00          1
                                       6.450          3,049.60         61
                                       6.200          3,049.60
    SAN FRANCISCO    CA   94114          2            07/31/02         00
    120593475                            05           10/01/02          0
    120593475                            O            09/01/32
    0

    8002497          N47/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.500          2,180.63         75
                                       6.250          2,180.63
    DUBLIN           CA   94568          1            08/05/02         00
    0434528725                           05           10/01/02          0
    20221218                             O            09/01/32
    0

    8003109          X64/G01             F          479,000.00         ZZ
                                         360        479,000.00          1
                                       6.375          2,988.34         90
                                       6.125          2,988.34
    WEST BLOOMFIELD  MI   48323          1            08/21/02         10
    0434543336                           05           10/01/02         25
    0607285                              O            09/01/32
    0

    8004189          367/367             F          447,245.19         ZZ
                                         342        446,781.41          1
                                       6.375          2,839.77         57
                                       6.125          2,839.77
    WASHINGTON       DC   20007          1            01/31/01         00
    99172750                             07           09/01/02          0
    99172750                             O            02/01/31
    0

    8005103          E22/G01             F          329,000.00         ZZ
                                         360        329,000.00          1
                                       6.125          1,999.04         63
                                       5.875          1,999.04
    THOUSAND OAKS    CA   91362          5            08/24/02         00
    0414534420                           05           10/01/02          0
    0414534420                           O            09/01/32
    0

    8005197          E22/G01             F          382,800.00         T
                                         360        382,800.00          1
                                       6.250          2,356.97         28
                                       6.000          2,356.97
1

    CARMEL           CA   93923          2            08/23/02         00
    0414705566                           05           10/01/02          0
    0414705566                           O            09/01/32
    0

    8005209          E22/G01             F          329,000.00         ZZ
                                         360        329,000.00          1
                                       6.375          2,052.53         65
                                       6.125          2,052.53
    SAN RAMON        CA   94583          5            08/28/02         00
    0414712893                           05           10/01/02          0
    0414712893                           O            09/01/32
    0

    8005215          E22/G01             F          970,000.00         ZZ
                                         360        970,000.00          1
                                       6.625          6,211.02         70
                                       6.375          6,211.02
    CINCINNATI       OH   45202          2            08/29/02         00
    0414714402                           05           10/01/02          0
    0414714402                           O            09/01/32
    0

    8007029          K15/G01             F           74,900.00         ZZ
                                         360         74,900.00          1
                                       7.000            498.31         65
                                       6.750            498.31
    HICKORY          NC   28601          5            08/23/02         00
    0434523874                           05           10/01/02          0
    017405502435                         O            09/01/32
    0

    8007033          S11/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.750          2,205.23         68
                                       6.500          2,205.23
    YORBA LINDA      CA   92886          5            08/27/02         00
    0434538328                           03           10/01/02          0
    10209020                             O            09/01/32
    0

    8007105          S11/G01             F          424,800.00         ZZ
                                         360        424,800.00          1
                                       6.500          2,685.02         63
                                       6.250          2,685.02
    FULLERTON        CA   92835          2            08/30/02         00
    0434538351                           05           10/01/02          0
    10209002                             O            09/01/32
    0
1

    8007697          K15/G01             F          186,000.00         ZZ
                                         360        186,000.00          1
                                       6.375          1,160.40         65
                                       6.125          1,160.40
    LEVITTOWN        NY   11756          5            08/27/02         00
    0434509857                           05           10/01/02          0
    021205502467                         O            09/01/32
    0

    8007739          A06/G01             F          991,000.00         ZZ
                                         360        991,000.00          1
                                       6.250          6,101.76         46
                                       6.000          6,101.76
    BLOOMFIELD TWP   MI   48304          2            08/30/02         00
    0434505004                           05           10/01/02          0
    1000010201199                        O            09/01/32
    0

    8007943          A06/G01             F          327,500.00         ZZ
                                         360        327,500.00          1
                                       6.500          2,070.03         59
                                       6.250          2,070.03
    HUNTINGTON WOOD  MI   48070          2            08/28/02         00
    0434525879                           05           10/01/02          0
    001000010201151                      O            09/01/32
    0

    8008063          X08/G01             F          464,000.00         ZZ
                                         360        464,000.00          1
                                       6.500          2,932.80         77
                                       6.250          2,932.80
    OGDEN            UT   84403          2            08/28/02         00
    0434531273                           05           10/01/02          0
    2798888                              O            09/01/32
    0

    8009465          E22/G01             F          445,500.00         ZZ
                                         240        445,500.00          1
                                       6.250          3,256.29         51
                                       6.000          3,256.29
    ARLINGTON        VA   22207          5            08/28/02         00
    0414637132                           05           10/01/02          0
    0414637132                           O            09/01/22
    0

    8009471          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
1

                                       6.625          4,162.02         69
                                       6.375          4,162.02
    ROCHESTER HILLS  MI   48309          2            08/30/02         00
    0414639963                           05           10/01/02          0
    0414639963                           O            09/01/32
    0

    8009507          E22/G01             F          584,000.00         ZZ
                                         360        584,000.00          1
                                       6.250          3,595.79         80
                                       6.000          3,595.79
    ROLLING HILLS E  CA   90274          1            08/29/02         00
    0414694430                           05           10/01/02          0
    0414694430                           O            09/01/32
    0

    8009617          E22/G01             F          357,200.00         ZZ
                                         360        357,200.00          1
                                       6.625          2,287.19         59
                                       6.375          2,287.19
    KELLER           TX   76180          2            08/30/02         00
    0414793810                           05           10/01/02          0
    0414793810                           O            09/01/32
    0

    8010781          Q14/G01             F          413,000.00         ZZ
                                         360        413,000.00          1
                                       6.750          2,678.71         70
                                       6.500          2,678.71
    SCOTTSDALE       AZ   85253          2            08/30/02         00
    0434532602                           09           10/01/02          0
    0208520                              O            09/01/32
    0

    8011119          B57/G01             F          444,000.00         ZZ
                                         360        444,000.00          1
                                       6.375          2,769.98         79
                                       6.125          2,769.98
    TARZANA          CA   91356          2            08/28/02         00
    0434514568                           05           10/01/02          0
    10004893                             O            09/01/32
    0

    8011147          B44/G01             F          650,000.00         T
                                         360        650,000.00          1
                                       6.625          4,162.02         65
                                       6.375          4,162.02
    MC CALL          ID   83638          1            08/23/02         00
    0434539060                           03           10/01/02          0
1

    4021360                              O            09/01/32
    0

    8011985          P63/G01             F          296,000.00         ZZ
                                         360        296,000.00          1
                                       6.750          1,919.85         80
                                       6.500          1,919.85
    ISLAND PARK      NY   11558          1            08/21/02         00
    0434501136                           05           10/01/02          0
    20207391                             O            09/01/32
    0

    8012017          A21/A21             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.500          2,528.28         50
                                       6.250          2,528.28
    ENGLEWOOD        NJ   07631          2            08/29/02         00
    0100133213                           05           10/01/02          0
    0100133213                           O            09/01/32
    0

    8012041          X64/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.375          3,119.35         80
                                       6.125          3,119.35
    BIRMINGHAM       MI   48009          1            08/29/02         00
    0434538401                           05           10/01/02          0
    1                                    O            09/01/32
    0

    8012047          964/G01             F          455,000.00         ZZ
                                         360        455,000.00          1
                                       6.250          2,801.51         69
                                       6.000          2,801.51
    NIPOMO           CA   93444          1            08/30/02         00
    0434530861                           05           10/01/02          0
    248832                               O            09/01/32
    0

    8013143          696/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.500          2,781.10         80
                                       6.250          2,781.10
    OAK HILL         VA   20171          1            09/05/02         00
    0434532982                           03           10/01/02          0
    30202219                             O            09/01/32
    0

1

    8013857          E22/G01             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       6.625          2,253.89         77
                                       6.375          2,253.89
    SAMMAMISH        WA   98075          2            08/29/02         00
    0414809202                           05           10/01/02          0
    0414809202                           O            09/01/32
    0

    8014101          964/G01             F          495,000.00         ZZ
                                         360        495,000.00          1
                                       6.375          3,088.16         25
                                       6.125          3,088.16
    SAN FRANCISCO    CA   94118          2            08/16/02         00
    0434498549                           05           10/01/02          0
    239070                               O            09/01/32
    0

    8015185          757/G01             F          446,150.00         ZZ
                                         360        446,150.00          1
                                       6.375          2,783.40         80
                                       6.125          2,783.40
    BIRMINGHAM       AL   35242          1            08/30/02         00
    0434523825                           05           10/01/02          0
    1000884120                           O            09/01/32
    0

    8015817          X91/G01             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       6.250          1,693.22         37
                                       6.000          1,693.22
    KANEOHE          HI   96744          5            08/22/02         00
    0434513677                           03           10/01/02          0
    801161                               O            09/01/32
    0

    8017371          964/G01             F          425,900.00         ZZ
                                         360        425,900.00          1
                                       6.750          2,762.38         43
                                       6.500          2,762.38
    NEWPORT BEACH    CA   92660          2            08/22/02         00
    0434549457                           03           10/01/02          0
    244455                               O            09/01/32
    0

    8017863          E22/G01             F          181,000.00         ZZ
                                         360        181,000.00          1
                                       6.875          1,189.04         79
                                       6.625          1,189.04
1

    PUYALLUP         WA   98371          2            08/30/02         00
    0414579052                           05           10/01/02          0
    0414579052                           O            09/01/32
    0

    8017867          E22/G01             F          511,000.00         ZZ
                                         360        511,000.00          1
                                       6.375          3,187.98         68
                                       6.125          3,187.98
    CHESTERFIELD     VA   23838          2            09/03/02         00
    0414593475                           03           10/01/02          0
    0414593475                           O            09/01/32
    0

    8017891          E22/G01             F          337,000.00         ZZ
                                         360        337,000.00          1
                                       6.375          2,102.44         44
                                       6.125          2,102.44
    MC LEAN          VA   22101          2            09/04/02         00
    0414631200                           05           10/01/02          0
    0414631200                           O            09/01/32
    0

    8018067          E22/G01             F          333,400.00         ZZ
                                         360        333,400.00          1
                                       6.125          2,025.77         80
                                       5.875          2,025.77
    TUSTIN           CA   92780          1            08/30/02         00
    0414802199                           05           10/01/02          0
    0414802199                           O            09/01/32
    0

    8022709          696/G01             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       6.500          2,629.40         80
                                       6.250          2,629.40
    VIENNA           VA   22182          1            08/23/02         00
    0434535787                           05           10/01/02          0
    22802147                             O            09/01/32
    0

    8022715          696/G01             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       6.500          2,679.97         80
                                       6.250          2,679.97
    ARLINGTON        VA   22203          1            08/26/02         00
    0434534483                           05           10/01/02          0
    24502155                             O            09/01/32
    0
1

    8022727          696/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.500          2,654.69         80
                                       6.250          2,654.69
    LONGWOOD         FL   32779          1            09/03/02         00
    0434535399                           03           10/01/02          0
    21402122                             O            09/01/32
    0

    8022735          696/G01             F          495,000.00         ZZ
                                         360        495,000.00          1
                                       6.500          3,128.74         49
                                       6.250          3,128.74
    POTOMAC          MD   20854          2            08/28/02         00
    0434536553                           05           10/01/02          0
    32902221                             O            09/01/32
    0

    8022739          696/G01             F          404,000.00         ZZ
                                         360        404,000.00          1
                                       6.625          2,586.86         80
                                       6.375          2,586.86
    FALLS CHURCH     VA   22042          2            09/05/02         00
    0434533782                           05           10/01/02          0
    10002062                             O            09/01/32
    0

    8025171          964/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       6.375          3,275.32         70
                                       6.125          3,275.32
    PIEDMONT         CA   94611          2            08/28/02         00
    0434556627                           05           10/01/02          0
    240521                               O            09/01/32
    0

    8025379          E22/G01             F          381,290.00         ZZ
                                         360        381,290.00          1
                                       6.500          2,410.01         72
                                       6.250          2,410.01
    KAYSVILLE        UT   84037          2            08/20/02         00
    0414716480                           05           10/01/02          0
    0414716480                           O            09/01/32
    0

    8030215          E82/G01             F          276,500.00         ZZ
                                         360        276,500.00          1
1

                                       6.625          1,770.46         59
                                       6.375          1,770.46
    MIAMI            FL   33139          2            09/05/02         00
    0400671798                           06           10/01/02          0
    3158486                              O            09/01/32
    0

    8035809          G51/G01             F          435,500.00         ZZ
                                         360        435,500.00          1
                                       6.625          2,788.55         70
                                       6.375          2,788.55
    LOUISVILLE       CO   80027          5            08/30/02         00
    0434531174                           03           10/01/02          0
    07000050                             O            09/01/32
    0

    8121860          W53/G01             F          383,542.00         ZZ
                                         360        381,247.30          1
                                       6.875          2,519.60         66
                                       6.625          2,519.60
    SUWANNE          GA   30024          1            01/28/02         00
    0433764958                           05           03/01/02          0
    1309000006                           O            02/01/32
    0

    8315250          N16/G01             F          373,000.00         ZZ
                                         360        372,054.49          1
                                       6.875          2,450.35         63
                                       6.625          2,450.35
    SAN DIEGO        CA   92109          2            06/05/02         00
    0434187928                           05           07/10/02          0
    561493067                            O            06/10/32
    0

    8317078          E23/G01             F          365,000.00         ZZ
                                         300        364,078.24          1
                                       6.875          2,550.71         64
                                       6.625          2,550.71
    ARROYO GRANDE    CA   93420          2            06/10/02         00
    0434208245                           05           08/01/02          0
    51012719                             O            07/01/27
    0

    8318028          E23/G01             F          480,000.00         ZZ
                                         360        479,150.68          1
                                       6.625          3,073.49         37
                                       6.375          3,073.49
    LAFAYETTE        CA   94549          5            06/24/02         00
    0434231825                           05           08/01/02          0
1

    61005500                             O            07/01/32
    0

    8320230          N16/G01             F          109,000.00         ZZ
                                         360        108,807.13          1
                                       6.625            697.94         70
                                       6.375            697.94
    POLLOCK          LA   71467          5            07/18/02         00
    0434333779                           05           08/23/02          0
    433290361                            O            07/23/32
    0

    8320742          E23/G01             F          553,000.00         ZZ
                                         360        552,500.08          1
                                       6.500          3,495.34         80
                                       6.250          3,495.34
    FULLERTON        CA   92835          1            07/16/02         00
    0434345211                           03           09/01/02          0
    51015901                             O            08/01/32
    0

    8320968          A19/G01             F          355,000.00         ZZ
                                         360        354,701.75          1
                                       6.875          2,332.10         61
                                       6.625          2,332.10
    GLOUCESTER       MA   01930          1            07/31/02         00
    0434357752                           05           09/01/02          0
    11172                                O            08/01/32
    0

    8322478          E23/G01             F          501,600.00         ZZ
                                         360        501,600.00          1
                                       6.750          3,253.37         80
                                       6.500          3,253.37
    CARLSBAD         CA   92009          1            08/05/02         00
    0434407912                           05           10/01/02          0
    11005779                             O            09/01/32
    0

    8323152          E23/G01             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       6.375          1,497.29         50
                                       6.125          1,497.29
    FREMONT          CA   94536          5            08/01/02         00
    0434480091                           05           10/01/02          0
    61006422                             O            09/01/32
    0

1

    8323154          E23/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.500          3,160.34         55
                                       6.250          3,160.34
    LA JOLLA         CA   92037          1            08/05/02         00
    0434453676                           05           10/01/02          0
    11012334                             O            09/01/32
    0

    8323354          E23/G01             F          349,050.00         T
                                         360        349,050.00          1
                                       7.000          2,322.24         90
                                       6.750          2,322.24
    SAN DIEGO        CA   92103          1            08/09/02         04
    0434468633                           09           10/01/02         25
    11012853                             O            09/01/32
    0

    8323600          E23/G01             F          563,000.00         ZZ
                                         360        563,000.00          1
                                       6.625          3,604.95         67
                                       6.375          3,604.95
    PALOS VERDES ES  CA   90274          5            08/09/02         00
    0434475042                           05           10/01/02          0
    11012217                             O            09/01/32
    0

    8323952          E23/G01             F          447,200.00         ZZ
                                         360        447,200.00          1
                                       6.375          2,789.95         80
                                       6.125          2,789.95
    ACTON            CA   93510          1            08/17/02         00
    0434465308                           05           10/01/02          0
    51017552                             O            09/01/32
    0

    8323996          E23/G01             F          435,000.00         ZZ
                                         360        435,000.00          1
                                       6.500          2,749.50         58
                                       6.250          2,749.50
    SANTA CRUZ       CA   95065          2            08/14/02         00
    0434465076                           05           10/01/02          0
    63000087                             O            09/01/32
    0

    8325736          E23/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.375          2,807.41         44
                                       6.125          2,807.41
1

    (ENCINO AREA)CI  CA   91436          2            08/26/02         00
    0434542221                           05           10/01/02          0
    61006582                             O            09/01/32
    0

    8325918          E23/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.625          2,049.00         54
                                       6.375          2,049.00
    HEALDSBURG       CA   95448          2            08/21/02         00
    0434518338                           05           10/01/02          0
    62002463                             O            09/01/32
    0

   TOTAL NUMBER OF LOANS   :        745

   TOTAL ORIGINAL BALANCE  :   309,993,620.26

   TOTAL PRINCIPAL BALANCE :   309,731,267.17

   TOTAL ORIGINAL P+I      :     1,993,237.99

   TOTAL CURRENT P+I       :     1,993,237.99

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

<TABLE>
<CAPTION>

                                   EXHIBIT TWO
                         SCHEDULE OF DISCOUNT FRACTIONS
                            (Available Upon Request)

                                         Schedule of Discount Fractions

      Loan Number         Current Balance        Net Mortgage Rate       Discount Fraction      PO Balance
<S>     <C>                 <C>                       <C>                     <C>                <C>
        7813867             $898,368.37               6.220%                  0.4800%            $4,312.17
        7815903             $494,102.60               6.220%                  0.4800%            $2,371.69
        7851565             $333,188.99               6.220%                  0.4800%            $1,599.31
        7861033             $337,487.13               6.095%                  2.4800%            $8,369.68
        7862189             $379,639.44               5.970%                  4.4800%           $17,007.85
        7863437             $429,601.74               6.095%                  2.4800%           $10,654.12
        7869107             $849,212.74               6.095%                  2.4800%           $21,060.48
        7872777             $375,000.00               5.845%                  6.4800%           $24,300.00
        7873007             $404,133.87               6.220%                  0.4800%            $1,939.84
        7878145             $349,675.84               6.095%                  2.4800%            $8,671.96
        7878157             $479,555.42               6.095%                  2.4800%           $11,892.97
        7882221             $86,921.35                6.220%                  0.4800%             $417.22
        7883733             $406,623.04               6.095%                  2.4800%           $10,084.25
        7884115             $543,507.31               6.220%                  0.4800%            $2,608.84
        7888527             $361,672.74               6.220%                  0.4800%            $1,736.03
        7888827             $383,652.86               6.220%                  0.4800%            $1,841.53
        7890231             $334,697.15               6.220%                  0.4800%            $1,606.55
        7890573             $399,588.44               6.220%                  0.4800%            $1,918.02
        7891661             $350,075.46               6.095%                  2.4800%            $8,681.87
        7892279             $461,582.35               6.220%                  0.4800%            $2,215.60
        7897727             $354,185.64               6.220%                  0.4800%            $1,700.09
        7898021             $375,360.36               6.220%                  0.4800%            $1,801.73
        7899711             $358,912.50               6.095%                  2.4800%            $8,901.03
        7901169             $350,175.37               6.095%                  2.4800%            $8,684.35
        7901677             $504,520.83               5.970%                  4.4800%           $22,602.53
        7903271             $346,186.76               6.220%                  0.4800%            $1,661.70
        7906953             $328,000.00               6.220%                  0.4800%            $1,574.40
        7911021             $640,306.39               6.095%                  2.4800%           $15,879.60
        7915573             $107,058.32               5.970%                  4.4800%            $4,796.21
        7921999             $543,496.15               6.095%                  2.4800%           $13,478.70
        7922885             $487,558.84               6.220%                  0.4800%            $2,340.28
        7923771             $329,951.44               6.220%                  0.4800%            $1,583.77
        7925543             $370,000.00               6.220%                  0.4800%            $1,776.00
        7927291             $433,000.00               6.220%                  0.4800%            $2,078.40
        7927427             $344,688.12               6.220%                  0.4800%            $1,654.50
        7927905             $479,200.00               5.845%                  6.4800%           $31,052.16
        7930283             $350,000.00               6.095%                  2.4800%            $8,680.00
        7934571             $150,000.00               6.220%                  0.4800%             $720.00
        7937571             $475,559.13               6.095%                  2.4800%           $11,793.87
        7937969             $350,000.00               6.220%                  0.4800%            $1,680.00
        7939859             $450,400.00               6.220%                  0.4800%            $2,161.92
        7939889             $621,937.26               6.220%                  0.4800%            $2,985.30
        7939969             $472,000.00               6.095%                  2.4800%           $11,705.60
        7939977             $367,000.00               6.220%                  0.4800%            $1,761.60
        7939981             $425,000.00               6.220%                  0.4800%            $2,040.00
        7940063             $380,000.00               5.845%                  6.4800%           $24,624.00
        7940215             $447,000.00               6.220%                  0.4800%            $2,145.60
        7940533             $948,300.00               5.970%                  4.4800%           $42,483.84
        7941675             $370,000.00               6.220%                  0.4800%            $1,776.00
        7941677             $344,000.00               6.095%                  2.4800%            $8,531.20
        7941703             $360,000.00               6.220%                  0.4800%            $1,728.00
        7943119             $405,000.00               6.095%                  2.4800%           $10,044.00
        7943533             $380,000.00               6.220%                  0.4800%            $1,824.00

  Friday, September 27, 2002                                                                        Page 1 of 5

        7943535             $480,000.00               6.220%                  0.4800%            $2,304.00
        7943887             $385,000.00               6.220%                  0.4800%            $1,848.00
        7943915             $314,000.00               5.970%                  4.4800%           $14,067.20
        7943979             $254,000.00               6.095%                  2.4800%            $6,299.20
        7946509             $386,250.00               6.220%                  0.4800%            $1,854.00
        7947575             $740,000.00               6.220%                  0.4800%            $3,552.00
        7947643             $433,000.00               6.220%                  0.4800%            $2,078.40
        7947645             $325,000.00               6.220%                  0.4800%            $1,560.00
        7947677             $310,000.00               6.095%                  2.4800%            $7,688.00
        7947725             $303,950.00               6.220%                  0.4800%            $1,458.96
        7948371             $349,683.59               6.220%                  0.4800%            $1,678.48
        7948383             $400,000.00               6.095%                  2.4800%            $9,920.00
        7948537             $507,250.00               5.970%                  4.4800%           $22,724.80
        7948721             $357,000.00               6.220%                  0.4800%            $1,713.60
        7949033             $370,000.00               6.220%                  0.4800%            $1,776.00
        7949403             $424,615.79               6.220%                  0.4800%            $2,038.16
        7949561             $479,555.42               6.095%                  2.4800%           $11,892.97
        7949885             $354,970.92               6.095%                  2.4800%            $8,803.28
        7950023             $364,661.93               6.095%                  2.4800%            $9,043.62
        7952051             $449,573.02               5.970%                  4.4800%           $20,140.87
        7952473             $175,840.89               6.220%                  0.4800%             $844.04
        7952539             $355,000.00               6.220%                  0.4800%            $1,704.00
        7952569             $460,000.00               6.220%                  0.4800%            $2,208.00
        7952925             $386,250.00               6.220%                  0.4800%            $1,854.00
        7953043             $560,000.00               6.220%                  0.4800%            $2,688.00
        7953143             $500,000.00               6.220%                  0.4800%            $2,400.00
        7953147             $446,000.00               6.220%                  0.4800%            $2,140.80
        7953149             $600,000.00               5.970%                  4.4800%           $26,880.00
        7953159             $399,950.00               6.095%                  2.4800%            $9,918.76
        7953167             $513,000.00               6.095%                  2.4800%           $12,722.40
        7953677             $550,000.00               6.095%                  2.4800%           $13,640.00
        7954217             $205,600.00               6.220%                  0.4800%             $986.88
        7956619             $422,000.00               5.970%                  4.4800%           $18,905.60
        7956665             $995,000.00               6.220%                  0.4800%            $4,776.00
        7960553             $560,000.00               6.220%                  0.4800%            $2,688.00
        7960595             $599,000.00               6.220%                  0.4800%            $2,875.20
        7960719             $227,000.00               6.095%                  2.4800%            $5,629.60
        7960783             $171,000.00               6.095%                  2.4800%            $4,240.80
        7961631             $195,000.00               6.095%                  2.4800%            $4,836.00
        7961661             $446,000.00               6.220%                  0.4800%            $2,140.80
        7964897             $346,500.00               6.220%                  0.4800%            $1,663.20
        7964917             $365,000.00               6.220%                  0.4800%            $1,752.00
        7966101             $401,616.49               6.220%                  0.4800%            $1,927.76
        7966949             $399,950.00               5.970%                  4.4800%           $17,917.76
        7967167             $120,180.00               6.095%                  2.4800%            $2,980.46
        7967637             $495,000.00               6.095%                  2.4800%           $12,276.00
        7969181             $331,000.00               6.095%                  2.4800%            $8,208.80
        7970139             $308,850.00               6.095%                  2.4800%            $7,659.48
        7971211             $400,000.00               6.095%                  2.4800%            $9,920.00
        7971237             $500,000.00               6.220%                  0.4800%            $2,400.00
        7972453             $496,500.00               6.220%                  0.4800%            $2,383.20
        7972623             $558,000.00               6.220%                  0.4800%            $2,678.40
        7973331             $400,000.00               6.220%                  0.4800%            $1,920.00
        7974617             $456,000.00               6.095%                  2.4800%           $11,308.80
        7974807             $312,000.00               5.970%                  4.4800%           $13,977.60
        7975019             $399,200.00               6.095%                  2.4800%            $9,900.16
        7977183             $386,500.00               6.220%                  0.4800%            $1,855.20

  Friday, September 27, 2002                                                                        Page 2 of 5

        7977825             $399,950.00               6.095%                  2.4800%            $9,918.76
        7977829             $343,500.00               5.970%                  4.4800%           $15,388.80
        7977845             $326,000.00               6.095%                  2.4800%            $8,084.80
        7977855             $450,000.00               5.970%                  4.4800%           $20,160.00
        7977879             $388,800.00               6.220%                  0.4800%            $1,866.24
        7978507             $322,500.00               5.845%                  6.4800%           $20,898.00
        7978559             $446,000.00               6.220%                  0.4800%            $2,140.80
        7978601            $1,000,000.00              6.220%                  0.4800%            $4,800.00
        7978797             $184,500.00               5.970%                  4.4800%            $8,265.60
        7979253             $359,265.93               6.220%                  0.4800%            $1,724.48
        7979255             $509,527.64               6.095%                  2.4800%           $12,636.29
        7979257             $344,680.46               6.095%                  2.4800%            $8,548.08
        7979273             $411,627.55               6.220%                  0.4800%            $1,975.81
        7979311             $395,633.22               6.095%                  2.4800%            $9,811.70
        7979343             $446,895.64               6.220%                  0.4800%            $2,145.10
        7979433             $439,602.23               6.220%                  0.4800%            $2,110.09
        7980021             $560,000.00               6.095%                  2.4800%           $13,888.00
        7980187             $489,557.03               6.220%                  0.4800%            $2,349.87
        7980215             $389,647.43               6.220%                  0.4800%            $1,870.31
        7980289             $455,587.77               6.220%                  0.4800%            $2,186.82
        7980321             $481,542.66               5.970%                  4.4800%           $21,573.11
        7980335             $359,674.56               6.220%                  0.4800%            $1,726.44
        7980347             $399,638.40               6.220%                  0.4800%            $1,918.26
        7980381             $322,194.00               5.970%                  4.4800%           $14,434.29
        7980415             $487,558.83               6.220%                  0.4800%            $2,340.28
        7980493             $445,596.81               6.220%                  0.4800%            $2,138.86
        7980737             $407,000.00               6.095%                  2.4800%           $10,093.60
        7980795             $409,000.00               6.220%                  0.4800%            $1,963.20
        7980801             $525,000.00               6.095%                  2.4800%           $13,020.00
        7980855             $395,642.01               6.220%                  0.4800%            $1,899.08
        7981061             $398,000.00               5.970%                  4.4800%           $17,830.40
        7981081             $450,000.00               6.095%                  2.4800%           $11,160.00
        7981211             $724,000.00               6.095%                  2.4800%           $17,955.20
        7981331             $478,000.00               5.970%                  4.4800%           $21,414.40
        7981377             $171,000.00               6.220%                  0.4800%             $820.80
        7981427             $551,000.00               6.220%                  0.4800%            $2,644.80
        7981459             $452,000.00               6.095%                  2.4800%           $11,209.60
        7982007             $311,250.00               6.095%                  2.4800%            $7,719.00
        7982039             $536,000.00               6.220%                  0.4800%            $2,572.80
        7982053             $484,000.00               5.970%                  4.4800%           $21,683.20
        7982181             $409,600.00               6.220%                  0.4800%            $1,966.08
        7982341             $403,750.00               5.970%                  4.4800%           $18,088.00
        7982345             $535,000.00               6.220%                  0.4800%            $2,568.00
        7982429             $300,421.49               6.095%                  2.4800%            $7,450.45
        7984313             $120,000.00               6.220%                  0.4800%             $576.00
        7985131             $372,000.00               6.220%                  0.4800%            $1,785.60
        7985271             $500,000.00               6.220%                  0.4800%            $2,400.00
        7985329             $289,600.00               6.095%                  2.4800%            $7,182.08
        7985587             $348,000.00               6.095%                  2.4800%            $8,630.40
        7985641             $151,000.00               5.970%                  4.4800%            $6,764.80
        7987633             $304,500.00               5.970%                  4.4800%           $13,641.60
        7987659             $477,100.00               6.220%                  0.4800%            $2,290.08
        7987689             $517,000.00               6.095%                  2.4800%           $12,821.60
        7987727             $438,500.00               6.220%                  0.4800%            $2,104.80
        7987883             $372,000.00               6.095%                  2.4800%            $9,225.60
        7988201             $286,000.00               5.970%                  4.4800%           $12,812.80
        7988203             $167,500.00               6.095%                  2.4800%            $4,154.00

  Friday, September 27, 2002                                                                        Page 3 of 5

        7988229             $429,000.00               6.095%                  2.4800%           $10,639.20
        7988249             $297,000.00               6.220%                  0.4800%            $1,425.60
        7988273             $470,200.00               6.095%                  2.4800%           $11,660.96
        7988281             $251,000.00               6.095%                  2.4800%            $6,224.80
        7988539             $473,336.00               6.095%                  2.4800%           $11,738.73
        7990651             $423,607.29               6.095%                  2.4800%           $10,505.46
        7990675             $483,562.46               6.220%                  0.4800%            $2,321.10
        7990749             $359,674.56               6.220%                  0.4800%            $1,726.44
        7990753             $479,108.48               6.095%                  2.4800%           $11,881.89
        7990809             $481,564.26               6.220%                  0.4800%            $2,311.51
        7990811             $374,660.99               6.220%                  0.4800%            $1,798.37
        7990841             $490,556.13               6.220%                  0.4800%            $2,354.67
        7990849             $339,692.64               6.220%                  0.4800%            $1,630.52
        7990879             $399,638.40               6.220%                  0.4800%            $1,918.26
        7990905             $499,547.99               6.220%                  0.4800%            $2,397.83
        7990921             $491,544.31               6.095%                  2.4800%           $12,190.30
        7990929             $450,792.11               6.220%                  0.4800%            $2,163.80
        7990945             $399,634.51               6.220%                  0.4800%            $1,918.25
        7990969             $522,527.20               6.220%                  0.4800%            $2,508.13
        7992135             $425,000.00               6.110%                  2.2400%            $9,520.00
        7992489             $641,000.00               6.095%                  2.4800%           $15,896.80
        7992491             $423,000.00               6.095%                  2.4800%           $10,490.40
        7992493             $470,000.00               6.095%                  2.4800%           $11,656.00
        7993335             $650,000.00               6.095%                  2.4800%           $16,120.00
        7993367             $442,000.00               5.970%                  4.4800%           $19,801.60
        7993383             $330,750.00               6.220%                  0.4800%            $1,587.60
        7993487             $281,500.00               6.095%                  2.4800%            $6,981.20
        7994235             $270,000.00               6.095%                  2.4800%            $6,696.00
        7994493             $140,669.59               6.095%                  2.4800%            $3,488.61
        7994735             $575,000.00               6.220%                  0.4800%            $2,760.00
        7994973             $453,000.00               6.095%                  2.4800%           $11,234.40
        7995423             $470,000.00               6.220%                  0.4800%            $2,256.00
        7995861            $1,000,000.00              6.095%                  2.4800%           $24,800.00
        7996025             $558,000.00               6.220%                  0.4800%            $2,678.40
        8000351            $1,100,000.00              6.070%                  2.8800%           $31,680.00
        8000365             $400,000.00               6.220%                  0.4800%            $1,920.00
        8001215             $487,000.00               6.095%                  2.4800%           $12,077.60
        8001265             $546,250.00               6.095%                  2.4800%           $13,547.00
        8001653             $485,000.00               6.170%                  1.2800%            $6,208.00
        8002497             $345,000.00               6.220%                  0.4800%            $1,656.00
        8003109             $479,000.00               6.095%                  2.4800%           $11,879.20
        8004189             $446,781.41               6.095%                  2.4800%           $11,080.18
        8005103             $329,000.00               5.845%                  6.4800%           $21,319.20
        8005197             $382,800.00               5.970%                  4.4800%           $17,149.44
        8005209             $329,000.00               6.095%                  2.4800%            $8,159.20
        8007105             $424,800.00               6.220%                  0.4800%            $2,039.04
        8007697             $186,000.00               6.095%                  2.4800%            $4,612.80
        8007739             $991,000.00               5.970%                  4.4800%           $44,396.80
        8007943             $327,500.00               6.220%                  0.4800%            $1,572.00
        8008063             $464,000.00               6.220%                  0.4800%            $2,227.20
        8009465             $445,500.00               5.970%                  4.4800%           $19,958.40
        8009507             $584,000.00               5.970%                  4.4800%           $26,163.20
        8011119             $444,000.00               6.095%                  2.4800%           $11,011.20
        8012017             $400,000.00               6.220%                  0.4800%            $1,920.00
        8012041             $500,000.00               6.095%                  2.4800%           $12,400.00
        8012047             $455,000.00               5.970%                  4.4800%           $20,384.00
        8013143             $440,000.00               6.220%                  0.4800%            $2,112.00

  Friday, September 27, 2002                                                                        Page 4 of 5

        8014101             $495,000.00               6.095%                  2.4800%           $12,276.00
        8015185             $446,150.00               6.095%                  2.4800%           $11,064.52
        8015817             $275,000.00               5.970%                  4.4800%           $12,320.00
        8017867             $511,000.00               6.095%                  2.4800%           $12,672.80
        8017891             $337,000.00               6.095%                  2.4800%            $8,357.60
        8018067             $333,400.00               5.845%                  6.4800%           $21,604.32
        8022709             $416,000.00               6.220%                  0.4800%            $1,996.80
        8022715             $424,000.00               6.220%                  0.4800%            $2,035.20
        8022727             $420,000.00               6.220%                  0.4800%            $2,016.00
        8022735             $495,000.00               6.220%                  0.4800%            $2,376.00
        8025171             $525,000.00               6.095%                  2.4800%           $13,020.00
        8025379             $381,290.00               6.220%                  0.4800%            $1,830.19
        8320742             $552,500.08               6.220%                  0.4800%            $2,652.00
        8323152             $240,000.00               6.095%                  2.4800%            $5,952.00
        8323154             $500,000.00               6.220%                  0.4800%            $2,400.00
        8323952             $447,200.00               6.095%                  2.4800%           $11,090.56
        8323996             $435,000.00               6.220%                  0.4800%            $2,088.00
        8325736             $450,000.00               6.095%                  2.4800%           $11,160.00

  Friday, September 27, 2002                                                                        Page 5 of 5

</TABLE>

                                             -2-

<PAGE>

                                        EXHIBIT THREE

                                INFORMATION TO BE INCLUDED IN
                             MONTHLY DISTRIBUTION DATE STATEMENT

               (i) (a) the amount of such distribution to the Certificateholders
        of such  Class  applied  to reduce  the  Certificate  Principal  Balance
        thereof,  and (b) the aggregate  amount  included  therein  representing
        Principal Prepayments;

               (ii) the amount of such  distribution to Holders of such Class of
          Certificates allocable to interest;

               (iii)  if the  distribution  to the  Holders  of  such  Class  of
        Certificates is less than the full amount that would be distributable to
        such Holders if there were  sufficient  funds  available  therefor,  the
        amount of the shortfall;

               (iv) the amount of any Advance by the Master Servicer pursuant to
          Section 4.04;

               (v) the number and Pool Stated Principal  Balance of the Mortgage
        Loans after  giving  effect to the  distribution  of  principal  on such
        Distribution Date;

               (vi) the Insured  Payment  for such  Distribution  Date,  and the
        respective  portions thereof allocable to principal and interest for the
        Insured Certificates;

               (vii) the amount of any  Certificate  Insurance  Payment  made on
        such Distribution Date, the amount of any reimbursement  payment made to
        the Certificate  Insurer on such  Distribution  Date pursuant to Section
        4.02(a)(xvi)  and the  amount of  Cumulative  Insurance  Payments  after
        giving  effect to any such  Certificate  Insurance  Payment  or any such
        reimbursement payment to the Certificate Insurer;

               (viii) the aggregate  Certificate Principal Balance of each Class
        of Certificates  and the Senior  Percentage,  after giving effect to the
        amounts  distributed on such Distribution Date,  separately  identifying
        any reduction  thereof due to Realized  Losses other than pursuant to an
        actual distribution of principal;

               (ix) the related  Subordinate  Principal  Distribution Amount and
          Prepayment Distribution Percentage, if applicable;

               (x) on the basis of the most recent  reports  furnished  to it by
        Sub-Servicers,  the number and aggregate  principal balances of Mortgage
        Loans that are  Delinquent  (A) 30-59 days, (B) 60-89 days and (C) 90 or
        more days and the number and  aggregate  principal  balance of  Mortgage
        Loans that are in foreclosure;

               (xi) the number,  aggregate  principal  balance and book value of
          any REO Properties;

                                             -1-

<PAGE>

               (xii)  the  aggregate  Accrued  Certificate   Interest  remaining
        unpaid,  if any, for each Class of Certificates,  after giving effect to
        the distribution made on such Distribution Date;

               (xiii)  the  Special  Hazard   Amount,   Fraud  Loss  Amount  and
        Bankruptcy  Amount as of the close of business on such Distribution Date
        and a description of any change in the calculation of such amounts;

               (xiv) the weighted average Pool Strip Rate for such  Distribution
        Date  and  the  Pass-  Through  Rate  with  respect  to  the  Class  A-V
        Certificates and each Subclass, if any, thereof;

               (xv) the  Notional  Amount with respect to each class of Interest
        Only Certificates and each Subclass Notional Amount;

               (xvi)  the occurrence of the Credit Support Depletion Date;

               (xvii) the related  Senior  Accelerated  Distribution  Percentage
          applicable to such distribution;

               (xviii)the related Senior Percentage for such Distribution Date;

               (xix)  the   aggregate   amount  of  Realized   Losses  for  such
          Distribution Date;

               (xx)  the  aggregate  amount  of  any  recoveries  on  previously
        foreclosed  loans  from  Sellers  due to a breach of  representation  or
        warranty assigned to the Trustee pursuant to Section 2.04;

               (xxi) the  weighted  average  remaining  term to  maturity of the
        Mortgage  Loans after giving effect to the amounts  distributed  on such
        Distribution Date;

               (xxii) the weighted  average Mortgage Rates of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on such  Distribution
        Date;

               (xxiii)  the  amount  of  Reserve  Fund   Withdrawals   for  such
          Distribution Date; and

               (xxiv)  the  amount  of  Rounding  Account  withdrawals  for such
          Distribution Date.

In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts  shall be expressed  as a dollar  amount per  Certificate  with a $1,000
denomination.

The    Trustee's    internet    website    will    initially   be   located   at
http://www.abs.bankone.com.  To receive  this  statement  via first  class mail,
telephone the Trustee at (800) 524-9472.

                                             -2-

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                      AGREEMENT DATED AS OF AUGUST 1, 2002

                                 EXECUTION COPY

-------------------------------------------------------------------------------

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                           Dated as of August 1, 2002

                 Residential Funding Mortgage Securities I, Inc.

                       Mortgage Pass-Through Certificates

-------------------------------------------------------------------------------

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions............................................................1
        Section 1.02  Use of Words and Phrases..............................................30

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans..........................................30
        Section 2.02  Acceptance by Trustee.................................................36
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................38
        Section 2.04  Representations and Warranties of Sellers.............................39
        Section 2.05  Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I.......................................41
        Section 2.06  Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                      Acceptance by the Trustee.............................................41
        Section 2.07  Issuance of Certificates Evidencing Interests in REMIC II.............41
        Section 2.08  Purposes and Powers of the Trust......................................42

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS
        Section 3.01  Master Servicer to Act as Servicer....................................42
        Section 3.02  Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations.................44
        Section 3.03  Successor Subservicers................................................45
        Section 3.04  Liability of the Master Servicer......................................45
        Section 3.05  No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders....................................................45
        Section 3.06  Assumption or Termination of Subservicing Agreements by Trustee.......46
        Section 3.07  Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                      Account...............................................................46
        Section 3.08  Subservicing Accounts; Servicing Accounts.............................48
        Section 3.09  Access to Certain Documentation and Information Regarding the Mortgage
                      Loans.................................................................50
        Section 3.10  Permitted Withdrawals from the Custodial Account......................50
        Section 3.11  Maintenance of the Primary Insurance Policies; Collections Thereunder
                      .....................................................................52

                                              i

<PAGE>

        Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity Coverage.....53
        Section 3.13  Enforcement of Due-on-Sale Clauses; Assumption and Modification
                      Agreements; Certain Assignments.......................................54
        Section 3.14  Realization Upon Defaulted Mortgage Loans.............................56
        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.......................60
        Section 3.16  Servicing and Other Compensation; Compensating Interest...............61
        Section 3.17  Reports to the Trustee and the Company................................62
        Section 3.18  Annual Statement as to Compliance.....................................62
        Section 3.19  Annual Independent Public Accountants' Servicing Report...............62
        Section 3.20  Rights of the Company in Respect of the Master Servicer...............63
        Section 3.21  Administration of Buydown Funds.......................................63

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account...................................................64
        Section 4.02  Distributions.........................................................65
        Section 4.03  Statements to Certificateholders......................................65
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer.......................................................66
        Section 4.05  Allocation of Realized Losses.........................................67
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.........67
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.........................67
        Section 4.08  Surety Bond...........................................................68

                                          ARTICLE V

                                       THE CERTIFICATES
        Section 5.01  The Certificates......................................................68
        Section 5.02  Registration of Transfer and Exchange of Certificates.................70
        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.....................76
        Section 5.04  Persons Deemed Owners.................................................76
        Section 5.05  Appointment of Paying Agent...........................................76

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER

        Section 6.01  Respective Liabilities of the Company and the Master Servicer.........78
        Section 6.02  Merger or Consolidation of the Company or the Master Servicer; Assignment
                      of Rights and Delegation of Duties by Master Servicer.................78
        Section 6.03  Limitation on Liability of the Company, the Master Servicer and Others
                      ......................................................................79
        Section 6.04  Company and Master Servicer Not to Resign.............................80

                                         ARTICLE VII

                                              ii

<PAGE>

                                           DEFAULT
        Section 7.01  Events of Default.....................................................80
        Section 7.02  Trustee or Company to Act; Appointment of Successor...................82
        Section 7.03  Notification to Certificateholders....................................83
        Section 7.04  Waiver of Events of Default...........................................83

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
        Section 8.01  Duties of Trustee.....................................................84
        Section 8.02  Certain Matters Affecting the Trustee.................................85
        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.................87
        Section 8.04  Trustee May Own Certificates..........................................87
        Section 8.05  Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...87
        Section 8.06  Eligibility Requirements for Trustee..................................88
        Section 8.07  Resignation and Removal of the Trustee................................89
        Section 8.08  Successor Trustee.....................................................90
        Section 8.09  Merger or Consolidation of Trustee....................................90
        Section 8.10  Appointment of Co-Trustee or Separate Trustee.........................90
        Section 8.11  Appointment of Custodians.............................................91
        Section 8.12  Appointment of Office or Agency.......................................92

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

        Section 9.01  Optional Purchase by the Master Servicer of All Certificates; Termination
                     Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans
                       .....................................................................92
        Section 9.02  Additional Termination Requirements...................................95
        Section 9.03  Termination of Multiple REMICs........................................96

                                          ARTICLE X

                                       REMIC PROVISIONS
        Section 10.01 REMIC Administration..................................................96
        Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification
                       ....................................................................100
        Section 10.03 Designation of REMIC(s)..............................................100

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment............................................................101
        Section 11.02 Recordation of Agreement; Counterparts...............................103
        Section 11.03 Limitation on Rights of Certificateholders...........................104
        Section 11.04 Governing Law........................................................104

                                             iii

<PAGE>

        Section 11.05 Notices..............................................................104
        Section 11.06 Required Notices to Rating Agency and Subservicer....................105
        Section 11.07 Severability of Provisions...........................................105
        Section 11.08 Supplemental Provisions for Resecuritization.........................106
        Section 11.09 Allocation of Voting Rights..........................................106
</TABLE>

EXHIBITS

Exhibit A:     Form of Class A Certificate
Exhibit B:     Form of Class M Certificate
Exhibit C:     Form of Class B Certificate
Exhibit D:     Form of Class R Certificate
Exhibit E:     Form of Seller/Servicer Contract
Exhibit F:     Forms of Request for Release
Exhibit G-1:   Form of Transfer Affidavit and Agreement
Exhibit G-2:   Form of Transferor Certificate
Exhibit H:     Form of Investor Representation Letter
Exhibit I:     Form of Transferor Representation Letter
Exhibit J:     Form of Rule 144A Investment Representation Letter
Exhibit K:     Text of Amendment to Pooling and Servicing Agreement Pursuant
                to Section 11.01(e) for a Limited Guaranty
Exhibit L:     Form of Limited Guaranty
Exhibit M:     Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:     Request for Exchange Form

                                              iv

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of August 1, 2002 (the "Standard Terms", and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or "Agreement"),  among  RESIDENTIAL  FUNDING MORTGAGE  SECURITIES I,
INC., as the company  (together with its permitted  successors and assigns,  the
"Company"),  RESIDENTIAL FUNDING CORPORATION,  as master servicer (together with
its permitted  successors and assigns,  the "Master Servicer"),  and the trustee
named  in  the  applicable  Series  Supplement   (together  with  its  permitted
successors and assigns, the "Trustee").

                                    PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  pass-through  certificates
(collectively, the "Certificates"), to be issued under the Agreement in multiple
classes,  which in the aggregate will evidence the entire  beneficial  ownership
interest in the Mortgage Loans.

        In consideration of the mutual agreements herein contained, the Company,
the Master Servicer and the Trustee agree as follows:

                                    ARTICLE I

                                   DEFINITIONS
        Section 1.01  Definitions.
                      -----------

        Whenever used in this Agreement, the following words and phrases, unless
the  context  otherwise  requires,  shall have the  meanings  specified  in this
Article.

        Accretion Termination Date:  As defined in the Series Supplement.
        --------------------------

        Accrual Certificates:  As defined in the Series Supplement.
        --------------------

        Accrued Certificate Interest: With respect to each Distribution Date, as
to any  Class  or  Subclass  of  Certificates  (other  than any  Principal  Only
Certificates),  interest  accrued during the related  Interest Accrual Period at
the related  Pass-Through Rate on the Certificate  Principal Balance or Notional
Amount thereof  immediately prior to such Distribution Date. Accrued Certificate
Interest will be calculated on the basis of a 360-day year, consisting of twelve
30-day  months.  In each  case  Accrued  Certificate  Interest  on any  Class or
Subclass of Certificates will be reduced by the amount of:

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

        (ii)   the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard

                                              1

<PAGE>

               Losses,   Excess  Fraud  Losses,  Excess  Bankruptcy  Losses  and
               Extraordinary  Losses)  not  allocated  solely  to  one  or  more
               specific Classes of Certificates pursuant to Section 4.05,

        (iii)  the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans or, if the  Mortgage  Pool is comprised of two or more Loan
               Groups,  on the Mortgage  Loans in the related Loan Group,  which
               remained  unreimbursed  following  the  Cash  Liquidation  or REO
               Disposition  of such  Mortgage  Loan or REO  Property or (B) made
               with respect to delinquencies that were ultimately  determined to
               be Excess  Special  Hazard  Losses,  Excess Fraud Losses,  Excess
               Bankruptcy Losses or Extraordinary Losses, and

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

                                              2

<PAGE>

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

        Ambac: Ambac Assurance Corporation (formerly known as AMBAC Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Subsequent Recoveries,  Insurance Proceeds,  Curtailments,
Mortgage Loan  purchases made pursuant to Section 2.02,  2.03,  2.04 or 4.07 and
Mortgage  Loan  substitutions  made pursuant to Section 2.03 or 2.04 received or
made in the  month  of such  Distribution  Date  (other  than  such  Liquidation
Proceeds,  Insurance  Proceeds and  purchases of Mortgage  Loans that the Master
Servicer has deemed to have been received in the  preceding  month in accordance
with Section 3.07(b)),  and Principal Prepayments in Full made after the related
Prepayment  Period, and (ii) payments which represent early receipt of scheduled
payments of  principal  and interest  due on a date or dates  subsequent  to the
related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

     Assignment: An assignment of the Mortgage, notice of transfer or equivalent
instrument,  in recordable  form,  sufficient under the laws of the jurisdiction
wherein the related Mortgaged Property

                                              3

<PAGE>

is located to reflect of record the sale of the Mortgage Loan to the Trustee for
the  benefit of  Certificateholders,  which  assignment,  notice of  transfer or
equivalent  instrument  may be in the  form of one or more  blanket  assignments
covering  Mortgages secured by Mortgaged  Properties located in the same county,
if permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date, including any Subsequent  Recoveries,
and  amounts   deposited  in  the  Custodial  Account  in  connection  with  the
substitution  of Qualified  Substitute  Mortgage  Loans,  (ii) the amount of any
Advance made on the  immediately  preceding  Certificate  Account  Deposit Date,
(iii) any amount deposited in the Certificate Account on the related Certificate
Account Deposit Date pursuant to the second paragraph of Section  3.12(a),  (iv)
any amount  deposited in the Certificate  Account  pursuant to Section 4.07, (v)
any amount  that the Master  Servicer  is not  permitted  to  withdraw  from the
Custodial Account or the Certificate  Account pursuant to Section 3.16(e),  (vi)
any amount  received  by the  Trustee  pursuant to the Surety Bond in respect of
such  Distribution Date and (vii) the proceeds of any Pledged Assets received by
the Master  Servicer,  reduced by (b) the sum as of the close of business on the
immediately  preceding  Determination  Date of (x) the  Amount  Held for  Future
Distribution,  and (y) amounts  permitted to be withdrawn by the Master Servicer
from the Custodial  Account in respect of the Mortgage Loans pursuant to clauses
(ii)-(x),  inclusive,  of  Section  3.10(a).  Such  amount  shall be  determined
separately for each Loan Group. Additionally,  with respect to any Mortgage Pool
that is  comprised  of two or more  Loan  Groups,  if on any  Distribution  Date
Compensating  Interest  provided  pursuant  to  Section  3.16(e)  is  less  than
Prepayment Interest Shortfalls incurred on the Mortgage Loans in connection with
Principal  Prepayments in Full received during the related Prepayment Period and
Curtailments made in the prior calendar month, such Compensating  Interest shall
be allocated on such Distribution Date to the Available  Distribution Amount for
each Loan Group on a pro rata basis in accordance with the respective amounts of
such Prepayment  Interest Shortfalls incurred on the Mortgage Loans in such Loan
Group in respect of such Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.
        ---------------

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest under the related Mortgage Loan and any premiums on any

                                              4

<PAGE>

applicable  primary hazard  insurance  policy and any related escrow payments in
respect  of such  Mortgage  Loan are being  advanced  on a current  basis by the
Master  Servicer or a  Subservicer,  in either case without giving effect to any
Debt Service Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

     Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.

                                              5

<PAGE>

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

     Certificate Principal Balance: With respect to each Certificate (other than
any Interest Only  Certificate),  on any date of determination,  an amount equal
to:

          (i)  the Initial Certificate  Principal Balance of such Certificate as
               specified on the face thereof, plus

          (ii) any  Subsequent  Recoveries  added to the  Certificate  Principal
               Balance of such Certificate pursuant to Section 4.02, plus

        (iii)  in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

        (iv)   the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates with the Lowest Priority at any given time shall be further reduced
by an amount equal to the  Percentage  Interest  evidenced  by such  Certificate
multiplied  by the  excess,  if  any,  of (A)  the  then  aggregate  Certificate
Principal  Balance of all Classes of Certificates  then outstanding over (B) the
then aggregate Stated Principal Balance of the Mortgage Loans.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

     Class A-P Certificate:  Any one of the  Certificates  designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.
        ---------------------------------------

                                              6

<PAGE>

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was transferred

                                              7

<PAGE>

and  assigned to the Trustee  pursuant to Section 2.01 and are from time to time
held as part of the Trust Fund.

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of principal to be paid in connection with

                                              8

<PAGE>

any  scheduled  Monthly  Payment that  constitutes  a permanent  forgiveness  of
principal,  which  valuation  or reduction  results from a proceeding  under the
Bankruptcy Code.

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date:  As defined in the Series Supplement.
        ------------------

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

     Discount  Mortgage  Loan:  Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage Loan

                                              9

<PAGE>

deemed to be a Discount  Mortgage Loan  pursuant to the  definition of Qualified
Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a  corporation  if all of its  activities  are  subject  to tax and,  except for
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the belated Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts maintained in the corporate trust

                                              10

<PAGE>

division  of  the  Trustee,  or (v)  an  account  or  accounts  of a  depository
institution  acceptable  to each Rating  Agency (as evidenced in writing by each
Rating  Agency  that use of any such  account  as the  Custodial  Account or the
Certificate  Account  will  not  reduce  the  rating  assigned  to any  Class of
Certificates by such Rating Agency below the lower of the then-current rating or
the rating  assigned to such  Certificates as of the Closing Date by such Rating
Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

        (a) losses  that are of the type that  would be covered by the  fidelity
bond and the errors and  omissions  insurance  policy  required to be maintained
pursuant  to  Section  3.12(b)  but are in  excess  of the  coverage  maintained
thereunder;

        (b) nuclear reaction or nuclear radiation or radioactive  contamination,
all whether  controlled  or  uncontrolled,  and  whether  such loss be direct or
indirect,  proximate or remote or be in whole or in part caused by,  contributed
to or  aggravated  by a peril  covered by the  definition  of the term  "Special
Hazard Loss";

        (c) hostile or warlike action in time of peace or war,  including action
in hindering,  combating or defending  against an actual,  impending or expected
attack:

                                              11

<PAGE>

          1.   by any government or sovereign  power, de jure or de facto, or by
               any authority maintaining or using military, naval or air forces;
               or

          2.   by military, naval or air forces; or

          3.   by an agent of any such government, power, authority or forces;

     (d) any weapon of war employing atomic fission or radioactive force whether
in time of peace or war; or

        (e)  insurrection,  rebellion,  revolution,  civil war, usurped power or
action  taken by  governmental  authority in  hindering,  combating or defending
against such an occurrence,  seizure or destruction  under quarantine or customs
regulations,  confiscation  by order of any government or public  authority;  or
risks of contraband or illegal transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

     FASIT:  A "financial  asset  securitization  investment  trust"  within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch, Inc. or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

                                              12

<PAGE>

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with a Certificate  Principal Balance
greater than zero, with the earliest  priority for payments  pursuant to Section
4.02(a),  in the following  order:  Class M-1,  Class M-2, Class M-3, Class B-1,
Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

     Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

                                              13

<PAGE>

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        Interim Certification:  As defined in Section 2.02.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a Certificate  Principal  Balance greater than zero, with later
priority for payments pursuant to Section 4.02(a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

                                              14

<PAGE>

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

        Moody's:  Moody's Investors Service, Inc., or its successor in interest.

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

                                              15

<PAGE>

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     Mortgage Pool: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     Mortgage  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

     Officers'  Certificate:  A certificate signed by the Chairman of the Board,
the President or a Vice President or Assistant Vice President,  or a Director or
Managing Director, and by the Treasurer,

                                              16

<PAGE>

the Secretary,  or one of the Assistant  Treasurers or Assistant  Secretaries of
the Company or the Master  Servicer,  as the case may be, and  delivered  to the
Trustee, as required by this Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As  to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

               (i)  obligations of or guaranteed as to principal and interest by
        the United  States or any agency or  instrumentality  thereof  when such
        obligations  are  backed  by the full  faith and  credit  of the  United
        States;

               (ii) repurchase agreements on obligations specified in clause (i)
        maturing not more than one month from the date of  acquisition  thereof,
        provided  that  the  unsecured  obligations  of the  party  agreeing  to
        repurchase such  obligations are at the time rated by each Rating Agency
        in its highest short-term rating available;

               (iii) federal funds,  certificates of deposit,  demand  deposits,
        time  deposits  and  bankers'  acceptances  (which  shall  each  have an
        original  maturity of not more than 90 days and, in the case of bankers'
        acceptances,  shall in no event have an  original  maturity of more than
        365 days or a remaining  maturity of more than 30 days)  denominated  in
        United States

                                              17

<PAGE>

        dollars of any U.S. depository institution or trust company incorporated
        under  the laws of the  United  States or any  state  thereof  or of any
        domestic  branch of a foreign  depository  institution or trust company;
        provided that the debt  obligations  of such  depository  institution or
        trust  company (or, if the only Rating  Agency is Standard & Poor's,  in
        the  case  of  the  principal  depository  institution  in a  depository
        institution   holding  company,   debt  obligations  of  the  depository
        institution  holding  company) at the date of  acquisition  thereof have
        been  rated by each  Rating  Agency  in its  highest  short-term  rating
        available;  and  provided  further  that,  if the only Rating  Agency is
        Standard & Poor's and if the  depository or trust company is a principal
        subsidiary of a bank holding  company and the debt  obligations  of such
        subsidiary are not separately rated, the applicable rating shall be that
        of the bank holding company; and, provided further that, if the original
        maturity  of such  short-term  obligations  of a  domestic  branch  of a
        foreign  depository  institution  or trust company shall exceed 30 days,
        the short-term  rating of such institution  shall be A-1+ in the case of
        Standard & Poor's if Standard & Poor's is the Rating Agency;

               (iv)   commercial   paper  and  demand  notes  (having   original
        maturities  of not more than 365 days) of any  corporation  incorporated
        under the laws of the United  States or any state  thereof  which on the
        date of acquisition  has been rated by each Rating Agency in its highest
        short-term rating  available;  provided that such commercial paper shall
        have a remaining maturity of not more than 30 days;

               (v) a money market fund or a qualified  investment  fund rated by
        each Rating Agency in its highest long-term rating available; and

               (vi) other  obligations or securities that are acceptable to each
        Rating  Agency as a Permitted  Investment  hereunder and will not reduce
        the rating  assigned to any Class of  Certificates by such Rating Agency
        below the lower of the  then-current  rating or the rating  assigned  to
        such  Certificates  as of the  Closing  Date by such Rating  Agency,  as
        evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

                                              18

<PAGE>

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or description  pledged by Combined
Collateral LLC as security in respect of any Realized  Losses in connection with
such Mortgage  Loan up to the Pledged  Amount for such  Mortgage  Loan,  and any
related  collateral,  or such other collateral as may be set forth in the Series
Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified Mortgage Loan)) paid by the Mortgagor for

                                              19

<PAGE>

such month to the date of such Principal Prepayment in Full or (b) a Curtailment
during the prior calendar month, an amount equal to one month's  interest at the
Net  Mortgage  Rate (or  Modified  Net  Mortgage  Rate in the case of a Modified
Mortgage Loan) on the amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
prior to the month in which that Distribution Date occurs and ending on the 15th
day of the month in which such Distribution Date occurs.

     Primary  Insurance  Policy:   Each  primary  policy  of  mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

     Principal  Only  Certificates:  A Class of  Certificates  not  entitled  to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

        Program Guide: Collectively, the Client Guide and the Servicer Guide for
Residential  Funding's  mortgage loan purchase and conduit servicing program and
all supplements  and amendments  thereto  published by Residential  Funding from
time to time.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage Loan for a Deleted Mortgage Loan, an aggregate

                                              20

<PAGE>

               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi) have a Pool Strip Rate equal to or greater than that of the Deleted
Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):
        -------------

        (a)    as to which a Cash  Liquidation or REO  Disposition has occurred,
               an amount (not less than zero) equal to (i) the Stated  Principal
               Balance of the Mortgage  Loan (or REO Property) as of the date of
               Cash Liquidation or REO Disposition, plus (ii) interest

                                              21

<PAGE>

               (and REO Imputed Interest,  if any) at the Net Mortgage Rate from
               the Due Date as to which  interest  was last paid or  advanced to
               Certificateholders  up to the Due Date in the Due Period  related
               to the  Distribution  Date on which  such  Realized  Loss will be
               allocated  pursuant  to  Section  4.05  on the  Stated  Principal
               Balance  of such  Mortgage  Loan  (or REO  Property)  outstanding
               during  each  Due  Period  that  such  interest  was not  paid or
               advanced,  minus (iii) the proceeds,  if any, received during the
               month  in  which  such  Cash  Liquidation  (or  REO  Disposition)
               occurred,  to the extent applied as recoveries of interest at the
               Net Mortgage Rate and to principal of the Mortgage  Loan,  net of
               the portion  thereof  reimbursable  to the Master Servicer or any
               Subservicer  with  respect to related  Advances or expenses as to
               which  the  Master   Servicer  or   Subservicer  is  entitled  to
               reimbursement  thereunder  but  which  have not  been  previously
               reimbursed,

        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, and (ii) any
               such amount with  respect to a Monthly  Payment that was or would
               have been due in the  month  immediately  following  the month in
               which  a  Principal  Prepayment  or the  Purchase  Price  of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

To the extent the Master Servicer receives Subsequent Recoveries with respect to
any Mortgage Loan, the amount of the Realized Loss with respect to that Mortgage
Loan will be reduced to the extent  such  recoveries  are  applied to reduce the
Certificate  Principal  Balance of any Class of Certificates on any Distribution
Date.

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

                                              22

<PAGE>

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

                                              23

<PAGE>

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Seller: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

        (i)    for any Distribution Date after the 60th Distribution Date but on
               or  prior to the  72nd  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 70% of the  related
               Subordinate Percentage for such Distribution Date;

        (ii)   for any Distribution Date after the 72nd Distribution Date but on
               or  prior to the  84th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 60% of the  related
               Subordinate Percentage for such Distribution Date;

                                              24

<PAGE>

        (iii)  for any Distribution Date after the 84th Distribution Date but on
               or  prior to the  96th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 40% of the  related
               Subordinate Percentage for such Distribution Date;

        (iv)   for any Distribution Date after the 96th Distribution Date but on
               or prior to the  108th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 20% of the  related
               Subordinate Percentage for such Distribution Date; and

          (v)  for any Distribution  Date thereafter,  the Senior Percentage for
               such Distribution Date;

provided, however,

        (i)    that  any   scheduled   reduction   to  the  Senior   Accelerated
               Distribution Percentage described above shall not occur as of any
               Distribution Date unless either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

               (b)(1)  the  outstanding  principal  balance  of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

          (ii) that for any Distribution  Date on which the Senior Percentage is
               greater than the  Percentage as of the Closing  Date,  the Senior
               Accelerated  Distribution  Percentage for such  Distribution Date
               shall be 100%,  or, if the  Mortgage  Pool is comprised of two or
               more Loan Groups, for any Distribution Date on which the weighted
               average of the Senior  Percentages for each Loan Group,  weighted
               on the basis of the Stated  Principal  Balances  of the  Mortgage
               Loans in the related Loan Group,  exceeds the weighted average of
               the initial  Senior  Percentages  (calculated  on such basis) for
               each Loan  Group,  each of the  Senior  Accelerated  Distribution
               Percentages for such Distribution Date will equal 100%.

                                              25

<PAGE>

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage:  As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

     Series: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

     Servicing  Officer:  Any  officer of the Master  Servicer  involved  in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen signature appear on

                                              26

<PAGE>

a list of servicing officers furnished to the Trustee by the Master Servicer, as
such list may from time to time be amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

                                              27

<PAGE>

        Subsequent Recoveries:  As of any Distribution Date, amounts received by
the Master  Servicer  (net of any related  expenses  permitted to be  reimbursed
pursuant  to Section  3.10) or surplus  amounts  held by the Master  Servicer to
cover estimated expenses  (including,  but not limited to, recoveries in respect
of the representations and warranties made by the related Seller pursuant to the
applicable  Seller's  Agreement and assigned to the Trustee  pursuant to Section
2.04)  specifically  related to a Mortgage  Loan that was the  subject of a Cash
Liquidation or an REO Disposition  prior to the related  Prepayment  Period that
resulted in a Realized Loss.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

     Surety Bond: The Limited Purpose Surety Bond (Policy No.  AB0039BE),  dated
February 28, 1996 in respect to Mortgage Loans originated by MLCC, or the Surety
Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage  Loans
originated by Novus Financial Corporation,  in each case issued by Ambac for the
benefit of certain beneficiaries, including the

                                              28

<PAGE>

Trustee  for the  benefit of the  Holders of the  Certificates,  but only to the
extent that such Surety Bond covers any  Additional  Collateral  Loans,  or such
other Surety Bond as may be identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer:  Any irect or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  AnyPerson  who is  disposing  by  Transfer  of  any  Ownership
Interest in a Certificate.

        Trust Fund:  The segregated pool of assets consisting of:

          (i)  the Mortgage Loans and the related  Mortgage Files and collateral
               securing such Mortgage Loans,

        (ii)   all payments on and  collections in respect of the Mortgage Loans
               due  after  the  Cut-off  Date  as  shall  be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging  to the Trust Fund,  including  the  proceeds  from the
               liquidation   of  Additional   Collateral   for  any   Additional
               Collateral Loan or Pledged Assets for any Pledged Asset Loan, but
               not including  amounts on deposit in the Initial  Monthly Payment
               Fund,

        (iii)  property  that secured a Mortgage Loan and that has been acquired
               for the benefit of the  Certificateholders by foreclosure or deed
               in lieu of foreclosure,

        (iv)   the hazard insurance policies and Primary Insurance Policies,  if
               any, the Pledged  Assets with respect to each Pledged Asset Loan,
               and the  interest in the Surety Bond  transferred  to the Trustee
               pursuant to Section 2.01,

        (v)    the Initial Monthly Payment Fund, and

        (vi)   all proceeds of clauses (i) through (v) above.

        Underwriter:  As defined in the Series Supplement.
        -----------

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<PAGE>

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States  Person:  A citizen or resident of the United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws  of,  the  United  States,  provided  that,  for  purposes  solely  of  the
restrictions  on the transfer of residual  interests,  no  partnership  or other
entity  treated as a partnership  for United States  federal income tax purposes
shall be treated  as a United  States  Person  unless  all  persons  that own an
interest in such partnership either directly or through any entity that is not a
corporation  for United States  federal  income tax purposes are required by the
applicable  operating agreement to be United States Persons,  any state thereof,
or the District of Columbia (except in the case of a partnership,  to the extent
provided in Treasury  regulations) or any political  subdivision  thereof, or an
estate that is described in Section  7701(a)(30)(D) of the Code, or a trust that
is described in Section 7701(a)(30)(E) of the Code.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

        Section 1.02  Use of Words and Phrases.

        "Herein," "hereby," "hereunder," 'hereof," "hereinbefore," "hereinafter"
and other  equivalent  words refer to the Pooling and  Servicing  Agreement as a
whole. All references herein to Articles, Sections or Subsections shall mean the
corresponding  Articles,  Sections and  Subsections in the Pooling and Servicing
Agreement.  The  definition  set forth herein  include both the singular and the
plural.

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

        Section 2.01  Conveyance of Mortgage Loans.

        (a) The Company,  concurrently  with the execution and delivery  hereof,
does hereby  assign to the Trustee  without  recourse  all the right,  title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).  In connection  with such transfer and  assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

        (b) In connection with such  assignment,  except as set forth in Section
2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby deliver
to, and deposit with, the Trustee, or to and with one or more Custodians, as the
duly appointed agent or agents of the Trustee for such

                                              30

<PAGE>

purpose,  the following documents or instruments (or copies thereof as permitted
by this Section) (I) with respect to each Mortgage Loan so assigned  (other than
a Cooperative Loan):

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii) The original Mortgage, noting the presence of the MIN
               of the Mortgage  Loan and language  indicating  that the Mortgage
               Loan is a MOM  Loan if the  Mortgage  Loan  is a MOM  Loan,  with
               evidence of recording indicated thereon or a copy of the Mortgage
               with evidence of recording indicated thereon;

                      (iii)  Unless  the  Mortgage  Loan  is  registered  on the
               MERS(R)  System,  an original  Assignment  of the Mortgage to the
               Trustee with evidence of recording indicated thereon or a copy of
               such assignment with evidence of recording indicated thereon;

                      (iv) The original  recorded  assignment or  assignments of
               the  Mortgage  showing  an  unbroken  chain  of  title  from  the
               originator  thereof to the Person assigning it to the Trustee (or
               to MERS, if the Mortgage Loan is registered on the MERS(R) System
               and noting the  presence of a MIN) with  evidence of  recordation
               noted thereon or attached  thereto,  or a copy of such assignment
               or  assignments  of  the  Mortgage  with  evidence  of  recording
               indicated thereon; and

                      (v)  The   original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Mortgage  Loan  or  a  copy  of  each  modification,   assumption
               agreement or preferred loan agreement.

               and (II) with respect to each Cooperative Loan so assigned:

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii)  A  counterpart  of the  Cooperative  Lease  and  the
               Assignment  of  Proprietary   Lease  to  the  originator  of  the
               Cooperative Loan with intervening assignments showing an unbroken
               chain of title from such originator to the Trustee;

                                              31

<PAGE>

                      (iii)   The   related   Cooperative   Stock   Certificate,
               representing the related  Cooperative  Stock pledged with respect
               to such  Cooperative  Loan,  together with an undated stock power
               (or other similar instrument) executed in blank;

                    (iv) The original  recognition  agreement by the Cooperative
               of the  interests  of the  mortgagee  with respect to the related
               Cooperative Loan;

                      (v)    The Security Agreement;

                      (vi) Copies of the original UCC-1 financing statement, and
               any  continuation  statements,  filed by the  originator  of such
               Cooperative  Loan  as  secured  party,   each  with  evidence  of
               recording  thereof,  evidencing  the  interest of the  originator
               under the Security  Agreement and the  Assignment of  Proprietary
               Lease;

                      (vii)  Copies  of  the  filed  UCC-3  assignments  of  the
               security  interest  referenced  in clause  (vi) above  showing an
               unbroken chain of title from the originator to the Trustee,  each
               with evidence of recording  thereof,  evidencing  the interest of
               the originator under the Security Agreement and the Assignment of
               Proprietary Lease;

                      (viii)  An  executed  assignment  of the  interest  of the
               originator in the Security  Agreement,  Assignment of Proprietary
               Lease and the  recognition  agreement  referenced  in clause (iv)
               above,  showing an unbroken chain of title from the originator to
               the Trustee;

                      (ix)  The  original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Cooperative Loan; and

                      (x) A duly completed UCC-1 financing statement showing the
               Master  Servicer as debtor,  the Company as secured party and the
               Trustee  as  assignee  and  a  duly  completed   UCC-1  financing
               statement  showing  the  Company  as debtor  and the  Trustee  as
               secured party,  each in a form sufficient for filing,  evidencing
               the interest of such debtors in the Cooperative Loans.

        (c) The Company may, in lieu of delivering the original of the documents
set  forth  in  Section   2.01(b)(I)(ii),   (iii),  (iv)  and  (v)  and  Section
(b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies  thereof as  permitted  by
Section  2.01(b)) to the Trustee or the  Custodian or  Custodians,  deliver such
documents  to the  Master  Servicer,  and the  Master  Servicer  shall hold such
documents  in  trust  for  the  use  and  benefit  of  all  present  and  future
Certificateholders until such time as is set forth in the next sentence.  Within
thirty Business Days following the earlier of (i) the receipt of the original of
all of the documents or instruments set forth in Section 2.01(b)(I)(ii),  (iii),
(iv) and (v) and  Section  (b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies
thereof as permitted by such  Section) for any Mortgage  Loan and (ii) a written
request by the Trustee to deliver those  documents with respect to any or all of
the Mortgage Loans then being held by the Master  Servicer,  the Master Servicer
shall  deliver a complete set of such  documents to the Trustee or the Custodian
or Custodians that are the duly appointed agent or agents of the Trustee.

                                              32

<PAGE>

        (d)  Notwithstanding  the provisions of Section  2.01(c),  in connection
with any  Mortgage  Loan,  if the Company  cannot  deliver  the  original of the
Mortgage, any assignment,  modification,  assumption agreement or preferred loan
agreement  (or copy thereof as permitted by Section  2.01(b))  with  evidence of
recording thereon concurrently with the execution and delivery of this Agreement
because  of (i) a  delay  caused  by the  public  recording  office  where  such
Mortgage,  assignment,  modification,  assumption  agreement or  preferred  loan
agreement  as the case may be, has been  delivered  for  recordation,  or (ii) a
delay in the  receipt of certain  information  necessary  to prepare the related
assignments,  the Company  shall deliver or cause to be delivered to the Trustee
or the respective Custodian a copy of such Mortgage,  assignment,  modification,
assumption agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies

                                              33

<PAGE>

the specific Trustee and (b) the code in the field "Pool Field" which identifies
the series of the  Certificates  issued in connection  with such Mortgage Loans.
The  Company  further  agrees  that it will not,  and will not permit the Master
Servicer to, and the Master  Servicer  agrees that it will not,  alter the codes
referenced in this  paragraph  with respect to any Mortgage Loan during the term
of this  Agreement  unless  and  until  such  Mortgage  Loan is  repurchased  in
accordance with the terms of this Agreement.

        (e)  Residential  Funding  hereby  assigns to the Trustee  its  security
interest in and to any  Additional  Collateral or Pledged  Assets,  its right to
receive amounts due or to become due in respect of any Additional  Collateral or
Pledged Assets pursuant to the related Subservicing  Agreement and its rights as
beneficiary under the Surety Bond in respect of any Additional Collateral Loans.
With  respect  to  any  Additional   Collateral  Loan  or  Pledged  Asset  Loan,
Residential Funding shall cause to be filed in the appropriate  recording office
a UCC-3  statement  giving  notice of the  assignment  of the  related  security
interest to the Trust Fund and shall  thereafter  cause the timely filing of all
necessary continuation statements with regard to such financing statements.

        (f) It is intended that the  conveyance by the Company to the Trustee of
the   Mortgage   Loans  as  provided  for  in  this  Section  2.01  be  and  the
Uncertificated  REMIC  Regular  Interests,  if any (as  provided  for in Section
2.06),  be  construed  as a sale by the Company to the  Trustee of the  Mortgage
Loans and any  Uncertificated  REMIC  Regular  Interests  for the benefit of the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyance
provided  for in Section  2.01 shall be deemed to be, and hereby is, (1) a grant
by the  Company to the Trustee of a security  interest  in all of the  Company's
right (including the power to convey title thereto), title and interest, whether
now owned or  hereafter  acquired,  in and to any and all  general  intangibles,
payment intangibles,  accounts,  chattel paper, instruments,  documents,  money,
deposit accounts,  certificates of deposit, goods, letters of credit, advices of
credit  and  investment   property  and  other  property  of  whatever  kind  or
description  now existing or hereafter  acquired  consisting of, arising from or
relating to any of the  following:  (A) the Mortgage  Loans,  including (i) with
respect to each Cooperative Loan, the related Mortgage Note, Security Agreement,
Assignment of Proprietary  Lease,  Cooperative Stock Certificate and Cooperative
Lease,  (ii) with respect to each Mortgage  Loan other than a Cooperative  Loan,
the related Mortgage Note and Mortgage, and (iii) any insurance policies and all
other documents in the related  Mortgage File, (B) all amounts payable  pursuant
to  the  Mortgage  Loans  in  accordance   with  the  terms  thereof,   (C)  any
Uncertificated  REMIC Regular  Interests and (D) all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or
other property,  including without limitation all amounts from time to time held
or invested in the Certificate Account or the Custodial Account,  whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the  Company  to the  Trustee  of  any  security  interest  in  any  and  all of
Residential Funding's right (including the power to convey title thereto), title
and interest, whether now owned or hereafter

                                              34

<PAGE>

acquired, in and to the property described in the foregoing clauses (1)(A), (B),
(C) and (D)  granted by  Residential  Funding  to the  Company  pursuant  to the
Assignment  Agreement;  (c) the possession by the Trustee,  the Custodian or any
other agent of the Trustee of Mortgage  Notes or such other items of property as
constitute instruments, money, payment intangibles, negotiable documents, goods,
deposit accounts,  letters of credit,  advices of credit,  investment  property,
certificated  securities or chattel paper shall be deemed to be  "possession  by
the secured party," or possession by a purchaser or a person  designated by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable  jurisdiction as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 thereof);  and (d) notifications to persons holding such
property,  and  acknowledgments,  receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of
any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

        (g) The Master  Servicer  hereby  acknowledges  the receipt by it of the
Initial  Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial
Monthly  Payment Fund in the  Custodial  Account and shall  include such Initial
Monthly  Payment  Fund in the  Available  Distribution  Amount  for the  initial
Distribution Date.  Notwithstanding anything herein to the contrary, the Initial
Monthly  Payment Fund shall not be an asset of any REMIC. To the extent that the
Initial Monthly  Payment Fund  constitutes a reserve fund for federal income tax
purposes, (1) it shall be an outside reserve fund and not an asset of any REMIC,
(2) it shall be owned by the Seller and (3) amounts  transferred by any REMIC to
the Initial  Monthly  Payment Fund shall be treated as transferred to the Seller
or any successor,  all within the meaning of Section 1.860G-2(h) of the Treasury
Regulations.

                                              35

<PAGE>

        (h) The Company agrees that the sale of each Pledged Asset Loan pursuant
to this  Agreement  will also  constitute the  assignment,  sale,  setting-over,
transfer and  conveyance  to the Trustee,  without  recourse (but subject to the
Company's  covenants,   representations  and  warranties  specifically  provided
herein),  of all of the Company's  obligations  and all of the Company's  right,
title and interest in, to and under,  whether now existing or hereafter acquired
as owner of the Mortgage  Loan with respect to all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other property of whatever kind or  description  consisting of, arising from
or related to (i) the Assigned Contracts,  (ii) all rights,  powers and remedies
of the Company as owner of such Mortgage  Loan under or in  connection  with the
Assigned Contracts,  whether arising under the terms of such Assigned Contracts,
by statute,  at law or in equity, or otherwise arising out of any default by the
Mortgagor  under or in  connection  with the Assigned  Contracts,  including all
rights  to  exercise  any  election  or  option  or  to  make  any  decision  or
determination  or to give or receive  any  notice,  consent,  approval or waiver
thereunder,  (iii) all security interests in and lien of the Company as owner of
such Mortgage Loan in the Pledged  Amounts and all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other  property of whatever  kind or  description  and all cash and non-cash
proceeds of the sale,  exchange,  or redemption  of, and all stock or conversion
rights,  rights  to  subscribe,  liquidation  dividends  or  preferences,  stock
dividends,  rights to interest,  dividends,  earnings,  income,  rents,  issues,
profits, interest payments or other distributions of cash or other property that
is credited to the  Custodial  Account,  (iv) all  documents,  books and records
concerning the foregoing  (including  all computer  programs,  tapes,  disks and
related items containing any such  information)  and (v) all insurance  proceeds
(including  proceeds  from the  Federal  Deposit  Insurance  Corporation  or the
Securities  Investor  Protection  Corporation or any other insurance company) of
any of the foregoing or replacements thereof or substitutions therefor, proceeds
of proceeds and the conversion,  voluntary or involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Trustee, of any
obligation of the Company,  or any other person in  connection  with the Pledged
Assets or under any  agreement or  instrument  relating  thereto,  including any
obligation to the Mortgagor, other than as owner of the Mortgage Loan.

        Section 2.02  Acceptance by Trustee.
                      ---------------------

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(I)(i)  and Section  2.01(b)(II)(i),  (iii),  (v),  (vi) and (viii) above
(except that for purposes of such  acknowledgment  only, a Mortgage  Note may be
endorsed in blank) and declares that it, or a Custodian as its agent,  holds and
will hold such  documents  and the other  documents  constituting  a part of the
Mortgage Files  delivered to it, or a Custodian as its agent,  and the rights of
Residential  Funding with respect to any Pledged Assets,  Additional  Collateral
and the Surety Bond  assigned to the Trustee  pursuant to Section 2.01, in trust
for the use and  benefit  of all  present  and  future  Certificateholders.  The
Trustee or  Custodian  (such  Custodian  being so  obligated  under a  Custodial
Agreement)  agrees,  for the  benefit  of  Certificateholders,  to  review  each
Mortgage File  delivered to it pursuant to Section  2.01(b) within 45 days after
the Closing Date to ascertain that all required  documents  (specifically as set
forth in Section 2.01(b)), have been executed and received,

                                              36

<PAGE>

and that such documents  relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented, that have been conveyed to it, and to deliver to
the Trustee a certificate (the "Interim  Certification")  to the effect that all
documents  required to be delivered  pursuant to Section 2.01(b) above have been
executed  and  received and that such  documents  relate to the  Mortgage  Loans
identified on the Mortgage Loan Schedule,  except for any  exceptions  listed on
Schedule A attached to such Interim Certification. Upon delivery of the Mortgage
Files by the  Company or the Master  Servicer,  the  Trustee  shall  acknowledge
receipt (or, with respect to Mortgage  Loans  subject to a Custodial  Agreement,
and based  solely upon a receipt or  certification  executed  by the  Custodian,
receipt by the respective  Custodian as the duly appointed agent of the Trustee)
of the documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or
Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the
Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

                                              37

<PAGE>

          Section 2.03  Representations,  Warranties and Covenants of the Master
               Servicer and the Company.

        (a) The Master  Servicer  hereby  represents and warrants to the Trustee
for the benefit of the Certificateholders that:

                      (i) The Master  Servicer is a corporation  duly organized,
               validly  existing and in good standing  under the laws  governing
               its creation and existence  and is or will be in compliance  with
               the laws of each state in which any Mortgaged Property is located
               to the  extent  necessary  to ensure the  enforceability  of each
               Mortgage Loan in accordance with the terms of this Agreement;

                      (ii) The execution  and delivery of this  Agreement by the
               Master Servicer and its performance and compliance with the terms
               of  this  Agreement  will  not  violate  the  Master   Servicer's
               Certificate of  Incorporation  or Bylaws or constitute a material
               default  (or an event  which,  with  notice or lapse of time,  or
               both,  would  constitute a material  default) under, or result in
               the material breach of, any material contract, agreement or other
               instrument  to which the Master  Servicer is a party or which may
               be applicable to the Master Servicer or any of its assets;

                      (iii)  This   Agreement,   assuming   due   authorization,
               execution   and   delivery  by  the  Trustee  and  the   Company,
               constitutes a valid,  legal and binding  obligation of the Master
               Servicer,  enforceable  against it in  accordance  with the terms
               hereof    subject   to   applicable    bankruptcy,    insolvency,
               reorganization,   moratorium   and  other  laws   affecting   the
               enforcement  of  creditors'   rights  generally  and  to  general
               principles of equity,  regardless of whether such  enforcement is
               considered in a proceeding in equity or at law;

                      (iv) The Master Servicer is not in default with respect to
               any  order or decree of any  court or any  order,  regulation  or
               demand of any federal,  state,  municipal or governmental agency,
               which default might have  consequences  that would materially and
               adversely affect the condition (financial or other) or operations
               of  the  Master   Servicer  or  its   properties  or  might  have
               consequences   that  would   materially   adversely   affect  its
               performance hereunder;

                      (v) No litigation is pending or, to the best of the Master
               Servicer's  knowledge,  threatened  against  the Master  Servicer
               which  would   prohibit  its  entering  into  this  Agreement  or
               performing its obligations under this Agreement;

                      (vi) The  Master  Servicer  will  comply  in all  material
               respects in the performance of this Agreement with all reasonable
               rules  and  requirements  of each  insurer  under  each  Required
               Insurance Policy;

                      (vii) No information, certificate of an officer, statement
               furnished  in writing or report  delivered  to the  Company,  any
               Affiliate  of the Company or the  Trustee by the Master  Servicer
               will, to the knowledge of the Master Servicer, contain

                                              38

<PAGE>

               any untrue  statement of a material  fact or omit a material fact
               necessary  to make the  information,  certificate,  statement  or
               report not misleading;

                      (viii) The Master Servicer has examined each existing, and
               will examine each new,  Subservicing  Agreement and is or will be
               familiar  with the  terms  thereof.  The  terms of each  existing
               Subservicing   Agreement  and  each  designated  Subservicer  are
               acceptable  to the  Master  Servicer  and  any  new  Subservicing
               Agreements will comply with the provisions of Section 3.02; and

                      (ix)  The  Master  Servicer  is a  member  of MERS in good
               standing, and will comply in all material respects with the rules
               and  procedures of MERS in  connection  with the servicing of the
               Mortgage Loans that are registered with MERS.

               It  is  understood  and  agreed  that  the   representations  and
               warranties  set  forth  in this  Section  2.03(a)  shall  survive
               delivery of the  respective  Mortgage Files to the Trustee or any
               Custodian.

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

        (b)  Representations  and warranties  relating to the Mortgage Loans are
set forth in Section 2.03(b) of the Series Supplement.

        Section 2.04  Representations and Warranties of Sellers.
                      -----------------------------------------

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's  Agreement (to the extent assigned to the Company  pursuant to the
Assignment  Agreement)  applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee or any

                                              39

<PAGE>

Custodian of a breach of any of the  representations  and  warranties  made in a
Seller's  Agreement  that have been  assigned  to the  Trustee  pursuant to this
Section 2.04 or of a breach of any of the representations and warranties made in
the Assignment  Agreement (which, for purposes hereof, will be deemed to include
any other cause  giving rise to a  repurchase  obligation  under the  Assignment
Agreement)  in  respect of any  Mortgage  Loan which  materially  and  adversely
affects the interests of the Certificateholders in such Mortgage Loan, the party
discovering  such breach shall give prompt  written  notice to the other parties
(any  Custodian  being so  obligated  under a Custodial  Agreement).  The Master
Servicer shall promptly notify the related Seller or Residential Funding, as the
case may be, of such breach and request that such Seller or Residential Funding,
as the case may be, either (i) cure such breach in all material  respects within
90 days from the date the Master  Servicer  was  notified of such breach or (ii)
purchase such Mortgage Loan from the Trust Fund at the Purchase Price and in the
manner set forth in Section  2.02;  provided  that in the case of a breach under
the Assignment Agreement Residential Funding shall have the option to substitute
a Qualified  Substitute  Mortgage  Loan or Loans for such  Mortgage Loan if such
substitution  occurs within two years following the Closing Date;  provided that
if the  breach  would  cause the  Mortgage  Loan to be other  than a  "qualified
mortgage"  as  defined  in  Section  860G(a)(3)  of the  Code,  any  such  cure,
repurchase  or  substitution  must occur within 90 days from the date the breach
was  discovered.  In the event that  Residential  Funding elects to substitute a
Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant
to this Section 2.04,  Residential  Funding shall deliver to the Trustee for the
benefit of the  Certificateholders  with  respect to such  Qualified  Substitute
Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an Assignment
of the Mortgage in recordable  form if required  pursuant to Section  2.01,  and
such other  documents and  agreements as are required by Section 2.01,  with the
Mortgage Note endorsed as required by Section 2.01. No substitution will be made
in any  calendar  month after the  Determination  Date for such  month.  Monthly
Payments due with respect to Qualified Substitute Mortgage Loans in the month of
substitution  shall not be part of the Trust  Fund and will be  retained  by the
Master  Servicer and remitted by the Master  Servicer to Residential  Funding on
the  next  succeeding   Distribution   Date.  For  the  month  of  substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing
Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute

                                              40

<PAGE>

Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the  Assignment
Agreement) has occurred pursuant to Section 4 of the Assignment Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

        Section       2.05 Execution and Authentication of Certificates/Issuance
                      of Certificates Evidencing Interests in REMIC I.

               As provided in Section 2.05 of the Series Supplement.

        Section       2.06  Conveyance  of  Uncertificated  REMIC I and REMIC II
                      Regular Interests; Acceptance by the Trustee.

               As provided in Section 2.06 of the Series Supplement.

        Section 2.07 Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.

                                              41

<PAGE>

        Section 2.08 Purposes and Powers of the Trust.

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

     (a) to sell the  Certificates  to the Company in exchange  for the Mortgage
Loans;

        (b)    to enter into and perform its obligations under this Agreement;

     (c)  to  engage  in  those  activities  that  are  necessary,  suitable  or
convenient to accomplish  the foregoing or are  incidental  thereto or connected
therewith; and

        (d) subject to compliance with this  Agreement,  to engage in such other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

        The trust is hereby  authorized to engage in the  foregoing  activities.
Notwithstanding  the provisions of Section 11.01,  the trust shall not engage in
any  activity  other  than in  connection  with the  foregoing  or other than as
required or authorized by the terms of this Agreement  while any  Certificate is
outstanding,  and this Section  2.08 may not be amended,  without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

        Section 3.01  Master Servicer to Act as Servicer.

        (a) The Master  Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain,  the  taking  of a  deed  in  lieu  of  foreclosure,  the  commencement,
prosecution  or  completion  of  judicial  or  non-judicial   foreclosure,   the
conveyance of a Mortgaged  Property to the related  Insurer,  the acquisition of
any property  acquired by  foreclosure  or deed in lieu of  foreclosure,  or the
management,  marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure with respect to the Mortgage

                                              42

<PAGE>

Loans and with respect to the Mortgaged Properties.  The Master Servicer further
is authorized and empowered by the Trustee, on behalf of the  Certificateholders
and the  Trustee,  in its own name or in the name of the  Subservicer,  when the
Master  Servicer  or the  Subservicer,  as  the  case  may  be,  believes  it is
appropriate  in its best  judgment to register any Mortgage  Loan on the MERS(R)
System,  or cause the removal from the  registration of any Mortgage Loan on the
MERS(R)  System,  to  execute  and  deliver,  on behalf of the  Trustee  and the
Certificateholders  or any of them,  any and all  instruments  of assignment and
other comparable instruments with respect to such assignment or re- recording of
a  Mortgage  in the name of MERS,  solely as  nominee  for the  Trustee  and its
successors  and assigns.  Any expenses  incurred in connection  with the actions
described in the  preceding  sentence  shall be borne by the Master  Servicer in
accordance with Section 3.16(c), with no right of reimbursement;  provided, that
if, as a result of MERS discontinuing or becoming unable to continue  operations
in connection with the MERS System,  it becomes necessary to remove any Mortgage
Loan from  registration  on the MERS System and to arrange for the assignment of
the  related  Mortgages  to the  Trustee,  then any  related  expenses  shall be
reimbursable to the Master Servicer.  Notwithstanding the foregoing,  subject to
Section  3.07(a),  the Master  Servicer shall not permit any  modification  with
respect to any  Mortgage  Loan that would both  constitute a sale or exchange of
such  Mortgage  Loan  within the  meaning  of  Section  1001 of the Code and any
proposed,  temporary or final regulations  promulgated thereunder (other than in
connection  with a proposed  conveyance or assumption of such Mortgage Loan that
is treated as a Principal Prepayment in Full pursuant to Section 3.13(d) hereof)
and cause any REMIC formed under the Series  Supplement  to fail to qualify as a
REMIC under the Code.  The Trustee  shall  furnish the Master  Servicer with any
powers of attorney and other  documents  necessary or  appropriate to enable the
Master Servicer to service and administer the Mortgage Loans.  The Trustee shall
not be liable for any action  taken by the Master  Servicer  or any  Subservicer
pursuant  to such  powers  of  attorney.  In  servicing  and  administering  any
Nonsubserviced  Mortgage  Loan,  the Master  Servicer  shall,  to the extent not
inconsistent  with this  Agreement,  comply with the Program Guide as if it were
the  originator of such Mortgage Loan and had retained the servicing  rights and
obligations in respect thereof.  In connection with servicing and  administering
the Mortgage Loans, the Master Servicer and any Affiliate of the Master Servicer
(i) may perform services such as appraisals and brokerage  services that are not
customarily  provided by servicers of mortgage  loans,  and shall be entitled to
reasonable  compensation  therefor in accordance with Section 3.10 and (ii) may,
at its own discretion and on behalf of the Trustee, obtain credit information in
the form of a "credit score" from a credit repository.

        (b) All costs  incurred  by the Master  Servicer or by  Subservicers  in
effecting the timely payment of taxes and assessments on the properties  subject
to the  Mortgage  Loans  shall  not,  for the  purpose  of  calculating  monthly
distributions to the Certificateholders,  be added to the amount owing under the
related Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so
permit,  and such costs shall be recoverable to the extent  permitted by Section
3.10(a)(ii).

        (c) The  Master  Servicer  may  enter  into  one or more  agreements  in
connection with the offering of pass-through  certificates  evidencing interests
in one or more of the  Certificates  providing  for the  payment  by the  Master
Servicer of amounts  received by the Master  Servicer as servicing  compensation
hereunder and required to cover certain  Prepayment  Interest  Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.

                                              43

<PAGE>

        Section       3.02 Subservicing  Agreements  Between Master Servicer and
                      Subservicers;  Enforcement of  Subservicers'  and Sellers'
                      Obligations.

        (a) The Master Servicer may continue in effect  Subservicing  Agreements
entered into by Residential  Funding and Subservicers prior to the execution and
delivery of this Agreement,  and may enter into new Subservicing Agreements with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer
may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

        (b) As part of its servicing activities hereunder,  the Master Servicer,
for the benefit of the Trustee  and the  Certificateholders,  shall use its best
reasonable  efforts to enforce the  obligations  of each  Subservicer  under the
related  Subservicing  Agreement  and of each Seller under the related  Seller's
Agreement  insofar as the Company's  rights with respect to such  obligation has
been assigned to the Trustee hereunder,  to the extent that the  non-performance
of any such Seller's  obligation  would have a material and adverse  effect on a
Mortgage  Loan,  including,  without  limitation,  the  obligation to purchase a
Mortgage  Loan on account of  defective  documentation,  as described in Section
2.02, or on account of a breach of a representation or warranty, as described in
Section  2.04.  Such  enforcement,  including,  without  limitation,  the  legal
prosecution  of claims,  termination  of  Subservicing  Agreements  or  Seller's
Agreements, as appropriate, and the pursuit of other appropriate remedies, shall
be in such form and carried out to such an extent and at such time as the Master
Servicer would employ in its good faith  business  judgment and which are normal
and usual in its general  mortgage  servicing  activities.  The Master  Servicer
shall  pay the  costs  of such  enforcement  at its own  expense,  and  shall be
reimbursed  therefor  only (i)  from a  general  recovery  resulting  from  such
enforcement to the extent, if any, that such recovery exceeds all amounts due in
respect of the related Mortgage Loan or (ii) from a specific  recovery of costs,
expenses or attorneys  fees against the party against whom such  enforcement  is
directed.  For  purposes  of  clarification  only,  the  parties  agree that the
foregoing is not intended to, and does not, limit the ability of the Master

                                              44

<PAGE>

Servicer to be reimbursed for expenses that are incurred in connection  with the
enforcement  of a Seller's  obligations  (insofar as the  Company's  rights with
respect  to  such  Seller's  obligations  have  been  assigned  to  the  Trustee
hereunder) and are reimbursable pursuant to Section 3.10(a)(viii).

        Section 3.03  Successor Subservicers.
                      ----------------------

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

        Section 3.04  Liability of the Master Servicer.
                      --------------------------------

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

          Section 3.05  No  Contractual  Relationship  Between  Subservicer  and
               Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

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<PAGE>

          Section 3.06 Assumption or Termination of  Subservicing  Agreements by
               Trustee.

        (a) If the Master  Servicer shall for any reason no longer be the master
servicer (including by reason of an Event of Default), the Trustee, its designee
or its successor shall thereupon assume all of the rights and obligations of the
Master  Servicer  under each  Subservicing  Agreement that may have been entered
into. The Trustee,  its designee or the successor servicer for the Trustee shall
be deemed to have assumed all of the Master  Servicer's  interest therein and to
have replaced the Master  Servicer as a party to the  Subservicing  Agreement to
the same  extent  as if the  Subservicing  Agreement  had been  assigned  to the
assuming party except that the Master  Servicer shall not thereby be relieved of
any liability or obligations under the Subservicing Agreement.

        (b) The Master  Servicer  shall,  upon request of the Trustee but at the
expense of the Master Servicer,  deliver to the assuming party all documents and
records  relating to each  Subservicing  Agreement  and the Mortgage  Loans then
being  serviced  and an  accounting  of  amounts  collected  and  held by it and
otherwise use its best efforts to effect the orderly and  efficient  transfer of
each Subservicing Agreement to the assuming party.

          Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to
               Custodial Account.

        (a) The Master  Servicer  shall make  reasonable  efforts to collect all
payments  called for under the terms and provisions of the Mortgage  Loans,  and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary  Insurance  Policy,  follow such
collection procedures as it would employ in its good faith business judgment and
which  are  normal  and  usual in its  general  mortgage  servicing  activities.
Consistent  with the  foregoing,  the Master  Servicer may in its discretion (i)
waive any late payment  charge or any prepayment  charge or penalty  interest in
connection  with the  prepayment of a Mortgage Loan and (ii) extend the Due Date
for  payments  due on a Mortgage  Loan in  accordance  with the  Program  Guide;
provided,  however, that the Master Servicer shall first determine that any such
waiver  or  extension  will not  impair  the  coverage  of any  related  Primary
Insurance  Policy  or  materially  adversely  affect  the  lien  of the  related
Mortgage.  In the event of any such arrangement,  the Master Servicer shall make
timely  advances on the related  Mortgage  Loan during the  scheduled  period in
accordance  with  the  amortization  schedule  of  such  Mortgage  Loan  without
modification  thereof by reason of such arrangements  unless otherwise agreed to
by the  Holders  of the  Classes of  Certificates  affected  thereby;  provided,
however,  that no such  extension  shall be made if any such advance  would be a
Nonrecoverable Advance.  Consistent with the terms of this Agreement, the Master
Servicer may also waive, modify or vary any term of any Mortgage Loan or consent
to the  postponement  of strict  compliance  with any such term or in any manner
grant indulgence to any Mortgagor if in the Master Servicer's determination such
waiver,  modification,  postponement or indulgence is not materially  adverse to
the  interests of the  Certificateholders  (taking  into  account any  estimated
Realized Loss that might result absent such action); provided, however, that the
Master  Servicer may not modify  materially or permit any  Subservicer to modify
any Mortgage Loan,  including  without  limitation any  modification  that would
change the  Mortgage  Rate,  forgive  the payment of any  principal  or interest
(unless in  connection  with the  liquidation  of the related  Mortgage  Loan or
except in connection with prepayments to the extent that such  reamortization is
not  inconsistent  with the terms of the  Mortgage  Loan),  or extend  the final
maturity date of such Mortgage Loan, unless such

                                              46

<PAGE>

Mortgage  Loan is in default or, in the  judgment of the Master  Servicer,  such
default  is  reasonably  foreseeable;   and  provided,  further,  that  no  such
modification  shall reduce the interest rate on a Mortgage Loan below the sum of
the Pool Strip Rate and the sum of the rates at which the  Servicing Fee and the
Subservicing Fee with respect to such Mortgage Loan accrues.  In connection with
any  Curtailment  of a Mortgage  Loan,  the Master  Servicer,  to the extent not
inconsistent with the terms of the Mortgage Note and local law and practice, may
permit the  Mortgage  Loan to be  reamortized  such that the Monthly  Payment is
recalculated  as an  amount  that  will  fully  amortize  the  remaining  Stated
Principal  Balance  thereof by the original  Maturity Date based on the original
Mortgage Rate; provided,  that such re-amortization shall not be permitted if it
would  constitute  a  reissuance  of the  Mortgage  Loan for federal  income tax
purposes,  except if such reissuance is described in Treasury Regulation Section
1.860G-2(b)(3).

        (b) The Master Servicer shall establish and maintain a Custodial Account
in which the Master  Servicer  shall deposit or cause to be deposited on a daily
basis, except as otherwise  specifically provided herein, the following payments
and  collections  remitted by  Subservicers  or received by it in respect of the
Mortgage  Loans  subsequent  to the  Cut-off  Date  (other  than in  respect  of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):

                      (i)  All  payments  on  account  of  principal,  including
               Principal  Prepayments  made by Mortgagors on the Mortgage  Loans
               and the principal  component of any Subservicer Advance or of any
               REO  Proceeds  received in  connection  with an REO  Property for
               which an REO Disposition has occurred;

                      (ii) All  payments on account of interest at the  Adjusted
               Mortgage Rate on the Mortgage Loans,  including Buydown Funds, if
               any, and the interest component of any Subservicer  Advance or of
               any REO Proceeds  received in connection with an REO Property for
               which an REO Disposition has occurred;

                    (iii)   Insurance   Proceeds,   Subsequent   Recoveries  and
               Liquidation   Proceeds  (net  of  any  related  expenses  of  the
               Subservicer);

                      (iv) All proceeds of any Mortgage Loans purchased pursuant
               to Section 2.02,  2.03, 2.04 or 4.07 and all amounts  required to
               be deposited in connection  with the  substitution of a Qualified
               Substitute Mortgage Loan pursuant to Section 2.03 or 2.04;

                    (v) Any amounts required to be deposited pursuant to Section
               3.07(c) or
               3.21;

                    (vi) All amounts transferred from the Certificate Account to
               the Custodial Account in accordance with Section 4.02(a);

                    (vii) Any amounts  realized by the  Subservicer and received
               by the Master  Servicer in respect of any Additional  Collateral;
               and

                                              47

<PAGE>

                    (viii)  Any  amounts  received  by the  Master  Servicer  in
               respect of Pledged Assets.

        The foregoing requirements for deposit in the Custodial Account shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

        (c) The  Master  Servicer  shall  use its  best  efforts  to  cause  the
institution  maintaining  the  Custodial  Account  to  invest  the  funds in the
Custodial  Account  attributable to the Mortgage Loans in Permitted  Investments
which shall  mature not later than the  Certificate  Account  Deposit  Date next
following the date of such investment (with the exception of the Amount Held for
Future  Distribution)  and which shall not be sold or disposed of prior to their
maturities.  All income and gain realized from any such investment  shall be for
the benefit of the Master  Servicer as  additional  servicing  compensation  and
shall be subject to its withdrawal or order from time to time. The amount of any
losses  incurred  in  respect  of  any  such  investments  attributable  to  the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial  Account by the Master  Servicer out of its own funds  immediately  as
realized without any right of reimbursement.

        (d) The Master Servicer shall give notice to the Trustee and the Company
of any change in the location of the  Custodial  Account and the location of the
Certificate Account prior to the use thereof.

        Section 3.08  Subservicing Accounts; Servicing Accounts.
                      -----------------------------------------

        (a) In those  cases where a  Subservicer  is  servicing a Mortgage  Loan
pursuant  to a  Subservicing  Agreement,  the Master  Servicer  shall  cause the
Subservicer,  pursuant to the Subservicing  Agreement, to establish and maintain
one or more Subservicing Accounts which shall

                                              48

<PAGE>

be an Eligible  Account or, if such  account is not an Eligible  Account,  shall
generally  satisfy  the  requirements  of the  Program  Guide  and be  otherwise
acceptable to the Master Servicer and each Rating Agency.  The Subservicer  will
be required  thereby to deposit into the  Subservicing  Account on a daily basis
all  proceeds  of  Mortgage  Loans  received  by  the   Subservicer,   less  its
Subservicing  Fees  and  unreimbursed  advances  and  expenses,  to  the  extent
permitted by the Subservicing  Agreement.  If the Subservicing Account is not an
Eligible  Account,  the Master  Servicer  shall be deemed to have  received such
monies upon receipt thereof by the  Subservicer.  The  Subservicer  shall not be
required to deposit in the  Subservicing  Account payments or collections in the
nature of prepayment  charges or late charges or  assumption  fees. On or before
the  date  specified  in the  Program  Guide,  but in no  event  later  than the
Determination Date, the Master Servicer shall cause the Subservicer, pursuant to
the Subservicing  Agreement,  to remit to the Master Servicer for deposit in the
Custodial  Account all funds held in the  Subservicing  Account  with respect to
each Mortgage Loan serviced by such Subservicer that are required to be remitted
to the Master Servicer.  The Subservicer will also be required,  pursuant to the
Subservicing  Agreement, to advance on such scheduled date of remittance amounts
equal to any scheduled  monthly  installments of principal and interest less its
Subservicing  Fees on any Mortgage  Loans for which  payment was not received by
the  Subservicer.  This obligation to advance with respect to each Mortgage Loan
will continue up to and  including the first of the month  following the date on
which  the  related  Mortgaged  Property  is  sold at a  foreclosure  sale or is
acquired by the Trust Fund by deed in lieu of foreclosure or otherwise. All such
advances  received by the Master  Servicer shall be deposited  promptly by it in
the Custodial Account.

        (b) The Subservicer may also be required,  pursuant to the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).

        (c) In addition to the Custodial  Account and the  Certificate  Account,
the Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause
the Subservicers  for Subserviced  Mortgage Loans to, establish and maintain one
or more Servicing  Accounts and deposit and retain therein all collections  from
the  Mortgagors  (or  advances  from  Subservicers)  for the  payment  of taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy) and 3.12(a) (with respect to hazard insurance), to refund to any

                                              49

<PAGE>

Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

        (d) The Master  Servicer  shall advance the payments  referred to in the
preceding  subsection  that are not timely paid by the Mortgagors or advanced by
the  Subservicers on the date when the tax, premium or other cost for which such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

          Section 3.09 Access to Certain Documentation and Information Regarding
               the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

        Section 3.10  Permitted Withdrawals from the Custodial Account.

        (a) The Master Servicer may, from time to time as provided herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

                    (i) to make  deposits  into the  Certificate  Account in the
               amounts and in the manner provided for in Section 4.01;

                      (ii) to reimburse  itself or the related  Subservicer  for
               previously  unreimbursed  advances or expenses  made  pursuant to
               Sections 3.01,  3.07(a),  3.08, 3.11,  3.12(a),  3.14 and 4.04 or
               otherwise  reimbursable  pursuant to the terms of this Agreement,
               such  withdrawal  right  being  limited  to amounts  received  on
               particular  Mortgage  Loans  (including,  for this  purpose,  REO
               Proceeds,  Insurance Proceeds,  Liquidation Proceeds and proceeds
               from the purchase of a Mortgage  Loan  pursuant to Section  2.02,
               2.03,  2.04 or 4.07)  which  represent  (A) Late  Collections  of
               Monthly  Payments for which any such advance was made in the case
               of Subservicer  Advances or Advances pursuant to Section 4.04 and
               (B)  recoveries of amounts in respect of which such advances were
               made in the case of Servicing Advances;

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<PAGE>

                      (iii) to pay to itself or the related  Subservicer (if not
               previously  retained  by such  Subservicer)  out of each  payment
               received  by the Master  Servicer  on account  of  interest  on a
               Mortgage  Loan as  contemplated  by  Sections  3.14 and 3.16,  an
               amount equal to that remaining  portion of any such payment as to
               interest  (but  not  in  excess  of the  Servicing  Fee  and  the
               Subservicing  Fee,  if  not  previously   retained)  which,  when
               deducted,  will result in the  remaining  amount of such interest
               being interest at the Net Mortgage Rate (or Modified Net Mortgage
               Rate in the  case of a  Modified  Mortgage  Loan)  on the  amount
               specified in the  amortization  schedule of the related  Mortgage
               Loan as the  principal  balance  thereof at the  beginning of the
               period  respecting  which such  interest  was paid  after  giving
               effect to any previous Curtailments;

                      (iv) to pay to itself as additional servicing compensation
               any  interest  or  investment  income  earned  on funds and other
               property  deposited in or credited to the Custodial  Account that
               it is entitled to withdraw pursuant to Section 3.07(c);

                      (v) to pay to itself as additional servicing  compensation
               any Foreclosure  Profits, any amounts remitted by Subservicers as
               interest in respect of Curtailments  pursuant to Section 3.08(b),
               and  any  amounts  paid  by a  Mortgagor  in  connection  with  a
               Principal  Prepayment  in Full in  respect  of  interest  for any
               period  during  the  calendar   month  in  which  such  Principal
               Prepayment    in   Full   is   to   be    distributed    to   the
               Certificateholders;

                      (vi)  to  pay  to  itself,   a   Subservicer,   a  Seller,
               Residential Funding, the Company or any other appropriate Person,
               as the  case  may  be,  with  respect  to each  Mortgage  Loan or
               property  acquired in respect  thereof that has been purchased or
               otherwise  transferred pursuant to Section 2.02, 2.03, 2.04, 4.07
               or 9.01,  all amounts  received  thereon  and not  required to be
               distributed to the Certificateholders as of the date on which the
               related Stated Principal Balance or Purchase Price is determined;

                      (vii) to reimburse  itself or the related  Subservicer for
               any  Nonrecoverable  Advance or Advances in the manner and to the
               extent  provided in  subsection  (c) below,  any Advance  made in
               connection  with a  modification  of a  Mortgage  Loan that is in
               default or, in the  judgment of the Master  Servicer,  default is
               reasonably foreseeable pursuant to Section 3.07(a), to the extent
               the  amount  of the  Advance  has been  added to the  outstanding
               principal   balance  of  the  Mortgage   Loan,   or  any  Advance
               reimbursable to the Master Servicer pursuant to Section 4.02(a);

                      (viii) to  reimburse  itself or the Company  for  expenses
               incurred by and  reimbursable  to it or the  Company  pursuant to
               Sections 3.01(a),  3.11, 3.13, 3.14(c), 6.03, 10.01 or otherwise,
               or  in  connection  with  enforcing,   in  accordance  with  this
               Agreement,   any  repurchase,   substitution  or  indemnification
               obligation of any Seller (other than an Affiliate of the Company)
               pursuant to the related Seller's Agreement;

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<PAGE>

                      (ix) to reimburse itself for Servicing  Advances  expended
               by it (a)  pursuant to Section  3.14 in good faith in  connection
               with the restoration of property  damaged by an Uninsured  Cause,
               and (b) in connection  with the liquidation of a Mortgage Loan or
               disposition  of an REO  Property  to  the  extent  not  otherwise
               reimbursed pursuant to clause (ii) or (viii) above; and

                      (x) to  withdraw  any amount  deposited  in the  Custodial
               Account that was not required to be deposited therein pursuant to
               Section 3.07.

        (b) Since,  in  connection  with  withdrawals  pursuant to clauses (ii),
(iii),  (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
collections  or other  recoveries  on the  related  Mortgage  Loan,  the  Master
Servicer  shall keep and maintain  separate  accounting,  on a Mortgage  Loan by
Mortgage  Loan basis,  for the purpose of  justifying  any  withdrawal  from the
Custodial Account pursuant to such clauses.

        (c) The Master  Servicer  shall be entitled to  reimburse  itself or the
related  Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

          Section  3.11   Maintenance   of  the  Primary   Insurance   Policies;
               Collections Thereunder.

        (a) The Master  Servicer  shall not take, or permit any  Subservicer  to
take, any action which would result in non-coverage under any applicable Primary
Insurance  Policy of any loss which,  but for the actions of the Master Servicer
or Subservicer,  would have been covered  thereunder.  To the extent coverage is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary Insurance Policy

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<PAGE>

applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

        (b) In connection with its activities as  administrator  and servicer of
the  Mortgage  Loans,  the  Master  Servicer  agrees to  present or to cause the
related  Subservicer  to  present,  on  behalf  of  the  Master  Servicer,   the
Subservicer,  if any, the Trustee and Certificateholders,  claims to the related
Insurer under any Primary Insurance  Policies,  in a timely manner in accordance
with such  policies,  and,  in this  regard,  to take or cause to be taken  such
reasonable  action as shall be  necessary to permit  recovery  under any Primary
Insurance  Policies  respecting  defaulted  Mortgage Loans.  Pursuant to Section
3.07,  any Insurance  Proceeds  collected by or remitted to the Master  Servicer
under  any  Primary  Insurance  Policies  shall be  deposited  in the  Custodial
Account, subject to withdrawal pursuant to Section 3.10.

          Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity
               Coverage.

        (a) The Master  Servicer  shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage Loan in a federally

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<PAGE>

designated  special  flood hazard area,  the Master  Servicer  shall cause flood
insurance (to the extent  available) to be maintained in respect  thereof.  Such
flood  insurance  shall be in an amount  equal to the  lesser of (i) the  amount
required to  compensate  for any loss or damage to the  Mortgaged  Property on a
replacement  cost basis and (ii) the maximum amount of such insurance  available
for the related  Mortgaged  Property under the national flood insurance  program
(assuming  that  the  area in  which  such  Mortgaged  Property  is  located  is
participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

        (b) The Master Servicer shall obtain and maintain at its own expense and
keep in full force and effect  throughout  the term of this  Agreement a blanket
fidelity bond and an errors and omissions  insurance  policy covering the Master
Servicer's  officers and  employees  and other  persons  acting on behalf of the
Master  Servicer in connection  with its activities  under this  Agreement.  The
amount  of  coverage  shall be at  least  equal to the  coverage  that  would be
required by Fannie Mae or Freddie Mac, whichever is greater, with respect to the
Master  Servicer if the Master  Servicer were  servicing and  administering  the
Mortgage Loans for Fannie Mae or Freddie Mac. In the event that any such bond or
policy  ceases to be in effect,  the Master  Servicer  shall obtain a comparable
replacement  bond or  policy  from an  issuer  or  insurer,  as the case may be,
meeting the  requirements,  if any, of the Program  Guide and  acceptable to the
Company.  Coverage of the Master  Servicer under a policy or bond obtained by an
Affiliate of the Master  Servicer and  providing  the coverage  required by this
Section 3.12(b) shall satisfy the requirements of this Section 3.12(b).

          Section  3.13  Enforcement  of  Due-on-Sale  Clauses;  Assumption  and
               Modification Agreements; Certain Assignments.

        (a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

                      (i) the  Master  Servicer  shall  not be  deemed  to be in
               default  under this Section  3.13(a) by reason of any transfer or
               assumption  which the Master  Servicer is  restricted by law from
               preventing; and

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<PAGE>

                      (ii)  if  the  Master  Servicer   determines  that  it  is
               reasonably  likely  that  any  Mortgagor  will  bring,  or if any
               Mortgagor  does  bring,   legal  action  to  declare  invalid  or
               otherwise avoid enforcement of a due-on-sale  clause contained in
               any Mortgage Note or Mortgage,  the Master  Servicer shall not be
               required to enforce  the  due-on-sale  clause or to contest  such
               action.

        (b) Subject to the Master  Servicer's  duty to enforce  any  due-on-sale
clause  to the  extent  set  forth in  Section  3.13(a),  in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an  assumption or  modification  agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction  involving  the  assumption  or transfer (A) the Mortgage  Loan will
continue  to be secured by a first  mortgage  lien  pursuant to the terms of the
Mortgage,  (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies,  (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest  rate on the  Mortgage  Loan) will be altered  nor will the term of the
Mortgage  Loan be  changed  and (E) if the  seller/transferor  of the  Mortgaged
Property is to be released  from  liability on the Mortgage  Loan,  such release
will  not  (based  on  the  Master   Servicer's  or  Subservicer's   good  faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.

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<PAGE>

        (c) The Master Servicer or the related Subservicer,  as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property,  the granting of an easement thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

        (d)  Subject  to any  other  applicable  terms  and  conditions  of this
Agreement,  the  Trustee  and Master  Servicer  shall be  entitled to approve an
assignment in lieu of satisfaction  with respect to any Mortgage Loan,  provided
the  obligee  with  respect  to  such  Mortgage  Loan  following  such  proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for  Assignment of Mortgage  Loan" in the form attached  hereto as Exhibit M, in
form and substance  satisfactory to the Trustee and Master  Servicer,  providing
the  following:  (i) that the substance of the assignment is, and is intended to
be, a refinancing  of such  Mortgage;  (ii) that the Mortgage Loan following the
proposed  assignment will have a rate of interest at least 0.25 percent below or
above  the  rate of  interest  on such  Mortgage  Loan  prior  to such  proposed
assignment;  and (iii) that such  assignment  is at the request of the  borrower
under the related  Mortgage  Loan.  Upon  approval of an  assignment  in lieu of
satisfaction  with  respect to any  Mortgage  Loan,  the Master  Servicer  shall
receive cash in an amount equal to the unpaid  principal  balance of and accrued
interest on such Mortgage Loan and the Master  Servicer  shall treat such amount
as a Principal  Prepayment  in Full with respect to such  Mortgage  Loan for all
purposes hereof.

        Section 3.14  Realization Upon Defaulted Mortgage Loans.

        (a) The Master  Servicer shall  foreclose  upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments  pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through

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<PAGE>

Liquidation  Proceeds,  Insurance Proceeds, or REO Proceeds (respecting which it
shall have  priority  for purposes of  withdrawals  from the  Custodial  Account
pursuant to Section 3.10,  whether or not such expenses and charges are actually
recoverable  from  related  Liquidation  Proceeds,  Insurance  Proceeds  or  REO
Proceeds).  In the event of such a determination by the Master Servicer pursuant
to this Section 3.14(a),  the Master Servicer shall be entitled to reimbursement
of such amounts pursuant to Section 3.10.

        In addition to the  foregoing,  the Master  Servicer  shall use its best
reasonable  efforts to realize upon any  Additional  Collateral  for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory  arrangements can be made for collection of delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition  thereof or otherwise;  and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner  that would  impair the  ability to recover  against  the  related
Mortgaged  Property,  and (ii) the Master  Servicer  shall  proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional  Collateral  against amounts owed under the defaulted  Mortgage Loan.
Any proceeds realized from such Additional  Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the  Master  Servicer  would  follow in  servicing  loans  held for its own
account,  subject  to the terms  and  conditions  of the  related  Mortgage  and
Mortgage  Note  and to the  terms  and  conditions  of any  security  agreement,
guarantee  agreement,  mortgage or other agreement  governing the disposition of
the proceeds of such Additional  Collateral) shall be deposited in the Custodial
Account,  subject to  withdrawal  pursuant to Section  3.10.  Any other  payment
received by the Master Servicer in respect of such Additional  Collateral  shall
be deposited in the Custodial Account subject to withdrawal  pursuant to Section
3.10.

        For so long as the  Master  Servicer  is the Master  Servicer  under the
Credit  Support  Pledge  Agreement,   the  Master  Servicer  shall  perform  its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and
conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

                                              57

<PAGE>

        Concurrently  with the  foregoing,  the Master  Servicer  may pursue any
remedies that may be available in connection  with a breach of a  representation
and warranty with respect to any such Mortgage Loan in accordance  with Sections
2.03 and 2.04.  However,  the Master  Servicer  is not  required  to continue to
pursue both foreclosure (or similar remedies) with respect to the Mortgage Loans
and remedies in connection with a breach of a representation and warranty if the
Master Servicer determines in its reasonable  discretion that one such remedy is
more likely to result in a greater  recovery as to the Mortgage  Loan.  Upon the
occurrence of a Cash  Liquidation or REO  Disposition,  following the deposit in
the Custodial Account of all Insurance Proceeds,  Liquidation Proceeds and other
payments and recoveries  referred to in the definition of "Cash  Liquidation" or
"REO  Disposition,"  as  applicable,  upon  receipt  by the  Trustee  of written
notification of such deposit signed by a Servicing  Officer,  the Trustee or any
Custodian,  as the case may be, shall release to the Master Servicer the related
Mortgage  File and the Trustee  shall  execute and deliver such  instruments  of
transfer or  assignment  prepared by the Master  Servicer,  in each case without
recourse,  as shall be necessary to vest in the Master Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund.  Notwithstanding the foregoing or any other
provision of this  Agreement,  in the Master  Servicer's  sole  discretion  with
respect  to any  defaulted  Mortgage  Loan or REO  Property  as to either of the
following provisions, (i) a Cash Liquidation or REO Disposition may be deemed to
have occurred if substantially all amounts expected by the Master Servicer to be
received in connection with the related defaulted  Mortgage Loan or REO Property
have been  received,  and (ii) for  purposes  of  determining  the amount of any
Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any other unscheduled
collections  or the amount of any Realized  Loss,  the Master  Servicer may take
into account minimal amounts of additional  receipts  expected to be received or
any  estimated  additional  liquidation  expenses  expected  to be  incurred  in
connection with the related defaulted Mortgage Loan or REO Property.

        (b) If title to any Mortgaged  Property is acquired by the Trust Fund as
an REO Property by  foreclosure or by deed in lieu of  foreclosure,  the deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

        (c) If the  Trust  Fund  acquires  any  REO  Property  as  aforesaid  or
otherwise in connection  with a default or imminent  default on a Mortgage Loan,
the  Master  Servicer  on behalf of the Trust  Fund  shall  dispose  of such REO
Property as soon as practicable,  giving due  consideration  to the interests of
the  Certificateholders,  but in all cases  within  three full  years  after the
taxable  year of its  acquisition  by the Trust  Fund for  purposes  of  Section
860G(a)(8)  of the  Code (or  such  shorter  period  as may be  necessary  under
applicable  state (including any state in which such property is located) law to
maintain  the  status of any  portion  of any  REMIC  formed  under  the  Series
Supplement as a

                                              58

<PAGE>

REMIC under  applicable  state law and avoid taxes  resulting from such property
failing  to be  foreclosure  property  under  applicable  state  law) or, at the
expense of the Trust  Fund,  request,  more than 60 days before the day on which
such grace  period  would  otherwise  expire,  an extension of such grace period
unless the Master Servicer (subject to Section 10.01(f)) obtains for the Trustee
an Opinion of Counsel,  addressed to the Trustee and the Master Servicer, to the
effect that the  holding by the Trust Fund of such REO  Property  subsequent  to
such  period  will  not  result  in  the  imposition  of  taxes  on  "prohibited
transactions"  as defined in Section  860F of the Code or cause any REMIC formed
under the Series  Supplement  to fail to qualify as a REMIC (for federal (or any
applicable   State  or  local)  income  tax  purposes)  at  any  time  that  any
Certificates are outstanding,  in which case the Trust Fund may continue to hold
such REO  Property  (subject  to any  conditions  contained  in such  Opinion of
Counsel).  The Master  Servicer  shall be  entitled  to be  reimbursed  from the
Custodial  Account for any costs  incurred in obtaining such Opinion of Counsel,
as  provided  in  Section  3.10.  Notwithstanding  any other  provision  of this
Agreement,  no REO  Property  acquired  by the Trust  Fund  shall be rented  (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or  pursuant  to any terms  that  would (i) cause such REO
Property  to fail to qualify as  "foreclosure  property"  within the  meaning of
Section  860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition
of any  federal  income  taxes on the  income  earned  from  such REO  Property,
including any taxes imposed by reason of Section 860G(c) of the Code, unless the
Master  Servicer has agreed to indemnify  and hold  harmless the Trust Fund with
respect to the imposition of any such taxes.

        (d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property);  fourth,  to all
Servicing Fees and Subservicing  Fees payable therefrom (and the Master Servicer
and the Subservicer  shall have no claims for any  deficiencies  with respect to
such fees which result from the foregoing allocation); and fifth, to Foreclosure
Profits.

        (e) In the event of a default  on a  Mortgage  Loan one or more of whose
obligors is not a United States Person,  in connection  with any  foreclosure or
acquisition  of a deed in  lieu  of  foreclosure  (together,  "foreclosure")  in
respect of such Mortgage Loan, the Master  Servicer will cause  compliance  with
the provisions of Treasury  Regulation Section  1.1445-2(d)(3) (or any successor
thereto)  necessary to assure that no  withholding  tax  obligation  arises with
respect to the proceeds of such foreclosure  except to the extent,  if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.

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<PAGE>

        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.
                      -----------------------------------------------

        (a) Upon becoming  aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master  Servicer of a notification  that payment in full
will be escrowed in a manner  customary for such purposes,  the Master  Servicer
will  immediately  notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a  certification  of a Servicing  Officer (which  certification
shall  include a  statement  to the effect  that all  amounts  received or to be
received in  connection  with such payment which are required to be deposited in
the  Custodial  Account  pursuant  to  Section  3.07  have  been  or  will be so
deposited),  substantially in one of the forms attached hereto as Exhibit F, or,
in the case of the Custodian,  an electronic request in a form acceptable to the
Custodian,  requesting  delivery to it of the Mortgage File. Within two Business
Days of receipt of such certification and request, the Trustee shall release, or
cause  the  Custodian  to  release,  the  related  Mortgage  File to the  Master
Servicer.  The Master  Servicer  is  authorized  to execute  and  deliver to the
Mortgagor  the  request for  reconveyance,  deed of  reconveyance  or release or
satisfaction of mortgage or such instrument  releasing the lien of the Mortgage,
together  with the  Mortgage  Note with,  as  appropriate,  written  evidence of
cancellation  thereon  and to cause the  removal  from the  registration  on the
MERS(R)  System of such  Mortgage and to execute and  deliver,  on behalf of the
Trustee and the  Certificateholders  or any of them, any and all  instruments of
satisfaction or cancellation or of partial or full release. No expenses incurred
in connection with any instrument of satisfaction or deed of reconveyance  shall
be chargeable to the Custodial Account or the Certificate Account.

        (b) From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee,  a certificate of a Servicing Officer  substantially in one
of the forms attached as Exhibit F hereto, or, in the case of the Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

        (c) The Trustee or the Master  Servicer on the  Trustee's  behalf  shall
execute and deliver to the Master Servicer,  if necessary,  any court pleadings,
requests for trustee's sale or other  documents  necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any

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<PAGE>

legal action  brought to obtain  judgment  against any Mortgagor on the Mortgage
Note or Mortgage  or to obtain a  deficiency  judgment,  or to enforce any other
remedies or rights  provided  by the  Mortgage  Note or  Mortgage  or  otherwise
available at law or in equity.  Together  with such  documents or pleadings  (if
signed by the  Trustee),  the Master  Servicer  shall  deliver to the  Trustee a
certificate of a Servicing  Officer  requesting that such pleadings or documents
be executed by the Trustee and  certifying  as to the reason such  documents  or
pleadings  are  required  and that the  execution  and  delivery  thereof by the
Trustee will not invalidate any insurance  coverage under any Required Insurance
Policy or  invalidate or otherwise  affect the lien of the Mortgage,  except for
the  termination of such a lien upon  completion of the foreclosure or trustee's
sale.

        Section 3.16  Servicing and Other Compensation; Compensating Interest.
                      --------------------------------------------------------

        (a) The Master Servicer,  as compensation for its activities  hereunder,
shall be entitled to receive on each  Distribution Date the amounts provided for
by clauses (iii),  (iv), (v) and (vi) of Section 3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

        (b) Additional servicing compensation in the form of prepayment charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

        (c) The Master  Servicer  shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums for the Primary Insurance Policies,  if
any,  to the extent  such  premiums  are not  required to be paid by the related
Mortgagors,  and the fees and  expenses of the Trustee  and any  Custodian)  and
shall not be entitled to reimbursement  therefor except as specifically provided
in Sections 3.10 and 3.14.

        (d) The Master  Servicer's right to receive  servicing  compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its  responsibilities  and  obligations of the Master Servicer under this
Agreement.

        (e)  Notwithstanding any other provision herein, the amount of servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section  3.10(a)(iii) and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the Certificate Account to which the Master Servicer is

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<PAGE>

entitled pursuant to Sections 3.07(c) or 4.01(b),  respectively.  In making such
reduction,  the Master Servicer (i) will not withdraw from the Custodial Account
any such amount  representing  all or a portion of the Servicing Fee to which it
is entitled pursuant to Section 3.10(a)(iii) and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

        Section 3.17 Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

        Section 3.18  Annual Statement as to Compliance.
                      ---------------------------------

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate Insurer on or before March 31 of each year, beginning with the first
March 31 that occurs at least six months  after the Cut-off  Date,  an Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master  Servicer  has  complied in all  material  respects  with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage Bankers and has fulfilled all of its material  obligations  relating to
this Agreement in all material  respects  throughout such year, or, if there has
been material  noncompliance  with such servicing  standards or a default in the
fulfillment  in all material  respects of any such  obligation  relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each  Subservicer  has  complied  in all  material  respects  with  the  minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers and has  fulfilled all of its material  obligations  under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

        Section 3.19  Annual Independent Public Accountants' Servicing Report.
                      -------------------------------------------------------

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions made pursuant

                                              62

<PAGE>

to Section 3.18 regarding  compliance with the minimum  servicing  standards set
forth in the Uniform Single Attestation  Program for Mortgage Bankers during the
preceding calendar year are fairly stated in all material  respects,  subject to
such exceptions and other qualifications that, in the opinion of such firm, such
accounting  standards  require it to report.  In rendering such statement,  such
firm may rely, as to matters  relating to the direct servicing of mortgage loans
by  Subservicers,  upon  comparable  statements  for  examinations  conducted by
independent  public  accountants  substantially  in  accordance  with  standards
established by the American Institute of Certified Public Accountants  (rendered
within one year of such statement) with respect to such Subservicers.

        Section 3.20 Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

        Section 3.21  Administration of Buydown Funds.
                      -------------------------------

        (a) With  respect to any Buydown  Mortgage  Loan,  the  Subservicer  has
deposited  Buydown  Funds in an account that  satisfies the  requirements  for a
Subservicing  Account (the "Buydown  Account").  The Master Servicer shall cause
the  Subservicing  Agreement to require that upon receipt from the  Mortgagor of
the amount due on a Due Date for each Buydown  Mortgage  Loan,  the  Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the  amount  due on such date from the  Mortgagor,  equals  the full  Monthly
Payment  and  transmit  that  amount  in  accordance   with  the  terms  of  the
Subservicing  Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.

        (b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown Mortgage Loan defaults on such

                                              63

<PAGE>

Mortgage Loan during the Buydown  Period and the property  securing such Buydown
Mortgage Loan is sold in the liquidation  thereof (either by the Master Servicer
or the insurer under any related  Primary  Insurance  Policy),  the  Subservicer
shall be  required to withdraw  from the Buydown  Account the Buydown  Funds for
such Buydown  Mortgage Loan still held in the Buydown Account and remit the same
to the  Master  Servicer  in  accordance  with  the  terms  of the  Subservicing
Agreement for deposit in the  Custodial  Account or, if instructed by the Master
Servicer,  pay to the insurer under any related Primary  Insurance Policy if the
Mortgaged  Property is  transferred to such insurer and such insurer pays all of
the loss incurred in respect of such default. Any amount so remitted pursuant to
the preceding  sentence will be deemed to reduce the amount owed on the Mortgage
Loan.

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

        Section 4.01  Certificate Account.
                      -------------------

        (a) The Master  Servicer on behalf of the Trustee  shall  establish  and
maintain a Certificate  Account in which the Master  Servicer  shall cause to be
deposited  on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount  equal to the sum of (i) any  Advance for the  immediately  succeeding
Distribution  Date,  (ii) any amount required to be deposited in the Certificate
Account pursuant to Section  3.12(a),  (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount  required to be paid  pursuant to Section 9.01 and (v) all other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

        (b) The Trustee shall,  upon written  request from the Master  Servicer,
invest or cause the institution  maintaining  the Certificate  Account to invest
the funds in the Certificate Account in Permitted Investments  designated in the
name of the  Trustee  for the  benefit of the  Certificateholders,  which  shall
mature or be payable on demand not later than the  Business  Day next  preceding
the  Distribution  Date next following the date of such investment  (except that
(i) any  investment in the  institution  with which the  Certificate  Account is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

                                              64

<PAGE>

        Section 4.02  Distributions.
                      -------------

        As provided in Section 4.02 of the Series Supplement.

        Section 4.03  Statements to Certificateholders.

        (a)  Concurrently  with each  distribution  charged  to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the  Trustee  and the Trustee  shall  either  forward by mail or make
available to each Holder and the Company,  via the Trustee's internet website, a
statement  (and  at  its  option,  any  additional  files  containing  the  same
information in an alternative format) setting forth information as to each Class
of Certificates, the Mortgage Pool and, if the Mortgage Pool is comprised of two
or more Loan Groups,  each Loan Group, to the extent applicable.  This statement
will include the information  set forth in an exhibit to the Series  Supplement.
Such exhibit shall set forth the Trustee's  internet  website  address  together
with a phone number. The Trustee shall mail to each Holder that requests a paper
copy by telephone a paper copy via first class mail.  The Trustee may modify the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master Servicer.

        (b) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a statement  containing the information set forth in clauses (i) and (ii) of the
exhibit to the Series Supplement  referred to in subsection (a) above aggregated
for such calendar year or applicable  portion  thereof  during which such Person
was a Certificateholder.  Such obligation of the Master Servicer shall be deemed
to have been satisfied to the extent that substantially  comparable  information
shall be provided by the Master  Servicer  pursuant to any  requirements  of the
Code.

        (c) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

        (d)  Upon the  written  request  of any  Certificateholder,  the  Master
Servicer,  as soon as  reasonably  practicable,  shall  provide  the  requesting
Certificateholder with such information as is necessary and appropriate,  in the
Master  Servicer's  sole  discretion,  for  purposes  of  satisfying  applicable
reporting requirements under Rule 144A.

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        Section       4.04  Distribution  of  Reports  to the  Trustee  and  the
                      Company; Advances by the Master Servicer.

        (a) Prior to the close of business on the Determination Date, the Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

        (b) On or before  2:00 P.M.  New York time on each  Certificate  Account
Deposit Date, the Master  Servicer  shall either (i) deposit in the  Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

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<PAGE>

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

        Section 4.05  Allocation of Realized Losses.

        As provided in Section 4.05 of the Series Supplement.

          Section 4.06  Reports of  Foreclosures  and  Abandonment  of Mortgaged
               Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.
                      ---------------------------------------------

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

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<PAGE>

        If,  however  the  Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

        Section 4.08  Surety Bond.
                      -----------

        (a) If a Required Surety Payment is payable  pursuant to the Surety Bond
with respect to any Additional  Collateral  Loan,  the Master  Servicer shall so
notify the  Trustee as soon as  reasonably  practicable  and the  Trustee  shall
promptly  complete the notice in the form of Attachment 1 to the Surety Bond and
shall  promptly  submit  such  notice to the  Surety  as a claim for a  Required
Surety.  The Master Servicer shall upon request assist the Trustee in completing
such  notice and shall  provide  any  information  requested  by the  Trustee in
connection therewith.

        (b) Upon receipt of a Required  Surety Payment from the Surety on behalf
of the Holders of  Certificates,  the Trustee shall deposit such Required Surety
Payment in the  Certificate  Account and shall  distribute  such Required Surety
Payment,  or the proceeds thereof,  in accordance with the provisions of Section
4.02.

        (c) The Trustee shall (i) receive as  attorney-in-fact of each Holder of
a Certificate  any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

                                    ARTICLE V

                                THE CERTIFICATES

        Section 5.01  The Certificates.

        (a) The  Senior,  Class M,  Class B and  Class R  Certificates  shall be
substantially  in the forms set forth in Exhibits  A, B, C and D,  respectively,
and shall,  on original  issue,  be executed and delivered by the Trustee to the
Certificate  Registrar for  authentication  and delivery to or upon the order of
the  Company  upon  receipt  by the  Trustee  or one or more  Custodians  of the
documents  specified in Section 2.01. The Certificates  shall be issuable in the
minimum  denominations  designated  in the  Preliminary  Statement to the Series
Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such

                                              68

<PAGE>

Certificate  has  been  duly   authenticated   and  delivered   hereunder.   All
Certificates shall be dated the date of their authentication.

        (b) Except as provided below,  registration  of Book-Entry  Certificates
may not be transferred by the Trustee except to another  Depository  that agrees
to hold such Certificates for the respective  Certificate  Owners with Ownership
Interests therein.  The Holders of the Book-Entry  Certificates shall hold their
respective  Ownership Interests in and to each of such Certificates  through the
book-entry facilities of the Depository and, except as provided below, shall not
be entitled to Definitive  Certificates in respect of such Ownership  Interests.
All transfers by Certificate Owners of their respective  Ownership  Interests in
the  Book-Entry  Certificates  shall be made in accordance  with the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

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<PAGE>

        (c) From time to time Residential  Funding, as the initial Holder of the
Class A-V  Certificates,  may exchange such Holder's Class A-V  Certificates for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

        Section 5.02  Registration of Transfer and Exchange of Certificates.
                      -----------------------------------------------------

        (a) The Trustee shall cause to be kept at one of the offices or agencies
to be appointed by the Trustee in accordance with the provisions of Section 8.12
a Certificate  Register in which,  subject to such reasonable  regulations as it
may prescribe,  the Trustee shall provide for the  registration  of Certificates
and of transfers and exchanges of Certificates as herein  provided.  The Trustee
is initially  appointed  Certificate  Registrar  for the purpose of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

        (b) Upon surrender for  registration  of transfer of any  Certificate at
any office or agency of the  Trustee  maintained  for such  purpose  pursuant to
Section  8.12 and,  in the case of any Class M, Class B or Class R  Certificate,
upon  satisfaction of the conditions set forth below,  the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

        (c)  At  the  option  of  the  Certificateholders,  Certificates  may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest,  upon surrender of the Certificates
to be exchanged at any such office or agency.  Whenever any  Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate

                                              70

<PAGE>

Registrar shall  authenticate  and deliver the  Certificates of such Class which
the  Certificateholder  making  the  exchange  is  entitled  to  receive.  Every
Certificate  presented  or  surrendered  for  transfer or exchange  shall (if so
required by the Trustee or the Certificate Registrar) be duly endorsed by, or be
accompanied  by a written  instrument  of transfer in form  satisfactory  to the
Trustee and the  Certificate  Registrar  duly executed by, the Holder thereof or
his attorney duly authorized in writing.

        (d) No  transfer,  sale,  pledge  or  other  disposition  of a  Class  B
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that a  transfer  of a Class B
Certificate  is to be made  either  (i)(A) the Trustee  shall  require a written
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable  exemption and the basis  therefor,  from said Act and
laws or is being made  pursuant to said Act and laws,  which  Opinion of Counsel
shall not be an  expense of the  Trustee,  the  Company  or the Master  Servicer
(except that, if such transfer is made by the Company or the Master  Servicer or
any Affiliate  thereof,  the Company or the Master  Servicer  shall provide such
Opinion of Counsel at their own expense);  provided that such Opinion of Counsel
will not be  required  in  connection  with  the  initial  transfer  of any such
Certificate  by the  Company  or any  Affiliate  thereof  to the  Company  or an
Affiliate of the Company and (B) the Trustee  shall  require the  transferee  to
execute a representation letter,  substantially in the form of Exhibit H hereto,
and the Trustee shall require the transferor to execute a representation letter,
substantially  in the form of Exhibit I hereto,  each  acceptable to and in form
and  substance  satisfactory  to the Company and the Trustee  certifying  to the
Company  and  the   Trustee  the  facts   surrounding   such   transfer,   which
representation  letters  shall not be an expense of the Trustee,  the Company or
the Master Servicer;  provided,  however, that such representation  letters will
not be required in connection  with any transfer of any such  Certificate by the
Company or any Affiliate  thereof to the Company or an Affiliate of the Company,
and the Trustee  shall be entitled to  conclusively  rely upon a  representation
(which, upon the request of the Trustee, shall be a written representation) from
the Company,  of the status of such transferee as an Affiliate of the Company or
(ii) the  prospective  transferee  of such a  Certificate  shall be  required to
provide the  Trustee,  the Company and the Master  Servicer  with an  investment
letter  substantially  in the form of Exhibit J  attached  hereto (or such other
form as the Company in its sole discretion deems  acceptable),  which investment
letter  shall not be an  expense  of the  Trustee,  the  Company  or the  Master
Servicer,  and which  investment  letter states that,  among other things,  such
transferee (A) is a "qualified  institutional buyer" as defined under Rule 144A,
acting for its own  account or the  accounts of other  "qualified  institutional
buyers"  as  defined  under  Rule  144A,  and (B) is  aware  that  the  proposed
transferor intends to rely on the exemption from registration requirements under
the Securities Act of 1933, as amended, provided by Rule 144A. The Holder of any
such  Certificate  desiring to effect any such transfer,  sale,  pledge or other
disposition shall, and does hereby agree to, indemnify the Trustee, the Company,
the Master Servicer and the Certificate Registrar against any liability that may
result if the transfer, sale, pledge or other disposition is not so exempt or is
not made in accordance with such federal and state laws.

        (e) (i) In the case of any Class B or Class R Certificate  presented for
registration in the name of any Person,  either (A) the Trustee shall require an
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer to the effect that the purchase or
holding of such Class B or Class R Certificate is permissible under applicable

                                              71

<PAGE>

law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under  Section 406 of the Employee  Retirement  Income  Security Act of 1974, as
amended ("ERISA"),  or Section 4975 of the Code (or comparable provisions of any
subsequent  enactments),  and will not subject the  Trustee,  the Company or the
Master  Servicer  to any  obligation  or  liability  (including  obligations  or
liabilities  under  ERISA or  Section  4975 of the  Code) in  addition  to those
undertaken in this  Agreement,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company or the  Master  Servicer  or (B) the  prospective
Transferee shall be required to provide the Trustee,  the Company and the Master
Servicer  with a  certification  to the  effect  set forth in  paragraph  six of
Exhibit H (with  respect to any Class B  Certificate)  or paragraph  fourteen of
Exhibit  G-1 (with  respect to any Class R  Certificate),  which the Trustee may
rely upon without further inquiry or investigation, or such other certifications
as the Trustee may deem  desirable or necessary in order to establish  that such
Transferee or the Person in whose name such registration is requested either (a)
is not an  employee  benefit  plan  or  other  plan  subject  to the  prohibited
transaction  provisions  of ERISA or  Section  4975 of the Code,  or any  Person
(including an  investment  manager,  a named  fiduciary or a trustee of any such
plan) who is using  "plan  assets" of any such plan to effect  such  acquisition
(each,  a "Plan  Investor") or (b) in the case of any Class B  Certificate,  the
following conditions are satisfied: (i) such Transferee is an insurance company,
(ii) the source of funds used to purchase or hold such  Certificate (or interest
therein)  is  an  "insurance  company  general  account"  (as  defined  in  U.S.
Department of Labor Prohibited  Transaction Class Exemption  ("PTCE") 95-60, and
(iii) the  conditions  set forth in  Sections  I and III of PTCE 95-60 have been
satisfied  (each entity that satisfies  this clause (b), a "Complying  Insurance
Company").

                      (ii)  Any  Transferee  of a  Class M  Certificate  will be
               deemed to have  represented  by virtue of its purchase or holding
               of such  Certificate  (or interest  therein) that either (a) such
               Transferee  is not a Plan  Investor,  (b) it has  acquired and is
               holding such  Certificate  in reliance on Prohibited  Transaction
               Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as
               amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), and PTE
               2000-58,  65 Fed.  Reg.  67765  (November  13,  2000)  (the  "RFC
               Exemption"),  and that it  understands  that  there  are  certain
               conditions to the  availability  of the RFC  Exemption  including
               that such Certificate must be rated, at the time of purchase, not
               lower than "BBB-" (or its equivalent) by Standard & Poor's, Fitch
               or  Moody's  or (c)  such  Transferee  is a  Complying  Insurance
               Company.

                      (iii)  (A) If any  Class M  Certificate  (or any  interest
               therein)  is acquired or held by any Person that does not satisfy
               the conditions  described in paragraph (ii) above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

                             (B)   Any   purported   Certificate   Owner   whose
                      acquisition  or  holding  of any Class M  Certificate  (or
                      interest therein) was effected in violation of the

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<PAGE>

                      restrictions  in this Section  5.02(e) shall indemnify and
                      hold  harmless  the  Company,   the  Trustee,  the  Master
                      Servicer, any Subservicer,  each Underwriter and the Trust
                      Fund from and  against  any and all  liabilities,  claims,
                      costs or expenses  incurred by such parties as a result of
                      such acquisition or holding.

        (f) (i) Each Person who has or who acquires any Ownership  Interest in a
Class R Certificate  shall be deemed by the  acceptance or  acquisition  of such
Ownership Interest to have agreed to be bound by the following provisions and to
have  irrevocably  authorized the Trustee or its designee under clause  (iii)(A)
below to deliver  payments to a Person  other than such Person and to  negotiate
the terms of any mandatory  sale under clause  (iii)(B) below and to execute all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

                             (A) Each Person  holding or acquiring any Ownership
                      Interest  in a Class R  Certificate  shall be a  Permitted
                      Transferee  and shall  promptly  notify the Trustee of any
                      change or  impending  change in its status as a  Permitted
                      Transferee.

                             (B) In connection with any proposed Transfer of any
                      Ownership  Interest in a Class R Certificate,  the Trustee
                      shall  require  delivery to it, and shall not register the
                      Transfer of any Class R Certificate  until its receipt of,
                      (I) an affidavit and agreement (a "Transfer  Affidavit and
                      Agreement,"  in the form  attached  hereto as Exhibit G-1)
                      from  the  proposed  Transferee,  in  form  and  substance
                      satisfactory  to the  Master  Servicer,  representing  and
                      warranting,  among  other  things,  that it is a Permitted
                      Transferee,   that  it  is  not  acquiring  its  Ownership
                      Interest in the Class R Certificate that is the subject of
                      the proposed  Transfer as a nominee,  trustee or agent for
                      any Person who is not a Permitted Transferee,  that for so
                      long as it retains  its  Ownership  Interest  in a Class R
                      Certificate,  it  will  endeavor  to  remain  a  Permitted
                      Transferee,  and that it has  reviewed the  provisions  of
                      this Section  5.02(f) and agrees to be bound by them,  and
                      (II) a certificate, in the form attached hereto as Exhibit
                      G-2,  from the  Holder  wishing  to  transfer  the Class R
                      Certificate,  in form and  substance  satisfactory  to the
                      Master Servicer,  representing and warranting, among other
                      things,  that no purpose of the  proposed  Transfer  is to
                      impede the assessment or collection of tax.

                             (C)  Notwithstanding  the  delivery  of a  Transfer
                      Affidavit  and  Agreement by a proposed  Transferee  under
                      clause (B) above, if a Responsible  Officer of the Trustee
                      who is assigned  to this  Agreement  has actual  knowledge
                      that  the   proposed   Transferee   is  not  a   Permitted
                      Transferee,  no  Transfer  of an  Ownership  Interest in a
                      Class R Certificate to such proposed  Transferee  shall be
                      effected.

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<PAGE>

                             (D) Each Person  holding or acquiring any Ownership
                      Interest  in a  Class R  Certificate  shall  agree  (x) to
                      require a Transfer  Affidavit and Agreement from any other
                      Person  to whom  such  Person  attempts  to  transfer  its
                      Ownership Interest in a Class R Certificate and (y) not to
                      transfer  its  Ownership  Interest  unless it  provides  a
                      certificate to the Trustee in the form attached  hereto as
                      Exhibit G-2.

                             (E) Each Person  holding or  acquiring an Ownership
                      Interest  in a  Class  R  Certificate,  by  purchasing  an
                      Ownership Interest in such Certificate, agrees to give the
                      Trustee written notice that it is a "pass-through interest
                      holder"   within  the   meaning  of   Temporary   Treasury
                      Regulations Section  1.67-3T(a)(2)(i)(A)  immediately upon
                      acquiring an Ownership  Interest in a Class R Certificate,
                      if it is, or is holding an Ownership Interest in a Class R
                      Certificate  on  behalf  of,  a   "pass-through   interest
                      holder."

                      (ii) The Trustee will register the Transfer of any Class R
               Certificate only if it shall have received the Transfer Affidavit
               and  Agreement,  a  certificate  of the  Holder  requesting  such
               transfer  in the form  attached  hereto as Exhibit G-2 and all of
               such other  documents as shall have been  reasonably  required by
               the Trustee as a condition to such registration. Transfers of the
               Class  R   Certificates   to   Non-United   States   Persons  and
               Disqualified  Organizations (as defined in Section  860E(e)(5) of
               the Code) are prohibited.

                      (iii) (A) If any Disqualified  Organization shall become a
               holder  of  a  Class  R  Certificate,  then  the  last  preceding
               Permitted  Transferee shall be restored,  to the extent permitted
               by  law,  to  all  rights  and   obligations  as  Holder  thereof
               retroactive to the date of  registration of such Transfer of such
               Class R Certificate. If a Non-United States Person shall become a
               holder of a Class R Certificate,  then the last preceding  United
               States Person shall be restored,  to the extent permitted by law,
               to all rights and  obligations as Holder  thereof  retroactive to
               the  date of  registration  of  such  Transfer  of  such  Class R
               Certificate.   If  a  transfer  of  a  Class  R  Certificate   is
               disregarded  pursuant to the  provisions of Treasury  Regulations
               Section  1.860E-1 or Section  1.860G-3,  then the last  preceding
               Permitted  Transferee shall be restored,  to the extent permitted
               by  law,  to  all  rights  and   obligations  as  Holder  thereof
               retroactive to the date of  registration of such Transfer of such
               Class R  Certificate.  The Trustee shall be under no liability to
               any  Person  for  any  registration  of  Transfer  of a  Class  R
               Certificate that is in fact not permitted by this Section 5.02(f)
               or for making any payments due on such  Certificate to the holder
               thereof  or for  taking  any other  action  with  respect to such
               holder under the provisions of this Agreement.

                             (B) If any  purported  Transferee  shall  become  a
                      Holder  of a  Class  R  Certificate  in  violation  of the
                      restrictions  in this  Section  5.02(f)  and to the extent
                      that the  retroactive  restoration  of the  rights  of the
                      Holder of such Class R Certificate  as described in clause
                      (iii)(A) above shall be invalid, illegal or unenforceable,
                      then the Master  Servicer  shall  have the right,  without
                      notice to the  holder or any prior  holder of such Class R
                      Certificate, to sell such Class

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<PAGE>

                      R  Certificate  to a  purchaser  selected  by  the  Master
                      Servicer on such terms as the Master  Servicer may choose.
                      Such  purported  Transferee  shall  promptly  endorse  and
                      deliver each Class R Certificate  in  accordance  with the
                      instructions of the Master Servicer. Such purchaser may be
                      the Master  Servicer itself or any Affiliate of the Master
                      Servicer.   The   proceeds  of  such  sale,   net  of  the
                      commissions (which may include  commissions payable to the
                      Master  Servicer or its  Affiliates),  expenses  and taxes
                      due, if any,  will be  remitted by the Master  Servicer to
                      such purported Transferee. The terms and conditions of any
                      sale under this clause (iii)(B) shall be determined in the
                      sole  discretion  of the Master  Servicer,  and the Master
                      Servicer  shall  not be  liable  to any  Person  having an
                      Ownership Interest in a Class R Certificate as a result of
                      its exercise of such discretion.

                      (iv) The Master Servicer, on behalf of the Trustee,  shall
               make  available,  upon  written  request  from the  Trustee,  all
               information  necessary to compute any tax imposed (A) as a result
               of the Transfer of an Ownership Interest in a Class R Certificate
               to any Person who is a Disqualified  Organization,  including the
               information   regarding  "excess  inclusions"  of  such  Class  R
               Certificates  required  to be provided  to the  Internal  Revenue
               Service and certain Persons as described in Treasury  Regulations
               Sections  1.860D-1(b)(5) and 1.860E-2(a)(5),  and (B) as a result
               of any  regulated  investment  company,  real  estate  investment
               trust,   common  trust  fund,   partnership,   trust,  estate  or
               organization  described in Section 1381 of the Code that holds an
               Ownership  Interest in a Class R Certificate  having as among its
               record  holders  at any time  any  Person  who is a  Disqualified
               Organization.   Reasonable   compensation   for  providing   such
               information  may be  required  by the Master  Servicer  from such
               Person.

                      (v) The provisions of this Section 5.02(f) set forth prior
               to this  clause  (v) may be  modified,  added  to or  eliminated,
               provided that there shall have been  delivered to the Trustee the
               following:

                             (A) written notification from each Rating Agency to
                      the  effect   that  the   modification,   addition  to  or
                      elimination of such  provisions will not cause such Rating
                      Agency to downgrade its then-current  ratings,  if any, of
                      any Class of the Senior,  Class M or Class B  Certificates
                      below the lower of the  then-current  rating or the rating
                      assigned to such  Certificates  as of the Closing  Date by
                      such Rating Agency; and

                             (B)  subject  to  Section  10.01(f),  an  Officers'
                      Certificate of the Master Servicer stating that the Master
                      Servicer has  received an Opinion of Counsel,  in form and
                      substance  satisfactory  to the  Master  Servicer,  to the
                      effect that such  modification,  addition to or absence of
                      such  provisions  will not cause any  portion of any REMIC
                      formed under the Series  Supplement to cease to qualify as
                      a REMIC and will not cause  (x) any  portion  of any REMIC
                      formed  under the  Series  Supplement  to be subject to an
                      entity-level  tax  caused by the  Transfer  of any Class R
                      Certificate to a Person that is a

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<PAGE>

                      Disqualified  Organization or (y) a  Certificateholder  or
                      another Person to be subject to a REMIC-related tax caused
                      by the Transfer of a Class R Certificate  to a Person that
                      is not a Permitted Transferee.

        (g) No service  charge  shall be made for any  transfer  or  exchange of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

     (h) All  Certificates  surrendered  for  transfer  and  exchange  shall  be
destroyed by the Certificate Registrar.

        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

        Section 5.04  Persons Deemed Owners.
                      ---------------------

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

        Section 5.05  Appointment of Paying Agent.
                      ---------------------------

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the

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<PAGE>

amounts and in the manner  provided for in Section 4.02,  such sum to be held in
trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

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<PAGE>

                                          ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

          Section 6.01  Respective  Liabilities  of the  Company  and the Master
               Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

          Section 6.02  Merger or  Consolidation  of the  Company  or the Master
               Servicer; Assignment of Rights and Delegation of Duties by Master
               Servicer.

        (a) The  Company and the Master  Servicer  will each keep in full effect
its  existence,  rights and  franchises as a  corporation  under the laws of the
state of its incorporation,  and will each obtain and preserve its qualification
to do  business  as a foreign  corporation  in each  jurisdiction  in which such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

        (b) Any Person  into which the  Company  or the Master  Servicer  may be
merged  or  consolidated,  or any  corporation  resulting  from  any  merger  or
consolidation  to which the Company or the Master  Servicer shall be a party, or
any Person  succeeding  to the  business of the Company or the Master  Servicer,
shall be the  successor of the Company or the Master  Servicer,  as the case may
be,  hereunder,  without the execution or filing of any paper or any further act
on the  part of any of the  parties  hereto,  anything  herein  to the  contrary
notwithstanding;  provided,  however,  that the successor or surviving Person to
the Master  Servicer  shall be qualified to service  mortgage loans on behalf of
Fannie Mae or Freddie  Mac;  and  provided  further  that each  Rating  Agency's
ratings,  if any,  of the  Senior,  Class M or Class B  Certificates  in  effect
immediately prior to such merger or consolidation will not be qualified, reduced
or withdrawn as a result  thereof (as  evidenced by a letter to such effect from
each Rating Agency).

        (c) Notwithstanding  anything else in this Section 6.02 and Section 6.04
to the  contrary,  the Master  Servicer  may assign its rights and  delegate its
duties and obligations under this Agreement;  provided that the Person accepting
such  assignment or  delegation  shall be a Person which is qualified to service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's

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<PAGE>

rating of the Classes of Certificates that have been rated in effect immediately
prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

          Section 6.03  Limitation  on  Liability  of the  Company,  the  Master
               Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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<PAGE>

        Section 6.04  Company and Master Servicer Not to Resign.
                      -----------------------------------------

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

                                   ARTICLE VII

                                     DEFAULT

        Section 7.01  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

                      (i) the Master  Servicer shall fail to distribute or cause
               to be distributed to the Holders of Certificates of any Class any
               distribution   required  to  be  made  under  the  terms  of  the
               Certificates  of such  Class and this  Agreement  and,  in either
               case,  such failure shall  continue  unremedied for a period of 5
               days after the date upon which  written  notice of such  failure,
               requiring  such failure to be remedied,  shall have been given to
               the  Master  Servicer  by the  Trustee  or the  Company or to the
               Master  Servicer,  the  Company and the Trustee by the Holders of
               Certificates  of  such  Class  evidencing   Percentage  Interests
               aggregating not less than 25%; or

                      (ii) the Master  Servicer shall fail to observe or perform
               in any material  respect any other of the covenants or agreements
               on the part of the Master Servicer  contained in the Certificates
               of any Class or in this Agreement and such failure shall continue
               unremedied  for a period of 30 days  (except  that such number of
               days shall be 15 in the case of a failure to pay the  premium for
               any Required  Insurance  Policy)  after the date on which written
               notice of such failure,  requiring the same to be remedied, shall
               have been  given to the  Master  Servicer  by the  Trustee or the
               Company,  or to the Master Servicer,  the Company and the Trustee
               by the Holders of  Certificates of any Class  evidencing,  in the
               case of any such Class, Percentage Interests aggregating not less
               than 25%; or

                      (iii)  a  decree   or  order  of  a  court  or  agency  or
               supervisory  authority having  jurisdiction in the premises in an
               involuntary  case under any  present  or future  federal or state
               bankruptcy, insolvency or similar law or appointing a conservator
               or receiver or  liquidator  in any  insolvency,  readjustment  of
               debt,   marshalling   of  assets  and   liabilities   or  similar
               proceedings, or for the winding-up or liquidation of its affairs,

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<PAGE>

               shall have been  entered  against  the Master  Servicer  and such
               decree or order  shall have  remained  in force  undischarged  or
               unstayed for a period of 60 days; or

                      (iv) the Master  Servicer shall consent to the appointment
               of a conservator  or receiver or  liquidator  in any  insolvency,
               readjustment of debt,  marshalling of assets and liabilities,  or
               similar  proceedings  of, or relating to, the Master  Servicer or
               of, or relating to, all or  substantially  all of the property of
               the Master Servicer; or

                      (v)  the  Master  Servicer  shall  admit  in  writing  its
               inability to pay its debts  generally as they become due,  file a
               petition  to take  advantage  of, or  commence a  voluntary  case
               under, any applicable insolvency or reorganization  statute, make
               an assignment  for the benefit of its  creditors,  or voluntarily
               suspend payment of its obligations; or

                      (vi) the Master Servicer shall notify the Trustee pursuant
               to  Section   4.04(b)  that  it  is  unable  to  deposit  in  the
               Certificate Account an amount equal to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

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<PAGE>

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

        Section 7.02  Trustee or Company to Act; Appointment of Successor.
                      ---------------------------------------------------

        (a) On and  after  the time the  Master  Servicer  receives  a notice of
termination pursuant to Section 7.01 or resigns in accordance with Section 6.04,
the Trustee or, upon notice to the Company and with the Company's consent (which
shall not be  unreasonably  withheld) a designee  (which meets the standards set
forth  below) of the  Trustee,  shall be the  successor  in all  respects to the
Master  Servicer  in its  capacity  as  servicer  under this  Agreement  and the
transactions  set forth or  provided  for herein and shall be subject to all the
responsibilities,  duties and liabilities  relating thereto placed on the Master
Servicer (except for the  responsibilities,  duties and liabilities contained in
Sections 2.02 and 2.03(a),  excluding the duty to notify related Subservicers or
Sellers as set forth in such Sections, and its obligations to deposit amounts in
respect of losses incurred prior to such notice or termination on the investment
of funds  in the  Custodial  Account  or the  Certificate  Account  pursuant  to
Sections  3.07(c) and  4.01(b) by the terms and  provisions  hereof);  provided,
however,  that any failure to perform such duties or responsibilities  caused by
the  preceding  Master  Servicer's  failure to provide  information  required by
Section  4.04 shall not be  considered  a default by the Trustee  hereunder.  As
compensation  therefor,  the Trustee shall be entitled to all funds  relating to
the Mortgage Loans which the Master  Servicer would have been entitled to charge
to the Custodial  Account or the Certificate  Account if the Master Servicer had
continued to act  hereunder  and, in  addition,  shall be entitled to the income
from any Permitted  Investments  made with amounts  attributable to the Mortgage
Loans held in the Custodial Account or the Certificate  Account.  If the Trustee
has become the successor to the Master  Servicer in accordance with Section 6.04
or Section 7.01, then notwithstanding the above, the Trustee may, if it shall be
unwilling to so act, or shall, if it is unable to so act, appoint, or petition a
court of competent  jurisdiction to appoint,  any  established  housing and home
finance  institution,  which  is  also a  Fannie  Mae- or  Freddie  Mac-approved
mortgage servicing institution,  having a net worth of not less than $10,000,000
as the successor to the Master  Servicer  hereunder in the  assumption of all or
any part of the  responsibilities,  duties or liabilities of the Master Servicer
hereunder.  Pending appointment of a successor to the Master Servicer hereunder,
the Trustee shall become  successor to the Master Servicer and shall act in such
capacity as  hereinabove  provided.  In  connection  with such  appointment  and
assumption,  the Trustee may make such arrangements for the compensation of such
successor  out of  payments  on Mortgage  Loans as it and such  successor  shall
agree;  provided,  however, that no such compensation shall be in excess of that
permitted the initial Master Servicer hereunder.  The Company,  the Trustee, the
Custodian  and such  successor  shall  take such  action,  consistent  with this
Agreement,  as  shall be  necessary  to  effectuate  any  such  succession.  The
Servicing  Fee for any  successor  Master  Servicer  appointed  pursuant to this
Section 7.02 will be lowered with respect to those Mortgage Loans, if any, where
the Subservicing Fee accrues at a rate of less than 0.20% per annum in the event
that the

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successor  Master  Servicer is not servicing such Mortgage Loans directly and it
is necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum
in order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

        Section 7.03  Notification to Certificateholders.
                      ----------------------------------

        (a) Upon any such  termination  or  appointment  of a  successor  to the
Master  Servicer,  the Trustee shall give prompt  written  notice thereof to the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

        (b) Within 60 days after the  occurrence  of any Event of  Default,  the
Trustee  shall  transmit by mail to all Holders of  Certificates  notice of each
such Event of  Default  hereunder  known to the  Trustee,  unless  such Event of
Default shall have been cured or waived.

        Section 7.04  Waiver of Events of Default.
                      ---------------------------

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

        Section 8.01  Duties of Trustee.
                      -----------------

        (a) The  Trustee,  prior to the  occurrence  of an Event of Default  and
after the  curing or waiver of all Events of  Default  which may have  occurred,
undertakes to perform such duties and only such duties as are  specifically  set
forth in this Agreement. In case an Event of Default has occurred (which has not
been cured or waived),  the Trustee shall exercise such of the rights and powers
vested  in it by this  Agreement,  and use the same  degree of care and skill in
their  exercise  as  a  prudent   investor  would  exercise  or  use  under  the
circumstances in the conduct of such investor's own affairs.

        (b)  The  Trustee,  upon  receipt  of  all  resolutions,   certificates,
statements,  opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically  required to be furnished  pursuant to any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

        (c) No  provision  of this  Agreement  shall be construed to relieve the
Trustee from liability for its own negligent  action,  its own negligent failure
to act or its own willful misconduct; provided, however, that:

                      (i) Prior to the  occurrence  of an Event of Default,  and
               after the curing or waiver of all such  Events of  Default  which
               may have  occurred,  the duties and  obligations  of the  Trustee
               shall be  determined  solely by the  express  provisions  of this
               Agreement,  the  Trustee  shall  not be  liable  except  for  the
               performance of such duties and  obligations  as are  specifically
               set forth in this Agreement,  no implied covenants or obligations
               shall be read into this Agreement against the Trustee and, in the
               absence of bad faith on the part of the Trustee,  the Trustee may
               conclusively  rely,  as to the  truth of the  statements  and the
               correctness  of  the  opinions   expressed   therein,   upon  any
               certificates or opinions  furnished to the Trustee by the Company
               or the

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<PAGE>

                    Master  Servicer and which on their face, do not  contradict
                    the requirements of this Agreement;

                      (ii) The  Trustee  shall not be  personally  liable for an
               error of judgment made in good faith by a Responsible  Officer or
               Responsible  Officers of the  Trustee,  unless it shall be proved
               that the Trustee was  negligent  in  ascertaining  the  pertinent
               facts;

                      (iii) The  Trustee  shall not be  personally  liable  with
               respect to any action  taken,  suffered or omitted to be taken by
               it  in  good  faith  in   accordance   with  the   direction   of
               Certificateholders   of  any  Class  holding  Certificates  which
               evidence, as to such Class,  Percentage Interests aggregating not
               less than 25% as to the time,  method and place of conducting any
               proceeding for any remedy available to the Trustee, or exercising
               any  trust  or  power  conferred  upon the  Trustee,  under  this
               Agreement;

                      (iv) The Trustee  shall not be charged  with  knowledge of
               any  default  (other  than a default in  payment to the  Trustee)
               specified  in clauses (i) and (ii) of Section 7.01 or an Event of
               Default under clauses (iii),  (iv) and (v) of Section 7.01 unless
               a Responsible  Officer of the Trustee  assigned to and working in
               the  Corporate  Trust  Office  obtains  actual  knowledge of such
               failure or event or the Trustee  receives  written notice of such
               failure or event at its  Corporate  Trust  Office from the Master
               Servicer, the Company or any Certificateholder; and

                      (v) Except to the extent  provided  in  Section  7.02,  no
               provision in this  Agreement  shall require the Trustee to expend
               or risk its own funds (including,  without limitation, the making
               of  any  Advance)  or  otherwise  incur  any  personal  financial
               liability  in the  performance  of any of its  duties as  Trustee
               hereunder,  or in the exercise of any of its rights or powers, if
               the Trustee  shall have  reasonable  grounds for  believing  that
               repayment  of funds or adequate  indemnity  against  such risk or
               liability is not reasonably assured to it.

        (d) The Trustee shall timely pay, from its own funds,  the amount of any
and all federal,  state and local taxes  imposed on the Trust Fund or its assets
or transactions  including,  without  limitation,  (A) "prohibited  transaction"
penalty  taxes as defined in Section 860F of the Code,  if, when and as the same
shall be due and  payable,  (B) any tax on  contributions  to a REMIC  after the
Closing  Date  imposed  by  Section  860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such  taxes  arise out of a breach  by the  Trustee  of its  obligations
hereunder,  which breach  constitutes  negligence  or willful  misconduct of the
Trustee.

        Section 8.02  Certain Matters Affecting the Trustee.
                      -------------------------------------

        (a)    Except as otherwise provided in Section 8.01:

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<PAGE>

                      (i) The Trustee may rely and shall be  protected in acting
               or  refraining  from  acting  upon  any   resolution,   Officers'
               Certificate,  certificate  of auditors or any other  certificate,
               statement, instrument, opinion, report, notice, request, consent,
               order, appraisal,  bond or other paper or document believed by it
               to be genuine and to have been signed or  presented by the proper
               party or parties;

                      (ii) The Trustee may consult  with counsel and any Opinion
               of  Counsel  shall  be  full  and  complete   authorization   and
               protection  in respect of any action taken or suffered or omitted
               by it hereunder in good faith and in accordance with such Opinion
               of Counsel;

                      (iii) The Trustee shall be under no obligation to exercise
               any of the trusts or powers vested in it by this  Agreement or to
               institute,  conduct  or defend  any  litigation  hereunder  or in
               relation hereto at the request,  order or direction of any of the
               Certificateholders, pursuant to the provisions of this Agreement,
               unless such Certificateholders  shall have offered to the Trustee
               reasonable security or indemnity against the costs,  expenses and
               liabilities  which may be incurred  therein or  thereby;  nothing
               contained  herein  shall,  however,  relieve  the  Trustee of the
               obligation, upon the occurrence of an Event of Default (which has
               not been cured or  waived),  to  exercise  such of the rights and
               powers vested in it by this Agreement, and to use the same degree
               of care and skill in their  exercise as a prudent  investor would
               exercise  or use under the  circumstances  in the conduct of such
               investor's own affairs;

                      (iv) The Trustee  shall not be  personally  liable for any
               action  taken,  suffered  or  omitted  by it in  good  faith  and
               believed  by it to be  authorized  or within  the  discretion  or
               rights or powers conferred upon it by this Agreement;

                      (v)  Prior  to  the  occurrence  of an  Event  of  Default
               hereunder and after the curing or waiver of all Events of Default
               which may have  occurred,  the Trustee shall not be bound to make
               any  investigation  into  the  facts  or  matters  stated  in any
               resolution,  certificate, statement, instrument, opinion, report,
               notice, request, consent, order, approval, bond or other paper or
               document,  unless  requested  in  writing  so to do by Holders of
               Certificates  of  any  Class   evidencing,   as  to  such  Class,
               Percentage  Interests,  aggregating not less than 50%;  provided,
               however,  that if the  payment  within a  reasonable  time to the
               Trustee  of the  costs,  expenses  or  liabilities  likely  to be
               incurred  by it in the  making of such  investigation  is, in the
               opinion of the Trustee,  not reasonably assured to the Trustee by
               the security  afforded to it by the terms of this Agreement,  the
               Trustee may require reasonable  indemnity against such expense or
               liability as a condition to so proceeding. The reasonable expense
               of every such  examination  shall be paid by the Master Servicer,
               if an Event of Default shall have occurred and is continuing, and
               otherwise by the Certificateholder requesting the investigation;

                      (vi) The  Trustee  may execute any of the trusts or powers
               hereunder or perform any duties  hereunder  either directly or by
               or through agents or attorneys; and

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<PAGE>

                      (vii)  To the  extent  authorized  under  the Code and the
               regulations  promulgated  thereunder,  each  Holder  of a Class R
               Certificate  hereby  irrevocably   appoints  and  authorizes  the
               Trustee to be its  attorney-in-fact  for  purposes of signing any
               Tax Returns required to be filed on behalf of the Trust Fund. The
               Trustee shall sign on behalf of the Trust Fund and deliver to the
               Master Servicer in a timely manner any Tax Returns prepared by or
               on behalf of the Master  Servicer that the Trustee is required to
               sign as determined by the Master Servicer  pursuant to applicable
               federal,  state or  local  tax  laws,  provided  that the  Master
               Servicer  shall  indemnify  the  Trustee for signing any such Tax
               Returns that contain errors or omissions.

        (b)  Following the issuance of the  Certificates,  the Trustee shall not
accept any  contribution  of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect  that such  contribution  will not (i) cause any portion of any REMIC
formed  under the  Series  Supplement  to fail to qualify as a REMIC at any time
that any Certificates are outstanding or (ii) cause the Trust Fund to be subject
to any federal tax as a result of such contribution (including the imposition of
any federal tax on "prohibited  transactions"  imposed under Section  860F(a) of
the Code).

        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.
                      -----------------------------------------------------

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

        Section 8.04  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

     Section  8.05  Master   Servicer  to  Pay  Trustee's   Fees  and  Expenses;
Indemnification.

        (a) The Master  Servicer  covenants and agrees to pay to the Trustee and
any co-trustee  from time to time,  and the Trustee and any co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and

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<PAGE>

any  co-trustee,  and the Master  Servicer will pay or reimburse the Trustee and
any  co-trustee  upon request for all  reasonable  expenses,  disbursements  and
advances  incurred or made by the Trustee or any  co-trustee in accordance  with
any of the provisions of this Agreement  (including the reasonable  compensation
and the  expenses  and  disbursements  of its  counsel  and of all  persons  not
regularly  in its  employ,  and the  expenses  incurred  by the  Trustee  or any
co-trustee in connection with the appointment of an office or agency pursuant to
Section 8.12) except any such expense, disbursement or advance as may arise from
its negligence or bad faith.

        (b) The Master Servicer agrees to indemnify the Trustee for, and to hold
the Trustee harmless  against,  any loss,  liability or expense incurred without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

                      (i) with respect to any such claim, the Trustee shall have
               given the Master Servicer  written notice thereof  promptly after
               the Trustee shall have actual knowledge thereof;

                      (ii) while maintaining  control over its own defense,  the
               Trustee  shall  cooperate  and  consult  fully  with  the  Master
               Servicer in preparing such defense; and

                      (iii)  notwithstanding  anything in this  Agreement to the
               contrary,  the Master Servicer shall not be liable for settlement
               of any  claim by the  Trustee  entered  into  without  the  prior
               consent  of  the  Master  Servicer  which  consent  shall  not be
               unreasonably withheld.

        No termination of this Agreement shall affect the obligations created by
this Section  8.05(b) of the Master  Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

        Section 8.06  Eligibility Requirements for Trustee.
                      ------------------------------------

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined

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<PAGE>

capital  and  surplus as set forth in its most  recent  report of  condition  so
published.  In case at any time  the  Trustee  shall  cease  to be  eligible  in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

        Section 8.07 Resignation and Removal of the Trustee.

        (a) The Trustee may at any time resign and be discharged from the trusts
hereby created by giving  written notice thereof to the Company.  Upon receiving
such notice of  resignation,  the  Company  shall  promptly  appoint a successor
trustee by written instrument,  in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee.  If
no successor trustee shall have been so appointed and have accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

        (b) If at any time the Trustee  shall cease to be eligible in accordance
with the  provisions  of  Section  8.06 and shall fail to resign  after  written
request  therefor by the  Company,  or if at any time the Trustee  shall  become
incapable of acting, or shall be adjudged  bankrupt or insolvent,  or a receiver
of the Trustee or of its  property  shall be  appointed,  or any public  officer
shall take  charge or control of the  Trustee or of its  property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a  successor  trustee by written  instrument,  in
duplicate,  one copy of which  instrument  shall be  delivered to the Trustee so
removed and one copy to the successor  trustee.  In addition,  in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the  Certificateholders  any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

        (c) The Holders of  Certificates  entitled to at least 51% of the Voting
Rights may at any time remove the  Trustee  and  appoint a successor  trustee by
written  instrument or  instruments,  in  triplicate,  signed by such Holders or
their  attorneys-in-fact duly authorized,  one complete set of which instruments
shall be delivered  to the  Company,  one complete set to the Trustee so removed
and one complete set to the successor so appointed.

        (d) Any  resignation  or removal of the  Trustee  and  appointment  of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.

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        Section 8.08  Successor Trustee.
                      -----------------

        (a) Any  successor  trustee  appointed as provided in Section 8.07 shall
execute,  acknowledge and deliver to the Company and to its predecessor  trustee
an  instrument   accepting  such  appointment   hereunder,   and  thereupon  the
resignation  or removal of the  predecessor  trustee shall become  effective and
such  successor  trustee  shall become  effective  and such  successor  trustee,
without any further act, deed or conveyance,  shall become fully vested with all
the rights,  powers, duties and obligations of its predecessor  hereunder,  with
the like  effect as if  originally  named as  trustee  herein.  The  predecessor
trustee shall deliver to the  successor  trustee all Mortgage  Files and related
documents and statements held by it hereunder  (other than any Mortgage Files at
the time held by a  Custodian,  which  shall  become the agent of any  successor
trustee  hereunder),  and the Company,  the Master  Servicer and the predecessor
trustee shall execute and deliver such  instruments  and do such other things as
may  reasonably be required for more fully and certainly  vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.

        (b) No successor  trustee shall accept  appointment  as provided in this
Section unless at the time of such  acceptance  such successor  trustee shall be
eligible under the provisions of Section 8.06.

        (c) Upon acceptance of appointment by a successor trustee as provided in
this Section,  the Company  shall mail notice of the  succession of such trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

        Section 8.09  Merger or Consolidation of Trustee.
                      ----------------------------------

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

        Section 8.10 Appointment of Co-Trustee or Separate Trustee.

        (a)  Notwithstanding  any other provisions  hereof, at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section

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8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

        (b) In the case of any  appointment of a co-trustee or separate  trustee
pursuant  to this  Section  8.10 all  rights,  powers,  duties  and  obligations
conferred  or imposed  upon the Trustee  shall be  conferred or imposed upon and
exercised or performed by the Trustee,  and such separate  trustee or co-trustee
jointly,  except to the extent that under any law of any  jurisdiction  in which
any particular act or acts are to be performed  (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

        (c) Any notice,  request or other  writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as  effectively  as if given to each of them.  Every  instrument  appointing any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

        (d) Any separate trustee or co-trustee may, at any time,  constitute the
Trustee,  its agent or attorney-in-fact,  with full power and authority,  to the
extent not  prohibited  by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name.  If any separate  trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

        Section 8.11  Appointment of Custodians.
                      -------------------------

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the

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Certificateholders of the appointment of any Custodian (other than the Custodian
appointed as of the Closing Date) pursuant to this Section 8.11.

        Section 8.12  Appointment of Office or Agency.
                      -------------------------------

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

          Section  9.01  Optional   Purchase  by  the  Master  Servicer  of  All
               Certificates; Termination Upon Purchase by the Master Servicer or
               Liquidation of All Mortgage Loans.

        (a)  Subject  to  Section   9.02,   the   respective   obligations   and
responsibilities  of the Company,  the Master  Servicer and the Trustee  created
hereby in respect of the Certificates  (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the  obligation of the Company to send certain  notices as  hereinafter  set
forth) shall  terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:

                      (i) the later of the final  payment  or other  liquidation
               (or any Advance with respect  thereto) of the last  Mortgage Loan
               remaining  in the Trust Fund or the  disposition  of all property
               acquired upon  foreclosure  or deed in lieu of foreclosure of any
               Mortgage Loan, or

                      (ii) the  purchase by the Master  Servicer of all Mortgage
               Loans and all property  acquired in respect of any Mortgage  Loan
               remaining  in the  Trust  Fund  at a price  equal  to 100% of the
               unpaid  principal  balance of each Mortgage Loan or, if less than
               such  unpaid  principal  balance,  the fair  market  value of the
               related underlying property of such Mortgage Loan with respect to
               Mortgage  Loans as to which title has been  acquired if such fair
               market value is less than such unpaid  principal  balance (net of
               any unreimbursed  Advances  attributable to principal) on the day
               of repurchase plus accrued  interest  thereon at the Net Mortgage
               Rate (or Modified  Net Mortgage  Rate in the case of any Modified
               Mortgage Loan) to, but not including,  the first day of the month
               in which such repurchase price is distributed, provided, however,
               that in no event shall the trust created hereby  continue  beyond
               the expiration of 21 years from the death of the last survivor of
               the descendants of Joseph P. Kennedy,  the late ambassador of the
               United  States  to the  Court of St.  James,  living  on the date
               hereof and provided  further  that the  purchase  price set forth
               above shall be increased as is  necessary,  as  determined by the
               Master Servicer, to avoid  disqualification of any portion of any
               REMIC formed under the Series Supplement as a REMIC.

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<PAGE>

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal  Balance of the Mortgage  Loans.  If such right is
exercised by the Master  Servicer,  the Master  Servicer shall be deemed to have
been  reimbursed for the full amount of any  unreimbursed  Advances  theretofore
made by it with respect to the Mortgage Loans. In addition,  the Master Servicer
shall provide to the Trustee the certification  required by Section 3.15 and the
Trustee and any  Custodian  shall,  promptly  following  payment of the purchase
price,  release to the Master  Servicer the  Mortgage  Files  pertaining  to the
Mortgage Loans being purchased.

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage  Loans,  Master  Servicer  shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

        (b) The Master  Servicer  shall give the  Trustee not less than 60 days'
prior notice of the Distribution  Date on which the Master Servicer  anticipates
that the final  distribution  will be made to  Certificateholders  (whether as a
result of the  exercise  by the Master  Servicer  of its right to  purchase  the
assets  of the  Trust  Fund  or  otherwise)  or on  which  the  Master  Servicer
anticipates that the Certificates will be purchased (as a result of the exercise
by the Master Servicer to purchase the outstanding Certificates).  Notice of any
termination,  specifying the anticipated Final Distribution Date (which shall be
a  date  that  would   otherwise  be  a   Distribution   Date)  upon  which  the
Certificateholders  may  surrender  their  Certificates  to the  Trustee  (if so
required  by the  terms  hereof)  for  payment  of the  final  distribution  and
cancellation  or  notice  of  any  purchase  of  the  outstanding  Certificates,
specifying  the  Distribution  Date upon which the Holders may  surrender  their
Certificates  to the Trustee for payment,  shall be given promptly by the Master
Servicer (if it is exercising its right to purchase the assets of the Trust Fund
or to purchase the  outstanding  Certificates),  or by the Trustee (in any other
case) by letter to the  Certificateholders  mailed not earlier than the 15th day
and not later  than the 25th day of the month next  preceding  the month of such
final distribution specifying:

                      (i) the  anticipated  Final  Distribution  Date upon which
               final payment of the  Certificates is anticipated to be made upon
               presentation  and  surrender  of  Certificates  at the  office or
               agency of the Trustee therein  designated where required pursuant
               to this  Agreement  or, in the case of the purchase by the Master
               Servicer of the outstanding  Certificates,  the Distribution Date
               on which such purchase is to be made,

                      (ii) the amount of any such final payment,  or in the case
               of the  purchase of the  outstanding  Certificates,  the purchase
               price, in either case, if known, and

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<PAGE>

                      (iii) that the Record Date  otherwise  applicable  to such
               Distribution Date is not applicable, or in the case of the Senior
               Certificates,  or in the  case  of all  of  the  Certificates  in
               connection  with the exercise by the Master Servicer of its right
               to purchase the Certificates, that payment will be made only upon
               presentation  and surrender of the  Certificates at the office or
               agency of the Trustee therein specified.

        If the Master Servicer is obligated to give notice to Certificateholders
as aforesaid, it shall give such notice to the Certificate Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account  before  the  Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

        (c) In the  case  of the  Senior  Certificates,  upon  presentation  and
surrender of the Certificates by the Certificateholders thereof, and in the case
of the Class M and Class B Certificates,  upon presentation and surrender of the
Certificates by the  Certificateholders  thereof in connection with the exercise
by the Master Servicer of its right to purchase the  Certificates and otherwise,
in  accordance  with  Section  4.01(a),  the  Trustee  shall  distribute  to the
Certificateholders  (i) the amount otherwise  distributable on such Distribution
Date, if not in connection with the Master Servicer's election to repurchase the
assets of the Trust Fund or the outstanding Certificates,  or (ii) if the Master
Servicer  elected  to so  repurchase  the  assets  of  the  Trust  Fund  or  the
outstanding  Certificates,  an amount determined as follows: (A) with respect to
each Certificate the outstanding  Certificate  Principal  Balance thereof,  plus
Accrued Certificate Interest for the related Interest Accrual Period thereon and
any previously unpaid Accrued Certificate Interest,  subject to the priority set
forth in Section 4.02(a), and (B) with respect to the Class R Certificates,  any
excess of the amounts available for distribution (including the repurchase price
specified  in clause  (ii) of  subsection  (a) of this  Section)  over the total
amount distributed under the immediately preceding clause (A).  Nothwithstanding
the reduction of the Certificate  Principal  Balance of any Class of Subordinate
Certificates  to zero,  such  Class  will be  outstanding  hereunder  until  the
termination of the respective  obligations and  responsibilities of the Company,
the Master Servicer and the Trustee hereunder in accordance with Article IX.

        (d) If any Certificateholders shall not surrender their Certificates for
final payment and cancellation on or before the Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and

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<PAGE>

the Master  Servicer  (if it  exercised  its right to purchase the assets of the
Trust  Fund),  or the Trustee  (in any other  case) shall give a second  written
notice to the remaining  Certificateholders  to surrender their Certificates for
cancellation and receive the final distribution with respect thereto.  If within
six  months  after  the  second  notice  any  Certificate  shall  not have  been
surrendered  for  cancellation,  the  Trustee  shall take  appropriate  steps as
directed  by the Master  Servicer to contact  the  remaining  Certificateholders
concerning   surrender  of  their  Certificates.   The  costs  and  expenses  of
maintaining  the escrow  account and of contacting  Certificateholders  shall be
paid out of the assets which remain in the escrow account. If within nine months
after the second notice any  Certificates  shall not have been  surrendered  for
cancellation,  the  Trustee  shall  pay  to  the  Master  Servicer  all  amounts
distributable  to the holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for final payment thereof in accordance with this
Section 9.01.

        (e) If any  Certificateholders do not surrender their Certificates on or
before the Distribution Date on which a purchase of the outstanding Certificates
is to be made, the Trustee shall on such date cause all funds in the Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain  outstanding  hereunder until the Master Servicer
has terminated the respective obligations and responsibilities created hereby in
respect of the  Certificates  pursuant to this  Article IX. The Master  Servicer
shall be for all purposes the Holder thereof as of such date.

        Section 9.02  Additional Termination Requirements.
                      -----------------------------------

        (a) Each REMIC that  comprises  the Trust  Fund shall be  terminated  in
accordance  with the  following  additional  requirements,  unless  (subject  to
Section  10.01(f)) the Trustee and the Master  Servicer have received an Opinion
of Counsel  (which Opinion of Counsel shall not be an expense of the Trustee) to
the effect that the failure of each such REMIC to comply with the requirements

                                              95

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of this Section 9.02 will not (i) result in the imposition on the Trust of taxes
on "prohibited  transactions," as described in Section 860F of the Code, or (ii)
cause  any  such  REMIC  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding:

                      (i)  The  Master   Servicer   shall   establish  a  90-day
               liquidation  period for each such REMIC and specify the first day
               of such period in a statement  attached to the Trust Fund's final
               Tax Return pursuant to Treasury regulations Section 1.860F-1. The
               Master  Servicer also shall satisfy all of the  requirements of a
               qualified  liquidation for a REMIC under Section 860F of the Code
               and regulations thereunder;

                      (ii) The Master  Servicer  shall notify the Trustee at the
               commencement of such 90-day  liquidation  period and, at or prior
               to the time of making of the final  payment on the  Certificates,
               the  Trustee  shall  sell  or  otherwise  dispose  of  all of the
               remaining  assets of the Trust Fund in accordance  with the terms
               hereof; and

                      (iii) If the Master  Servicer or the Company is exercising
               its right to purchase  the assets of the Trust  Fund,  the Master
               Servicer shall,  during the 90-day  liquidation  period and at or
               prior to the Final Distribution Date,  purchase all of the assets
               of the Trust Fund for cash.

        (b) Each  Holder of a  Certificate  and the Trustee  hereby  irrevocably
approves  and appoints the Master  Servicer as its  attorney-in-fact  to adopt a
plan of complete  liquidation for each REMIC at the expense of the Trust Fund in
accordance with the terms and conditions of this Agreement.

        Section 9.03 Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

                                    ARTICLE X

                                REMIC PROVISIONS

        Section 10.01 REMIC Administration.

        (a) The REMIC  Administrator  shall make an  election to treat the Trust
Fund as one or more REMICs under the Code and, if  necessary,  under  applicable
state  law.  The  assets of each  such  REMIC  will be set  forth in the  Series
Supplement. Such election will be made on Form 1066 or other appropriate federal
tax or information  return (including Form 8811) or any appropriate state return
for the taxable  year ending on the last day of the  calendar  year in which the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section 860G of

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<PAGE>

the Code) in any REMIC  elected  in  respect  of the Trust  Fund  other than the
"regular interests" and "residual interests" so designated.

        (b) The Closing Date is hereby  designated  as the "startup  day" of the
Trust Fund within the meaning of Section 860G(a)(9) of the Code.

        (c)  The  REMIC   Administrator   shall  hold  a  Class  R   Certificate
representing a 0.01% Percentage  Interest each Class of the Class R Certificates
and shall be designated  as "the tax matters  person" with respect to each REMIC
in the manner  provided  under  Treasury  regulations  section  1.860F-4(d)  and
Treasury regulations section 301.6231(a)(7)-1.  The REMIC Administrator,  as tax
matters  person,  shall (i) act on behalf of each REMIC in  relation  to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental  taxing authority with respect thereto.  The legal expenses,
including without  limitation  attorneys' or accountants' fees, and costs of any
such proceeding and any liability  resulting  therefrom shall be expenses of the
Trust  Fund and the  REMIC  Administrator  shall be  entitled  to  reimbursement
therefor out of amounts  attributable  to the  Mortgage  Loans on deposit in the
Custodial  Account as provided by Section  3.10 unless such legal  expenses  and
costs are incurred by reason of the REMIC  Administrator's  willful misfeasance,
bad faith or gross  negligence.  If the  REMIC  Administrator  is no longer  the
Master Servicer  hereunder,  at its option the REMIC  Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable  compensation not
to exceed  $3,000 per year by any  successor  Master  Servicer  hereunder for so
acting as the REMIC Administrator.

        (d) The REMIC Administrator shall prepare or cause to be prepared all of
the Tax Returns  that it  determines  are  required  with  respect to each REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the  Trustee  shall sign and file such Tax Returns in a timely  manner.  The
expenses of  preparing  such returns  shall be borne by the REMIC  Administrator
without any right of reimbursement  therefor.  The REMIC Administrator agrees to
indemnify  and hold  harmless  the Trustee  with respect to any tax or liability
arising  from the  Trustee's  signing  of Tax  Returns  that  contain  errors or
omissions.  The Trustee and Master  Servicer  shall  promptly  provide the REMIC
Administrator with such information as the REMIC  Administrator may from time to
time request for the purpose of enabling the REMIC  Administrator to prepare Tax
Returns.

        (e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a
Class R Certificate  such information as is necessary for the application of any
tax relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

        (f) The  Master  Servicer  and the REMIC  Administrator  shall take such
actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Master Servicer's or the REMIC Administrator's control and
the scope of its duties more specifically set

                                              97

<PAGE>

forth  herein as shall be  necessary or desirable to maintain the status of each
REMIC as a REMIC under the REMIC  Provisions  (and the Trustee  shall assist the
Master Servicer and the REMIC Administrator,  to the extent reasonably requested
by the  Master  Servicer  and the  REMIC  Administrator  to do so).  The  Master
Servicer and the REMIC  Administrator  shall not knowingly or intentionally take
any action,  cause the Trust Fund to take any action or fail to take (or fail to
cause to be taken) any action reasonably  within their respective  control that,
under the REMIC Provisions, if taken or not taken, as the case may be, could (i)
endanger  the  status of any  portion  of any  REMIC  formed  under  the  Series
Supplement  as a REMIC or (ii) result in the  imposition  of a tax upon any such
REMIC  (including  but not  limited  to the tax on  prohibited  transactions  as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC set forth in  Section  860G(d) of the Code)  (either  such  event,  in the
absence of an Opinion of  Counsel  or the  indemnification  referred  to in this
sentence,  an "Adverse  REMIC  Event")  unless the Master  Servicer or the REMIC
Administrator, as applicable, has received an Opinion of Counsel (at the expense
of the party  seeking to take such  action  or, if such party  fails to pay such
expense,  and the Master  Servicer or the REMIC  Administrator,  as  applicable,
determines that taking such action is in the best interest of the Trust Fund and
the Certificateholders, at the expense of the Trust Fund, but in no event at the
expense of the Master Servicer,  the REMIC  Administrator or the Trustee) to the
effect that the contemplated action will not, with respect to each REMIC created
hereunder,  endanger  such  status or,  unless the  Master  Servicer,  the REMIC
Administrator or both, as applicable,  determine in its or their sole discretion
to indemnify the Trust Fund against the imposition of such a tax,  result in the
imposition of such a tax.  Wherever in this Agreement a contemplated  action may
not be taken because the timing of such action might result in the imposition of
a tax on the Trust Fund, or may only be taken  pursuant to an Opinion of Counsel
that such  action  would not  impose a tax on the Trust  Fund,  such  action may
nonetheless be taken provided that the indemnity given in the preceding sentence
with respect to any taxes that might be imposed on the Trust Fund has been given
and  that all  other  preconditions  to the  taking  of such  action  have  been
satisfied. The Trustee shall not take or fail to take any action (whether or not
authorized   hereunder)   as  to  which  the  Master   Servicer   or  the  REMIC
Administrator,  as applicable, has advised it in writing that it has received an
Opinion of Counsel to the effect  that an Adverse  REMIC  Event could occur with
respect to such action. In addition,  prior to taking any action with respect to
any REMIC created  hereunder or any related assets thereof,  or causing any such
REMIC to take any action,  which is not expressly  permitted  under the terms of
this  Agreement,  the Trustee will consult with the Master Servicer or the REMIC
Administrator,  as  applicable,  or its  designee,  in writing,  with respect to
whether such action could cause an Adverse  REMIC Event to occur with respect to
any such REMIC, and the Trustee shall not take any such action or cause any such
REMIC to take any such  action  as to which  the  Master  Servicer  or the REMIC
Administrator,  as  applicable,  has advised it in writing that an Adverse REMIC
Event  could  occur.  The  Master  Servicer  or  the  REMIC  Administrator,   as
applicable,  may consult with counsel to make such written advice,  and the cost
of same shall be borne by the party  seeking  to take the  action not  expressly
permitted  by this  Agreement,  but in no event  at the  expense  of the  Master
Servicer  or the REMIC  Administrator.  At all times as may be  required  by the
Code, the Master Servicer will to the extent within its control and the scope of
its duties more specifically set forth herein, maintain substantially all of the
assets of each REMIC created  hereunder as  "qualified  mortgages" as defined in
Section 860G(a)(3) of the Code and "permitted investments" as defined in Section
860G(a)(5) of the Code.

                                              98

<PAGE>

        (g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC  created  hereunder as defined in Section  860F(a)(2)  of the Code, on
"net income from  foreclosure  property" of any such REMIC as defined in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

        (h) The Trustee and the Master  Servicer  shall,  for federal income tax
purposes,  maintain  books  and  records  with  respect  to each  REMIC  created
hereunder  on a calendar  year and on an accrual  basis or as  otherwise  may be
required by the REMIC Provisions.

        (i)  Following  the Startup  Day,  neither the Master  Servicer  nor the
Trustee shall accept any  contributions of assets to any REMIC created hereunder
unless  (subject to Section  10.01(f)) the Master Servicer and the Trustee shall
have received an Opinion of Counsel (at the expense of the party seeking to make
such contribution) to the effect that the inclusion of such assets in such REMIC
will not  cause  the  REMIC to fail to  qualify  as a REMIC at any time that any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

        (j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to
Section  10.01(f))  enter  into any  arrangement  by  which  any  REMIC  created
hereunder will receive a fee or other  compensation  for services nor permit any
such REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted  investments" as defined
in Section 860G(a)(5) of the Code.

        (k)  Solely  for the  purposes  of  Section  1.860G-1(a)(4)(iii)  of the
Treasury  Regulations,   the  "latest  possible  maturity  date"  by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only  Certificates)  representing a regular  interest in the applicable
REMIC and the  Uncertificated  Principal  Balance of each  Uncertificated  REMIC
Regular  Interest  (other  than  each  Uncertificated   REMIC  Regular  Interest
represented by a Class A-V  Certificate,  if any) and the rights to the Interest
Only Certificates and Uncertificated  REMIC Regular Interest  represented by any
Class A-V  Certificate  would be reduced to zero is the  Maturity  Date for each
such Certificate and Interest.

        (l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare  and file with the  Internal  Revenue  Service  Form 8811,  "Information
Return for Real  Estate  Mortgage  Investment  Conduits  (REMIC)  and Issuers of
Collateralized Debt Obligations" for each REMIC created hereunder.

                                              99

<PAGE>

        (m) Neither the Trustee nor the Master  Servicer shall sell,  dispose of
or substitute for any of the Mortgage  Loans (except in connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

          Section  10.02  Master  Servicer,   REMIC  Administrator  and  Trustee
               Indemnification.

        (a) The Trustee  agrees to indemnify  the Trust Fund,  the Company,  the
REMIC  Administrator  and the Master Servicer for any taxes and costs including,
without limitation,  any reasonable attorneys fees imposed on or incurred by the
Trust Fund, the Company or the Master  Servicer,  as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.

        (b) The REMIC  Administrator  agrees to  indemnify  the Trust Fund,  the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company,  the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions,  including without  limitation,
any penalties  arising from the Trustee's  execution of Tax Returns  prepared by
the REMIC  Administrator  that contain errors or omissions;  provided,  however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information  provided to the REMIC  Administrator by the
Master Servicer in which case Section 10.02(c) will apply.

        (c) The Master Servicer agrees to indemnify the Trust Fund, the Company,
the REMIC  Administrator  and the  Trustee  for any taxes and costs  (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the REMIC Administrator or the Trustee, as a result
of a breach of the Master Servicer's covenants set forth in this Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

        Section 10.03 Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

                                             100

<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.

        (a) This  Agreement or any Custodial  Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:

                      (i)    to cure any ambiguity,

                      (ii) to correct or  supplement  any  provisions  herein or
               therein,  which may be  inconsistent  with any  other  provisions
               herein or therein or to correct any error,

                      (iii) to modify, eliminate or add to any of its provisions
               to such extent as shall be necessary or desirable to maintain the
               qualification  of the Trust Fund as a REMIC at all times that any
               Certificate  is  outstanding  or to avoid or minimize the risk of
               the  imposition of any tax on the Trust Fund pursuant to the Code
               that would be a claim  against the Trust Fund,  provided that the
               Trustee has received an Opinion of Counsel to the effect that (A)
               such  action  is  necessary   or   desirable  to  maintain   such
               qualification  or to avoid or minimize the risk of the imposition
               of any such tax and (B) such action will not adversely  affect in
               any material respect the interests of any Certificateholder,

                      (iv) to change the timing  and/or  nature of deposits into
               the Custodial Account or the Certificate Account or to change the
               name in which the Custodial Account is maintained,  provided that
               (A) the  Certificate  Account  Deposit  Date shall in no event be
               later than the related  Distribution  Date, (B) such change shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any  Certificateholder  and
               (C) such  change  shall not result in a  reduction  of the rating
               assigned  to any  Class of  Certificates  below  the lower of the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,

                      (v) to  modify,  eliminate  or add  to the  provisions  of
               Section  5.02(f)  or  any  other  provision  hereof   restricting
               transfer  of the Class R  Certificates,  by virtue of their being
               the  "residual  interests"  in a  REMIC,  provided  that (A) such
               change shall not result in  reduction  of the rating  assigned to
               any  such   Class  of   Certificates   below  the  lower  of  the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,  and (B) such change shall not (subject to
               Section 10.01(f)),  as evidenced by an Opinion of Counsel (at the
               expense of the party seeking so to modify,  eliminate or add such
               provisions),  cause any  REMIC  created  hereunder  or any of the
               Certificateholders (other than the transferor) to be subject to a
               federal  tax  caused  by a  transfer  to a  Person  that is not a
               Permitted Transferee,

                                             101

<PAGE>

                      (vi) to make any other  provisions with respect to matters
               or  questions  arising  under this  Agreement  or such  Custodial
               Agreement  which shall not be  materially  inconsistent  with the
               provisions  of this  Agreement,  provided  that such action shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any Certificateholder, or

                    (vii) to amend any  provision  herein or therein that is not
               material to any of the Certificateholders.

        (b) This  Agreement or any Custodial  Agreement may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66% of the Percentage Interests of each Class of Certificates with a Certificate
Principal  Balance greater than zero affected  thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement or such Custodial  Agreement or of modifying in any manner the
rights of the Holders of Certificates of such Class; provided,  however, that no
such amendment shall:

                      (i)  reduce  in any  manner  the  amount  of, or delay the
               timing of,  payments  which are required to be distributed on any
               Certificate   without   the   consent   of  the  Holder  of  such
               Certificate,

                      (ii) reduce the aforesaid  percentage of  Certificates  of
               any Class the  Holders  of which are  required  to consent to any
               such  amendment,  in any such case  without  the  consent  of the
               Holders of all Certificates of such Class then outstanding.

        (c)  Notwithstanding  any  contrary  provision  of this  Agreement,  the
Trustee  shall not consent to any  amendment to this  Agreement  unless it shall
have first  received an Opinion of Counsel  (subject to Section  10.01(f) and at
the  expense  of the party  seeking  such  amendment)  to the  effect  that such
amendment  or the  exercise  of any power  granted to the Master  Servicer,  the
Company or the Trustee in accordance  with such amendment will not result in the
imposition  of a federal tax on the Trust Fund or cause any REMIC  created under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding.

        (d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to the Custodian
and each  Certificateholder.  It  shall  not be  necessary  for the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

        (e) The Company shall have the option, in its sole discretion, to obtain
and  deliver  to  the  Trustee  any  corporate  guaranty,   payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or

                                             102

<PAGE>

other  shortfalls.  Any such instrument or fund shall be held by the Trustee for
the benefit of the Class B Certificateholders, but shall not be and shall not be
deemed to be under any  circumstances  included in the Trust Fund. To the extent
that any such  instrument or fund  constitutes a reserve fund for federal income
tax purposes,  (i) any reserve fund so established  shall be an outside  reserve
fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be
owned by the Company,  and (iii)  amounts  transferred  by the Trust Fund to any
such reserve fund shall be treated as amounts  distributed  by the Trust Fund to
the Company or any  successor,  all within the  meaning of Treasury  Regulations
Section  1.860G-2(h) as it reads as of the Cut-off Date. In connection  with the
provision of any such  instrument  or fund,  this  Agreement  and any  provision
hereof may be modified,  added to,  deleted or  otherwise  amended in any manner
that is related or incidental to such instrument or fund or the establishment or
administration thereof, such amendment to be made by written instrument executed
or consented to by the Company but without the consent of any  Certificateholder
and  without the consent of the Master  Servicer or the Trustee  being  required
unless  any such  amendment  would  impose  any  additional  obligation  on,  or
otherwise adversely affect the interests of the Senior  Certificateholders,  the
Class M  Certificateholders,  the Master Servicer or the Trustee, as applicable;
provided that the Company  obtains  (subject to Section  10.01(f)) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code and (b) any REMIC created
hereunder  to fail to  qualify  as a REMIC at any time that any  Certificate  is
outstanding.  In the event that the Company  elects to provide such  coverage in
the  form  of  a  limited  guaranty   provided  by  General  Motors   Acceptance
Corporation,  the  Company  may elect  that the text of such  amendment  to this
Agreement  shall be  substantially  in the form attached hereto as Exhibit K (in
which case  Residential  Funding's  Subordinate  Certificate  Loss Obligation as
described in such exhibit shall be established by Residential  Funding's consent
to such  amendment) and that the limited  guaranty shall be executed in the form
attached  hereto as Exhibit K, with such changes as the Company shall deem to be
appropriate;  it being understood that the Trustee has reviewed and approved the
content of such forms and that the  Trustee's  consent  or  approval  to the use
thereof is not required.

        Section 11.02 Recordation of Agreement; Counterparts.
                      --------------------------------------

        (a) To the extent permitted by applicable law, this Agreement is subject
to recordation in all  appropriate  public offices for real property  records in
all the counties or other  comparable  jurisdictions  in which any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

        (b) For the purpose of facilitating the recordation of this Agreement as
herein  provided  and  for  other  purposes,  this  Agreement  may  be  executed
simultaneously in any number of counterparts,  each of which  counterparts shall
be deemed to be an original,  and such counterparts shall constitute but one and
the same instrument.

                                             103

<PAGE>

        Section 11.03 Limitation on Rights of Certificateholders.
                      ------------------------------------------

        (a) The death or incapacity of any  Certificateholder  shall not operate
to   terminate   this   Agreement   or  the  Trust  Fund,   nor   entitle   such
Certificateholder's  legal representatives or heirs to claim an accounting or to
take any action or  proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights,  obligations and liabilities of any
of the parties hereto.

        (b) No  Certificateholder  shall  have  any  right  to vote  (except  as
expressly  provided herein) or in any manner otherwise control the operation and
management  of the Trust Fund, or the  obligations  of the parties  hereto,  nor
shall anything herein set forth, or contained in the terms of the  Certificates,
be construed so as to  constitute  the  Certificateholders  from time to time as
partners or members of an association;  nor shall any Certificateholder be under
any  liability  to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.

        (c) No Certificateholder shall have any right by virtue of any provision
of this  Agreement to institute  any suit,  action or proceeding in equity or at
law  upon or  under  or with  respect  to this  Agreement,  unless  such  Holder
previously  shall have given to the  Trustee a written  notice of default and of
the continuance thereof, as hereinbefore  provided,  and unless also the Holders
of  Certificates  of any Class  evidencing in the aggregate not less than 25% of
the related Percentage  Interests of such Class, shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee  hereunder  and  shall  have  offered  to the  Trustee  such  reasonable
indemnity as it may require  against the costs,  expenses and  liabilities to be
incurred therein or thereby,  and the Trustee,  for 60 days after its receipt of
such notice, request and offer of indemnity,  shall have neglected or refused to
institute any such action,  suit or proceeding it being understood and intended,
and being  expressly  covenanted  by each  Certificateholder  with  every  other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

        Section 11.04 Governing Law.
                      -------------

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

        Section 11.05 Notices.
                      -------

        As provided in Section 11.05 of the Series Supplement.

                                             104

<PAGE>

        Section 11.06 Required Notices to Rating Agency and Subservicer.
                      -------------------------------------------------

        The Company,  the Master Servicer or the Trustee,  as applicable,  shall
notify each Rating  Agency and the  Subservicer  at such time as it is otherwise
required  pursuant to this Agreement to give notice of the occurrence of, any of
the events described in clause (a), (b), (c), (d), (g), (h), (i) or (j) below or
provide a copy to each Rating  Agency at such time as  otherwise  required to be
delivered  pursuant to this  Agreement  of any of the  statements  described  in
clauses (e) and (f) below:

        (a)    a material change or amendment to this Agreement,

        (b)    the occurrence of an Event of Default,

     (c) the  termination  or  appointment  of a  successor  Master  Servicer or
Trustee or a change in the majority ownership of the Trustee,

        (d) the filing of any claim under the Master Servicer's blanket fidelity
bond and the errors and omissions  insurance  policy required by Section 3.12 or
the cancellation or modification of coverage under any such instrument,

     (e) the statement  required to be delivered to the Holders of each Class of
Certificates pursuant to Section 4.03,

     (f) the statements  required to be delivered  pursuant to Sections 3.18 and
3.19,

     (g) a change in the location of the  Custodial  Account or the  Certificate
Account,

        (h) the  occurrence of any monthly cash flow shortfall to the Holders of
any Class of  Certificates  resulting from the failure by the Master Servicer to
make an Advance pursuant to Section 4.04,

        (i)    the occurrence of the Final Distribution Date, and

        (j)    the repurchase of or substitution for any Mortgage Loan,

provided,  however,  that with respect to notice of the occurrence of the events
described in clauses (d), (g) or (h) above,  the Master  Servicer  shall provide
prompt  written  notice to each Rating  Agency and the  Subservicer  of any such
event known to the Master Servicer.

        Section 11.07 Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

                                             105

<PAGE>

        Section 11.08 Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

        Section 11.09 Allocation of Voting Rights.
                      ---------------------------

               As provided in Section 11.09 of the Series Supplement.

                                             106

<PAGE>

                                          EXHIBIT A

             FORM OF CLASS A CERTIFICATE, [PRINCIPAL ONLY/CLASS A-P] CERTIFICATE
                          AND [INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% [Adjustable] [Variable] Pass-Through
                                                Rate [based on a Notional Amount]
Class [A-___] Senior                            Percentage Interest: ____%
Date of Pooling and Servicing Agreement and     Aggregate Initial [Certificate Principal
Cut-off Date:                                   Balance] [Interest Only/Class A-V] [Notional
[______________]                                Amount] [Subclass Notional Amount] of the
                                                Class [A-___] Certificates: $________
First Distribution Date:                        [Initial] [Certificate Principal Balance]
[______________]                                [Interest Only/Class A-V] [Subclass] [Notional
                                                Amount] of this Certificate:
                                                $[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[--------------]                                [--------------]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE
                                       SERIES ________

               evidencing a percentage  interest in the distributions  allocable
               To the Class  [A-___]  certificates  with respect to a trust fund
               Consisting   primarily  of  a  pool  of   conventional   one-  to
               Four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
certificate  nor the underlying  mortgage loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  residential  funding  mortgage
securities I, inc.,  the master  servicer,  the trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the company, the master servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the certificates.

        This certifies that is the registered  owner of the percentage  interest
evidenced by this  certificate  [(obtained by dividing the [initial  certificate
principal balance] [initial  [interest  only/Class A-v] notional amount] of this
certificate by the aggregate [initial certificate principal balance of all Class
A-  certificates]  [initial  [interest  only/Class A-v] notional  amounts of all
[interest only/Class

<PAGE>

A-v]  certificates],  both as specified  above)] in certain  distributions  with
respect to the trust  fund  consisting  primarily  of an  interest  in a pool of
conventional  one- to four-family  fixed interest rate first mortgage loans (the
"mortgage loans"), formed and sold by residential funding mortgage securities I,
inc. (Hereinafter called the "company," which term includes any successor entity
under the agreement referred to below). The trust fund was created pursuant to a
series  supplement,  dated as specified  above, to the standard terms of pooling
and servicing agreement dated as of ________________ (together, the "pooling and
servicing  agreement" or the "agreement") among the company, the master servicer
and  _______________,  as trustee (the  "trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
agreement.  This  certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  agreement,  to which  agreement the holder of
this  certificate by virtue of the  acceptance  hereof assents and by which such
holder is bound.

        Pursuant to the terms of the agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  business  day,  the
business day  immediately  following (the  "distribution  date"),  commencing as
described  in the  agreement,  to the person in whose name this  certificate  is
registered  at the close of business on the last day (or if such last day is not
a business  day, the business day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "record date"),
from the available  distribution amount in an amount equal to the product of the
percentage  interest  evidenced by this certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  holders of Class A-
certificates on such distribution date. [the [interest  only/Class A-v] notional
amount  of  the  [interest  only/Class  A-v]  certificates  as of  any  date  of
determination is equal to the aggregate stated principal balance of the mortgage
loans corresponding to the uncertificated remic regular interests represented by
such [interest only/Class A-v] certificates.]

        Distributions  on this  certificate  will be made  either by the  master
servicer  acting on behalf of the trustee or by a paying agent  appointed by the
trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the person entitled thereto if such person shall have so notified the
master  servicer or such paying agent,  or by check mailed to the address of the
person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
certificate register.

        Notwithstanding  the above,  the final  distribution on this certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this certificate at the office or agency appointed
by the trustee for that purpose in the city and state of New York.  The [initial
certificate  principal  balance]  [initial  [interest  only/Class  A-v] notional
amount] of this  certificate  is set forth  above.] [the  certificate  principal
balance  hereof  will be  reduced to the extent of  distributions  allocable  to
principal and any realized losses allocable hereto.]

        This  certificate  is one of a duly  authorized  issue  of  certificates
issued in several classes  designated as mortgage  pass-through  certificates of
the series specified hereon (herein collectively called the "certificates").

        The certificates are limited in right of payment to certain  collections
and recoveries respecting the mortgage loans, all as more specifically set forth
herein and in the agreement. In the

<PAGE>

event master servicer funds are advanced with respect to any mortgage loan, such
advance is  reimbursable to the master  servicer,  to the extent provided in the
agreement, from related recoveries on such mortgage loan or from other cash that
would have been distributable to certificateholders.

        As provided in the  agreement,  withdrawals  from the custodial  account
and/or the certificate account created for the benefit of certificateholders may
be made by the  master  servicer  from  time to time  for  purposes  other  than
distributions to certificateholders,  such purposes including without limitation
reimbursement  to the company  and the master  servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The agreement permits,  with certain  exceptions  therein provided,  the
amendment of the agreement and the modification of the rights and obligations of
the  company,  the  master  servicer  and  the  trustee  and the  rights  of the
certificateholders  under the  agreement at any time by the company,  the master
servicer  and the  trustee  with the  consent  of the  holders  of  certificates
evidencing  in the aggregate  not less than 66% of the  percentage  interests of
each class of certificates  affected thereby.  Any such consent by the holder of
this  certificate  shall be  conclusive  and binding on such holder and upon all
future  holders  of this  certificate  and of any  certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  certificate.  The  agreement  also permits the
amendment thereof in certain circumstances without the consent of the holders of
any of the certificates and, in certain  additional  circumstances,  without the
consent of the holders of certain  classes of  certificates.  As provided in the
agreement and subject to certain  limitations therein set forth, the transfer of
this  certificate is registrable in the  certificate  register upon surrender of
this  certificate  for  registration  of  transfer  at the  offices or  agencies
appointed by the trustee in the city and state of New York, duly endorsed by, or
accompanied  by an assignment  in the form below or other written  instrument of
transfer in form satisfactory to the trustee and the certificate  registrar duly
executed by the holder  hereof or such  holder's  attorney  duly  authorized  in
writing, and thereupon one or more new certificates of authorized  denominations
evidencing  the same class and aggregate  percentage  interest will be issued to
the designated transferee or transferees.

        The  certificates are issuable only as registered  certificates  without
coupons in classes and in denominations  specified in the agreement. As provided
in  the  agreement  and  subject  to  certain  limitations  therein  set  forth,
certificates are  exchangeable for new certificates of authorized  denominations
evidencing the same Class and aggregate percentage interest, as requested by the
holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  company,  the master  servicer,  the  trustee  and the  certificate
registrar and any agent of the company, the master servicer,  the trustee or the
certificate  registrar  may treat the person in whose name this  certificate  is
registered  as the owner hereof for all purposes,  and neither the company,  the
master  servicer,  the trustee nor any such agent shall be affected by notice to
the contrary.

<PAGE>

        This  certificate  shall be governed by and construed in accordance with
the laws of the state of New York.

        The obligations  created by the agreement in respect of the certificates
and the  trust  fund  created  thereby  shall  terminate  upon  the  payment  to
certificateholders  of all  amounts  held by or on  behalf  of the  trustee  and
required to be paid to them pursuant to the  agreement  following the earlier of
(i) the maturity or other  liquidation of the last mortgage loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any mortgage  loan and (ii) the purchase by the master  servicer
from the trust fund of all remaining mortgage loans and all property acquired in
respect of such  mortgage  loans,  thereby  effecting  early  retirement  of the
certificates.  The agreement permits,  but does not require, the master servicer
to (i) purchase at a price determined as provided in the agreement all remaining
mortgage loans and all property acquired in respect of any mortgage loan or (ii)
purchase in whole,  but not in part,  all of the  certificates  from the holders
thereof; provided, that any such option may only be exercised if the pool stated
principal  balance of the mortgage loans as of the distribution  date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the cut-off date principal balance of the mortgage loans.

        Reference is hereby made to the further  provisions of this  certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

        Unless the certificate of authentication hereon has been executed by the
certificate  registrar,  by  manual  signature,  this  certificate  shall not be
entitled to any benefit under the agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [A- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:
                                                      -------------------------
                                                   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
      ----------------                --------------------------------------
                                      Signature by or on behalf of assignor

                                       ____________________________
                                      Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                           EXHIBIT B

                                  FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED BY
VIRTUE OF ITS PURCHASE OR HOLDING OF THIS  CERTIFICATE (OR INTEREST HEREIN) THAT
EITHER (A) SUCH TRANSFEREE IS NOT AN INVESTMENT  MANAGER, A NAMED FIDUCIARY OR A
TRUSTEE OF ANY PLAN) ACTING, DIRECTLY OR INDIRECTLY,  ON BEHALF OF OR PURCHASING
ANY CERTIFICATE WITH "PLAN ASSETS" OF ANY PLAN (A "PLAN  INVESTOR"),  (B) IT HAS
ACQUIRED AND IS HOLDING SUCH  CERTIFICATE IN RELIANCE ON PROHIBITED  TRANSACTION
EXEMPTION  ("PTE") 94-29, 59 FED. REG. 14674 (MARCH 29, 1994), AS AMENDED BY PTE
97-34, 62 FED. REG. 39021 (JULY 21, 1997),  AND PTE 2000-58,  65 FED. REG. 67765
(NOVEMBER 13, 2000) (THE "RFC  EXEMPTION"),  AND THAT IT UNDERSTANDS  THAT THERE
ARE CERTAIN  CONDITIONS TO THE AVAILABILITY OF THE RFC EXEMPTION  INCLUDING THAT
SUCH CERTIFICATE  MUST BE RATED, AT THE TIME OF PURCHASE,  NOT LOWER THAN "BBB-"
(OR ITS  EQUIVALENT)  BY  STANDARD  & POOR'S,  FITCH OR  MOODY'S  OR (C)(I)  THE
TRANSFEREE IS AN INSURANCE COMPANY, (II) THE SOURCE OF FUNDS TO BE USED BY IT TO
PURCHASE THE CERTIFICATE IS AN "INSURANCE  COMPANY GENERAL  ACCOUNT" (WITHIN THE
MEANING OF U.S.  DEPARTMENT  OF LABOR  PROHIBITED  TRANSACTION  CLASS  EXEMPTION
("PTCE")  95-60),  AND (III) THE  CONDITIONS  SET FORTH IN SECTIONS I AND III OF
PTCE 95-60 HAVE BEEN  SATISFIED  (EACH ENTITY THAT  SATISFIES THIS CLAUSE (C), A
"COMPLYING INSURANCE COMPANY").

<PAGE>

        IF THIS  CERTIFICATE  (OR ANY  INTEREST  HEREIN) IS  ACQUIRED OR HELD IN
VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH,  THEN THE LAST PRECEDING
TRANSFEREE  THAT  EITHER  (I)  IS  NOT  A  PLAN  INVESTOR,  (II)  ACQUIRED  SUCH
CERTIFICATE  IN  COMPLIANCE  WITH THE RFC  EXEMPTION  OR  (III)  IS A  COMPLYING
INSURANCE  COMPANY  SHALL BE  RESTORED,  TO THE EXTENT  PERMITTED BY LAW, TO ALL
RIGHTS AND OBLIGATIONS AS CERTIFICATE  OWNER THEREOF  RETROACTIVE TO THE DATE OF
SUCH  TRANSFER OF THIS  CERTIFICATE.  THE TRUSTEE SHALL BE UNDER NO LIABILITY TO
ANY PERSON FOR MAKING ANY PAYMENTS  DUE ON THIS  CERTIFICATE  TO SUCH  PRECEDING
TRANSFEREE.

        ANY PURPORTED  CERTIFICATE  OWNER WHOSE  ACQUISITION  OR HOLDING OF THIS
CERTIFICATE (OR INTEREST  HEREIN) WAS EFFECTED IN VIOLATION OF THE  RESTRICTIONS
IN SECTION  5.02(E) OF THE POOLING AND SERVICING  AGREEMENT  SHALL INDEMNIFY AND
HOLD HARMLESS THE COMPANY,  THE TRUSTEE,  THE MASTER SERVICER,  ANY SUBSERVICER,
AND THE TRUST FUND FROM AND AGAINST ANY AND ALL  LIABILITIES,  CLAIMS,  COSTS OR
EXPENSES INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

<PAGE>

<TABLE>

<S>                                              <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [M-___] Subordinate
Date of Pooling and Servicing Agreement and     Principal Balance of the Class M Certificates:
Cut-off Date:                                   $_______________
[--------------]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[--------------]                                [--------------]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                       SERIES ________

               evidencing a percentage  interest in any distributions  allocable
               to the Class M-___  Certificates  with  respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that is the registered  owner of the Percentage  Interest
evidenced by this  Certificate  (obtained by dividing the Certificate  Principal
Balance of this Certificate by the aggregate  Certificate  Principal  Balance of
all Class M-___ Certificates,  both as specified above) in certain distributions
with respect to a Trust Fund consisting primarily of a pool of conventional one-
to four-family fixed interest rate first mortgage loans (the "Mortgage  Loans"),
formed and sold by Residential Funding Mortgage Securities I, Inc.  (hereinafter
called the  "Company,"  which  term  includes  any  successor  entity  under the
Agreement  referred to below).  The Trust Fund was created  pursuant to a Series
Supplement, dated as specified above, to the Standard Terms of Pooling and

<PAGE>

Servicing  Agreement dated as of  ________________  (together,  the "Pooling and
Servicing  Agreement" or the "Agreement") among the Company, the Master Servicer
and  ___________,  as  trustee  (the  "Trustee"),  a summary  of  certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day  immediately  following (the  "Distribution  Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required to be  distributed  to Holders of Class M-___
Certificates on such Distribution Date.

        Distributions  on this  Certificate  will be made  either by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.

        As described above, any transferee of this Certificate will be deemed to
have  represented by virtue of its purchase or holding of this  Certificate  (or
interest herein) that either (A) such transferee is not a Plan Investor,  (B) it
has acquired and is holding this  Certificate  in reliance on the RFC  Exemption
and that it understands that there are certain conditions to the availability of
the RFC Exemption  including that this Certificate must be rated, at the time of
purchase,  not lower than "BBB-" (or its equivalent) by Standard & Poor's, Fitch
or Moody's or (C) the transferee is a Complying  Insurance Company. In addition,
any purported Certificate Owner whose acquisition or holding of this Certificate
(or interest  herein) was effected in violation of the  restrictions  in Section
5.02(e) of the Agreement  shall  indemnify  and hold  harmless the Company,  the
Trustee,  the  Master  Servicer,  any  Subservicer,  and the Trust Fund from and
against any and all  liabilities,  claims,  costs or  expenses  incurred by such
parties as a result of such acquisition or holding.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

<PAGE>

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered as the owner hereof for all purposes, and neither the

<PAGE>

Company,  the Master Servicer,  the Trustee nor any such agent shall be affected
by notice to the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [M- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

<PAGE>

                                                             ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
      ----------------                --------------------------------------
                                      Signature by or on behalf of assignor

                                       ____________________________
                                      Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                           EXHIBIT C

                                  FORM OF CLASS B CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES AND CLASS M CERTIFICATES  [AND CLASS B-1] [CLASS B-2  CERTIFICATES]
DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).

        THIS  CERTIFICATE  HAS NOT BEEN AND WILL  NOT BE  REGISTERED  UNDER  THE
SECURITIES ACT OF 1933, AS AMENDED,  OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR  TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND
LAWS  OR  IS  SOLD  OR  TRANSFERRED  IN  TRANSACTIONS   WHICH  ARE  EXEMPT  FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

        NO TRANSFER OF THIS  CERTIFICATE  MAY BE MADE TO ANY PERSON,  UNLESS THE
TRANSFEREE  PROVIDES EITHER A  CERTIFICATION  PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT  OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE MASTER  SERVICER,  THE
COMPANY  AND THE  TRUSTEE  THAT  THE  PURCHASE  OF  THIS  CERTIFICATE  WILL  NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE  RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER  SERVICER,  THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [B-___] Subordinate
Date of Pooling and Servicing Agreement and     Principal Balance of the Class B-___
Cut-off Date:                                   Certificates as of the Cut-off Date: $________
[--------------]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[--------------]                                [--------------]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                        SERIES _______

               evidencing a percentage  interest in any distributions  allocable
               to the Class B-___  Certificates  with  respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that  _______________________  is the registered owner of
the Percentage Interest evidenced by this Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal Balance of all Class B-___  Certificates,  both as specified above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Funding Mortgage
Securities I, Inc.  (hereinafter  called the "Company,"  which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant  to a Series  Supplement,  dated as  specified  above,  to the
Standard

<PAGE>

Terms of Pooling and Servicing Agreement dated as of ________________ (together,
the "Pooling and Servicing Agreement" or the "Agreement") among the Company, the
Master  Servicer  and  ___________,  as trustee  (the  "Trustee"),  a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

        Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

        Distributions  on this  Certificate  will be made  either by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.

        No  transfer  of this  Class B  Certificate  will  be made  unless  such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by Section  5.02(e) of the  Agreement.  The Holder hereof
desiring to effect such transfer shall,  and does hereby agree to, indemnify the
Trustee, the Company,  the Master Servicer and the Certificate  Registrar acting
on behalf of the Trustee  against any liability  that may result if the transfer
is not so exempt or is not made in accordance  with such Federal and state laws.
In connection  with any such transfer,  the Trustee will also require either (i)
an opinion of counsel  acceptable to and in form and substance  satisfactory  to
the  Trustee,   the  Company  and  the  Master  Servicer  with  respect  to  the
permissibility  of such transfer under the Employee  Retirement  Income Security
Act of 1974, as amended

<PAGE>

("ERISA"),  and  Section  4975 of the  Internal  Revenue  Code (the  "Code") and
stating,  among other things,  that the  transferee's  acquisition  of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation
letter,  in the form as  described  by the  Agreement,  either  stating that the
transferee  is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan)  acting,  directly  or  indirectly,  on behalf  of or  purchasing  any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance  company,  the  source  of  funds  to be  used by it to  purchase  the
Certificate is an "insurance  company  general  account"  (within the meaning of
Department of Labor Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance  upon the  availability  of the exemptive
relief afforded under Sections I and III of PTCE 95-60.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate Registrar duly executed

<PAGE>

by the Holder hereof or such Holder's  attorney duly authorized in writing,  and
thereupon one or more new  Certificates of authorized  denominations  evidencing
the  same  Class  and  aggregate  Percentage  Interest  will  be  issued  to the
designated transferee or transferees.

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  B-___  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

<PAGE>

                                                          ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
      ----------------                --------------------------------------
                                      Signature by or on behalf of assignor

                                       ____________________________
                                      Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                          EXHIBIT D

                                 FORM OF CLASS R CERTIFICATE

        THIS  CERTIFICATE  MAY NOT BE HELD BY OR  TRANSFERRED  TO A NON-  UNITED
STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"RESIDUAL  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        NO TRANSFER OF THIS  CERTIFICATE  MAY BE MADE TO ANY PERSON,  UNLESS THE
TRANSFEREE  PROVIDES EITHER A  CERTIFICATION  PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT  OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE MASTER  SERVICER,  THE
COMPANY  AND THE  TRUSTEE  THAT  THE  PURCHASE  OF  THIS  CERTIFICATE  WILL  NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE  RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER  SERVICER,  THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.

        ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS  CERTIFICATE  MAY BE
MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER
SERVICER AND THE TRUSTEE THAT (1) SUCH  TRANSFEREE IS NOT (A) THE UNITED STATES,
ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES,
OR  ANY  AGENCY  OR  INSTRUMENTALITY  OF ANY OF THE  FOREGOING  (OTHER  THAN  AN
INSTRUMENTALITY  WHICH IS A CORPORATION  IF ALL OF ITS ACTIVITIES ARE SUBJECT TO
TAX AND EXCEPT FOR  FREDDIE  MAC, A MAJORITY  OF ITS BOARD OF  DIRECTORS  IS NOT
SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL
ORGANIZATION,  OR ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING,  (C)
ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION
521 OF THE CODE)  WHICH IS EXEMPT  FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
UNLESS  SUCH  ORGANIZATION  IS SUBJECT TO THE TAX  IMPOSED BY SECTION 511 OF THE
CODE (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS
TAXABLE  INCOME),  (D) RURAL  ELECTRIC AND TELEPHONE  COOPERATIVES  DESCRIBED IN
SECTION  1381(A)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER
SECTION 775(A) OF THE CODE (ANY SUCH PERSON  DESCRIBED IN THE FOREGOING  CLAUSES
(A),  (B),  (C),  (D)  OR  (E)  BEING  HEREIN  REFERRED  TO  AS A  "DISQUALIFIED
ORGANIZATION"),  OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE
OF SUCH  TRANSFER IS TO IMPEDE THE  ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH
TRANSFEREE  SATISFIES CERTAIN  ADDITIONAL  CONDITIONS  RELATING TO THE FINANCIAL
CONDITION OF THE PROPOSED TRANSFEREE.

<PAGE>

NOTWITHSTANDING  THE  REGISTRATION IN THE CERTIFICATE  REGISTER OR ANY TRANSFER,
SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED  ORGANIZATION OR
AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE
OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE
A CERTIFICATEHOLDER  FOR ANY PURPOSE HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO,
THE  RECEIPT  OF  DISTRIBUTIONS  ON  THIS  CERTIFICATE.   EACH  HOLDER  OF  THIS
CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE  SHALL BE DEEMED TO HAVE CONSENTED
TO THE PROVISIONS OF THIS PARAGRAPH.

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [R-___] Senior
Date of Pooling and Servicing Agreement and     Aggregate Initial Certificate Principal Balance
Cut-off Date:                                   of the Class R-___ Certificates: $100.00
[--------------]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[--------------]
Master Servicer:                                Percentage Interest: _____%
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[--------------]                                [--------------]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                        SERIES _______

               evidencing a percentage  interest in any distributions  allocable
               to the Class R[-__]  Certificates  with respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that is the registered  owner of the Percentage  Interest
evidenced by this  Certificate  (obtained  by dividing  the Initial  Certificate
Principal  Balance of this  Certificate  by the  aggregate  Initial  Certificate
Principal Balance of all Class R[-__] Certificates,  both as specified above) in
certain  distributions with respect to the Trust Fund consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Funding Mortgage
Securities I, Inc.  (hereinafter  called the "Company,"  which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant  to a Series  Supplement,  dated as  specified  above,  to the
Standard

<PAGE>

Terms of Pooling and Servicing Agreement dated as of ________________ (together,
the "Pooling and Servicing Agreement" or the "Agreement") among the Company, the
Master  Servicer  and  ___________,  as trustee  (the  "Trustee"),  a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day  immediately  following (the  "Distribution  Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

        Each  Holder of this  Certificate  will be  deemed to have  agreed to be
bound by the restrictions set forth in the Agreement to the effect that (i) each
person holding or acquiring any Ownership Interest in this Certificate must be a
United  States  Person and a  Permitted  Transferee,  (ii) the  transfer  of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate   Principal  Balance  hereof  will  be  reduced  to  the  extent  of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

        No transfer  of this Class  R[-__]  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with respect to the permissibility of such transfer under the

<PAGE>

Employee  Retirement  Income  Security Act of 1974,  as amended  ("ERISA"),  and
Section 4975 of the Internal Revenue Code (the "Code") and stating,  among other
things,  that the  transferee's  acquisition  of a Class R Certificate  will not
constitute or result in a non-exempt prohibited transaction under Section 406 of
ERISA or Section 4975 of the Code or (ii) a representation  letter,  in the form
as described by the  Agreement,  stating that the  transferee is not an employee
benefit or other plan subject to the prohibited  transaction provisions of ERISA
or  Section  4975 of the Code (a  "Plan"),  or any other  person  (including  an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly,  on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.

<PAGE>

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Reference is hereby made to the further  provisions of this  Certificate
set forth on the reverse hereof,  which further provisions shall for all purpose
have the same effect as if set forth at this place.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [R- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:
                                                      --------------------------
                                                   Authorized Signatory

<PAGE>

                                                  ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
      ----------------                --------------------------------------
                                      Signature by or on behalf of assignor

                                       _______________________
                                      Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                          EXHIBIT E

                               FORM OF SELLER/SERVICER CONTRACT

        This  Seller/Servicer  Contract  (as  may be  amended,  supplemented  or
otherwise  modified from time to time, this "Contract") is made this day of , 20
, by and between  Residential  Funding  Corporation,  its successors and assigns
("Residential   Funding")  and  (the   "Seller/Servicer,"   and,  together  with
Residential Funding, the "parties" and each, individually, a "party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.      REPRESENTATIONS AND WARRANTIES.

        a.     Reciprocal Representations and Warranties.

        The Seller/Servicer and Residential Funding each represents and warrants
to the other that as of the date of this Contract:

<PAGE>

               (1)    Each party is duly  organized,  validly  existing,  and in
                      good  standing  under  the  laws  of its  jurisdiction  of
                      organization,  is qualified,  if necessary, to do business
                      and in good standing in each  jurisdiction  in which it is
                      required to be so qualified,  and has the requisite  power
                      and  authority  to enter into this  Contract and all other
                      agreements  which are contemplated by this Contract and to
                      carry out its  obligations  hereunder and under the Guides
                      and under such other agreements.

               (2)    This  Contract  has been  duly  authorized,  executed  and
                      delivered  by each  party  and  constitutes  a  valid  and
                      legally  binding  agreement of each party  enforceable  in
                      accordance with its terms.

               (3)    There is no action, proceeding or investigation pending or
                      threatened,  and no basis  therefor  is  known  to  either
                      party,  that could  affect  the  validity  or  prospective
                      validity of this Contract.

               (4)    Insofar as its capacity to carry out any obligation  under
                      this Contract is concerned,  neither party is in violation
                      of  any  charter,   articles  of  incorporation,   bylaws,
                      mortgage, indenture, indebtedness,  agreement, instrument,
                      judgment,  decree,  order, statute, rule or regulation and
                      none of the  foregoing  adversely  affects its capacity to
                      fulfill any of its  obligations  under this Contract.  Its
                      execution of, and  performance  pursuant to, this Contract
                      will not result in a violation of any of the foregoing.

        b.     Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

<PAGE>

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

        Attention:
        Telefacsimile Number: (_____) _____-_________

9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be

<PAGE>

enforced  in any  other  jurisdiction  by suit on the  judgment  or in any other
manner  provided by law. Each of the parties further agrees not to institute any
legal actions or proceedings  against the other party or any director,  officer,
employee,  attorney,  agent or  property of the other  party,  arising out of or
relating to this  Contract in any court other than as  hereinabove  specified in
this paragraph 9.

10.     MISCELLANEOUS.

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                      SELLER/SERVICER
[Corporate Seal]

                                             (Name of Seller/Servicer)
By:                                          By:
   ---------------------------------
             (Signature)                                         (Signature)
By:                                          By:
   ---------------------------------
            (Typed Name)                                        (Typed Name)
Title:                                       Title:
      ------------------------------

==================================== ======= ===================================

ATTEST:                                      RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]
By:                                          By:
   ---------------------------------
             (Signature)                                         (Signature)
By:                                          By:
   ---------------------------------
            (Typed Name)                                        (Typed Name)
Title:                                       Title:
      ------------------------------               -----------------------------

<PAGE>

                                          EXHIBIT F

                                 FORMS OF REQUEST FOR RELEASE

DATE:
TO:
RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Series Supplement, to the Standard Terms of Pooling and Servicing Agreement,
Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):

Reason for Document Request: (circle one)

        Mortgage Loan Prepaid in Full       Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

Residential Funding Corporation
Authorized Signature
******************************************************************************
TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:   [ ] Promissory Note
                      [ ] Primary Insurance Policy
                      [ ] Mortgage or Deed of Trust
                      [ ] Assignment(s) of Mortgage or Deed of Trust
                      [ ] Title Insurance Policy
                      [ ] Other:

Name:
Title:
Date:

<PAGE>

                                         EXHIBIT G-1

                           FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF              )
                      ) ss.:
COUNTY OF             )

                 [NAME OF OFFICER], being first duly sworn, deposes and says:

        1.  That he is  [Title  of  Officer]  of  [Name  of  Owner]  (record  or
beneficial  owner of the Mortgage  Pass-Through  Certificates,  Series  _______,
Class  R[-__]  (the  "Owner")),  a  [savings  institution]   [corporation]  duly
organized and existing under the laws of [the State of ] [the United States], on
behalf of which he makes this affidavit and agreement.

        2.  That  the  Owner  (i)  is  not  and  will  not  be  a  "disqualified
organization"  or an electing large  partnership as of [date of transfer] within
the  meaning of  Sections  860E(e)(5)  and 775,  respectively,  of the  Internal
Revenue Code of 1986, as amended (the "Code") or an electing  large  partnership
under  Section  775(a) of the Code,  (ii) will  endeavor to remain  other than a
disqualified  organization  for so long as it retains its ownership  interest in
the  Class  R[-__]  Certificates,  and  (iii)  is  acquiring  the  Class  R[-__]
Certificates  for its own account or for the account of another Owner from which
it has received an affidavit  and  agreement in  substantially  the same form as
this affidavit and agreement.  (For this purpose, a "disqualified  organization"
means an electing  large  partnership  under Section 775 of the Code, the United
States,   any  state  or   political   subdivision   thereof,   any   agency  or
instrumentality  of any of the foregoing (other than an  instrumentality  all of
the activities of which are subject to tax and, except for the Federal Home Loan
Mortgage Corporation,  a majority of whose board of directors is not selected by
any  such  governmental   entity)  or  any  foreign  government,   international
organization  or any agency or  instrumentality  of such foreign  government  or
organization,  any rural electric or telephone cooperative,  or any organization
(other than certain farmers' cooperatives) that is generally exempt from federal
income tax unless such organization is subject to the tax on unrelated  business
taxable income).

        3.  That the  Owner is aware  (i) of the tax that  would be  imposed  on
transfers of Class R[-__] Certificates to disqualified organizations or electing
large  partnerships,  under the Code,  that  applies to all  transfers  of Class
R[-__]  Certificates  after March 31,  1988;  (ii) that such tax would be on the
transferor  (or, with respect to transfers to electing  large  partnerships,  on
each such  partnership),  or, if such transfer is through an agent (which person
includes a broker, nominee or middleman) for a disqualified organization, on the
agent;  (iii) that the person  (other than with respect to transfers to electing
large partnerships)  otherwise liable for the tax shall be relieved of liability
for the tax if the  transferee  furnishes to such person an  affidavit  that the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R[-__] Certificates may be "noneconomic residual interests" within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes
due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

<PAGE>

        4. That the Owner is aware of the tax imposed on a "pass-through entity"
holding  Class  R[-__]  Certificates  if either  the  pass-through  entity is an
electing  large  partnership  under  Section  775 of the  Code or if at any time
during the taxable year of the pass-through  entity a disqualified  organization
is the record holder of an interest in such entity.  (For this purpose,  a "pass
through  entity"  includes  a  regulated   investment  company,  a  real  estate
investment  trust or common  trust fund,  a  partnership,  trust or estate,  and
certain cooperatives.)

        5. The Owner is either (i) a citizen or resident  of the United  States,
(ii) a  corporation,  partnership  or other entity treated as a corporation or a
partnership for U.S.  federal income tax purposes and created or organized in or
under the laws of the  United  States,  any state  thereof  or the  District  of
Columbia (other than a partnership that is not treated as a United States person
under any applicable Treasury regulations), (iii) an estate that is described in
Section 7701(a)(30)(D) of the Code, or (iv) a trust that is described in Section
7701(a)(30)(E) of the Code.

        6. The Owner hereby  agrees that it will not cause income from the Class
R[-__]  Certificates to be attributable to a foreign permanent  establishment or
fixed base (within the meaning of an applicable  income tax treaty) of the Owner
of another United States taxpayer.

        7.  That the  Owner is aware  that the  Trustee  will not  register  the
transfer  of any  Class  R[- __]  Certificates  unless  the  transferee,  or the
transferee's  agent,  delivers to it an  affidavit  and  agreement,  among other
things,  in  substantially  the same form as this affidavit and  agreement.  The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes  that any of the  representations  contained in such  affidavit  and
agreement are false.

        8. That the Owner has reviewed the restrictions set forth on the face of
the Class  R[-__]  Certificates  and the  provisions  of Section  5.02(f) of the
Pooling and Servicing  Agreement under which the Class R[-__]  Certificates were
issued (in  particular,  clause  (iii)(A) and (iii)(B) of Section  5.02(f) which
authorize  the Trustee to deliver  payments to a person other than the Owner and
negotiate  a  mandatory  sale by the  Trustee in the event the Owner  holds such
Certificates in violation of Section 5.02(f)).  The Owner expressly agrees to be
bound by and to comply with such restrictions and provisions.

        9.  That  the  Owner   consents  to  any  additional   restrictions   or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable  arrangement to ensure that the Class R[-__] Certificates will only
be  owned,  directly  or  indirectly,  by an  Owner  that is not a  disqualified
organization.

        10.    The Owner's Taxpayer Identification Number is ________________.

        11.  This  affidavit  and  agreement  relates  only to the Class  R[-__]
Certificates  held by the Owner and not to any other  holder of the Class R[-__]
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R[-__] Certificates.

     12.  That no purpose of the Owner  relating  to the  transfer of any of the
Class R[-__] Certificates by the Owner is or will be to impede the assessment or
collection of any tax; in making

<PAGE>

this  representation,  the Owner  warrants  that the Owner is familiar  with (i)
Treasury Regulation Section 1.860E-1(c) and recent amendments thereto, effective
as of July 19,  2002,  and (ii) the  preamble  describing  the  adoption  of the
amendments to such regulation, which is attached hereto as Exhibit 1.

        13. That the Owner has no present  knowledge or expectation that it will
be  unable  to pay  any  United  States  taxes  owed by it so long as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the  benefit  of the  person  from whom it  acquired  the  Class  R[-__]
Certificate  that the Owner  intends to pay taxes  associated  with holding such
Class R[- __]  Certificate as they become due, fully  understanding  that it may
incur tax  liabilities in excess of any cash flows generated by the Class R[-__]
Certificate.

        14. That the Owner has no present  knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long as any of the
Class R[-__] Certificates remain outstanding.

        15. (a) The  Purchaser  is not an  employee  benefit  plan or other plan
subject to the  prohibited  transaction  provisions  of the Employee  Retirement
Income  Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
Internal  Revenue  Code of 1986,  as  amended  (the  "Code"),  or an  investment
manager,  named  fiduciary  or a trustee of any such plan,  or any other  Person
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any such plan; or

               (b) The Purchaser  will provide the Trustee,  the Company and the
Master  Servicer  with an  opinion  of  counsel  acceptable  to and in form  and
substance  satisfactory  to the Trustee,  the Company and the Master Servicer to
the effect that the purchase of  Certificates  is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under ERISA or Section  4975 of the Code and will not subject the  Trustee,  the
Company  or the  Master  Servicer  to any  obligation  or  liability  (including
obligations or liabilities  under ERISA or Section 4975 of the Code) in addition
to those undertaken in the Pooling and Servicing Agreement.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser  will not  transfer  such  Certificates  to any Plan or person  unless
either such Plan or person meets the requirements set forth in either (a) or (b)
above.

        Capitalized  terms used but not defined  herein  shall have the meanings
assigned in the Pooling and Servicing Agreement.

<PAGE>

        IN WITNESS WHEREOF,  the Owner has caused this instrument to be executed
on its  behalf,  pursuant to the  authority  of its Board of  Directors,  by its
[Title of Officer] and its corporate seal to be hereunto  attached,  attested by
its [Assistant] Secretary, this day of _____,___ 200__.

                                                   [NAME OF OWNER]

                                                   By:
                                                      --------------------------
                                                   [Name of Officer]
                                                   [Title of Officer]

[Corporate Seal]

ATTEST:

[Assistant] Secretary

        Personally  appeared before me the above-named [Name of Officer],  known
or proved to me to be the same person who executed the foregoing  instrument and
to be the  [Title of  Officer]  of the  Owner,  and  acknowledged  to me that he
executed  the  same as his  free  act and  deed and the free act and deed of the
Owner.

        Subscribed and sworn before me this ___ day of ________, 200 __.

                                 NOTARY PUBLIC

                                 COUNTY OF
                                           -------------------

                                 STATE OF
                                          --------------------

                                 My Commission expires the ____ day of
                                 _____, 20__ .

<PAGE>

                                           EXHIBIT 1

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 602

[TD 9004]
RIN 1545-AW98

Real Estate Mortgage Investment Conduits

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Final regulations.

-----------------------------------------------------------------------

SUMMARY:  This  document  contains  final  regulations  relating  to safe harbor
transfers of noneconomic  residual interests in real estate mortgage  investment
conduits (REMICs).  The final regulations provide additional  limitations on the
circumstances under which transferors may claim safe harbor treatment.

DATES: Effective Date: These regulations are effective July 19, 2002.
   Applicability Date: For dates of applicability, see Sec. 1.860E-
(1)(c)(10).

FOR FURTHER INFORMATION CONTACT: Courtney Shepardson at (202) 622-3940
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

   The  collection  of  information  in this final rule has been  reviewed  and,
pending  receipt and  evaluation of public  comments,  approved by the Office of
Management  and Budget (OMB) under 44 U.S.C.  3507 and assigned  control  number
1545-1675.
   The collection of information in this regulation is in Sec. 1.860E -
1(c)(5)(ii). This information is required to enable the IRS to verify
that a taxpayer is complying with the conditions of this regulation.
The collection of information is mandatory and is required. Otherwise,

<PAGE>

the taxpayer  will not receive the benefit of safe harbor  treatment as provided
in the regulation.  The likely  respondents are businesses and other  for-profit
institutions.
   Comments on the  collection  of  information  should be sent to the Office of
Management  and Budget,  Attn:  Desk Officer for the Department of the Treasury,
Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies
to  the  Internal  Revenue  Service,   Attn:  IRS  Reports  Clearance   Officer,
W:CAR:MP:FP:S,  Washington,  DC 20224. Comments on the collection of information
should be received by September 17, 2002.  Comments are  specifically  requested
concerning:
   Whether the collection of information is necessary for the proper performance
of  the  functions  of the  Internal  Revenue  Service,  including  whether  the
information will have practical utility;
   The accuracy of the estimated burden associated with the collection
of information (see below);
   How the quality, utility, and clarity of the information to be
collected may be enhanced;
   How the  burden  of  complying  with the  collection  of  information  may be
minimized,  including through the application of automated collection techniques
or other forms of information technology; and
   Estimates of capital or start-up  costs and costs of operation,  maintenance,
and purchase of service to provide information.
   An agency may not conduct or sponsor, and a person is not required to respond
to, a  collection  of  information  unless it  displays a valid  control  number
assigned by the Office of Management and Budget.
   The  estimated  total  annual  reporting  burden  is 470  hours,  based on an
estimated  number of respondents  of 470 and an estimated  average annual burden
hours per respondent of one hour.
   Books or records  relating to a collection of information must be retained as
long as their contents may become material in the administration of any internal
revenue law. Generally, tax returns and tax return information are confidential,
as required by 26 U.S.C. 6103.

Background

   This document contains final regulations regarding the proposed amendments to
26 CFR part 1 under  section  860E of the  Internal  Revenue  Code  (Code).  The
regulations  provide the circumstances under which a transferor of a noneconomic
REMIC  residual   interest   meeting  the   investigation   and   representation
requirements  may avail  itself  of the safe  harbor by  satisfying  either  the
formula test or the asset test.
   Final regulations  governing REMICs,  issued in 1992, contain rules governing
the transfer of noneconomic REMIC residual interests.  In general, a transfer of
a  noneconomic  residual  interest  is  disregarded  for all tax  purposes  if a
significant purpose of the transfer is to

<PAGE>

[[Page 47452]]

enable the  transferor to impede the  assessment or collection of tax. A purpose
to impede the assessment or collection of tax (a wrongful purpose) exists if the
transferor,  at the time of the transfer,  either knew or should have known that
the transferee would be unwilling or unable to pay taxes due on its share of the
REMIC's taxable income.
   Under a safe harbor, the transferor of a REMIC noneconomic  residual interest
is presumed not to have a wrongful  purpose if two  requirements  are satisfied:
(1) the  transferor  conducts a  reasonable  investigation  of the  transferee's
financial  condition  (the  investigation  requirement);  and (2) the transferor
secures a  representation  from the transferee to the effect that the transferee
understands the tax obligations  associated with holding a residual interest and
intends to pay those taxes (the representation requirement).
   The IRS and Treasury have been concerned that some transferors of noneconomic
residual  interests claim they satisfy the safe harbor even in situations  where
the economics of the transfer  clearly  indicate the  transferee is unwilling or
unable to pay the tax associated with holding the interest.  For this reason, on
February  7, 2000,  the IRS  published  in the Federal  Register  (65 FR 5807) a
notice of proposed rulemaking (REG-100276-97; REG-122450-98) designed to clarify
the safe harbor by adding the  "formula  test," an economic  test.  The proposed
regulation provides that the safe harbor is unavailable unless the present value
of the anticipated tax liabilities associated with holding the residual interest
does not exceed the sum of: (1) The present value of any consideration  given to
the  transferee to acquire the  interest;  (2) the present value of the expected
future  distributions  on  the  interest;  and  (3)  the  present  value  of the
anticipated  tax  savings  associated  with  holding  the  interest as the REMIC
generates losses.
   The notice of proposed  rulemaking also contained  rules for FASITs.  Section
1.860H-6(g) of the proposed regulations  provides  requirements for transfers of
FASIT  ownership  interests  and adopts a safe harbor by  reference  to the safe
harbor provisions of the REMIC regulations.
   In January 2001, the IRS published Rev. Proc.  2001-12 (2001-3 I.R.B. 335) to
set forth an alternative  safe harbor that taxpayers could use while the IRS and
the  Treasury  considered  comments  on  the  proposed  regulations.  Under  the
alternative safe harbor, if a transferor meets the investigation requirement and
the representation  requirement but the transfer fails to meet the formula test,
the transferor  may invoke the safe harbor if the transferee  meets a two- prong
test (the asset test). A transferee generally meets the first prong of this test
if, at the time of the transfer, and in each of the two years preceding the year
of  transfer,  the  transferee's  gross  assets  exceed $100 million and its net
assets exceed $10 million. A transferee

<PAGE>

generally  meets  the  second  prong of this test if it is a  domestic,  taxable
corporation  and agrees in writing  not to transfer  the  interest to any person
other  than  another  domestic,  taxable  corporation  that also  satisfies  the
requirements  of the asset test. A  transferor  cannot rely on the asset test if
the transferor knows, or has reason to know, that the transferee will not comply
with its written agreement to limit the restrictions on subsequent  transfers of
the residual interest.
   Rev. Proc.  2001-12 provides that the asset test fails to be satisfied in the
case of a transfer or assignment of a noneconomic residual interest to a foreign
branch of an otherwise  eligible  transferee.  If such a transfer or  assignment
were permitted,  a corporate taxpayer might seek to claim that the provisions of
an  applicable  income tax treaty  would  resource  excess  inclusion  income as
foreign  source  income,  and that,  as a  consequence,  any U.S. tax  liability
attributable  to the excess  inclusion  income  could be offset by  foreign  tax
credits.  Such a claim would impede the  assessment or collection of U.S. tax on
excess inclusion income,  contrary to the congressional purpose of assuring that
such income will be taxable in all events. See, e.g., sections 860E(a)(1),  (b),
(e) and 860G(b) of the Code.
   The Treasury and the IRS have  learned  that certain  taxpayers  transferring
noneconomic residual interests to foreign branches have attempted to rely on the
formula  test to obtain  safe  harbor  treatment  in an  effort  to  impede  the
assessment or collection of U.S. tax on excess  inclusion  income.  Accordingly,
the  final  regulations  provide  that if a  noneconomic  residual  interest  is
transferred  to a  foreign  permanent  establishment  or  fixed  base  of a U.S.
taxpayer,  the transfer is not eligible for safe harbor  treatment  under either
the asset  test or the  formula  test.  The  final  regulations  also  require a
transferee  to  represent  that it will not cause  income  from the  noneconomic
residual  interest to be attributable to a foreign  permanent  establishment  or
fixed base.
   Section 1.860E -1(c)(8) provides  computational rules that a taxpayer may use
to  qualify  for  safe  harbor   status   under  the   formula   test.   Section
1.860E-1(c)(8)(i)  provides that the transferee is presumed to pay tax at a rate
equal to the highest rate of tax specified in section 11(b).  Some  commentators
were  concerned that this presumed rate of taxation was too high because it does
not take into  consideration  taxpayers  subject to the alternative  minimum tax
rate. In light of the comments received,  this provision has been amended in the
final regulations to allow certain transferees that compute their taxable income
using the alternative  minimum tax rate to use the alternative  minimum tax rate
applicable to corporations.
   Additionally, Sec. 1.860E-1(c)(8)(iii) provides that the present

values in the formula test are to be computed using a discount rate

<PAGE>

equal to the applicable  Federal  short-term rate prescribed by section 1274(d).
This is a change from the proposed  regulation and Rev. Proc.  2001-12. In those
publications  the  provision  stated that "present  values are computed  using a
discount rate equal to the applicable Federal rate prescribed in section 1274(d)
compounded  semiannually"  and that "[a] lower  discount rate may be used if the
transferee can demonstrate that it regularly borrows, in the course of its trade
or  business,  substantial  funds at such  lower  rate from an  unrelated  third
party." The IRS and the Treasury  Department  have learned  that,  based on this
provision,  certain taxpayers have been attempting to use unrealistically low or
zero interest rates to satisfy the formula test,  frustrating  the intent of the
test.  Furthermore,  the  Treasury  Department  and the IRS believe  that a rule
allowing  for a rate  other than a rate based on an  objective  index  would add
unnecessary complexity to the safe harbor. As a result, the rule in the proposed
regulations  that  permits a transferee  to use a lower  discount  rate,  if the
transferee can demonstrate that it regularly  borrows  substantial funds at such
lower rate, is not included in the final regulations; and the Federal short-term
rate  has  been  substituted  for  the  applicable  Federal  rate.  To  simplify
taxpayers' computations, the final regulations allow use of any of the published
short-term  rates,  provided  that  the  present  values  are  computed  with  a
corresponding  period  of  compounding.  With the  exception  of the  provisions
relating to transfers to foreign  branches,  these  changes  generally  have the
proposed  applicability  date of February 4, 2000,  but  taxpayers may choose to
apply the interest  rate formula set forth in the proposed  regulation  and Rev.
Proc. 2001-12 for transfers occurring before August 19, 2002.
   It is anticipated that when final regulations are adopted with
respect to

[[Page 47453]]

FASITs,  Sec.  1.860H-6(g)  of the  proposed  regulations  will  be  adopted  in
substantially  its  present  form,  with the result  that the final  regulations
contained  in this  document  will  also  govern  transfers  of FASIT  ownership
interests with substantially the same applicability date as is contained in this
document.

Effect on Other Documents

   Rev. Proc. 2001-12 (2001-3 I.R.B. 335) is obsolete for transfers of
noneconomic residual interests in REMICs occurring on or after August
19, 2002.

Special Analyses

<PAGE>

   It is hereby  certified  that these  regulations  will not have a significant
economic impact on a substantial number of small entities. This certification is
based  on the  fact  that it is  unlikely  that a  substantial  number  of small
entities will hold REMIC residual interests. Therefore, a Regulatory Flexibility
Analysis  under  the  Regulatory  Flexibility  Act (5 U.S.C.  chapter  6) is not
required.  It  has  been  determined  that  this  Treasury  decision  is  not  a
significant regulatory action as defined in Executive Order 12866.  Therefore, a
regulatory assessment is not required. It also has been determined that sections
553(b) and 553(d) of the  Administrative  Procedure Act (5 U.S.C.  chapter 5) do
not apply to these regulations.

Drafting Information

   The principal author of these  regulations is Courtney  Shepardson.  However,
other  personnel  from the IRS and  Treasury  Department  participated  in their
development.

List of Subjects

26 CFR Part 1

   Income taxes, Reporting and record keeping requirements.

26 CFR Part 602

   Reporting and record keeping requirements.

Adoption of Amendments to the Regulations

   Accordingly, 26 CFR parts 1 and 602 are amended as follows:

PART 1--INCOME TAXES

   Paragraph 1. The  authority  citation for part 1 continues to read in part as
follows:

   Authority: 26 U.S.C. 7805 * * *

<PAGE>

                                         EXHIBIT G-2

                                FORM OF TRANSFEROR CERTIFICATE

                                                   __________ , 20__

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

[Trustee]

Attention: Residential Funding Corporation Series _______

               Re:    Mortgage Pass-Through Certificates,
                      Series ________, Class R[-__]

Ladies and Gentlemen:

        This  letter is  delivered  to you in  connection  with the  transfer by
_____________________ (the "Seller") to  _____________________(the  "Purchaser")
of   $______________   Initial   Certificate   Principal   Balance  of  Mortgage
Pass-Through  Certificates,  Series ________, Class R[-__] (the "Certificates"),
pursuant to Section 5.02 of the Series Supplement, dated as of ________________,
to  the  Standard  Terms  of  Pooling  and  Servicing   Agreement  dated  as  of
________________   (together,  the  "Pooling  and  Servicing  Agreement")  among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and __________, as trustee
(the "Trustee").  All terms used herein and not otherwise defined shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

     1. No purpose of the Seller  relating to the transfer of the Certificate by
the Seller to the Purchaser is or will be to impede the assessment or collection
of any tax.

        2. The  Seller  understands  that the  Purchaser  has  delivered  to the
Trustee and the Master  Servicer a transfer  affidavit and agreement in the form
attached to the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does
not know or believe that any representation contained therein is false.

        3. The Seller has at the time of the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-  1(c)(4)(i)  and,  as a  result  of that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the future.  The Seller  understands  that the transfer of a Class R[-__]
Certificate may not be respected for United States

<PAGE>

income tax purposes  (and the Seller may continue to be liable for United States
income  taxes  Associated  therewith)  unless the Seller has  conducted  such an
investigation.

     4. The Seller has no actual  knowledge that the proposed  Transferee is not
both a United States Person and a Permitted Transferee.

                                                   Very truly yours,

                                                   (Seller)

                                                   By:
                                                      -------------------------
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT H

                            FORM OF INVESTOR REPRESENTATION LETTER

                                                   ______________ , 20___

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

[Trustee]

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

Attention: Residential Funding Corporation Series ________

               RE:    Mortgage Pass-Through Certificates,
                      Series ________, [Class B-]

Ladies and Gentlemen:

        _________________-   (the   "Purchaser")   intends  to   purchase   from
_________________  (the "Seller")  $_____________  Initial Certificate Principal
Balance of  Mortgage  Pass-Through  Certificates,  Series  ________,  Class (the
"Certificates"),   issued  pursuant  to  the  Series  Supplement,  dated  as  of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation, as master servicer (the "Master Servicer"), and
_____________,  as  trustee  (the  "Trustee").  All terms  used  herein  and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement.  The  Purchaser  hereby  certifies,  represents  and warrants to, and
covenants with, the Company, the Trustee and the Master Servicer that:

        1. The Purchaser understands that (a) the Certificates have not been and
will not be registered or qualified under the Securities Act of 1933, as amended
(the "Act") or any state  securities  law, (b) the Company is not required to so
register or qualify the Certificates, (c) the Certificates may be resold only if
registered  and  qualified  pursuant to the  provisions  of the Act or any state
securities law, or if an exemption from such  registration and  qualification is
available,  (d)  the  Pooling  and  Servicing  Agreement  contains  restrictions
regarding the transfer of the Certificates and (e) the Certificates  will bear a
legend to the foregoing effect.

<PAGE>

        2. The Purchaser is acquiring the  Certificates  for its own account for
investment  only  and not  with a view to or for  sale in  connection  with  any
distribution  thereof in any manner that would violate the Act or any applicable
state securities laws.

        3.  The  Purchaser  is (a) a  substantial,  sophisticated  institutional
investor having such knowledge and experience in financial and business matters,
and,  in  particular,  in such  matters  related  to  securities  similar to the
Certificates,  such that it is  capable  of  evaluating  the merits and risks of
investment in the  Certificates,  (b) able to bear the economic risks of such an
investment  and (c) an "accredited  investor"  within the meaning of Rule 501(a)
promulgated pursuant to the Act.

        4. The Purchaser has been furnished  with, and has had an opportunity to
review  (a) [a copy of the  Private  Placement  Memorandum,  dated  ___________,
20___,  relating to the  Certificates  (b)] a copy of the Pooling and  Servicing
Agreement and [b] [c] such other information  concerning the  Certificates,  the
Mortgage  Loans and the Company as has been  requested by the Purchaser from the
Company or the Seller and is  relevant to the  Purchaser's  decision to purchase
the  Certificates.  The Purchaser has had any questions arising from such review
answered by the Company or the Seller to the satisfaction of the Purchaser.  [If
the  Purchaser did not purchase the  Certificates  from the Seller in connection
with the initial  distribution of the  Certificates and was provided with a copy
of the Private Placement Memorandum (the "Memorandum")  relating to the original
sale (the "Original  Sale") of the  Certificates  by the Company,  the Purchaser
acknowledges  that such  Memorandum  was provided to it by the Seller,  that the
Memorandum  was prepared by the Company  solely for use in  connection  with the
Original  Sale and the Company did not  participate  in or facilitate in any way
the  purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
Purchaser  agrees  that it will look solely to the Seller and not to the Company
with  respect  to any  damage,  liability,  claim  or  expense  arising  out of,
resulting from or in connection with (a) error or omission,  or alleged error or
omission,  contained in the Memorandum,  or (b) any information,  development or
event arising after the date of the Memorandum.]

        5. The  Purchaser  has not and will not nor has it authorized or will it
authorize  any  person to (a)  offer,  pledge,  sell,  dispose  of or  otherwise
transfer any  Certificate,  any interest in any Certificate or any other similar
security to any person in any manner,  (b) solicit any offer to buy or to accept
a pledge, disposition of other transfer of any Certificate,  any interest in any
Certificate  or any other similar  security  from any person in any manner,  (c)
otherwise approach or negotiate with respect to any Certificate, any interest in
any Certificate or any other similar security with any person in any manner, (d)
make any general  solicitation  by means of general  advertising or in any other
manner or (e) take any other  action,  that (as to any of (a) through (e) above)
would  constitute a distribution  of any  Certificate  under the Act, that would
render the disposition of any Certificate a violation of Section 5 of the Act or
any state  securities law, or that would require  registration or  qualification
pursuant thereto.  The Purchaser will not sell or otherwise  transfer any of the
Certificates,  except in  compliance  with the  provisions  of the  Pooling  and
Servicing Agreement.

        6.     The Purchaser

        (a) is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of the Employee  Retirement Income Security Act of 1974,
as amended  ("ERISA),  or Section 4975 of the Internal  Revenue Code of 1986, as
amended ("Plan"), or any other person

<PAGE>

(including an investment  manager,  a named  fiduciary or a trustee of any Plan)
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any Plan within the meaning of the  Department of Labor ("DOL")
regulation at 29 C.F.R. ss.2510.3-101;

        (b) is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificates is an "insurance  company general account" (within the
meaning of DOL Prohibited  Transaction Class Exemption  ("PTCE") 95-60), and the
purchase is being made in reliance upon the availability of the exemptive relief
afforded under Sections I and III of PTCE 95-60; or

        (c) has provided the Trustee,  the Company and the Master  Servicer with
an opinion of counsel  acceptable to and in form and substance  satisfactory  to
the Trustee, the Company and the Master Servicer to the effect that the purchase
of  Certificates  is permissible  under  applicable  law, will not constitute or
result in any non-exempt  prohibited  transaction under ERISA or Section 4975 of
the Code and will not subject the Trustee, the Company or the Master Servicer to
any obligation or liability (including obligations or liabilities under ERISA or
Section  4975 of the Code) in  addition to those  undertaken  in the Pooling and
Servicing Agreement.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person  meets the  requirements  set  forth in either  6(a),  (b) or (c)
above.

                                                   Very truly yours,

                                                   By:
                                                      -------------------------
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT I

                           FORM OF TRANSFEROR REPRESENTATION LETTER

                                                   _________, 20___

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

[Trustee]

Attention: Residential Funding Corporation Series ________

               Re:    Mortgage Pass-Through Certificates,
                      Series ________, [Class B-]

Ladies and Gentlemen:

        In connection  with the sale by  ____________________  (the "Seller") to
____________________ (the "Purchaser") of __________________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates,  Series ________, Class
(the  "Certificates"),  issued  pursuant to the Series  Supplement,  dated as of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and __________, as trustee
(the "Trustee").  The Seller hereby  certifies,  represents and warrants to, and
covenants with, the Company and the Trustee that:

        Neither  the  Seller nor  anyone  acting on its behalf has (a)  offered,
pledged,  sold,  disposed  of or  otherwise  transferred  any  Certificate,  any
interest in any  Certificate or any other similar  security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate,  any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise  approached or
negotiated with respect to any  Certificate,  any interest in any Certificate or
any other  similar  security  with any  person in any  manner,  (d) has made any
general  solicitation by means of general advertising or in any other manner, or
(e) has taken any other action,  that (as to any of (a) through (e) above) would
constitute a distribution of the  Certificates  under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section  5 of the  Act or any  state  securities  law,  or  that  would  require
registration or qualification  pursuant thereto. The Seller will not act, in any
manner set forth in the foregoing sentence with respect to any Certificate.  The
Seller has not and will not sell or otherwise  transfer any of the Certificates,
except in compliance with the provisions of the Pooling and Servicing Agreement.

<PAGE>

                                                   Very truly yours,

                                                   (Seller)

                                                   By:
                                                      --------------------------
                                                   Name:
                                                   Title:

<PAGE>

                                    EXHIBIT J

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

             Description of Rule 144A Securities, including numbers:

               ---------------------------------------------------

               ---------------------------------------------------

               ---------------------------------------------------

               ---------------------------------------------------

        The undersigned seller, as registered holder (the "Seller"),  intends to
transfer the Rule 144A Securities  described above to the undersigned buyer (the
"Buyer").

        1.  In  connection  with  such  transfer  and  in  accordance  with  the
agreements  pursuant to which the Rule 144A Securities  were issued,  the Seller
hereby  certifies the following  facts:  Neither the Seller nor anyone acting on
its behalf has offered, transferred,  pledged, sold or otherwise disposed of the
Rule 144A  Securities,  any  interest in the Rule 144A  Securities  or any other
similar security to, or solicited any offer to buy or accept a transfer,  pledge
or other disposition of the Rule 144A Securities,  any interest in the Rule 144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

        2. The Buyer warrants and represents to, and covenants with, the Seller,
the Trustee and the Master Servicer (as defined in the Series Supplement,  dated
as of ________________, to the Standard Terms of Pooling and Servicing Agreement
dated  as  of  ________________  (the  "Agreement")  among  Residential  Funding
Corporation as Master Servicer,  Residential Funding Mortgage Securities I, Inc.
as  depositor  pursuant to Section  5.02 of the  Agreement  and  __________,  as
trustee, as follows:

               (a) The Buyer  understands that the Rule 144A Securities have not
        been registered under the 1933 Act or the securities laws of any state.

               (b) The  Buyer  considers  itself  a  substantial,  sophisticated
        institutional investor having such knowledge and experience in financial
        and  business  matters that it is capable of  evaluating  the merits and
        risks of investment in the Rule 144A Securities.

               (c) The Buyer has been furnished with all  information  regarding
        the Rule 144A  Securities  that it has  requested  from the Seller,  the
        Trustee or the Servicer.

<PAGE>

               (d)  Neither  the  Buyer nor  anyone  acting  on its  behalf  has
        offered,  transferred,  pledged,  sold or otherwise disposed of the Rule
        144A  Securities,  any interest in the Rule 144A Securities or any other
        similar security to, or solicited any offer to buy or accept a transfer,
        pledge or other disposition of the Rule 144A Securities, any interest in
        the  Rule  144A  Securities  or any  other  similar  security  from,  or
        otherwise  approached  or  negotiated  with  respect  to the  Rule  144A
        Securities,  any  interest  in the Rule  144A  Securities  or any  other
        similar  security  with,  any person in any manner,  or made any general
        solicitation by means of general  advertising or in any other manner, or
        taken any other action, that would constitute a distribution of the Rule
        144A Securities  under the 1933 Act or that would render the disposition
        of the Rule 144A  Securities a violation of Section 5 of the 1933 Act or
        require  registration  pursuant  thereto,  nor  will it act,  nor has it
        authorized  or will it authorize  any person to act, in such manner with
        respect to the Rule 144A Securities.

               (e) The Buyer is a "qualified  institutional  buyer" as that term
        is defined in Rule 144A under the 1933 Act and has  completed  either of
        the forms of  certification to that effect attached hereto as Annex 1 or
        Annex 2.  The  Buyer  is  aware  that  the  sale to it is being  made in
        reliance on Rule 144A.  The Buyer is acquiring the Rule 144A  Securities
        for its own  account or the  accounts of other  qualified  institutional
        buyers,  understands  that  such  Rule 144A  Securities  may be  resold,
        pledged or transferred only (i) to a person reasonably  believed to be a
        qualified  institutional buyer that purchases for its own account or for
        the account of a qualified  institutional  buyer to whom notice is given
        that the  resale,  pledge or  transfer is being made in reliance on Rule
        144A, or (ii) pursuant to another exemption from registration  under the
        1933 Act.

        [3.    The Buyer

               (a) is not an  employee  benefit  or other  plan  subject  to the
        prohibited  transaction  provisions  of the Employee  Retirement  Income
        Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
        Internal  Revenue  Code of 1986,  as  amended (a  "Plan"),  or any other
        person (including an investment  manager, a named fiduciary or a trustee
        of any Plan) acting, directly or indirectly,  on behalf of or purchasing
        any Certificate with "plan assets" of any Plan within the meaning of the
        Department of Labor ("DOL") regulation at 29 C.F.R. ss.2510.3-101;

               (b) is an insurance company, the source of funds to be used by it
        to purchase the  Certificates is an "insurance  company general account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60; or

               (c) has provided the Trustee, the Company and the Master Servicer
        with an  opinion  of  counsel  acceptable  to and in form and  substance
        satisfactory to the Trustee,  the Company and the Master Servicer to the
        effect that the purchase of Certificates is permissible under applicable
        law,  will  not  constitute  or  result  in  any  non-exempt  prohibited
        transaction under ERISA or Section 4975 of the Code and will not subject
        the Trustee,  the Company or the Master  Servicer to any  obligation  or
        liability (including obligations or liabilities under

<PAGE>

        ERISA or Section  4975 of the Code) in addition to those  undertaken  in
        the Pooling and Servicing Agreement. ]

        4. This document may be executed in one or more  counterparts and by the
different  parties  hereto on  separate  counterparts,  each of  which,  when so
executed, shall be deemed to be an original; such counterparts,  together, shall
constitute one and the same document.

        IN WITNESS WHEREOF, each of the parties has executed this document as of
the date set forth below.

Print Name of Seller                    Print Name of Buyer

By:                                     By:
   ---------------------------------       ---------------------------------
Name:                                   Name:
Title:                                  Title:
Taxpayer Identification                 Taxpayer Identification:
No.                                     No:
    --------------------------------       ---------------------------------
Date:                                   Date:
      ------------------------------          ------------------------------

<PAGE>

                              ANNEX 1 TO EXHIBIT J

          QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A [For
               Buyers Other Than Registered Investment Companies]

        The undersigned  hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

     1. As indicated  below,  the undersigned is the President,  Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

        2. In connection with purchases by the Buyer,  the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary basis $ in securities (except for the excluded securities referred
to below) as of the end of the  Buyer's  most recent  fiscal  year (such  amount
being  calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the
criteria in the category marked below.

        Corporation, etc. The Buyer is a corporation (other than a bank, savings
and loan association or similar institution),  Massachusetts or similar business
trust, partnership, or charitable organization described in Section 501(c)(3) of
the Internal Revenue Code.

        Bank. The Buyer (a) is a national bank or banking institution  organized
under the laws of any State, territory or the District of Columbia, the business
of which is substantially  confined to banking and is supervised by the State or
territorial  banking  commission  or similar  official  or is a foreign  bank or
equivalent institution, and (b) has an audited net worth of at least $25,000,000
as demonstrated in its latest annual  financial  statements,  a copy of which is
attached hereto.

        Savings  and Loan.  The Buyer  (a) is a  savings  and loan  association,
building  and loan  association,  cooperative  bank,  homestead  association  or
similar  institution,  which is  supervised  and  examined by a State or Federal
authority having  supervision over any such institutions or is a foreign savings
and loan association or equivalent  institution and (b) has an audited net worth
of  at  least  $25,000,000  as  demonstrated  in  its  latest  annual  financial
statements.

        Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15
of the Securities Exchange Act of 1934.

        Insurance  Company.  The Buyer is an insurance company whose primary and
predominant  business  activity is the writing of insurance or the reinsuring of
risks underwritten by insurance companies and which is subject to supervision by
the  insurance  commissioner  or a  similar  official  or  agency  of a State or
territory or the District of Columbia.

        State or Local Plan. The Buyer is a plan established and maintained by a
State, its political subdivisions, or any agency or instrumentality of the State
or its political subdivisions, for the benefit of its employees.

<PAGE>

        ERISA Plan. The Buyer is an employee  benefit plan within the meaning of
Title I of the Employee Retirement Income Security Act of 1974.

     Investment Adviser. The Buyer is an investment adviser registered under the
Investment Advisers Act of 1940.

     SBIC. The Buyer is a Small Business Investment Company licensed by the U.S.
Small Business  Administration under Section 301(c) or (d) of the Small Business
Investment Act of 1958.

     Business  Development  Company. The Buyer is a business development company
as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

        Trust Fund.  The Buyer is a trust fund whose  trustee is a bank or trust
company  and  whose  participants  are  exclusively  (a) plans  established  and
maintained  by  a  State,   its  political   subdivisions,   or  any  agency  or
instrumentality of the State or its political  subdivisions,  for the benefit of
its  employees,  or (b) employee  benefit plans within the meaning of Title I of
the Employee  Retirement  Income  Security Act of 1974,  but is not a trust fund
that includes as participants individual retirement accounts or H.R. 10 plans.

        3. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer,  (ii) securities that are part of
an unsold  allotment to or  subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

        4. For purposes of determining the aggregate  amount of securities owned
and/or invested on a discretionary  basis by the Buyer,  the Buyer used the cost
of such  securities  to the  Buyer  and did not  include  any of the  securities
referred to in the preceding  paragraph.  Further, in determining such aggregate
amount,  the Buyer may have included  securities  owned by  subsidiaries  of the
Buyer,  but only if such  subsidiaries  are  consolidated  with the Buyer in its
financial  statements  prepared in accordance with generally accepted accounting
principles  and if the  investments of such  subsidiaries  are managed under the
Buyer's direction.  However, such securities were not included if the Buyer is a
majority-owned,  consolidated  subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

        5.  The  Buyer  acknowledges  that it is  familiar  with  Rule  144A and
understands  that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements  made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

                          Will the Buyer be purchasing the Rule 144A
Yes            No            Securities only for the Buyer's own account?

     6. If the answer to the foregoing  question is "no", the Buyer agrees that,
in connection  with any purchase of securities sold to the Buyer for the account
of a third party (including any separate  account) in reliance on Rule 144A, the
Buyer will only  purchase for the account of a third party that at the time is a
"qualified institutional buyer" within the meaning of Rule 144A. In

<PAGE>

addition,  the Buyer  agrees that the Buyer will not purchase  securities  for a
third party unless the Buyer has obtained a current  representation  letter from
such third party or taken other appropriate  steps  contemplated by Rule 144A to
conclude that such third party  independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.

        7. The Buyer will notify each of the parties to which this certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice is given,  the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.

                            Print Name of Buyer

                            By:
                               ----------------------------------------
                            Name:
                            Title:

                            Date:
                                  -------------------------------------

<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

        The undersigned  hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

        1. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice  President  of the Buyer or, if the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

        2. In  connection  with  purchases  by Buyer,  the Buyer is a "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

        The Buyer  owned $ in  securities  (other than the  excluded  securities
referred  to below) as of the end of the Buyer's  most recent  fiscal year (such
amount being calculated in accordance with Rule 144A).

        The Buyer is part of a Family of Investment Companies which owned in the
aggregate $ in securities (other than the excluded securities referred to below)
as of the  end of the  Buyer's  most  recent  fiscal  year  (such  amount  being
calculated in accordance with Rule 144A).

        3. The term "Family of Investment Companies" as used herein means two or
more  registered  investment  companies  (or series  thereof) that have the same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

        4. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated  with the Buyer or are part of the Buyer's Family
of Investment  Companies,  (ii) bank deposit notes and  certificates of deposit,
(iii) loan participations,  (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

        5. The Buyer is familiar with Rule 144A and understands that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

<PAGE>

        6. The  undersigned  will  notify  each of the  parties  to  which  this
certification is made of any changes in the information and conclusions  herein.
Until such notice,  the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this  certification by the undersigned as of the date of such
purchase.

                          Print Name of Buyer

                          By:
                             ----------------------------------------
                          Name:
                          Title:

                          IF AN ADVISOR:

                          Print Name of Buyer

                          Date:
                                -------------------------------------

<PAGE>

                                    EXHIBIT K

                   [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                LIMITED GUARANTY]

                                   ARTICLE XII
             Subordinate Certificate Loss Coverage; Limited Guaranty

        Section 12.01. Subordinate Certificate Loss Coverage;  Limited Guaranty.
(a) Subject to subsection  (c) below,  prior to the later of the third  Business
Day prior to each  Distribution  Date or the  related  Determination  Date,  the
Master Servicer shall determine  whether it or any Sub-Servicer will be entitled
to any  reimbursement  pursuant to Section 4.02(a) on such Distribution Date for
Advances or Sub-Servicer  Advances  previously made, (which will not be Advances
or Sub-Servicer Advances that were made with respect to delinquencies which were
subsequently determined to be Excess Special Hazard Losses, Excess Fraud Losses,
Excess  Bankruptcy  Losses or  Extraordinary  Losses)  and,  if so,  the  Master
Servicer shall demand payment from Residential Funding of an amount equal to the
amount of any Advances or Sub-Servicer  Advances  reimbursed pursuant to Section
4.02(a),  to the extent such  Advances or  Sub-Servicer  Advances  have not been
included in the amount of the Realized Loss in the related  Mortgage  Loan,  and
shall distribute the same to the Class B  Certificateholders  in the same manner
as if such amount were to be distributed pursuant to Section 4.02(a).

        (b)  Subject to  subsection  (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether any Realized  Losses (other than
Excess Special Hazard Losses,  Excess Bankruptcy Losses, Excess Fraud Losses and
Extraordinary  Losses)  will be allocated  to the Class B  Certificates  on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

        (c) Demands for payments pursuant to this Section shall be made prior to
the  later of the third  Business  Day  prior to each  Distribution  Date or the
related Determination Date by the Master Servicer with written notice thereof to
the Trustee.  The maximum amount that  Residential  Funding shall be required to
pay pursuant to this Section on any Distribution  Date (the "Amount  Available")
shall be equal to the lesser of (X) minus the sum of (i) all  previous  payments
made under  subsections  (a) and (b) hereof and (ii) all draws under the Limited
Guaranty made in lieu of such payments as

<PAGE>

described  below  in  subsection  (d) and (Y) the then  outstanding  Certificate
Principal  Balances of the Class B Certificates,  or such lower amount as may be
established  pursuant to Section  12.02.  Residential  Funding's  obligations as
described in this Section are referred to herein as the "Subordinate Certificate
Loss Obligation."

        (d)  The  Trustee  will  promptly   notify  General  Motors   Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

        (e) All payments made by Residential Funding pursuant to this Section or
amounts  paid under the  Limited  Guaranty  shall be  deposited  directly in the
Certificate Account, for distribution on the Distribution Date for such month to
the Class B Certificateholders.

        (f) The  Company  shall  have the  option,  in its sole  discretion,  to
substitute  for  either  or  both of the  Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master

<PAGE>

Servicer and the Trustee, that such substitute  instrument  constitutes a legal,
valid and binding obligation of the substitute guarantor or obligor, enforceable
in accordance  with its terms,  and concerning  such other matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

        Section   12.02.   Amendments   Relating   to  the   Limited   Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supersession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supersession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

<PAGE>

                                    EXHIBIT L

                           [FORM OF LIMITED GUARANTY]
                                LIMITED GUARANTY
                 RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
                       Mortgage Pass-Through Certificates
                                 Series ________

                                                   ___________, 20____

[Trustee]

Attention: Residential Funding Corporation Series ________
Ladies and Gentlemen:

        WHEREAS,   Residential  Funding  Corporation,   a  Delaware  corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations as described under Section 12.01 of the Series Supplement,  dated as
of  ________________,  to the Standard Terms of Pooling and Servicing  Agreement
dated  as of  ________________  (together,  the  "Servicing  Agreement"),  among
Residential  Funding Mortgage  Securities I, Inc. (the  "Company"),  Residential
Funding and  __________  (the  "Trustee") as amended by Amendment  No.  thereto,
dated as of , with respect to the  Mortgage  Pass-Through  Certificates,  Series
________ (the "Certificates"); and

        WHEREAS,   pursuant  to  Section  12.01  of  the  Servicing   Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

        WHEREAS,  GMAC desires to provide certain assurances with respect to the
ability of  Residential  Funding to secure  sufficient  funds and  faithfully to
perform its Subordinate Certificate Loss Obligation;

        NOW THEREFORE,  in  consideration  of the premises herein  contained and
certain  other good and valuable  consideration,  the receipt of which is hereby
acknowledged, GMAC agrees as follows:

        1. Provision of Funds.  (a) GMAC agrees to contribute and deposit in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to
perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

        (b) The  agreement  set  forth  in the  preceding  clause  (a)  shall be
absolute,  irrevocable  and  unconditional  and  shall  not be  affected  by the
transfer by GMAC or any other person of all or any

<PAGE>

part  of its or  their  interest  in  Residential  Funding,  by any  insolvency,
bankruptcy, dissolution or other proceeding affecting Residential Funding or any
other  person,  by any defense or right of  counterclaim,  set-off or recoupment
that GMAC may have  against  Residential  Funding or any other  person or by any
other fact or circumstance.  Notwithstanding  the foregoing,  GMAC's obligations
under clause (a) shall terminate upon the earlier of (x)  substitution  for this
Limited Guaranty pursuant to Section 12.01(f) of the Servicing Agreement, or (y)
the termination of the Trust Fund pursuant to the Servicing Agreement.

        2.  Waiver.  GMAC  hereby  waives  any  failure  or delay on the part of
Residential  Funding,  the Trustee or any other person in asserting or enforcing
any  rights or in making  any  claims or demands  hereunder.  Any  defective  or
partial  exercise of any such  rights  shall not  preclude  any other or further
exercise  of  that  or  any  other  such  right.  GMAC  further  waives  demand,
presentment,  notice of default,  protest,  notice of  acceptance  and any other
notices with respect to this Limited Guaranty,  including,  without  limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.

        3. Modification, Amendment and Termination. This Limited Guaranty may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

     4. Successor.  Except as otherwise expressly provided herein, the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

     5.  Governing  Law. This Limited  Guaranty shall be governed by the laws of
the State of New York.

     6. Authorization and Reliance. GMAC understands that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

     7.  Definitions.  Capitalized  terms used but not otherwise  defined herein
shall have the meaning given them in the Servicing Agreement.

     8.  Counterparts.  This  Limited  Guaranty may be executed in any number of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

<PAGE>

        IN WITNESS WHEREOF, GMAC has caused this Limited Guaranty to be executed
and delivered by its respective officers thereunto duly authorized as of the day
and year first above written.

                                     GENERAL MOTORS ACCEPTANCE
                                     CORPORATION

                                     By:
                                        -------------------------------------
                                     Name:
                                     Title:

Acknowledged by:
[Trustee], as Trustee

By:
   --------------------------
Name:
Title:

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

By:
   --------------------------
Name:
Title:

<PAGE>

                                          EXHIBIT M

                 FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                   _____________, 20______

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

[Trustee]

Attention: Residential Funding Corporation Series ________

               Re:    Mortgage Pass-Through Certificates, Series ________
                      Assignment of Mortgage Loan

Ladies and Gentlemen:

        This letter is delivered to you in  connection  with the  assignment  by
___________   (the  "Trustee")  to   _____________________   (the  "Lender")  of
__________________(the  "Mortgage  Loan")  pursuant  to  Section  3.13(d) of the
Series  Supplement,  dated  as of  ________________,  to the  Standard  Terms of
Pooling and Servicing  Agreement  dated as of  ________________  (together,  the
"Pooling and Servicing Agreement") among Residential Funding Mortgage Securities
I, Inc., as seller (the "Company"),  Residential Funding Corporation,  as master
servicer, and the Trustee. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing  Agreement.  The Lender
hereby  certifies,  represents  and warrants to, and covenants  with, the Master
Servicer and the Trustee that:

        the  Mortgage  Loan  is  secured  by  Mortgaged  Property  located  in a
jurisdiction  in which an  assignment  in lieu of  satisfaction  is  required to
preserve lien priority,  minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;

        the substance of the assignment is, and is intended to be, a refinancing
of such Mortgage Loan and the form of the  transaction is solely to comply with,
or facilitate the transaction under, such local laws;

        the Mortgage Loan following the proposed  assignment will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest  on such  Mortgage  Loan prior to such  proposed  assignment;  and such
assignment is at the request of the borrower under the related Mortgage Loan.

<PAGE>

                                                   Very truly yours,

                                                   (Lender)

                                                   By:
                                                      -----------------------
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT N

                                 FORM OF REQUEST FOR EXCHANGE

                                                   [Date]

Bank One, National Association
1 Bank One Plaza
Suite IL1-0126
Chicago, Illinois 60670-0126

               Re:    Residential Funding Mortgage Securities I, Inc.
                      Mortgage Pass-Through Certificates, Series [________]

        Residential  Funding  Corporation,  as the Holder of a ____%  Percentage
Interest of the [Class/Subclass] of Class A-V Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

        1.     Class   A-V   Certificates,   corresponding   to  the   following
               Uncertificated    REMIC   Regular   Interests:    [List   numbers
               corresponding  to the related loans and Pool Strip Rates from the
               Mortgage Loan Schedule]. The Initial Subclass Notional Amount and
               the initial  Pass-Through Rate on the Class A-V Certificates will
               be $___________ and _____%, respectively.

        [2.    Repeat as appropriate.]

        The  Subclasses  requested  above will represent in the aggregate all of
the  Uncertificated  REMIC  Regular  Interests  represented  by  the  Class  A-V
Certificates surrendered for exchange.

        The  capitalized  terms  used  but not  defined  herein  shall  have the
meanings set forth in the Pooling and Servicing Agreement,  dated as of _______,
among  Residential  Funding  Mortgage  Securities I, Inc.,  Residential  Funding
Corporation and Bank One National Association, as trustee.

                                     RESIDENTIAL FUNDING CORPORATION

                                     By:
                                        -----------------------------------
                                     Name:
                                     Title:

<PAGE>

<PAGE>

                                  EXHIBIT FIVE

                CERTIFICATE POLICY OF MBIA INSURANCE CORPORATION

                                             -2-

<PAGE>

                                         EXHIBIT SIX

                          FORM OF FORM 10-K CERTIFICATE

        I, [identify the certifying individual], certify that:

        1. I have  reviewed  the annual  report on Form 10-K for the fiscal year
[___], and all reports on Form 8-K containing  distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust  (the  "Trust")  created  pursuant  to the  Pooling  and  Servicing
Agreement dated  _____________1,  2002 (the "P&S Agreement")  among  Residential
Funding  Mortgage  Securities  I,  Inc.  (the  "Company"),  Residential  Funding
Corporation (the "Master Servicer") and [Name of Trustee] (the "Trustee");

        2. Based on my knowledge,  the information in these reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by that annual report;

     3. Based on my knowledge, the servicing information required to be provided
to the Trustee by the Master  Servicer  under the P&S  Agreement  is included in
these reports;

        4. I am responsible for reviewing the activities performed by the Master
Servicer  under the P&S Agreement and based upon the review  required  under the
P&S Agreement,  and except as disclosed in the report,  the Master  Servicer has
fulfilled its obligations under the P&S Agreement; and

        5. I have disclosed to the Company's  certified  public  accountants all
significant  deficiencies  relating the Master  Servicer's  compliance  with the
minimum servicing  standards in accordance with a review conducted in compliance
with the Uniform Single Attestation Program for Mortgage Bankers as set forth in
the P&S Agreement.

Date:____________

_________________________________*
[Signature]
Name:
Title:

          *    - to be signed by the senior  officer in charge of the  servicing
               functions of the Master Servicer

                                             -3-

<PAGE>

                                  EXHIBIT SEVEN

        FORM OF BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE

        I, [identify the certifying individual], certify that:

        1. I have  reviewed  the annual  report on Form 10-K for the fiscal year
[___], and all reports on Form 8-K containing  distribution or servicing reports
filed in respect of periods  included in the year covered by that annual report,
of the trust  (the  "Trust")  created  pursuant  to the  Pooling  and  Servicing
Agreement dated  _____________1,  2002 (the "P&S Agreement")  among  Residential
Funding  Mortgage  Securities  I,  Inc.  (the  "Company"),  Residential  Funding
Corporation (the "Master Servicer") and [Name of Trustee] (the "Trustee"); and

        2. Based on my knowledge,  the information in these reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which the  statements  were made,  not misleading as of the
last day of the period covered by that annual report.

Date:____________

---------------------------------
[Signature]
Name:
Title:

                                             -4-

<PAGE>CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,

                                    Depositor

                           DLJ MORTGAGE CAPITAL, INC.,

                                     Seller

                          WILSHIRE CREDIT CORPORATION,

                                    Servicer

                             OCWEN FEDERAL BANK FSB,

                                    Servicer

                           WASHINGTON MUTUAL BANK, FA,

                                    Servicer

                                       and

                              JPMORGAN CHASE BANK,

                                     Trustee

--------------------------------------------------------------------------------
                         POOLING AND SERVICING AGREEMENT
                          Dated as of September 1, 2002
--------------------------------------------------------------------------------

                    HOME EQUITY MORTGAGE TRUST SERIES 2002-3
          HOME EQUITY MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2002-3

<PAGE>

<TABLE>
<CAPTION>

                                                 Table of Contents

                                                                                                               Page
                                                                                                               ----

<S>                                                                                                             <C>
ARTICLE I

         DEFINITIONS
                           SECTION 1.01     Definitions...........................................................6
                           SECTION 1.02     Interest Calculations................................................44
                           SECTION 1.03     Allocation of Certain Interest Shortfalls............................44

ARTICLE II

         CONVEYANCE OF MORTGAGE LOANS;
         REPRESENTATIONS AND WARRANTIES
                           SECTION 2.01     Conveyance of Mortgage Loans.........................................45
                           SECTION 2.02     Acceptance by the Trustee............................................51
                           SECTION 2.03     Representations and Warranties of the Seller and
                                            Servicers............................................................54
                           SECTION 2.04     Representations and Warranties of the Depositor as to
                                            the Mortgage Loans...................................................56
                           SECTION 2.05     Delivery of Opinion of Counsel in Connection with
                                            Substitutions........................................................56
                           SECTION 2.06     Execution and Delivery of Certificates...............................57
                           SECTION 2.07     REMIC Matters........................................................57
                           SECTION 2.08     Covenants of each Servicer...........................................57
                           SECTION 2.09     Conveyance of REMIC Regular Interests and
                                            Acceptance of REMIC 1 and REMIC 2 by the Trustee;
                                            Issuance of Certificates.............................................57

ARTICLE III

         ADMINISTRATION AND SERVICING
         OF MORTGAGE LOANS
                           SECTION 3.01     Servicers to Service Mortgage Loans..................................59
                           SECTION 3.02     Subservicing; Enforcement of the Obligations of
                                            Subservicers.........................................................61
                           SECTION 3.03     [Reserved]...........................................................62
                           SECTION 3.04     Trustee to Act as Servicer...........................................62
                           SECTION 3.05     Collection of Mortgage Loans; Collection Accounts;
                                            Certificate Account; Pre-Funding Accounts; Capitalized
                                            Interest Account.....................................................63
                           SECTION 3.06     Establishment of and Deposits to Escrow Accounts;
                                            Permitted Withdrawals from Escrow Accounts; Payments

                                                         i

<PAGE>

                                            of Taxes, Insurance and Other Charges
                                             ....................................................................67
                           SECTION 3.07     Access to Certain Documentation and Information
                                            Regarding the Mortgage Loans; Inspections............................68
                           SECTION 3.08     Permitted Withdrawals from the Collection Accounts and
                                            Certificate Account..................................................68
                           SECTION 3.09     Maintenance of Hazard Insurance and Mortgage
                                            Impairment Insurance; Claims; Restoration of Mortgaged
                                            Property.............................................................70
                           SECTION 3.10     Enforcement of Due-on-Sale Clauses; Assumption
                                            Agreements...........................................................71
                           SECTION 3.11     Realization Upon Defaulted Mortgage Loans;
                                            Repurchase of Certain Mortgage Loans.................................72
                           SECTION 3.12     Trustee to Cooperate; Release of Mortgage Files
                                             ....................................................................80
                           SECTION 3.13     Documents, Records and Funds in Possession of a
                                            Servicer to be Held for the Trustee..................................81
                           SECTION 3.14     Servicing Fee........................................................81
                           SECTION 3.15     Access to Certain Documentation......................................82
                           SECTION 3.16     Annual Statement as to Compliance....................................82
                           SECTION 3.17     Annual Independent Public Accountants' Servicing
                                            Statement; Financial Statements......................................82
                           SECTION 3.18     Maintenance of Fidelity Bond and Errors and Omissions
                                            Insurance............................................................83
                           SECTION 3.19     Duties of the Credit Risk Manager....................................83
                           SECTION 3.20     Limitation Upon Liability of the Credit Risk Manager
                                             ....................................................................84

ARTICLE IV

         DISTRIBUTIONS AND
         ADVANCES BY THE SERVICERS
                           SECTION 4.01     Advances by the Servicers............................................85
                           SECTION 4.02     Priorities of Distribution...........................................85
                           SECTION 4.03     [Reserved]...........................................................89
                           SECTION 4.04     [Reserved]...........................................................90
                           SECTION 4.05     Allocation of Realized Losses........................................90
                           SECTION 4.06     Monthly Statements to Certificateholders.............................91
                           SECTION 4.07     Distributions on the REMIC 1 Regular Interests and
                                            REMIC 2 Regular Interests............................................91
                           SECTION 4.08     Reserve Fund.........................................................93
                           SECTION 4.09     Prepayment Penalties.................................................94
                           SECTION 4.10     Policy Matters.......................................................95

                                                        ii

<PAGE>

ARTICLE V

         THE CERTIFICATES
                           SECTION 5.01     The Certificates.....................................................99
                           SECTION 5.02     Certificate Register; Registration of Transfer and
                                            Exchange of Certificates............................................100
                           SECTION 5.03     Mutilated, Destroyed, Lost or Stolen Certificates
                                             ...................................................................104
                           SECTION 5.04     Persons Deemed Owners...............................................104
                           SECTION 5.05     Access to List of Certificateholders' Names and
                                            Addresses...........................................................104
                           SECTION 5.06     Maintenance of Office or Agency.....................................105

ARTICLE VI

         THE DEPOSITOR, THE SELLER AND THE SERVICERS
                           SECTION 6.01     Respective Liabilities of the Depositor, the Sellers and the
                                            Servicers...........................................................106
                           SECTION 6.02     Merger or Consolidation of the Depositor, the Seller or
                                            a Servicer..........................................................106
                           SECTION 6.03     Limitation on Liability of the Depositor, the Seller, the
                                            Servicers and Others................................................106
                           SECTION 6.04     Limitation on Resignation of a Servicer.............................107

ARTICLE VII

         DEFAULT
                           SECTION 7.01     Events of Default...................................................108
                           SECTION 7.02     Trustee to Act; Appointment of Successor............................110
                           SECTION 7.03     Notification to Certificateholders..................................111

ARTICLE VIII

         CONCERNING THE TRUSTEE
                           SECTION 8.01     Duties of the Trustee...............................................112
                           SECTION 8.02     Certain Matters Affecting the Trustee...............................113
                           SECTION 8.03     Trustee Not Liable for Certificates or Mortgage Loans
                                             ...................................................................114
                           SECTION 8.04     Trustee May Own Certificates........................................114
                           SECTION 8.05     Trustee's Fees and Expenses.........................................114
                           SECTION 8.06     Eligibility Requirements for the Trustee and Custodian..............115
                           SECTION 8.07     Resignation and Removal of the Trustee..............................115
                           SECTION 8.08     Successor Trustee...................................................116
                           SECTION 8.09     Merger or Consolidation of the Trustee..............................116

                                                        iii

<PAGE>

                           SECTION 8.10     Appointment of Co-Trustee or Separate Trustee
                                             ...................................................................117
                           SECTION 8.11     Tax Matters.........................................................118
                           SECTION 8.12     Periodic Filings....................................................120

ARTICLE IX

         TERMINATION
                           SECTION 9.01     Termination upon Liquidation or Purchase of the
                                            Mortgage Loans......................................................121
                           SECTION 9.02     Final Distribution on the Certificates..............................121
                           SECTION 9.03     Additional Termination Requirements.................................122

ARTICLE X

         MISCELLANEOUS PROVISIONS
                           SECTION 10.01    Amendment...........................................................124
                           SECTION 10.02    Recordation of Agreement; Counterparts..............................125
                           SECTION 10.03    Governing Law.......................................................126
                           SECTION 10.04    [Reserved]..........................................................126
                           SECTION 10.05    Notices.............................................................126
                           SECTION 10.06    Severability of Provisions..........................................127
                           SECTION 10.07    Assignment..........................................................127
                           SECTION 10.08    Limitation on Rights of Certificateholders..........................127
                           SECTION 10.09    Certificates Nonassessable and Fully Paid...........................128

EXHIBITS
EXHIBIT A.            Form of Class A Certificates..............................................................A-1
EXHIBIT B.            Form of Subordinate Certificate...........................................................B-1
EXHIBIT C.            Form of Residual Certificate..............................................................C-1
EXHIBIT D.            [Reserved]................................................................................D-1
EXHIBIT E.            Form of Class P Certificate...............................................................E-1
EXHIBIT F.            Form of Reverse Certificates..............................................................F-1
EXHIBIT G.            Form of Initial Certification of Custodian................................................G-1
EXHIBIT H.            Form of Final Certification of Custodian..................................................H-1
EXHIBIT I.            Transfer Affidavit........................................................................I-1
EXHIBIT J.            Form of Transferor Certificate............................................................J-1
EXHIBIT K.            Form of Investment Letter (Non-Rule 144A).................................................K-1
EXHIBIT L.            Form of Rule 144A Letter..................................................................L-1
EXHIBIT M.            Request for Release.......................................................................M-1
EXHIBIT N.            Form of Subsequent Transfer Agreement.....................................................N-1
EXHIBIT O-1.          Form of Collection Account Certification................................................O-1-1
EXHIBIT O-2.          Form of Collection Account Letter Agreement.............................................O-2-1
EXHIBIT P-1.          Form of Escrow Account Certification ...................................................P-1-1

                                                        iv

<PAGE>

EXHIBIT P-2.          Form of Escrow Account Letter Agreement.................................................P-2-1
EXHIBIT Q.            Form of Monthly Remittance Advice.........................................................Q-1
EXHIBIT R.            Form of Custodial Agreement...............................................................R-1
EXHIBIT S.            FSA Policy................................................................................S-1
EXHIBIT T.            Data Fields for Ocwen Serviced Loans and Washington
                      Mutual Serviced Loans Transferred to Wilshire.............................................T-1
EXHIBIT U.            Charged Off Loan Data Report..............................................................U-1
EXHIBIT V.            Form of Monthly Statement to Certificateholders...........................................V-1
SCHEDULE I            Mortgage Loan Schedule....................................................................I-1
SCHEDULE II           Seller's Representations and Warranties..................................................II-1
SCHEDULE IIIA         Wilshire Representations and Warranties...............................................III-A-1
SCHEDULE IIIB         Ocwen Representations and Warranties..................................................III-B-1
SCHEDULE IIIC         Washington Mutual Representations and Warranties......................................III-C-1
SCHEDULE IV           Representations and Warranties for the Mortgage Loans....................................IV-1
</TABLE>

                                                         v

<PAGE>

                      THIS POOLING AND SERVICING AGREEMENT, dated as of
September 1, 2002, among CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., a
Delaware corporation, as depositor (the "Depositor"), DLJ MORTGAGE CAPITAL,
INC., a Delaware corporation, as Seller (the "Seller"), WILSHIRE CREDIT
CORPORATION, a Nevada corporation, as a servicer (a "Servicer"), OCWEN FEDERAL
BANK FSB, a federally chartered savings bank, as a servicer (a "Servicer"),
WASHINGTON MUTUAL BANK, FA, a federally chartered savings association, as a
servicer (a "Servicer") and JPMORGAN CHASE BANK, a New York banking corporation,
as trustee (the "Trustee").

                                 WITNESSETH THAT

                      In consideration of the mutual agreements herein
contained, the parties hereto agree as follows:

                              PRELIMINARY STATEMENT

                      The Depositor intends to sell pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Trust Fund created hereunder. The Certificates will consist of twelve
classes of certificates, designated as (i) the Class A-1 Certificates, (ii) the
Class A-2 Certificates, (iii) the Class A-3 Certificates, (iv) the Class M-1
Certificates, (v) the Class M-2A Certificates, (vi) the Class M-2B Certificates,
(vii) the Class B Certificates, (viii) the Class P Certificates, (ix) the Class
X-1 Certificates (x) the Class X-2 Certificates and (x) the Class A-R
Certificates.

                                     REMIC 1

                      As provided herein, the Trustee will make an election to
treat the segregated pool of assets consisting of the Mortgage Loans and certain
other related assets subject to this Agreement (exclusive of the Pre-Funding
Account, the Capitalized Interest Account, the Reserve Fund and the Subsequent
Mortgage Loan Interest) as a real estate mortgage investment conduit (a "REMIC")
for federal income tax purposes, and such segregated pool of assets will be
designated as "REMIC 1." The Class R-1 Interest will represent the sole class of
"residual interests" in REMIC 1 for purposes of the REMIC Provisions (as defined
herein) under federal income tax law (the "Class R-1 Interest"). The following
table irrevocably sets forth the designation, the Uncertificated REMIC 1
Pass-Through Rate, the initial Uncertificated Principal Balance, and solely for
purposes of satisfying Treasury regulation Section 1.860G- 1(a)(4)(iii), the
"latest possible maturity date" for each of the REMIC 1 Regular Interests. None
of the REMIC 1 Regular Interests will be certificated. The latest possible
maturity date (determined solely for purposes of satisfying Treasury regulation
Section 1.860G-1(a)(4)(iii)) of each of the REMIC 1 Regular Interests will be
the Latest Possible Maturity Date as defined herein.

                        Uncertificated REMIC 1    Initial Uncertificated
     Designation          Pass-Through Rate              Balance
 --------------------  ------------------------  -----------------------

                                        1

<PAGE>

        LT-1                  Variable(1)              $172,141,174.77
       LT-2PF                 Variable(1)              $  8,108,825.23
        LT-P                  Variable(1)              $        100.00
        LT-R                  Variable(1)              $        100.00
___________________
(1)      Calculated as provided in the definition of Uncertificated REMIC 1
Pass-Through Rate.

                                     REMIC 2

                  As provided herein, an election will be made to treat the
segregated pool of assets consisting of the Uncertificated REMIC 1 Regular
Interests (exclusive of the Pre-Funding Account, the Capitalized Interest
Account and the Reserve Fund) as a REMIC for federal income tax purposes, and
such segregated pool of assets will be designated as REMIC 2. The Class R-2
Interest will represent the sole class of "residual interests" in REMIC 2 for
purposes of the REMIC Provisions under federal income tax law. The following
table irrevocably sets forth the designation, REMIC 2 Pass-Through Rate and
initial Principal Balance for each of the "regular interests" in REMIC 2 (the
"REMIC 2 Regular Interests"). None of the REMIC 2 Regular Interests will be
certificated. The latest possible maturity date (determined solely for purposes
of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii)) of each of the
REMIC 2 Regular Interests will be the Latest Possible Maturity Date as defined
herein.

                        Uncertificated REMIC 2    Initial Uncertificated
     Designation          Pass-Through Rate              Balance
 --------------------  ------------------------  -----------------------
      MT-AA                  Variable(1)               $176,645,000.00
      MT-A1                  Variable(1)               $    612,500.00
      MT-A2                  Variable(1)               $    515,000.00
      MT-A3                  Variable(1)               $    322,500.00
      MT-M1                  Variable(1)               $    167,500.00
     MT-M2A                  Variable(1)               $     85,000.00
     MT-M2B                  Variable(1)               $     27,500.00
      MT-B                   Variable(1)               $     72,500.00
      MT-ZZ                  Variable(1)               $  1,802,500.00
      MT-P                   Variable(1)               $        100.00
      MT-R                   Variable(1)               $        100.00

___________________
(1)      Calculated as provided in the definition of Uncertificated REMIC 2
Pass-Through Rate.

                                        2

<PAGE>

                                    REMIC 3
                                    -------

         As provided herein, an election will be made to treat the segregated
pool of assets consisting of the Uncertificated REMIC 2 Regular Interests
(exclusive of the Pre-Funding Account, the Capitalized Interest Account and the
Reserve Fund) as a REMIC for federal income tax purposes, and such segregated
pool of assets will be designated as REMIC 3. The Class R-3 Interest will
represent the sole class of "residual interests" in REMIC 3 for purposes of the
REMIC Provisions under federal income tax law (the "Class R-3 Interest"). The
following table irrevocably sets forth the designation, Pass-Through Rate,
aggregate Initial Certificate Principal Balance, certain features, Maturity Date
and initial ratings for each Class of Certificates comprising the interests
representing "regular interests" in REMIC 3, and the Class A-R Certificates and
Class X-2 Certificates which are not "regular interests" in REMIC 3. The latest
possible maturity date (determined solely for purposes of satisfying Treasury
regulation Section 1.860G-1(a)(4)(iii)) of each of the Regular Certificates will
be the Latest Possible Maturity Date as defined herein.
<TABLE>
<CAPTION>

                                                                                                 Integral Multiples
                         Class Certificate                                     Minimum              in Excess of
                              Balance             Pass-Through Rate         Denomination              Minimum
                              -------             -----------------         ------------              -------
<S>                 <C>                           <C>                        <C>                     <C>
Class A-1             $   61,250,000.00              Adjustable (1)            $25,000                 $     1
Class A-2             $   51,500,000.00              3.80750%(2)               $25,000                 $     1
Class A-3             $   32,250,000.00              5.34670%(2)               $25,000                 $     1
Class P               $          100.00              Variable(3)               $   100                     N/A
Class A-R             $          100.00              Variable(3)               $   100                     N/A
Class M-1             $   16,750,000.00              Adjustable(1)             $25,000                 $     1
Class M-2A            $    8,500,000.00              Adjustable(1)             $25,000                 $     1
Class M-2B            $    2,750,000.00              Adjustable(1)             $25,000                 $     1
Class B               $    7,250,000.00              Adjustable(1)             $25,000                 $     1
Class X-1             $            0                 Variable(4)(5)            $25,000                 $     1
Class X-2             $            0                       0.00%                 N/A                     N/A
</TABLE>

______________
(1)      The Class A-1, Class M-1, Class M-2A, Class M-2B, Class B Certificates
         are adjustable rate and will receive interest pursuant to formulas
         based on LIBOR, subject to the Net Funds Cap.

(2)      The Class A-2 Certificates and Class A-3 Certificates have a
         fixed rate subject to the Net Funds Cap.

(3)      The initial pass-through rates on the Class P and Class A-R
         Certificates will be approximately 11.61% per annum and will vary after
         the first Distribution Date.

(4)      The Class X-1 Certificates will have an initial principal balance of
         $0.00 and will accrue interest on its notional amount. For any
         Distribution Date, the notional amount of the Class X-1 Certificates
         will be equal to the Aggregate Collateral Balance minus the aggregate
         Class Certificate Balance of the Class A-R Certificates and Class P
         Certificates immediately prior

                                        3

<PAGE>

         to such Distribution Date. The initial notional amount of the Class
         X-1 Certificates is $175,000,000.

(5)      The Class X-1 Certificates are variable rate and will accrue interest
         on a notional amount.

                  Set forth below are designations of Classes of Certificates to
the categories used herein:
<TABLE>
<CAPTION>

<S>                                                <C>
Book-Entry Certificates..........................  All Classes of Certificates other than the Physical
                                                   Certificates.

ERISA-Restricted Certificates....................  Class A-R, Class P and Class X Certificates.

LIBOR Certificates...............................  Class A-1, Class M-1, Class M-2A, Class M-2B and
                                                   Class B Certificates.

Notional Amount Certificates.....................  Class X-1 Certificates.

Class A Certificates.............................  Class A-1, Class A-2, Class A-3 and Class A-R
                                                   Certificates.

Class B Certificates.............................  Class B Certificates.

Class M Certificates.............................  Class M-1, Class M-2A and Class M-2B Certificates.

Offered Certificates.............................  All Classes of Certificates (other than the Class P and Class
                                                   X Certificates).

Physical Certificates............................  Class A-R, Class P and Class X Certificates.

Private Certificates.............................  Class P and Class X Certificates.

Rating Agencies..................................  S&P and Moody's.

Regular Certificates.............................  All Classes of Certificates other than the Class A-R
                                                   Certificates and Class X-2 Certificates.

Residual Certificates............................  Class A-R Certificates.

Senior Certificates..............................  Class A-1, Class A-2, Class A-3, Class P and Class A-R
                                                   Certificates.

Subordinate Certificates.........................  Class M-1, Class M-2A, Class M-2B, Class B and Class
                                                   X-1 Certificates.

                                                         4

<PAGE>

Minimum Denominations............................  Class A-1, Class A-2, Class A-3, Class M-1, Class M-
                                                   2A, Class M-2B, Class B Certificates: $25,000 and
                                                   multiples of $1 in excess thereof.

                                                   Class A-R and Class P Certificates: $100. The Class
                                                   X-1 Certificates will be issued as a single
                                                   Certificate with a Certificate Principal Balance
                                                   of $0.00. The Class X-2 Certificates will be issued
                                                   as a single Certificate and will not have a principal
                                                   balance.
</TABLE>

                                        5

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

                  SECTION 1.01      Definitions.

         Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

                  Accepted Servicing Practices: With respect to any Mortgage
Loan, those mortgage servicing practices of prudent mortgage lending
institutions which service mortgage loans of the same type as such Mortgage Loan
in the jurisdiction where the related Mortgaged Property is located.

                  Advance: The payment required to be made by a Servicer with
respect to any Distribution Date pursuant to Section 4.01.

                  Aggregate Collateral Balance: As of any date of determination
will be equal to the Aggregate Loan Balance plus the amount, if any, then on
deposit in the Pre-Funding Account.

                  Aggregate Loan Balance: As of any Distribution Date will be
equal to the aggregate of the Stated Principal Balances of the Mortgage Loans
determined as of the last day of the related Collection Period.

                  Aggregate Subsequent Transfer Amount: With respect to any
Subsequent Transfer Date, the aggregate Stated Principal Balances as of the
applicable Cut-off Date of the Subsequent Mortgage Loans conveyed on such
Subsequent Transfer Date, as listed on the revised Mortgage Loan Schedule
delivered pursuant to Section 2.01(b); PROVIDED, HOWEVER, that such amount shall
not exceed the amount on deposit in the Pre-Funding Account.

                  Agreement: This Pooling and Servicing Agreement and all
amendments or supplements hereto.

                  Ancillary Income: All income derived from the Mortgage Loans,
other than Servicing Fees and Prepayment Penalties, including but not limited
to, late charges, fees received with respect to checks or bank drafts returned
by the related bank for non-sufficient funds, assumption fees, optional
insurance administrative fees and all other incidental fees and charges.

                  Applied Loss Amount: As to any Distribution Date, an amount
equal to the excess, if any of (i) the aggregate Class Principal Balance of the
Certificates after giving effect to all Realized Losses incurred with respect to
the Mortgage Loans during the Due Period for such Distribution Date and payments
of principal on such Distribution Date over (ii) the Aggregate Loan Balance for
such Distribution Date.

                  Appraised Value: The amount set forth in an appraisal made in
connection with the origination of the related Mortgage Loan as the value of the
Mortgaged Property.

                                       6

<PAGE>

                  Assignment Agreement: An assignment agreement between DLJ
Mortgage Capital, Inc. as Seller and the Depositor, whereby the Mortgage Loans
are transferred and limited representations and warranties relating to the
Mortgage Loans are made.

                  Assignment of Mortgage: An assignment of the Mortgage, notice
of transfer or equivalent instrument in recordable form, sufficient under the
laws of the jurisdiction wherein the related Mortgaged Property is located to
reflect the transfer of the Mortgage to the Trustee for the benefit of the
Certificateholders.

                  Available Funds: With respect to any Distribution Date the sum
of (i) all Scheduled Payments (net of the related Expense Fees) due on the Due
Date in the month in which such Distribution Date occurs and received prior to
the related Determination Date, together with any Advances in respect thereof;
(ii) all Insurance Proceeds, Liquidation Proceeds and Net Recoveries received
during the month preceding the month of such Distribution Date; (iii) all
Curtailments and Payoffs received during the Prepayment Period applicable to
such Distribution Date (excluding Prepayment Penalties); (iv) amounts received
with respect to such Distribution Date as the Substitution Adjustment Amount or
Repurchase Price; (v) Compensating Interest Payments for such Distribution Date;
and (vi) with respect to the Distribution Date in December 2002, the amount
remaining in the Pre-Funding Account at the end of the Pre-Funding Period; as to
clauses (i) through (iv) above, reduced by amounts in reimbursement for Advances
previously made and other amounts as to which the Servicers are entitled to be
reimbursed pursuant to Section 3.08.

                  Bankruptcy Code: The United States Bankruptcy Reform Act of
1978, as amended.

                  Basis Risk Shortfall: For any Class of LIBOR Certificates and
any Distribution Date, the sum of: (i) the excess, if any, of the related
Current Interest calculated on the basis of the lesser of (x) LIBOR plus the
applicable Certificate Margin and (y) the Maximum Interest Rate over the related
Current Interest for the applicable Distribution Date; (ii) any Basis Risk
Shortfall remaining unpaid from prior Distribution Dates; and (iii) 30 days
interest on the amount in clause (ii) calculated at a per annum rate equal to
the lesser of (x) LIBOR plus the applicable Certificate Margin and (y) the
Maximum Interest Rate.

                  Book-Entry Certificates: As specified in the Preliminary
Statement.

                  Business Day: Any day other than (i) a Saturday or a Sunday,
or (ii) a day on which banking institutions in the City of New York, New York,
or the city in which the Corporate Trust Office of the Trustee, or savings and
loan institutions in the States of Illinois, California, Texas, New Jersey or
Florida is located are authorized or obligated by law or executive order to be
closed.

                  Capitalized Interest Account: The separate Eligible Account
designated as such and created and maintained by the Trustee pursuant to Section
3.05(g) hereof. The Capitalized Interest Account shall be treated as an "outside
reserve fund" under applicable Treasury regulations and shall not be part of any
REMIC. Except as provided in Section 3.05(g) hereof, any investment earnings on
the Capitalized Interest Account shall be treated as owned by the Depositor and
will be taxable to the Depositor.

                                        7

<PAGE>

                  Capitalized Interest Deposit: With respect to the Capitalized
Interest Account, $85,750.

                  Capitalized Interest Requirement: With respect to the October
2002 Distribution Date, an amount equal to interest accruing during the related
Interest Accrual Period for the LIBOR Certificates at a per annum rate equal to
(x) the weighted average Pass-Through Rate of the Offered Certificates
multiplied by (y) the Pre-Funded Amount outstanding at the end of the related
Due Period. With respect to the November 2002 Distribution Date, an amount equal
to interest accruing during the related Interest Accrual Period for the LIBOR
Certificates at a per annum rate equal to (x) the weighted average Pass-Through
Rate of the Offered Certificates for such Distribution Date multiplied by (y)
the sum of (a) the Pre-Funded Amount at the end of the related Due Period and
(b) the aggregate Stated Principal Balance of the Subsequent Mortgage Loans that
do not have a first Due Date prior to November 1, 2002, transferred to the Trust
during the related Due Period. With respect to the December 2002 Distribution
Date, an amount equal to interest accruing during the related Interest Accrual
Period for the LIBOR Certificates at a per annum rate equal to (x) the weighted
average Pass-Through Rate of the Offered Certificates for such Distribution Date
multiplied by (y) the sum of (a) the Pre-Funded Amount at the end of the related
Due Period and (b) the aggregate Stated Principal Balance of the Subsequent
Mortgage Loans that do not have a first Due Date prior to December 1, 2002,
transferred to the Trust during the related Due Period.

                  Carryforward Interest: For any Class of Certificates and any
Distribution Date, the sum of (1) the amount, if any, by which (x) the sum of
(A) Current Interest for such Class for the immediately preceding Distribution
Date and (B) any unpaid Carryforward Interest from previous Distribution Dates
exceeds (y) the amount paid in respect of interest on such Class on such
immediately preceding Distribution Date, and (2) interest on such amount for the
related Interest Accrual Period at the applicable Pass- Through Rate.

                  Certificate: Any one of the Certificates executed by the
Trustee in substantially the forms attached hereto as exhibits.

                  Certificates: As specified in the Preliminary Statement.

                  Certificate Account: The separate Eligible Account created and
maintained with the Trustee, or any other bank or trust company acceptable to
the Rating Agencies which is incorporated under the laws of the United States or
any state thereof pursuant to Section 3.05, which account shall bear a
designation clearly indicating that the funds deposited therein are held in
trust for the benefit of the Trustee on behalf of the Certificateholders or any
other account serving a similar function acceptable to the Rating Agencies.
Funds in the Certificate Account may (i) be held uninvested without liability
for interest or compensation thereon or (ii) be invested at the direction of the
Trustee in Eligible Investments and reinvestment earnings thereon (net of
investment losses) shall be paid to the Trustee. Funds deposited in the
Certificate Account (exclusive of the Trustee Fee and other amounts permitted to
be withdrawn pursuant to Section 3.08) shall be held in trust for the
Certificateholders.

                  Certificate Balance: With respect to any Certificate at any
date, the maximum dollar amount of principal to which the Holder thereof is then
entitled hereunder, such amount being equal

                                        8

<PAGE>

to the Denomination thereof minus the sum of (i) all distributions of principal
previously made with respect thereto and (ii) all Realized Losses allocated
thereto and, in the case of any Subordinate Certificates, all other reductions
in Certificate Balance previously allocated thereto pursuant to Section 4.05.
Exclusively for the purpose of determining any subrogation rights of FSA arising
under Section 4.10 hereof, "Certificate Balance" of the Class A-1 Certificates
and Class A-3 Certificates shall not be reduced by the amount of any payments
made by FSA in respect of principal on such Certificates under the FSA Policy,
except to the extent such payment shall have been reimbursed to FSA pursuant to
the provisions of this Agreement.

                  Certificate Insurer: FSA, as issuer of the FSA Policy.

                  Certificate Margin: As to each Class of LIBOR Certificates,
the applicable amount set forth below:

            CLASS                       CERTIFICATE MARGIN
     -----------------    ----------------------------------------------
                                     (1)                    (2)
             A-1                    0.21%                  0.42%
             M-1                    1.25%                  1.75%
            M-2A                    1.90%                  2.40%
            M-2B                    1.75%                  2.25%
              B                     2.55%                  3.05%
_________________
(1)      On or prior to the Optional Termination Date.

(2)      After the Optional Termination Date.

                  Certificate Owner: With respect to a Book-Entry Certificate,
the Person who is the beneficial owner of such Book-Entry Certificate.

                  Certificate Register: The register maintained pursuant to
Section 5.02.

                  Certificateholder or Holder: The person in whose name a
Certificate is registered in the Certificate Register, except that, solely for
the purpose of giving any consent pursuant to this Agreement, any Certificate
registered in the name of the Depositor or any affiliate of the Depositor shall
be deemed not to be Outstanding and the Percentage Interest evidenced thereby
shall not be taken into account in determining whether the requisite amount of
Percentage Interests necessary to effect such consent has been obtained;
provided, however, that if any such Person (including the Depositor) owns 100%
of the Percentage Interests evidenced by a Class of Certificates, such
Certificates shall be deemed to be Outstanding for purposes of any provision
hereof that requires the consent of the Holders of Certificates of a particular
Class as a condition to the taking of any action hereunder. The Trustee is
entitled to rely conclusively on a certification of the Depositor or any
affiliate of the Depositor in determining which Certificates are registered in
the name of an affiliate of the Depositor.

                                        9

<PAGE>

                  Charged Off Loan: With respect to any Distribution Date, a
defaulted Mortgage Loan that has not yet been liquidated, giving rise to a
Realized Loss, on the date on which such Mortgage Loan becomes 180 days
delinquent, due to a determination by the related Servicer, pursuant to the
procedures set forth in Section 3.11, that there will be (i) no Significant Net
Recoveries with respect to such Mortgage Loan or (ii) the potential Net
Recoveries are anticipated to be an amount, determined by the related Servicer
in its good faith judgment and in light of other mitigating circumstances, that
is insufficient to warrant proceeding through foreclosure or other liquidation
of the related Mortgaged Property.

                  Class: All Certificates bearing the same class designation as
set forth in the Preliminary Statement.

                  Class A-1 Pass-Through Rate: With respect to any Interest
Accrual Period, will be a per annum rate equal to the lesser of (i) the sum of
LIBOR plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class A-2 Pass-Through Rate: With respect to any Interest
Accrual Period (a) on or prior to the Optional Termination Date, the lesser of
(i) 3.80750% per annum and (ii) the Net Funds Cap, and (b) after the Optional
Termination Date, the lesser of (i) 4.30750% per annum and (ii) the Net Funds
Cap.

                  Class A-3 Pass-Through Rate: With respect to any Interest
Accrual Period (a) on or prior to the Optional Termination Date, the lesser of
(i) 5.34670% per annum and (ii) the Net Funds Cap, and (b) after the Optional
Termination Date, the lesser of (i) 5.84670% per annum and (ii) the Net Funds
Cap.

                  Class A-R Pass-Through Rate: With respect to any Distribution
Date, a per annum rate equal to the Net Funds Cap. For federal income tax
purposes, however, with respect to any Distribution Date, a per annum rate equal
to the weighted average of the Uncertificated Pass-Through-Rate for REMIC 2
Regular Interest MT-R.

                  Class B Pass-Through Rate: With respect to any Interest
Accrual Period, will be a per annum rate equal to the lesser of (i) the sum of
LIBOR plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class B Principal Payment Amount: With respect to the Class B
Certificates and for any Distribution Date on or after the Stepdown Date and as
long as a Trigger Event is not in effect with respect to such Distribution Date,
will be the amount, if any, by which (x) the sum of (i) the aggregate Class
Principal Balance of the Class A-1, Class A-2, Class A-3, Class P, Class A-R,
Class M-1, Class M-2A and Class M-2B Certificates, in each case, after giving
effect to payments on such Distribution Date and (ii) the Class Principal
Balance of the Class B Certificates immediately prior to such Distribution Date
exceeds (y) the lesser of (A) the product of (i) 92.50% and (ii) the Aggregate
Collateral Balance for such Distribution Date and (B) the amount, if any, by
which (i) the Aggregate Collateral Balance for such Distribution Date exceeds
(ii) 0.50% of the Aggregate Collateral Balance as of the Cut-off Date.

                                       10

<PAGE>

                  Class M-1 Pass-Through Rate: With respect to any Interest
Accrual Period, will be a per annum rate equal to the lesser of (i) the sum of
LIBOR plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class M-1 Principal Payment Amount: For any Distribution Date
on or after the Stepdown Date and as long as a Trigger Event is not in effect
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate Class Principal Balance of the Class A-1, Class
A-2, Class A-3, Class P and Class A-R Certificates after giving effect to
payments on such Distribution Date and (ii) the Class Principal Balance of the
Class M-1 Certificates immediately prior to such Distribution Date exceeds (y)
the lesser of (A) the product of (i) 71.97% and (ii) the Aggregate Collateral
Balance for such Distribution Date and (B) the amount, if any, by which (i) the
Aggregate Collateral Balance for such Distribution Date exceeds (ii) 0.50% of
the Aggregate Collateral Balance as of the Cut-off Date.

                  Class M-2A Pass-Through Rate: With respect to any Interest
Accrual Period, will be a per annum rate equal to the lesser of (i) the sum of
LIBOR plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class M-2B Pass-Through Rate: With respect to any Interest
Accrual Period, will be a per annum rate equal to the lesser of (i) the sum of
LIBOR plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class M-2 Principal Payment Amount: For any Distribution Date
on or after the Stepdown Date and as long as a Trigger Event has not occurred
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate Class Principal Balance of the Class A-1, Class
A-2, Class A-3, Class P, Class A-R and Class M-1 Certificates, in each case,
after giving effect to payments on such Distribution Date and (ii) the aggregate
Class Principal Balance of the Class M-2A Certificates and Class M-2B
Certificates immediately prior to such Distribution Date exceeds (y) the lesser
of (A) the product of (i) 84.46% and (ii) the Aggregate Collateral Balance for
such Distribution Date and (B) the amount, if any, by which (i) the Aggregate
Collateral Balance for such Distribution Date exceeds (ii) 0.50% of the
Aggregate Collateral Balance as of the Cut-off Date.

                  Class X-1 Distributable Amount: With respect to any
Distribution Date, the amount of interest accrued during the related Interest
Accrual Period at the related Pass-Through Rate on the Class X-1 Notional Amount
for such Distribution Date.

                  Class X-1 Notional Amount: Immediately prior to any
Distribution Date, with respect to the Class X-1 Certificates, an amount equal
to the aggregate of the Uncertificated Principal Balances of the REMIC 2 Regular
Interests (other than REMIC 2 Regular Interests MT-P and MT-R).

                  Class P Pass-Through Rate: With respect to any Distribution
Date and the Class P Certificates, a per annum rate equal to the Net Funds Cap.
For federal income tax purposes, however, with respect to any Distribution Date,
the Class P Certificates will be entitled to 100% of the interest accrued on
REMIC 1 Regular Interest MT-P.

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                  Class Principal Balance: With respect to any Class and as to
any date of determination, the aggregate of the Certificate Balances of all
Certificates of such Class as of such date.

                  Closing Date: September 26, 2002.

                  Code: The Internal Revenue Code of 1986, as the same may be
amended from time to time (or any successor statute thereto).

                  Collection Accounts: The accounts established and maintained
by a Servicer in accordance with Section 3.05.

                  Collection Period: With respect to any Distribution Date, the
period from the second day of the month immediately preceding such Distribution
Date to and including the first day of the month of such Distribution Date.

                  Combined Loan-to-Value Ratio: With respect to any Mortgage
Loan and as to any date of determination, the fraction (expressed as a
percentage) the numerator of which is the sum of (i) principal balance of the
related Mortgage Loan at such date of determination and (ii) the principal
balance of the related First Mortgage Loan as of the date of origination of that
Mortgage Loan and the denominator of which is the Appraised Value of the related
Mortgaged Property.

                  Compensating Interest Payment: For any Distribution Date, an
amount to be paid by the applicable Servicer for such Distribution Date, equal
to the lesser of (i) an amount equal to one half of the monthly Servicing Fee
Rate on the Mortgage Loans being serviced by the related Servicer otherwise
payable to the related Servicer on such Distribution Date (prior to giving
effect to any Scheduled Payments due on such Mortgage Loans on such Due Date)
and (ii) the aggregate Prepayment Interest Shortfall for the Mortgage Loans
being serviced by the related Servicer relating to Principal Prepayments
received during the related Prepayment Period.

                  Corporate Trust Office: The designated office of the Trustee
in the State of New York at which at any particular time its corporate trust
business with respect to this Agreement shall be administered, which office at
the date of the execution of this Agreement is located at 450 West 33rd Street,
14th Floor, New York, New York 10001, Attention: Institutional Trust
Services/Structured Finance: Home Equity Mortgage Trust-2002-3.

                  Corresponding Certificate: With respect to (i) REMIC 2 Regular
Interest MT-P, (ii) REMIC 2 Regular Interest MT-R, (iii) REMIC 2 Regular
Interest MT-A1, (iv) REMIC 2 Regular Interest MT-A2, (v) REMIC 2 Regular
Interest MT-A3, (vi) REMIC 2 Regular Interest MT-M1, (vii) REMIC 2 Regular
Interest MT-M2A (viii) REMIC 2 Regular Interest MT-M2B and (ix) REMIC 2 Regular
Interest MT-B, the (i) Class P Certificates, (ii) Class A-R Certificates, (iii)
Class A-1 Certificates, (iv) Class A-2 Certificates, (v) Class A-3 Certificates,
(vi) Class M-1 Certificates, (vii) Class M-2A Certificates (viii) Class M2-B
Certificates and (ix) Class B Certificates, respectively.

                                       12

<PAGE>

                  Corresponding Uncertificated Interest: With respect to (i)
REMIC 1 Regular Interest LT-P and (ii) REMIC 1 Regular Interest LT-R, (i) REMIC
2 Regular Interest MT-P; and (ii) REMIC 2 Regular Interest MT-R, respectively.

                  Credit Risk Manager: The Murrayhill Company, a Colorado
corporation.

                  Credit Risk Management Agreement: Either of the agreements
between Ocwen or Wilshire and the Credit Risk Manager dated as of September 26,
2002.

                  Credit Risk Manager Fee: As to each Mortgage Loan and any
Distribution Date, an amount equal to one month's interest at the Credit Risk
Manager Fee Rate on the Stated Principal Balance of such Mortgage Loan as of the
Due Date in the month of such Distribution Date (prior to giving effect to any
Scheduled Payments due on such Mortgage Loan on such Due Date).

                  Credit Risk Manager Fee Rate: 0.0175% per annum with respect
to the Ocwen Serviced Loans and Wilshire Serviced Loans and 0.000% per annum
with respect to the Washington Mutual Serviced Loans.

                  CSFB: Credit Suisse First Boston Corporation, a Delaware
corporation, and its successors and assigns.

                  Cumulative Loss Event: For any Distribution Date, a Cumulative
Loss Event is occurring if Cumulative Net Realized Losses on the Mortgage Loans
equal or exceed the percentage of the Aggregate Collateral Balance as of the
Cut-off Date for that Distribution Date as specified below:

                                                    PERCENTAGE OF AGGREGATE
                      DISTRIBUTION DATE              COLLATERAL BALANCE
        -------------------------------------  ------------------------------
       October 2002 - September 2005.........              N.A.
       October 2005 - September 2006.........              5.00%
       October 2006 - September 2007.........              5.75%
       October 2007 - September 2008.........              6.50%
       October 2008 - September 2009.........              6.75%
       October 2009 and thereafter...........              7.25%

                  Cumulative Net Realized Losses: As to any date of
determination the aggregate amount of Realized Losses as reduced by any Net
Recoveries received on Charged Off Loans.

                  Current Interest: For any Class of Certificates and
Distribution Date, the amount of interest accruing at the applicable
Pass-Through Rate on the related Class Principal Balance, or Notional Amount, as
applicable, of such Class during the related Interest Accrual Period; provided,
that if and to the extent that on any Distribution Date the Interest Remittance
Amount is less than the aggregate distributions required pursuant to Section
4.02(b)(i)A-F without regard to this proviso, then the Current Interest on each
such Class will be reduced, on a pro rata basis in proportion to the

                                       13

<PAGE>

amount of Current Interest for each Class without regard to this proviso, by the
lesser of (i) the amount of the deficiency described above in this proviso and
(ii) the related Interest Shortfall for such Distribution Date.

                  Curtailment: Any payment of principal on a Mortgage Loan, made
by or on behalf of the related Mortgagor, other than a Scheduled Payment, a
prepaid Scheduled Payment or a Payoff, which is applied to reduce the
outstanding Stated Principal Balance of the Mortgage Loan.

                  Custodial Agreement: The agreement, among the Trustee, the
related Custodian and the Depositor providing for the safekeeping of any
documents or instruments referred to in Section 2.01 on behalf of the
Certificateholders, attached hereto as Exhibit R.

                  Custodian: Either of (i) Bank One Trust Company, N.A., a
national banking association or (ii) LaSalle Bank National Association, a
national banking association, or any successor custodian appointed pursuant to
the terms of the related Custodial Agreement. Each Custodian so appointed shall
act as agent on behalf of the Trustee, and shall be compensated by the
Depositor. The Trustee shall remain at all times responsible under the terms of
this Agreement, notwithstanding the fact that certain duties have been assigned
to a Custodian.

                  Cut-off Date: For any Mortgage Loan, other than a Subsequent
Mortgage Loan, September 1, 2002. For any Subsequent Mortgage Loan, the
applicable Subsequent Transfer Date.

                  Cut-off Date Principal Balance: As to any Mortgage Loan, the
Stated Principal Balance thereof as of the close of business on the Cut-off
Date.

                  Defective Mortgage Loan: Any Mortgage Loan which is required
to be repurchased pursuant to Section 2.02 or 2.03.

                  Deferred Amount: For any Class of Class M or Class B
Certificates and any Distribution Date, will equal the amount by which (x) the
aggregate of the Applied Loss Amounts previously applied in reduction of the
Class Principal Balance thereof exceeds (y) the aggregate of amounts previously
paid in reimbursement thereof.

                  Definitive Certificates: Any Certificate issued in lieu of a
Book-Entry Certificate pursuant to Section 5.02(e).

                  Deleted Mortgage Loan: As defined in Section 2.03.

                  Delinquency Rate: For any month, a fraction, expressed as a
percentage, the numerator of which is the aggregate outstanding principal
balance of all Mortgage Loans 60 or more days delinquent (including all
foreclosures, bankruptcies and REO Properties) as of the close of business on
the last day of such month, and the denominator of which is the Aggregate
Collateral Balance as of the close of business on the last day of such month.

                                       14

<PAGE>

                  Denomination: With respect to each Certificate, the amount set
forth on the face thereof as the "Initial Certificate Balance of this
Certificate" or the "Initial Notional Amount of this Certificate" or, if neither
of the foregoing, the Percentage Interest appearing on the face thereof.

                  Depositor: Credit Suisse First Boston Mortgage Securities
Corp., a Delaware corporation, or its successor in interest.

                  Depository: The initial Depository shall be The Depository
Trust Company, the nominee of which is CEDE & Co., as the registered Holder of
the Book-Entry Certificates. The Depository shall at all times be a "clearing
corporation" as defined in Section 8-102(3) of the Uniform Commercial Code of
the State of New York.

                  Depository Participant: A broker, dealer, bank or other
financial institution or other Person for whom from time to time a Depository
effects book-entry transfers and pledges of securities deposited with the
Depository.

                  Determination Date: As to any Distribution Date and any
Mortgage Loan, the second Business Day immediately following the 15th day of the
month of such Distribution Date.

                  Distribution Date: The 25th day of each month or if such day
is not a Business Day, the first Business Day thereafter, commencing in October
2002.

                  DLJMC: DLJ Mortgage Capital, Inc., a Delaware corporation, and
its successors and assigns.

                  Due Date: With respect to any Distribution Date, the first day
of the month in which the related Distribution Date occurs.

                  Due Period: With respect to each Distribution Date, the period
commencing on the second day of the month preceding the month of the
Distribution Date and ending on the first day of the month of the Distribution
Date.

                  Eligible Account: Either (i) an account or accounts maintained
with a federal or state chartered depository institution or trust company
acceptable to the Rating Agencies or (ii) an account or accounts the deposits in
which are insured by the FDIC to the limits established by such corporation,
provided that any such deposits not so insured shall be maintained in an account
at a depository institution or trust company whose commercial paper or other
short term debt obligations (or, in the case of a depository institution or
trust company which is the principal subsidiary of a holding company, the
commercial paper or other short term debt obligations of such holding company)
have been rated by Moody's in its highest short-term rating category and by S&P
at least "A-1+", or (iii) a segregated trust account or accounts (which shall be
a "special deposit account") maintained with the Trustee or any other federal or
state chartered depository institution or trust company, acting in its fiduciary
capacity, in a manner acceptable to the Trustee and the Rating Agencies.
Eligible Accounts may bear interest.

                                       15

<PAGE>

                  Eligible Investments: Any one or more of the obligations and
securities listed below which investment provides for a date of maturity not
later than the Determination Date in each month:

                  (i) direct obligations of, and obligations fully guaranteed
         by, the United States of America, or any agency or instrumentality of
         the United States of America the obligations of which are backed by the
         full faith and credit of the United States of America; or obligations
         fully guaranteed by, the United States of America; Freddie Mac, Fannie
         Mae, the Federal Home Loan Banks or any agency or instrumentality of
         the United States of America rated AA or higher by the Rating Agencies;

                  (ii) federal funds, demand and time deposits in, certificates
         of deposits of, or bankers' acceptances issued by, any depository
         institution or trust company incorporated or organized under the laws
         of the United States of America or any state thereof and subject to
         supervision and examination by federal and/or state banking
         authorities, so long as at the time of such investment or contractual
         commitment providing for such investment the commercial paper or other
         short-term debt obligations of such depository institution or trust
         company (or, in the case of a depository institution or trust company
         which is the principal subsidiary of a holding company, the commercial
         paper or other short-term debt obligations of such holding company) are
         rated in one of two of the highest ratings by each of the Rating
         Agencies, and the long-term debt obligations of such depository
         institution or trust company (or, in the case of a depository
         institution or trust company which is the principal subsidiary of a
         holding company, the long-term debt obligations of such holding
         company) are rated in one of two of the highest ratings, by each of the
         Rating Agencies;

                  (iii) repurchase obligations with a term not to exceed 30 days
         with respect to any security described in clause (i) above and entered
         into with a depository institution or trust company (acting as a
         principal) rated "A" or higher by Moody's and "A-1" or higher by S&P;
         provided, however, that collateral transferred pursuant to such
         repurchase obligation must be of the type described in clause (i) above
         and must (A) be valued daily at current market price plus accrued
         interest, (B) pursuant to such valuation, be equal, at all times, to
         105% of the cash transferred by the Trustee in exchange for such
         collateral, and (C) be delivered to the Trustee or, if the Trustee is
         supplying the collateral, an agent for the Trustee, in such a manner as
         to accomplish perfection of a security interest in the collateral by
         possession of certificated securities;

                  (iv) securities bearing interest or sold at a discount issued
         by any corporation incorporated under the laws of the United States of
         America or any state thereof which has a long- term unsecured debt
         rating in the highest available rating category of each of the Rating
         Agencies at the time of such investment;

                  (v) commercial paper having an original maturity of less than
         365 days and issued by an institution having a short-term unsecured
         debt rating in the highest available rating category of Moody's and
         rated "A-1+" by S&P at the time of such investment;

                                       16

<PAGE>

                  (vi) a guaranteed investment contract approved by each of the
         Rating Agencies and issued by an insurance company or other corporation
         having a long-term unsecured debt rating in the highest available
         rating category of each of the Rating Agencies at the time of such
         investment;

                  (vii) which may be 12b-1 funds as contemplated under the rules
         promulgated by the Securities and Exchange Commission under the
         Investment Company Act of 1940) having ratings in the highest available
         rating category of Moody's and or "AAAm" or "AAAm-G" by S&P at the time
         of such investment (any such money market funds which provide for
         demand withdrawals being conclusively deemed to satisfy any maturity
         requirements for Eligible Investments set forth herein) including money
         market funds of the Servicers or the Trustee and any such funds that
         are managed by the Servicer or the Trustee or their respective
         Affiliates or for the Servicers or the Trustee or any Affiliate of
         either acts as advisor, as long as such money market funds satisfy the
         criteria of this subparagraph (vii); and

                  (viii) such other investments the investment in which will
         not, as evidenced by a letter from each of the Rating Agencies, result
         in the downgrading or withdrawal of the Ratings of the Certificates.

provided, however, that no such instrument shall be an Eligible Investment if
such instrument evidences either (i) a right to receive only interest payments
with respect to the obligations underlying such instrument, or (ii) both
principal and interest payments derived from obligations underlying such
instrument and the principal and interest payments with respect to such
instrument provide a yield to maturity of greater than 120% of the yield to
maturity at par of such underlying obligations.

                  ERISA: The Employee Retirement Income Security Act of 1974, as
amended.

                  ERISA-Restricted Certificates: As specified in the Preliminary
Statement.

                  Escrow Account: The separate account or accounts created and
maintained by each Servicer pursuant to Section 3.06.

                  Escrow Payments: With respect to any Mortgage Loan, the
amounts constituting ground rents, taxes, mortgage insurance premiums, fire and
hazard insurance premiums, and any other payments required to be escrowed by the
Mortgagor with the mortgagee pursuant to the Mortgage, applicable law or any
other related document.

                  Event of Default: As defined in Section 7.01.

                  Expense Fees: As to each Mortgage Loan, the sum of the related
Servicing Fee, the Credit Risk Manager Fee and the Trustee Fee.

                  Expense Fee Rate: As to each Mortgage Loan, the sum of the
related Servicing Fee Rate, the Credit Risk Manager Fee Rate and the Trustee Fee
Rate.

                                       17

<PAGE>

                  FDIC: The Federal Deposit Insurance Corporation, or any
successor thereto.

                  Financial Security Default: Any failure by FSA to pay any
Insured Payment pursuant to the terms of the FSA Policy.

                  FIRREA: The Financial Institutions Reform, Recovery and
Enforcement Act of 1989.

                  First Mortgage Loan: A Mortgage Loan that is secured by a
first lien on the Mortgaged Property securing the related Mortgage Note.

                  Fitch: Fitch, Inc., or any successor thereto, located at One
State Street Plaza 32nd Floor, New York, NY 10004.

                  Fannie Mae: Fannie Mae, a federally chartered and privately
owned corporation organized and existing under the Federal National Mortgage
Association Charter Act, or any successor thereto.

                  Fannie Mae Guides: The Fannie Mae Sellers' Guide and the
Fannie Mae Servicers' Guide and all amendments or additions thereto.

                  Foreclosure Restricted Loan: Any Mortgage Loan that is 60 or
more days delinquent as of the Closing Date, unless such Mortgage Loan has
become current for three consecutive Scheduled Payments after the Closing Date.

                  Freddie Mac: Freddie Mac, a corporate instrumentality of the
United States created and existing under Title III of the Emergency Home Finance
Act of 1970, as amended, or any successor thereto.

                  FSA: Financial Security Assurance Inc., a New York stock
insurance company, or any successor thereto.

                  FSA Account: The account established pursuant to Section
4.10(c) hereof.

                  FSA Contact Persons: Collectively, the officers designated by
each Servicer to provide information to FSA pursuant to Section 4.10(l).

                  FSA Policy: The irrevocable Certificate Guaranty Insurance
Policy, No. 51347-N including any endorsements thereto, issued by FSA with
respect to the Class A-1 Certificates and Class A-3 Certificates, in the form
attached hereto as Exhibit S.

                  FSA Premium: With respect to any Distribution Date, an amount
equal to 1/12th of the product of (a) the aggregate Class Principal Balance of
the Class A-1 Certificates and Class A-3 Certificates as of such Distribution
Date (prior to giving effect to any distributions thereon on such Distribution
Date) and (b) the Premium Percentage.

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<PAGE>

                  FSA Reimbursement Amount: For any Distribution Date, the sum
of (i) all amounts paid by FSA under the FSA Policy which have not been
previously reimbursed, (ii) all unpaid FSA Premiums, (iii) all amounts due to
FSA under this Agreement and (iv) interest on the foregoing at the applicable
Late Payment Rate, in each case accruing from the date such amount was first due
and payable to FSA to and including such Distribution Date.

                  Guaranteed Distributions: As defined in the FSA Policy.

                  Indirect Participant: A broker, dealer, bank or other
financial institution or other Person that clears through or maintains a
custodial relationship with a Depository Participant.

                  Initial Mortgage Loan: A Mortgage Loan conveyed to the Trust
on the Closing Date pursuant to this Agreement as identified on the Mortgage
Loan Schedule delivered to the Trustee on the Closing Date.

                  Initial Mortgage Loan Net WAC Rate: A per annum rate equal to
the weighted average of the Net Mortgage Rates of the Initial Mortgage Loans.

                  Insurance Proceeds: Proceeds paid under any Insurance Policy
covering a Mortgage Loan to the extent the proceeds are not applied to the
restoration of the related Mortgaged Property or released to the Mortgagor in
accordance with the procedures that the Servicer would follow in servicing
mortgage loans held for its own account.

                  Insured Certificates: Any of the Class A-1 Certificates and
Class A-3 Certificates.

                  Insured Payment: As to any Distribution Date, an amount
actually paid under the FSA Policy for such Distribution Date.

                  Interest Accrual Period: With respect to each Distribution
Date, (i) with respect to the Class A-2, Class A-3, Class P, Class A-R and Class
X-1 Certificates, the calendar month prior to the month of such Distribution
Date, (ii) with respect to the Class A-1, Class M-1, Class M-2A, Class M-2B
and Class B Certificates, the one-month period commencing on the immediately
preceding Distribution Date (or the Closing Date, in the case of the first
Distribution Date) and ending on the day immediately preceding the related
Distribution Date.

                  Interest Remittance Amount: For any Distribution Date, an
amount equal to the sum of (1) all interest collected (other than Payaheads, if
applicable) or advanced in respect of Scheduled Payments on the Mortgage Loans
during the related Due Period, the interest portion of Payaheads previously
received and intended for application in the related Due Period and the interest
portion of all Payoffs and Curtailments received on the Mortgage Loans during
the related Prepayment Period, less (x) the Expense Fee with respect to such
Mortgage Loans and (y) unreimbursed Advances and other amounts due to a Servicer
or the Trustee with respect to such Mortgage Loans, to the extent allocable to
interest, (2) all Compensating Interest Payments paid by each Servicer with
respect to the Mortgage Loans it is servicing and such Distribution Date, (3)
the portion of any Substitution Adjustment Amount or Repurchase Price paid with
respect to such Mortgage Loans during the calendar month immediately preceding
the Distribution Date allocable to interest, (4) all

                                       19

<PAGE>

Liquidation Proceeds, Net Recoveries and any Insurance Proceeds and other
recoveries (net of unreimbursed Advances, Servicing Advances and expenses, to
the extent allocable to interest, and unpaid Servicing Fees) collected with
respect to the Mortgage Loans during the prior calendar month, to the extent
allocable to interest and (5) any amounts withdrawn from the Capitalized
Interest Account to pay interest on the Certificates with respect to such
Distribution Date.

                  Interest Shortfall: For any Distribution Date, the aggregate
shortfall, if any, in collections of interest for the previous month (adjusted
to the related Net Mortgage Rate) on Mortgage Loans resulting from (a) Principal
Prepayments received during the related Prepayment Period to the extent not
covered by Compensating Interest and (b) Relief Act Reductions.

                  Last Scheduled Distribution Date: With respect to each Class
of Certificates, the Distribution Date in February 2033.

                  Late Payment Rate: With respect to each Class of Insured
Certificates, the lesser of (a) the greater of (i) the per annum rate of
interest, publicly announced from time to time by JPMorgan Chase Bank at its
principal office in New York, New York, as its prime or base lending rate (any
change in such rate of interest to be effective on the date such change is
announced by JPMorgan Chase Bank) plus 3%, and (ii) the related Pass-Through
Rate and (b) the maximum rate permissible under applicable usury or similar laws
limiting interest rates. The Late Payment Rate shall be computed on the basis of
the actual number of days elapsed over a year of 360 days.

                  Latest Possible Maturity Date: Solely for purposes of
satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the "latest possible
maturity date" of all interests created in REMIC 1, REMIC 2 and REMIC 3 shall be
February 25, 2033.

                  LIBOR: For any Interest Accrual Period other than the first
Interest Accrual Period, the rate for United States dollar deposits for one
month which appears on the Dow Jones Telerate Screen Page 3750 as of 11:00 A.M.,
London, England time, on the second LIBOR Business Day prior to the first day
of such Interest Accrual Period. With respect to the first Interest Accrual
Period, the rate for United States dollar deposits for one month which appears
on the Dow Jones Telerate Screen Page 3750 as of 11:00 A.M., London, England
time, two LIBOR Business Days prior to the Closing Date. If such rate does not
appear on such page (or such other page as may replace that page on that
service, or if such service is no longer offered, such other service for
displaying LIBOR or comparable rates as may be reasonably selected by the
Trustee), the rate will be the Reference Bank Rate. If no such quotations can be
obtained and no Reference Bank Rate is available, LIBOR will be the LIBOR
applicable to the Interest Accrual Period preceding the next applicable
Distribution Date.

                  LIBOR Business Day: Any day other than (i) a Saturday or a
Sunday or (ii) a day on which banking institutions in the State of New York or
in the city of London, England are required or authorized by law to be closed.

                  Liquidated Mortgage Loan: With respect to any Distribution
Date, a defaulted Mortgage Loan (including any REO Property) which was
liquidated or for which payments under the related private mortgage insurance
policy, hazard insurance policy or any condemnation proceeds

                                       20

<PAGE>

were received, in the calendar month preceding the month of such Distribution
Date and as to which the Servicer has determined (in accordance with this
Agreement) that it has received all amounts it expects to receive in connection
with the liquidation of such Mortgage Loan, including the final disposition of
the related REO Property.

                  Liquidation Proceeds: Amounts, including Insurance Proceeds,
received in connection with the partial or complete liquidation of defaulted
Mortgage Loans, whether through trustee's sale, foreclosure sale or otherwise or
amounts received in connection with any condemnation or partial release of a
Mortgaged Property and any other proceeds received in connection with an REO
Property, less the sum of related unreimbursed Expense Fees, Servicing Advances,
Advances and reasonable out-of-pocket expenses.

                  Majority in Interest: As to any Class of Regular Certificates
or the Class X-2 Certificates, the Holders of Certificates of such Class
evidencing, in the aggregate, at least 51% of the Percentage Interests evidenced
by all Certificates of such Class.

                  Marker Rate: With respect to the Class X-1 Certificates and
any Distribution Date, a per annum rate equal to two (2) times the weighted
average of the Uncertificated REMIC 2 Pass-Through Rates for REMIC 2 Regular
Interests MT-A1, MT-A2, MT-A3, MT-M1, MT-M2A, MT-M2B, MT-B, and MT-ZZ, with the
rate on REMIC 2 Regular Interest MT-A2 subject to a cap equal to the lesser of
(A) with respect to any Interest Accrual Period, 3.8075% per annum, and (B) the
REMIC 2 Net WAC Rate for the purpose of this calculation, with the rate on REMIC
2 Regular Interest MT-A3 subject to a cap equal to the lesser of (A) with
respect to any Interest Accrual Period, 5.3467% per annum, and (B) the REMIC 2
Net WAC Rate for the purpose of this calculation, and with the rates on REMIC 2
Regular Interests MT-A1, MT-M1, MT-M2A, MT-M2B and MT-B subject to a cap equal
to the lesser of (A) LIBOR plus the Certificate Margin for the Corresponding
Certificate and (B) the REMIC 2 Net WAC Rate for the purpose of this
calculation, and with the rate on REMIC 2 Regular Interest MT-ZZ subject to a
cap of zero for the purpose of this calculation.

                  Maximum Interest Rate: An annual rate equal to the weighted
average of the Net Mortgage Rates of the Mortgage Loans.

                  MERS: Mortgage Electronic Registration Systems, Inc., a
corporation organized and existing under the laws of the State of Delaware, or
any successor thereto.

                  MERS(R) System: The system of recording transfers of Mortgages
electronically maintained by MERS.

                  MIN: The Mortgage Identification Number for Mortgage Loans
registered with MERS on the MERS(R)System.

                  MOM Loan: With respect to any Mortgage Loan, MERS acting as
the mortgagee of such Mortgage Loan, solely as nominee for the originator of
such Mortgage Loan and its successors and assigns, at the origination thereof.

                                       21

<PAGE>

                  Monthly Excess Cashflow: For any Distribution Date, an amount
equal to the sum of the Monthly Excess Interest and Overcollateralization
Release Amount, if any, for such date.

                  Monthly Excess Interest: As to any Distribution Date, the sum
of (A) the Interest Remittance Amount remaining after the application of
payments pursuant to clauses A. through F. of Section 4.02(b)(i) plus (B) the
Principal Payment Amount remaining after the application of payments pursuant to
clauses A. through E. of Section 4.02(b)(ii) or (iii).

                  Monthly Statement: The statement delivered to the
Certificateholders pursuant to Section 4.06.

                  Moody's: Moody's Investors Service, Inc., or any successor
thereto. For purposes of Section 10.05(b) the address for notices to Moody's
shall be Moody's Investors Service, Inc., 99 Church Street, New York, New York
10007, Attention: Residential Pass-Through Monitoring, or such other address as
Moody's may hereafter furnish to the Depositor, each Servicer and the Trustee.

                  Mortgage: The mortgage, deed of trust or other instrument
creating a first or second lien on an estate in fee simple or leasehold interest
in real property securing a Mortgage Note.

                  Mortgage File: The Mortgage documents listed in Section
2.01(b) hereof pertaining to a particular Initial Mortgage Loan or Subsequent
Mortgage Loan and any additional documents delivered to the Trustee to be added
to the Mortgage File pursuant to this Agreement.

                  Mortgage Loans: Such of the mortgage loans transferred and
assigned to the Trustee pursuant to the provisions hereof as from time to time
are held as a part of the Trust Fund (including any REO Property), the mortgage
loans so held being identified in the Mortgage Loan Schedule, notwithstanding
foreclosure or other acquisition of title of the related Mortgaged Property.

                  Mortgage Loan Schedule: The Mortgage Loan Schedule which will
list the Mortgage Loans (as from time to time amended by the Seller to reflect
the addition of Qualified Substitute Mortgage Loans and the purchase of Mortgage
Loans pursuant to Section 2.02 or 2.03) transferred to the Trustee as part of
the Trust Fund and from time to time subject to this Agreement, attached hereto
as Schedule I, setting forth the following information with respect to each
Mortgage Loan:

                  (i) the Mortgage Loan identifying number;

                  (ii) the Mortgagor's name;

                  (iii) the street address of the Mortgaged Property including
         the state and zip code;

                  (iv) a code indicating the type of Mortgaged Property and the
         occupancy status.

                  (v) the original months to maturity or the remaining months to
         maturity from the Cut-off Date, in any case based on the original
         amortization schedule and, if different, the maturity expressed in the
         same manner but based on the actual amortization schedule;

                                       22

<PAGE>

                  (vi) the Combined Loan-to-Value Ratio at origination;

                  (vii) the Mortgage Rate as of the Cut-off Date;

                  (viii) the stated maturity date;

                  (ix) the amount of the Scheduled Payment as of the Cut-off
         Date;

                  (x) the original principal amount of the Mortgage Loan;

                  (xi) the principal balance of the Mortgage Loan as of the
         close of business on the Cut- off Date, after deduction of payments of
         principal due on or before the Cut-off Date whether or not collected;

                  (xii) a code indicating the purpose of the Mortgage Loan
         (i.e., purchase, rate and term refinance, equity take-out refinance);

                  (xiii) the Net Mortgage Rate as of the Cut-off Date;

                  (xiv) the Originator of the related Mortgage Loan;

                  (xv) the Servicing Fee Rate;

                  (xvi) the related sub-servicer;

                  (xvii) a code indicating whether a Mortgage Loan is subject to
         a Prepayment Penalty;

                  (xviii) the amount of the Prepayment Penalty with respect to
         each Mortgage Loan and a code identifying whether such Prepayment
         Penalty is related to a Curtailment or Payoff;

                  (xix) whether such Mortgage Loan is a Balloon Loan; and

                  (xx) whether such Mortgage Loan is a Wilshire Serviced Loan,
         an Ocwen Serviced Loan or a Washington Mutual Serviced Loan.

                  With respect to the Mortgage Loans in the aggregate, each, the
         Mortgage Loan Schedule shall set forth the following information, as of
         the Cut-off Date:

                  (i) the number of Mortgage Loans; and

                  (ii) the current aggregate principal balance of the Mortgage
         Loans as of the close of business on the Cut-off Date, after deduction
         of payments of principal due on or before the Cut-off Date whether or
         not collected.

                                       23

<PAGE>

                  Mortgage Note: The original executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan.

                  Mortgage Rate: The annual fixed rate of interest borne by a
Mortgage Note.

                  Mortgaged Property: The underlying real property securing a
Mortgage Loan.

                  Mortgagor: The obligor(s) on a Mortgage Note.

                  Net Excess Spread: With respect to any Distribution Date and
Loan, a fraction, expressed as a percentage, the numerator of which is equal to
the excess of (x) the aggregate Stated Principal Balance for such Distribution
Date of the Mortgage Loans, multiplied by the weighted average Net Mortgage Rate
of such Mortgage Loans over (y) the Interest Remittance Amount for such
Distribution Date, and the denominator of which is an amount equal to the
aggregate Stated Principal Balance for such Distribution Date of the Mortgage
Loans, multiplied by the actual number of days elapsed in the related Interest
Accrual Period divided by 360.

                  Net Funds Cap: As to any Distribution Date, will be a per
annum rate equal to (a) a fraction, expressed as a percentage, (a) the numerator
of which is (1) the amount of interest accrued on the Mortgage Loans for such
date, minus (2) the sum of (i) the Expense Fee and (ii) any FSA Premium, and (b)
the denominator of which is the product of (i) the Aggregate Collateral Balance
immediately preceding such Distribution Date (or as of the Cut-off Date in the
case of the first Distribution Date), multiplied by (ii)(x) in the case of the
Class A-2, Class A-3, Class A-R and Class P Certificates, 1/12 and (y) in the
case of the Class A-1, Class M-1, Class M-2A, Class M-2B and Class B
Certificates, the actual number of days in the related Interest Accrual Period
divided by 360. For federal income tax purposes, however, as to any Distribution
Date will be the equivalent of the foregoing, expressed as a per annum rate
equal to the weighted average of the Uncertificated Pass-Through Rates on the
REMIC 1 Regular Interests multiplied by (x) in the case of the Class A-2, Class
A-3, Class A-R and Class P Certificates, 1/12 and (y) in the case of the Class
A-1, Class M-1, Class M-2A, Class M-2B and Class B Certificates, the actual
number of days in the related Interest Accrual Period divided by 360.

                  Net Mortgage Rate: As to each Mortgage Loan, and at any time,
the per annum rate equal to the Mortgage Rate less the related Expense Fee Rate.

                  Net Prepayment Interest Shortfalls: As to any Distribution
Date, the amount, if any, by which the aggregate of Prepayment Interest
Shortfalls during the Prepayment Period exceeds the Compensating Interest
Payment for such Distribution Date.

                  Net Recovery: Any proceeds received by a Servicer on a
delinquent or Charged Off Loan (including any Liquidation Proceeds received on a
Charged Off Loan), net of any Servicing Fee and related expenses.

                  Nonrecoverable Advance: Any portion of an Advance or Servicing
Advance previously made or proposed to be made by the applicable Servicer that,
in the good faith judgment

                                       24

<PAGE>

of the applicable Servicer, will not be ultimately recoverable by the Servicer
from the related Mortgagor, related Liquidation Proceeds or otherwise.

                  Notional Amount: The Class X-1 Notional Amount.

                  Notional Amount Certificates: As specified in the Preliminary
Statement.

                  Ocwen: Ocwen Federal Bank FSB, a federally chartered savings
bank.

                  Ocwen Serviced Loans: The Mortgage Loans identified as such on
the Mortgage Loan Schedule.

                  Offered Certificates: As specified in the Preliminary
Statement.

                  Officer's Certificate: A certificate signed by the Chairman of
the Board or the Vice Chairman of the Board or the President or a Vice President
or an Assistant Vice President or the Treasurer or the Secretary or one of the
Assistant Treasurers or Assistant Secretaries of the Servicer or the Depositor,
and delivered to the Depositor or the Trustee, as the case may be, as required
by this Agreement.

                  Opinion of Counsel: A written opinion of counsel, who may be
counsel for the Depositor or a Servicer, including in-house counsel, reasonably
acceptable to the Trustee; provided, however, that with respect to the
interpretation or application of the REMIC Provisions, such counsel must (i) in
fact be independent of the Depositor and any Servicer, (ii) not have any
material direct financial interest in the Depositor or the Servicer or in any
affiliate of either, and (iii) not be connected with the Depositor or the
Servicer as an officer, employee, promoter, underwriter, trustee, partner,
director or person performing similar functions.

                  Optional Termination: The termination of the trust created
hereunder in connection with the purchase of the Mortgage Loans pursuant to
Section 9.01.

                  Optional Termination Date: The first date on which the
Optional Termination may be exercised.

                  Optional Termination Holder: The Person who may terminate the
trust pursuant to Section 9.01, which shall be the Majority in Interest Class
X-1 Certificateholder; provided however that if the Majority in Interest Class
X-1 Certificateholder is the Seller or Credit Suisse First Boston Corporation,
or an Affiliate of the Seller or Credit Suisse First Boston Corporation, then
the Optional Termination Holder shall not terminate the trust pursuant to
Section 9.01.

                  OTS: The Office of Thrift Supervision.

                  Outsourcer: As defined in Section 3.02.

                  Outstanding: With respect to the Certificates as of any date
of determination, all Certificates theretofore executed and authenticated under
this Agreement except: (i) Certificates theretofore canceled by the Trustee or

                                       25

<PAGE>

delivered to the Trustee for cancellation; and (ii) Certificates in exchange for
which or in lieu of which other Certificates have been executed and delivered by
the Trustee pursuant to this Agreement.

                  Outstanding Mortgage Loan: As of any Due Date, a Mortgage Loan
with a Stated Principal Balance greater than zero which was not the subject of a
Payoff prior to such Due Date and which did not become a Liquidated Mortgage
Loan or Charged Off Loan prior to such Due Date.

                  Overcollateralization Amount: For any Distribution Date, an
amount equal to the amount, if any, by which (x) the Aggregate Loan Balance for
such Distribution Date exceeds (y) the aggregate Class Principal Balance of the
Certificates after giving effect to payments on such Distribution Date.

                  Overcollateralization Release Amount: For any Distribution
Date, an amount equal to the lesser of (x) the Principal Remittance Amount for
such Distribution Date and (y) the amount, if any, by which (1) the
Overcollateralization Amount for such date, calculated for this purpose on the
basis of the assumption that 100% of the aggregate of the Principal Remittance
Amount for such date is applied on such date in reduction of the aggregate of
the Class Principal Balances of the Certificates, exceeds (2) the Targeted
Overcollateralization Amount for such date.

                  Overfunded Interest Amount: With respect to any Subsequent
Transfer Date and the Subsequent Mortgage Loans, the excess of (A) the amount on
deposit in the Capitalized Interest Account on such date over (B) the excess of
(i) the amount of interest accruing at (x) the assumed weighted average
Pass-Through Rates of the Senior Certificates multiplied by (y) the Pre-Funding
Amount outstanding at the end of the related Due Period for the total number of
days remaining through the end of the Interest Accrual Periods ending (a)
October 25, 2002, (b) November 25, 2002 and (c) December 26, 2002 over (ii) one
month of investment earnings on the amount on deposit in the Capitalized
Interest Account on such date at an annual rate of 1.25%. The assumed weighted
average Pass-Through Rate of the Senior Certificates will be calculated assuming
LIBOR is 2.02% for any Subsequent Transfer Date prior to the October 2002
Distribution Date, 2.27% for any Subsequent Transfer Date prior to the November
2002 Distribution Date and 2.52% for any Subsequent Transfer Date prior to the
December 2002 Distribution Date.

                  Ownership Interest: As to any Residual Certificate, any
ownership or security interest in such Certificate including any interest in
such Certificate as the Holder thereof and any other interest therein, whether
direct or indirect, legal or beneficial.

                  Pass-Through Rate: With respect to the Class A-1, Class A-2,
Class A-3, Class A-R, Class P, Class M-1, Class M-2A, Class M-2B and Class B
Certificates, the Class A-1 Pass-Through Rate, Class A-2 Pass-Through Rate,
Class A-3 Pass-Through Rate, Class A-R Pass-Through Rate, Class P Pass-Through
Rate, Class M-1 Pass-Through Rate, Class M-2A Pass-Through Rate, Class M-2B
Pass-Through Rate and Class B Pass-Through Rate.

With respect to the Class X-1 Certificates and any Distribution Date, a per
annum rate equal to the percentage equivalent of a fraction, the numerator of
which is the sum of the amounts calculated pursuant to clauses (A) through (I)
below, and the denominator of which is the aggregate of the

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<PAGE>

Uncertificated Principal Balances of REMIC 2 Regular Interest MT-AA, REMIC 2
Regular Interest MT-A1, REMIC 2 Regular Interest MT-A2, REMIC 2 Regular Interest
MT-A3, REMIC 2 Regular Interest MT-M1, REMIC 2 Regular Interest MT-M2A, REMIC 2
Regular Interest MT-M2B, REMIC 2 Regular Interest MT-B and REMIC 2 Regular
Interest MT-ZZ. For purposes of calculating the Pass-Through Rate for the Class
X-1 Certificates, the numerator is equal to the sum of the following components:

                  (A)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-AA minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-AA;

                  (B)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-A1 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-A1;

                  (C)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-A2 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-A2;

                  (D)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-A3 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-A3;

                  (E)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-M1 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-M1;

                  (F)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-M2A minus the Marker
                           Rate, applied to an amount equal to the
                           Uncertificated Principal Balance of REMIC 2 Regular
                           Interest MT-M2A;

                  (G)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-M2B minus the Marker
                           Rate, applied to an amount equal to the
                           Uncertificated Principal Balance of REMIC 2 Regular
                           Interest MT-M2B;

                  (H)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-B minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-B;
                           and

                  (I)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-ZZ minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-ZZ.

                  Payahead: Any Scheduled Payment intended by the related
Mortgagor to be applied in a Due Period subsequent to the Due Period in which
such payment was received.

                                       27

<PAGE>

                  Payoff: Any payment of principal on a Mortgage Loan equal to
the entire outstanding Stated Principal Balance of such Mortgage Loan, if
received in advance of the last scheduled Due Date for such Mortgage Loan and
accompanied by an amount of interest equal to accrued unpaid interest on the
Mortgage Loan to the date of such payment-in-full.

                  Percentage Interest: As to any Certificate, the percentage
interest evidenced thereby in distributions required to be made on the related
Class, such percentage interest being set forth on the face thereof or equal to
the percentage obtained by dividing the Denomination of such Certificate by the
aggregate of the Denominations of all Certificates of the same Class.

                  Permitted Transferee: Any person other than (i) the United
States, any State or political subdivision thereof, or any agency or
instrumentality of any of the foregoing, (ii) a foreign government,
International Organization or any agency or instrumentality of either of the
foregoing, (iii) an organization (except certain farmers' cooperatives described
in section 521 of the Code) which is exempt from tax imposed by Chapter 1 of the
Code (including the tax imposed by section 511 of the Code on unrelated business
taxable income) on any excess inclusions (as defined in section 860E(c)(1) of
the Code) with respect to any Residual Certificate, (iv) rural electric and
telephone cooperatives described in section 1381(a)(2)(C) of the Code, (v) a
Person that is not a United States Person, and (vi) a Person designated as a
non-Permitted Transferee by the Depositor based upon an Opinion of Counsel that
the Transfer of an Ownership Interest in a Residual Certificate to such Person
may cause any REMIC created hereunder to fail to qualify as a REMIC at any time
that the Certificates are outstanding. The terms "United States," "State" and
"International Organization" shall have the meanings set forth in section 7701
of the Code or successor provisions. A corporation will not be treated as an
instrumentality of the United States or of any State or political subdivision
thereof for these purposes if all of its activities are subject to tax and, with
the exception of Freddie Mac, a majority of its board of directors is not
selected by such government unit.

                  Person: Any individual, corporation, partnership, joint
venture, association, limited liability company, joint-stock company, trust,
unincorporated organization or government, or any agency or political
subdivision thereof.

                  Physical Certificates: As specified in the Preliminary
Statement.

                  Pre-Funding Account: The separate Eligible Account created and
maintained by the Trustee with respect to the Mortgage Loans pursuant to Section
3.05(f) in the name of the Trustee for the benefit of the Certificateholders and
designated "JPMorgan Chase Bank, in trust for registered holders of Home Equity
Mortgage Pass-Through Certificates, Series 2002-3." Funds in the Pre-Funding
Account shall be held in trust for the Certificateholders for the uses and
purposes set forth in this Agreement and shall not be a part of any REMIC
created hereunder; provided, however, that any investment income earned from
Eligible Investments made with funds in the Pre-Funding Account shall be for the
account of the Depositor.

                  Pre-Funding Amount: The amount deposited in the Pre-Funding
Account on the Closing Date, which shall equal $8,108,825.23.

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<PAGE>

                  Pre-Funding Period: The period from the Closing Date until the
earliest of (i) the date on which the amount on deposit in the Pre-Funding
Account is reduced to zero, (ii) the date on which an Event of Default occurs or
(iii) December 24, 2002.

                  Premium Percentage: With respect to the Insured Certificates,
0.10% per annum.

                  Prepayment Interest Shortfall: As to any Mortgage Loan,
Distribution Date and Principal Prepayment, other than Principal Prepayments in
full that occur during the portion of the Prepayment Period that is in the same
calendar month as the Distribution Date, the difference between (i) one full
month's interest at the applicable Mortgage Rate (giving effect to any
applicable Relief Act Reduction), as reduced by the Expense Fee Rate, on the
outstanding principal balance of such Mortgage Loan immediately prior to such
prepayment and (ii) the amount of interest actually received that accrued during
the month immediately preceding such Distribution Date with respect to such
Mortgage Loan in connection with such Principal Prepayment.

                  Prepayment Penalty: With respect to any Mortgage Loan, any
penalty required to be paid if the Mortgagor prepays such Mortgage Loan as
provided in the related Mortgage Note or Mortgage.

                  Prepayment Period: With respect to each Distribution Date and
each Payoff, the related "Prepayment Period" will be the 15th of the month
preceding the month in which the related Distribution Date occurs through the
14th of the month in which the related Distribution Date occurs. With respect to
each Distribution Date and each Curtailment, the related "Prepayment Period"
will be the calendar month preceding the month in which the related Distribution
Date occurs.

                  Principal Payment Amount: For any Distribution Date, an amount
equal to the Principal Remittance Amount for such date minus the
Overcollateralization Release Amount, if any, for such date.

                  Principal Remittance Amount: For any Distribution Date, an
amount equal to the sum of (1) all principal collected (other than Payaheads) or
advanced in respect of Scheduled Payments on the Mortgage Loans during the
related Due Period (less unreimbursed Advances, Servicing Advances and other
amounts due to each Servicer and the Trustee with respect to the Mortgage Loans,
to the extent allocable to principal) and the principal portion of Payaheads
previously received and intended for application in the related Due Period, (2)
all Principal Prepayments on the Mortgage Loans received during the related
Prepayment Period, (3) the outstanding principal balance of each Mortgage Loan
that was repurchased by the Seller, the Optional Termination Holder or the
Majority in Interest Class X-2 Certificateholder during the calendar month
immediately preceding such Distribution Date, (4) the portion of any
Substitution Adjustment Amount paid with respect to any Deleted Mortgage Loans
during the calendar month immediately preceding such Distribution Date allocable
to principal, (5) all Liquidation Proceeds, Net Recoveries and any Insurance
Proceeds and other recoveries (net of unreimbursed Advances, Servicing Advances
and other expenses, to the extent allocable to principal) collected with respect
to the Mortgage Loans during the prior calendar month, to the extent allocable
to principal and (6) with respect to the Distribution Date in December 2002, the
amount remaining in the Pre-Funding Account at the end of the Pre-Funding
Period.

                                       29

<PAGE>

                  Principal Prepayment: Any payment of principal on a Mortgage
Loan which constitutes a Payoff or Curtailment.

                  Prospectus Supplement: The Prospectus Supplement dated
September 23, 2002 relating to the Offered Certificates.

                  PUD: Planned Unit Development.

                  Qualified Insurer: A mortgage guaranty insurance company duly
qualified as such under the laws of the state of its principal place of business
and each state having jurisdiction over such insurer in connection with the
insurance policy issued by such insurer, duly authorized and licensed in such
states to transact a mortgage guaranty insurance business in such states and to
write the insurance provided by the insurance policy issued by it, approved as a
Fannie Mae- or Freddie Mac-approved mortgage insurer or having a claims paying
ability rating of at least "AA" or equivalent rating by at least two nationally
recognized statistical rating organizations. Any replacement insurer with
respect to a Mortgage Loan must have at least as high a claims paying ability
rating as the insurer it replaces had on the Closing Date.

                  Qualified Substitute Mortgage Loan: A Mortgage Loan
substituted by the Seller for a Deleted Mortgage Loan which must, on the date of
such substitution, as confirmed in a Request for Release, substantially in the
form of Exhibit M (i) have a Stated Principal Balance, after deduction of the
principal portion of the Scheduled Payment due in the month of substitution (or,
in the case of a substitution of more than one mortgage loan for a Deleted
Mortgage Loan, an aggregate principal balance), not in excess of, and not more
than 10% less than the Stated Principal Balance of the Deleted Mortgage Loan;
(ii) be accruing interest at a rate no lower than and not more than 1% per annum
higher than, that of the Deleted Mortgage Loan; (iii) have a Combined
Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (iv) have
a remaining term to maturity no greater than (and not more than one year less
than that of) the Deleted Mortgage Loan; and (v) comply with each representation
and warranty set forth in Section 2.03(f).

                  Rating Agency: S&P and Moody's. If either such organization or
a successor is no longer in existence, "Rating Agency" shall be such nationally
recognized statistical rating organization, or other comparable Person, as is
designated by the Depositor, notice of which designation shall be given to the
Trustee and the Servicers. References herein to a given rating or rating
category of a Rating Agency shall mean such rating category without giving
effect to any modifiers.

                  Ratings: As of any date of determination, the ratings, if any,
of the Certificates as assigned by the Rating Agencies.

                  Realized Loss: With respect to each Liquidated Mortgage Loan,
an amount (not less than zero or greater than the Stated Principal Balance of
the Mortgage Loan) as of the date of such liquidation, equal to (i) the Stated
Principal Balance of the Liquidated Mortgage Loan as of the date of such
liquidation, plus (ii) interest at the Net Mortgage Rate from the related Due
Date as to which interest was last paid or advanced (and not reimbursed) to the
related Certificateholders up to the related Due Date in the month in which
Liquidation Proceeds are required to be distributed on the

                                       30

<PAGE>

Stated Principal Balance of such Liquidated Mortgage Loan from time to time,
minus (iii) the Liquidation Proceeds, if any, received during the month in which
such liquidation occurred, to the extent applied as recoveries of interest at
the Net Mortgage Rate and to principal of the Liquidated Mortgage Loan. Any
Charged Off Loan will give rise to a Realized Loss at the time it is charged
off, as described in Section 3.11(a)(iii) hereof. In addition, to the extent any
amount is paid to Ocwen pursuant to Section 3.11(a)(iv)(A) hereof, such amount
shall be treated as a Realized Loss.

                  Record Date: With respect to the Certificates (other than the
Class A-1, Class M-1, Class M-2A, Class M-2B and Class B Certificates) and any
Distribution Date, the close of business on the last Business Day of the month
preceding the month in which such applicable Distribution Date occurs. With
respect to the Class A-1, Class M-1, Class M-2A, Class M-2B and Class B
Certificates which are Book- Entry Certificates and any Distribution Date, the
close of business on the Business Day preceding such Distribution Date.

                  Reference Bank Rate: With respect to any Interest Accrual
Period, as follows: the arithmetic mean (rounded upwards, if necessary, to the
nearest one sixteenth of a percent) of the offered rates for United States
dollar deposits for one month which are offered by the Reference Banks as of
11:00 A.M., London, England time, on the second LIBOR Business Day prior to the
first day of such Interest Accrual Period to prime banks in the London interbank
market for a period of one month in amounts approximately equal to the aggregate
Class Principal Balance of the LIBOR Certificates; provided that at least two
such Reference Banks provide such rate. If fewer than two offered rates appear,
the Reference Bank Rate will be the arithmetic mean of the rates quoted by one
or more major banks in New York City, selected by the Trustee, as of 11:00 a.m.,
New York time, on such date for loans in U.S. Dollars to leading European Banks
for a period of one month in amounts approximately equal to the aggregate Class
Principal Balance of the LIBOR Certificates. If no such quotations can be
obtained, the Reference Bank Rate shall be LIBOR applicable to the preceding
Distribution Date; provided however, that if, under the priorities indicated
above, LIBOR for a Distribution Date would be based on LIBOR for the previous
Payment Date for the third consecutive Distribution Date, the Trustee shall
select an alternative comparable index over which the Trustee has no control,
used for determining one-month Eurodollar lending rates that is calculated and
published or otherwise made available by an independent party.

                  Reference Banks: Barclays Bank PLC, National Westminster Bank
and Abbey National PLC.

                  Regular Certificates: As specified in the Preliminary
Statement.

                  Released Loan: Any Charged Off Loan that is released by
Wilshire to the Class X-2 Certificateholders pursuant to Section 3.11(a),
generally on the date that is six months after the date on which Wilshire begins
using Wilshire Special Servicing on such Charged Off Loans. Any Released Loan
will no longer be an asset of any REMIC or the Trust Fund.

                  Relief Act: The Soldiers' and Sailors' Civil Relief Act of
1940, as amended or any similar state law or regulation.

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<PAGE>

                  Relief Act Reductions: With respect to any Distribution Date
and any Mortgage Loan as to which there has been a reduction in the amount of
interest or principal collectible thereon for the most recently ended calendar
month as a result of the application of the Relief Act or similar state law or
regulation, the amount, if any, by which (i) interest and/or principal
collectible on such Mortgage Loan for the most recently ended calendar month is
less than (ii) interest and/or principal accrued thereon for such month pursuant
to the Mortgage Note.

                  REMIC: A "real estate mortgage investment conduit" within the
meaning of section 860D of the Code.

                  REMIC 1: The segregated pool of assets subject hereto,
constituting the primary trust created hereby and to be administered hereunder,
with respect to which a REMIC election is to be made consisting of: (i) such
Mortgage Loans as from time to time are subject to this Agreement (other than
any Prepayment Premiums), together with the Mortgage Files relating thereto, and
together with all collections thereon and proceeds thereof, (ii) any REO
Property, together with all collections thereon and proceeds thereof, (iii) the
Trustee's rights with respect to the Mortgage Loans under all insurance
policies, including the Primary Insurance Policy, required to be maintained
pursuant to this Agreement and any proceeds thereof and, (iv) the Collection
Account and the Certificate Account (subject to the last sentence of this
definition) and such assets that are deposited therein from time to time and any
investments thereof. Notwithstanding the foregoing, however, a REMIC election
will not be made with respect to the Reserve Fund, the Pre-Funding Account or
the Capitalized Interest Account.

                  REMIC 1 Net WAC Rate: With respect to any Distribution Date, a
per annum rate equal to the weighted average of the related REMIC 1 Pass-Through
Rates on the REMIC 1 Regular Interests, weighted on the basis of the respective
Uncertificated Principal Balances thereof immediately preceding such
Distribution Date.

                  REMIC 1 Regular Interest LT-1: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-1 shall
accrue interest at the related Uncertificated REMIC 1 Pass-Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 1 Regular Interest LT-1PF: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-1PF
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-P: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-P shall
accrue interest at the related Uncertificated REMIC 1 Pass-Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject

                                       32

<PAGE>

to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 1 Regular Interest LT-R: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-R shall
accrue interest at the related Uncertificated REMIC 1 Pass-Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 1 Regular Interests: REMIC 1 Regular Interest LT-1,
LT-1PF, LT-P and LT-R.

                  REMIC 1 Targeted Overcollateralization Amount: 1% of the
Targeted Overcollateralization Amount.

                  REMIC 2: The segregated pool of assets consisting of all of
the REMIC 1 Regular Interests conveyed in the trust to the Trustee, for the
benefit of the Holders of the Regular Certificates and the Class A-R
Certificates (in respect of the Class R-2 Interest), pursuant to Article II
hereunder, and all amounts deposited therein, with respect to which a separate
REMIC election is to be made.

                  REMIC 2 Interest Loss Allocation Amount: With respect to any
Distribution Date, an amount equal to (a) the product of (i) the aggregate
Stated Principal Balance of the Mortgage Loans and related REO Properties then
outstanding and (ii) the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2
Regular Interest MT-AA minus the Marker Rate, divided by (b) 12.

                  REMIC 2 Net WAC Rate: With respect to any Distribution Date, a
per annum rate equal to the weighted average of the related Uncertificated REMIC
2 Pass-Through Rates on the REMIC 2 Regular Interests, weighted on the basis of
the respective Uncertificated Principal Balances thereof immediately preceding
such Distribution Date.

                  REMIC 2 Overcollateralization Amount: With respect to any date
of determination, (i) 1% of the aggregate Uncertificated Principal Balances of
the REMIC 2 Regular Interests minus (ii) the aggregate Uncertificated Principal
Balances of REMIC 2 Regular Interests MT-A1, MT-A2, MT-A3, MT-M1, MT-M2A,
MT-M2B, MT-B, MT-R and MT-P, in each case as of such date of determination.

                  REMIC 2 Principal Loss Allocation Amount: With respect to any
Distribution Date, an amount equal to the product of (i) the aggregate Stated
Principal Balance of the Mortgage Loans and related REO Properties then
outstanding and (ii) 1 minus a fraction, the numerator of which is two times the
aggregate Uncertificated Principal Balance of REMIC 2 Regular Interests MT-A1,
MT-A2, MT-A3, MT-M1, MT-M2A, MT-M2B and MT-B, and the denominator of which is
the aggregate Uncertificated Principal Balance of REMIC 2 Regular Interests
MT-A1, MT-A2, MT-A3, MT-M1, MT-M2A, MT- M2B, MT-B and MT-ZZ.

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<PAGE>

                  REMIC 2 Regular Interest MT-AA: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-AA
shall accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 2 Regular Interest MT-A1: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-A1
shall accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 2 Regular Interest MT-A2: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-A2
shall accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 2 Regular Interest MT-A3: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-A3
shall accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 2 Regular Interest MT-M1: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-M1
shall accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 2 Regular Interest MT-M2A: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-M2A
shall accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 2 Regular Interest MT-M2B: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-M2B
shall accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal,

                                       34

<PAGE>

subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-B: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-B shall
accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-P: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-P shall
accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-R: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-R shall
accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-ZZ: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-ZZ
shall accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 2 Regular Interest MT-ZZ Maximum Interest Deferral
Amount: With respect to any Distribution Date, the excess of (i) REMIC 2
Uncertificated Accrued Interest calculated with the Uncertificated Pass-Through
Rate for REMIC 2 Regular Interest MT-ZZ and an Uncertificated Principal Balance
equal to the excess of (x) the Uncertificated Principal Balance of REMIC 2
Regular Interest MT- ZZ over (y) the REMIC 2 Overcollateralization Amount, in
each case for such Distribution Date, over (ii) the sum of REMIC 2
Uncertificated Accrued Interest on REMIC 2 Regular Interests MT-A1, MT-A2,
MT-A3, MT-M1, MT-M2A, MT-M2B and MT-B, with the rate on REMIC 2 Regular Interest
MT-A2 subject to a cap equal to the lesser of (a) with respect to any Interest
Accrual Period, 3.8075% per annum and (b) the REMIC 2 Net WAC Rate for the
purpose of this calculation, with the rate on REMIC 2 Regular Interest MT-A3
subject to a cap equal to the lesser of (a) with respect to any Interest Accrual
Period, 5.3467% per annum and (b) the REMIC 2 Net WAC Rate for the purpose of
this calculation, and with the rates on REMIC 2 Regular Interests MT-A1, MT-M1,
MT-M2A, MT-M2B and MT-B subject to a cap equal to the lesser of (a) LIBOR plus
the Certificate Margin relating to the Corresponding Certificate and (b) the
REMIC 2 Net WAC Rate for the purpose of this calculation for such Distribution
Date.

                                       35

<PAGE>

                  REMIC 2 Regular Interests: REMIC 2 Regular Interest MT-AA,
REMIC 2 Regular Interest MT-A1, REMIC 2 Regular Interest MT-A2, REMIC 2 Regular
Interest MT-A3, REMIC 2 Regular Interest MT-M1, REMIC 2 Regular Interest MT-M2,
REMIC 2 Regular Interest MT-B, REMIC 2 Regular Interest MT-ZZ, REMIC 2 Regular
Interest MT-P and REMIC 2 Regular Interest MT-R.

                  REMIC 2 Targeted Overcollateralization Amount: 1% of the
Targeted Overcollateralization Amount.

                  REMIC 3: The segregated pool of assets consisting of all of
the REMIC 2 Regular Interests conveyed in trust to the Trustee, for the benefit
of the Holders of the Regular Certificates and the Class A-R Certificates (in
respect of the Class R-3 Interest), pursuant to Article II hereunder, and all
amounts deposited therein, with respect to which a separate REMIC election is to
be made.

                  REMIC 3 Regular Interests: The Regular Certificates.

                  REMIC Provisions: Provisions of the federal income tax law
relating to real estate mortgage investment conduits, which appear at sections
860A through 860G of Subchapter M of Chapter 1 of the Code, and related
provisions, and regulations promulgated thereunder, as the foregoing may be in
effect from time to time.

                  REMIC Regular Interests: The REMIC 1 Regular Interests, REMIC
2 Regular Interests and Regular Certificates.

                  REO Property: A Mortgaged Property acquired by the Trust Fund
through foreclosure or deed-in-lieu of foreclosure in connection with a
defaulted Mortgage Loan.

                  Repurchase Price: With respect to any Mortgage Loan required
to be purchased by the Seller pursuant to this Agreement or purchased at the
option of the Optional Termination Holder or the Majority in Interest Holder of
the Class X-2 Certificates pursuant to this Agreement, an amount equal to the
sum of (i) 100% of the unpaid principal balance of the Mortgage Loan on the date
of such purchase, (ii) accrued unpaid interest thereon at the applicable
Mortgage Rate from the date through which interest was last paid by the
Mortgagor to the Due Date in the month in which the Repurchase Price is to be
distributed to Certificateholders and (iii) any unreimbursed Servicing Advances.

                  Request for Release: The Request for Release submitted by a
Servicer to the Trustee, substantially in the form of Exhibit M.

                  Required Insurance Policy: With respect to any Mortgage Loan,
any insurance policy (exclusive of the FSA Policy) that is required to be
maintained from time to time under this Agreement.

                  Required Reserve Fund Amount: With respect to any Distribution
Date on which the Net Excess Spread is less than 0.25%, the greater of (a)
$15,000 and (b) the product of 0.50% and

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<PAGE>

the Aggregate Loan Balance. With respect to any Distribution Date on which the
Net Excess Spread is equal to or greater than 0.25%, $5,000.

                  Required Reserve Fund Deposit: With respect to any
Distribution Date on which the Net Excess Spread is less than 0.25%, the excess
of (i) the greater of (a) $15,000 and (b) product of 0.50% and the Aggregate
Collateral Balance over (ii) the amount of funds on deposit in the Reserve Fund
prior to deposits thereto on such Distribution Date. With respect to any
Distribution Date on which the Net Excess Spread is equal to or greater than
0.25%, the excess of (i) $5,000 over (ii) the amount of funds on deposit in the
Reserve Fund prior to deposits thereto on such Distribution Date.

                   Reserve Fund: The separate Eligible Account created and
initially maintained by the Trustee pursuant to Section 4.08 in the name of the
Trustee for the benefit of the Certificateholders and designated "JPMorgan Chase
Bank in trust for registered holders of Credit Suisse First Boston Mortgage
Securities Corp., Home Equity Mortgage Pass-Through Certificates, Series
2002-3." Funds in the Reserve Fund shall be held in trust for the holders of the
Class A-1, Class M-1, Class M-2A, Class M-2B and Class B Certificates for the
uses and purposes set forth in this Agreement. The Reserve Fund will be an
"outside reserve fund" within the meaning of Treasury regulation Section
1.860G-2(h) established and maintained pursuant to Section 4.08. The Reserve
Fund is not an asset of any REMIC. Ownership of the Reserve Fund is evidenced by
the Class X-1 Certificates.

                  Residual Certificates: As specified in the Preliminary
Statement.

                  Responsible Officer: When used with respect to the Trustee,
any Vice President, any Assistant Vice President, any Assistant Secretary, any
Trust Officer or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also to whom, with respect to a particular matter, such matter is referred
because of such officer's knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Agreement.

                  Rolling Three Month Delinquency Rate: For any Distribution
Date will be the fraction, expressed as a percentage, equal to the average of
the Delinquency Rates for each of the three (or one and two, in the case of the
first and second Distribution Dates, respectively) immediately preceding months.

                  SAIF: The Savings Association Insurance Fund, or any successor
thereto.

                  S&P: Standard & Poor's, a division of The McGraw-Hill
Companies, Inc. For purposes of Section 10.05(b) the address for notices to S&P
shall be Standard & Poor's, 55 Water Street, New York, New York 10004,
Attention: Mortgage Surveillance Monitoring, or such other address as S&P may
hereafter furnish to the Depositor, the Servicers and the Trustee.

                  Scheduled Payment: The scheduled monthly payment on a Mortgage
Loan due on any Due Date allocable to principal and/or interest on such Mortgage
Loan pursuant to the terms of the related Mortgage Note, as reduced by any
Relief Act Reductions.

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<PAGE>

                  Second Mortgage Loan: A Mortgage Loan that is secured by a
second lien on the Mortgaged Property securing the related Mortgage Note.

                  Securities Act: The Securities Act of 1933, as amended.

                  Seller: DLJ Mortgage Capital Inc.

                  Senior Certificates: As specified in the Preliminary
Statement.

                  Senior Enhancement Percentage: For any Distribution Date, the
fraction, expressed as a percentage, the numerator of which is the sum of the
aggregate Class Principal Balance of the Class M-1, Class M-2A, Class M-2B and
Class B Certificates and the Overcollateralization Amount (which, for purposes
of this definition only, shall not be less than zero), in each case after giving
effect to payments on such Distribution Date (assuming no Trigger Event is in
effect), and the denominator of which is the Aggregate Loan Balance for such
Distribution Date.

                  Senior Principal Payment Amount: For any Distribution Date on
or after the Stepdown Date and as long as a Trigger Event is not in effect with
respect to such Distribution Date, will be the amount, if any, by which (x) the
Class Principal Balance of the Class A-1, Class A-2, Class A-3, Class P and
Class A-R Certificates immediately prior to such Distribution Date exceeds (y)
the lesser of (A) the product of (i) 52.79% and (ii) the Aggregate Collateral
Balance for such Distribution Date and (B) the amount, if any, by which (i) the
Aggregate Collateral Balance for such Distribution Date exceeds (ii) 0.50% of
the Aggregate Collateral Balance as of the Cut-off Date.

                  Servicer: Wilshire, Washington Mutual or Ocwen, or their
successors in interest, as applicable, or any successor servicer appointed as
provided herein.

                  Servicer Employee: As defined in Section 3.18.

                  Servicer Data Remittance Date: With respect to each
Distribution Date, the second Business Day immediately following the 15th day of
the month of such Distribution Date.

                  Servicer Remittance Date: With respect to each Distribution
Date, the Business Day immediately preceding such Distribution Date.

                  Servicing Advance: All customary, reasonable and necessary
"out of pocket" costs and expenses incurred in the performance by the Servicer
of its servicing obligations, including, but not limited to, the cost (including
reasonable attorneys' fees and disbursements) of (i) the preservation,
restoration and protection of a Mortgaged Property, (ii) any expenses
reimbursable to the Servicer pursuant to Section 3.11 (including in connection
with the transfer of Charged Off Loans to Wilshire pursuant to Section
3.11(a)(iv)) and any enforcement or judicial proceedings, including
foreclosures, and including any expenses incurred in relation to any such
proceedings that result from the Mortgage Loan being registered on the MERS
System; (iii) the management and liquidation of any REO Property (including
default management and similar services, appraisal services and real estate
broker services); (iv) any expenses incurred by the Servicer in connection with
obtaining an environmental inspection or review pursuant to Section 3.11(a)(v)
and (vi); (v)

                                       38

<PAGE>

compliance with the obligations under Section 3.09 and 3.11(b); (vi) the cost of
obtaining any broker's price opinion in accordance with Section 3.11 hereof;
(vii) the costs of obtaining an Opinion of Counsel pursuant to Section 3.11(c)
hereof; and (viii) expenses incurred in connection with any instrument of
satisfaction or deed of reconveyance as described in Section 3.12 hereof.

                  Servicing Fee: As to each Mortgage Loan and any Distribution
Date, an amount equal to one month's interest at the Servicing Fee Rate on the
Stated Principal Balance of such Mortgage Loan as of the Due Date in the month
of such Distribution Date (prior to giving effect to any Scheduled Payments due
on such Mortgage Loan on such Due Date), subject to reduction as provided in
Section 3.05(b)(vi). With respect to any Ocwen Serviced Loan for which Ocwen is
paid pursuant to Section 3.11(a)(ii)(B) hereof, such amount shall be paid to
Ocwen in lieu of the Servicing Fee described in the previous sentence with
respect to such Mortgage Loan.

                  Servicing Fee Rate: As to each Mortgage Loan, 0.50% per annum.

                  Servicing Officer: With respect to each Servicer, any officer
of that Servicer involved in, or responsible for, the administration and
servicing of the related Mortgage Loans whose name and specimen signature appear
on a list of servicing officers furnished to the Trustee by such Servicer on the
Closing Date pursuant to this Agreement, as such list may from time to time be
amended.

                  Significant Net Recoveries: With respect to a defaulted
Mortgage Loan, a determination by the related Servicer that either (A) the
potential Net Recoveries are anticipated to be greater than or equal to the sum
of (i) the Stated Principal Balance of the senior lien on the related Mortgaged
Property and (ii) $10,000 or (B) the related Mortgagor has shown a willingness
and ability to pay over the previous six months.

                  Special Service: Any servicing performed by Ocwen pursuant to
Section 3.11(ii)(B) whereby Ocwen is proceeding through foreclosure or
liquidation with respect to the related Ocwen Serviced Loan or servicing the
related REO property.

                  Startup Day: September 26, 2002.

                  Stated Principal Balance: As to any Mortgage Loan and Due
Date, the unpaid principal balance of such Mortgage Loan as of such Due Date as
specified in the amortization schedule at the time relating thereto (before any
adjustment to such amortization schedule by reason of any moratorium or similar
waiver or grace period) after giving effect to any previous Curtailments and
Liquidation Proceeds allocable to principal (other than with respect to any
Liquidated Mortgage Loan) and to the payment of principal due on such Due Date
and irrespective of any delinquency in payment by the related Mortgagor;
provided, however, for purposes of calculating the Servicing Fee and the Trustee
Fee, the Stated Principal Balance of any REO will be the unpaid principal
balance immediately prior to foreclosure.

                  Stepdown Date: The date occurring on the later of (x) the
Distribution Date in October 2005 and (y) the first Distribution Date on which
the Senior Enhancement Percentage (calculated for this purpose after giving
effect to payments or other recoveries in respect of the

                                       39

<PAGE>

Mortgage Loans during the related Due Period but before giving effect to
payments on the Certificates on such Distribution Date) is greater than or equal
to 47.21%.

                  Subordinate Certificates: As specified in the Preliminary
Statement.

                  Subsequent Mortgage Loan: Any Mortgage Loan other than an
Initial Mortgage Loan conveyed to the Trust Fund pursuant to Section 2.01 hereof
and to a Subsequent Transfer Agreement, which Mortgage Loan shall be listed on
the revised Mortgage Loan Schedule delivered pursuant to this Agreement and on
Schedule A to such Subsequent Transfer Agreement. When used with respect to a
single Subsequent Transfer Date, Subsequent Mortgage Loan shall mean a
Subsequent Mortgage Loan conveyed to the Trust on that Subsequent Transfer Date.

                  Subsequent Mortgage Loan Interest: Any amount constituting an
Interest Remittance Amount (other than an amount withdrawn from the Capitalized
Interest Account pursuant to clause (5) of the definition of "Interest
Remittance Amount") received or advanced with respect to a Subsequent Mortgage
Loan during the Due Periods relating to the October 2002, November 2002 or
December 2002 Distribution Dates, but only to the extent of the excess of such
amount over the amount of interest accruing on such Subsequent Mortgage Loan
during the related period at a per annum rate equal to 4.00%, 4.26% and 4.46%,
respectively. The Subsequent Mortgage Loan Interest shall not be an asset of any
REMIC.

                  Subsequent Transfer Agreement: A Subsequent Transfer Agreement
substantially in the form of Exhibit N hereto, executed and delivered by the
related Servicer, the Depositor, the Seller and the Trustee as provided in
Section 2.01 hereof.

                  Subsequent Transfer Date: For any Subsequent Transfer
Agreement, the date the related Subsequent Mortgage Loans are transferred to the
Trust Fund pursuant to the related Subsequent Transfer Agreement.

                  Subservicer: Any Subservicer which is subservicing the
Mortgage Loans pursuant to a Subservicing Agreement. Any subservicer shall meet
the qualifications set forth in Section 3.02.

                  Subservicing Agreement: An agreement between a Servicer and a
Subservicer for the servicing of the Mortgage Loans.

                  Substitution Adjustment Amount: As defined in Section 2.03.

                  Targeted Overcollateralization Amount: For any Distribution
Date prior to the Stepdown Date, 3.75% of the Aggregate Collateral Balance as of
the Cut-off Date; with respect to any Distribution Date on or after the Stepdown
Date and with respect to which a Trigger Event is not in effect, the greater of
(a) 7.50% of the Aggregate Collateral Balance for such Distribution Date, or (b)
0.50% of the Aggregate Collateral Balance as of the Cut-off Date; with respect
to any Distribution Date on or after the Stepdown Date with respect to which a
Trigger Event is in effect and is continuing, the Targeted Overcollateralization
Amount for the Distribution Date immediately preceding such Distribution Date.
Upon (x) written direction by the Majority in Interest Holder of the Class X-1
Certificates and (y) the issuance by an affiliate of the Depositor of a credit

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<PAGE>

enhancement contract in favor of REMIC 1 which is satisfactory to the Rating
Agencies and (z) receipt by the Trustee of an Opinion of Counsel, which opinion
shall not be an expense of the Trustee or the Trust Fund, but shall be at the
expense of the Majority in Interest Holder of the Class X-1 Certificates, to the
effect that such credit enhancement contract will not cause the imposition of
any federal tax on the Trust Fund or the Certificateholders or cause REMIC 1,
REMIC 2 or REMIC 3 to fail to qualify as a REMIC at any time that any
Certificates are outstanding, the Targeted Overcollateralization Amount shall be
reduced to the level approved by the Rating Agencies as a result of such credit
enhancement contract. Any credit enhancement contract referred to in the
previous sentence shall be supported by cash or mortgage loans, provided that
the issuance of any credit enhancement contract supported by mortgage loans
shall not result in a downgrading of the ratings assigned by the Rating
Agencies, or a downgrading in the shadow rating assigned to the Insured
Certificates on the date of the issuance of the FSA Policy by the Rating
Agencies.

                  Tax Matters Person: The person designated as "tax matters
person" in the manner provided under Treasury regulationss.1.860F-4(d) and
temporary Treasury regulationss.301.6231(a)(7)-1T. Initially, the Tax Matters
Person shall be the Trustee.

                  Tax Matters Person Certificate: The Class A-R Certificates,
with a Denomination of $0.05. Transfer: Any direct or indirect transfer or sale
of any Ownership Interest in a Residual Certificate.

                  Trigger Event: A Trigger Event will be in effect for any
Distribution Date if (a) the Rolling Three Month Delinquency Rate as of the last
day of the related Due Period equals or exceeds 16.50% of the Senior Enhancement
Percentage for such Distribution Date or (ii) a Cumulative Loss Event is
occurring. The Trigger Event may be amended by the parties hereto in the future
with the consent of the Rating Agencies.

                  Trust Fund: Collectively, the assets of REMIC 1, REMIC 2,
REMIC 3, the Pre-Funding Account, the Capitalized Interest Account, the Reserve
Fund and the Subsequent Mortgage Loan Interest.

                  Trustee: JPMorgan Chase Bank and its successors and, if a
successor trustee is appointed hereunder, such successor.

                  Trustee Fee: As to each Mortgage Loan and any Distribution
Date, an amount equal to one month's interest at the Trustee Fee Rate on the
Stated Principal Balance of such Mortgage Loan as of the Due Date in the month
of such Distribution Date (prior to giving effect to any Scheduled Payments due
on such Mortgage Loan on such Due Date).

                  Trustee Fee Rate: With respect to any Distribution Date,
0.0225% per annum.

                  Uncertificated Accrued Interest: With respect to each REMIC
Regular Interest on each Distribution Date, an amount equal to one month's
interest at the related Uncertificated Pass-Through Rate on the Uncertificated
Principal Balance of such REMIC Regular Interest. In each case, Uncertificated
Accrued Interest will be reduced by any Net Prepayment Interest Shortfalls and
Relief

                                       41

<PAGE>

Act Reductions (allocated to such REMIC Regular Interests based on the
priorities set forth in Section 1.03).

                  Uncertificated Pass-Through Rate: The Uncertificated REMIC 1
Pass-Through Rate or the Uncertificated REMIC 2 Pass-Through Rate.

                  Uncertificated Principal Balance: With respect to each REMIC
Regular Interest, the amount of such REMIC Regular Interest outstanding as of
any date of determination. As of the Closing Date, the Uncertificated Principal
Balance of each REMIC Regular Interest shall equal the amount set forth in the
Preliminary Statement hereto as its initial Uncertificated Principal Balance. On
each Distribution Date, the Uncertificated Principal Balance of each REMIC
Regular Interest shall be reduced by all distributions of principal made on such
REMIC Regular Interest on such Distribution Date pursuant to Section 4.07 and,
if and to the extent necessary and appropriate, shall be further reduced on such
Distribution Date by Realized Losses as provided in Section 4.05(b), and the
Uncertificated Principal Balance of REMIC 2 Regular Interest MT-ZZ shall be
increased by interest deferrals as provided in Section 4.07. The Uncertificated
Principal Balance of each REMIC Regular Interest that has an Uncertificated
Principal Balance shall never be less than zero.

                  Uncertificated REMIC 1 Pass-Through Rate: With respect to each
REMIC 1 Regular Interest (other than REMIC 1 Regular Interest LT-1PF) and the
Interest Accrual Periods in October 2002, November 2002 and December 2002, a per
annum rate equal to the Initial Mortgage Loan Net WAC Rate; with respect to
REMIC 1 Regular Interest LT-1PF and the Interest Accrual Periods in (a) October
2002, (b) November 2002 and (c) December 2002, a per annum rate equal to (a)
4.00%, (b) 4.26% and (c) 4.46%, respectively; with respect to each REMIC 1
Regular Interest and each Interest Accrual Period thereafter, the weighted
average of the Net Mortgage Rates on the Mortgage Loans.

                  Uncertificated REMIC 2 Pass-Through Rate: For any Distribution
Date, with respect to REMIC 2 Regular Interest MT-AA, REMIC 2 Regular Interest
MT-A1, REMIC 2 Regular Interest MT- A2, REMIC 2 Regular Interest MT-A3, REMIC 2
Regular Interest MT-M1, REMIC 2 Regular Interest MT-M2A, REMIC 2 Regular
Interest MT-M2B, REMIC 2 Regular Interest MT-B, REMIC 2 Regular Interest MT-ZZ,
REMIC 2 Regular Interest MT-P and REMIC 2 Regular Interest MT-R, the Net WAC
Rate for such Distribution Date.

                  Uncertificated Principal Balance: With respect to each REMIC
Regular Interest, the amount of such REMIC Regular Interest outstanding as of
any date of determination. As of the Closing Date, the Uncertificated Principal
Balance of each REMIC Regular Interest shall equal the amount set forth in the
Preliminary Statement hereto as its initial Uncertificated Principal Balance. On
each Distribution Date, the Uncertificated Principal Balance of each REMIC
Regular Interest shall be reduced by all distributions of principal made on such
REMIC Regular Interest on such Distribution Date pursuant to Section 4.07 and,
if and to the extent necessary and appropriate, shall be further reduced on such
Distribution Date by Realized Losses as provided in Section 4.05(b), and the
Uncertificated Principal Balances of REMIC 2 Regular Interest LT-PF shall be
increased, pro rata, by interest deferrals as provided in Section 4.07. The
Uncertificated Principal Balance of each REMIC Regular Interest that has an
Uncertificated Principal Balance shall never be less than zero.

                                       42
<PAGE>

                  United States Person: A citizen or resident of the United
States, a corporation or a partnership (including an entity treated as a
corporation or partnership for United States federal income tax purposes)
created or organized in, or under the laws of, the United States or any State
thereof or the District of Columbia (except, in the case of a partnership, to
the extent provided in regulations) provided that, for purposes solely of the
restrictions on the transfer of Class A-R Certificates, no partnership or other
entity treated as a partnership for United States federal income tax purposes
shall be treated as a United States Person unless all persons that own an
interest in such partnership either directly or through any entity that is not a
corporation for United States federal income tax purposes are required to be
United States Persons or an estate whose income is subject to United States
federal income tax regardless of its source, or a trust if a court within the
United States is able to exercise primary supervision over the administration of
the trust and one or more such United States Persons have the authority to
control all substantial decisions of the trust. To the extent prescribed in
regulations by the Secretary of the Treasury, which have not yet been issued, a
trust which was in existence on August 20, 1996 (other than a trust treated as
owned by the grantor under subpart E of part I of subchapter J of chapter 1 of
the Code), and which was treated as a United States person on August 20, 1996
may elect to continue to be treated as a United States Person notwithstanding
the previous sentence.

                  Voting Rights: The portion of the voting rights of all the
Certificates that is allocated to any Certificate for purposes of the voting
provisions of this Agreement. At all times during the term of this Agreement,
98% of all Voting Rights shall be allocated among the Class A-1, Class A-2,
Class A-3, Class M-1, Class M-2A, Class M-2B and Class B Certificates. The
portion of such 98% Voting Rights allocated to the Class A-1, Class A-2, Class
A-3, Class M-1, Class M-2A, Class M-2B and Class B Certificates shall be based
on the fraction, expressed as a percentage, the numerator of which is the
aggregate Class Principal Balance then outstanding and the denominator of which
is the Class Principal Balance of all such Classes then outstanding. The Class P
and Class X-1 Certificates shall each be allocated 1% of the Voting Rights.
Voting Rights shall be allocated among the Certificates within each such Class
(other than the Class P Certificates and Class X-1 Certificates, which each have
only one certificate) in accordance with their respective Percentage Interests.
The Class X-2 and Class A-R Certificates shall have no Voting Rights.

                  Washington Mutual: Washington Mutual Bank, FA, a federally
chartered savings association.

                  Washington Mutual Serviced Loans: The Mortgage Loans
identified as such on the Mortgage Loan Schedule.

                  Wilshire: Wilshire Credit Corporation.

                  Wilshire Serviced Loans: The Mortgage Loans identified as such
on the Mortgage Loan Schedule.

                  Wilshire Special Servicing: With regard to any Charged Off
Loans, the servicing of such Charged Off Loans using specialized collection
procedures (including foreclosure, if appropriate) to maximize recoveries.

                                       43
<PAGE>

                  SECTION 1.02      Interest Calculations.

                  The calculation of the Trustee Fee, the Servicing Fee, the
Credit Risk Manager Fee and interest on the Class A-2, Class A-3 and Class X-1
Certificates and on the related Uncertificated Interests shall be made on the
basis of a 360-day year consisting of twelve 30-day months. The calculation of
interest on the Class A-1, Class M-1, Class M-2A, Class M-2B, Class B
Certificates and the related Uncertificated Interests shall be made on the basis
of a 360-day year and the actual number of days elapsed in the related Interest
Accrual Period. All dollar amounts calculated hereunder shall be rounded to the
nearest penny with one-half of one penny being rounded down.

                  SECTION 1.03      Allocation of Certain Interest Shortfalls.

                  For purposes of calculating the amount of Uncertificated
Accrued Interest for the REMIC 1 Regular Interests for any Distribution Date,
the aggregate amount of any Prepayment Interest Shortfalls (net of any
Compensating Interest Payment) and any Relief Act Reductions incurred in respect
of the Mortgage Loans for any Distribution Date shall be allocated first to
REMIC 1 Regular Interests LT-1 and LT-1PF and then to REMIC 1 Regular Interests
LT-P and LT-R, in each case to the extent of one month's interest at the then
applicable respective Uncertificated REMIC 1 Pass-Through Rate on the respective
Uncertificated Principal Balance of each such Uncertificated REMIC 1 Regular
Interest; provided, however, that with respect to the first three Distribution
Dates, such amounts relating to the Initial Mortgage Loans shall be allocated to
the REMIC 1 Regular Interests (other than REMIC 1 Regular Interest LT-1PF) in
the order and priority described above and such amounts relating to the
Subsequent Mortgage Loans shall be allocated to REMIC 1 Regular Interests
LT-1PF. For purposes of calculating the amount of Uncertificated Accrued
Interest for the REMIC 2 Regular Interests for any Distribution Date, any
Prepayment Interest Shortfalls (to the extent not covered by Compensating
Interest) relating to the Mortgage Loans for any Distribution Date shall be
allocated first, to Uncertificated Accrued Interest payable to REMIC 2 Regular
Interest MT-AA and REMIC 2 Regular Interest MT-ZZ up to an aggregate amount
equal to the REMIC 2 Interest Loss Allocation Amount, 98% and 2%, respectively,
and thereafter any remaining Prepayment Interest Shortfalls (to the extent not
covered by Compensating Interest) relating to the Mortgage Loans for any
Distribution Date shall be allocated among REMIC 2 Regular Interests MT- AA,
MT-A1, MT-A2, MT-A3, MT-M1, MT-M2A, MT-M2B, MT-B, MT-ZZ, MT-R and MT-P, pro rata
based on, and to the extent of, Uncertificated Accrued Interest, as calculated
without application of this sentence.

                                       44
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                         REPRESENTATIONS AND WARRANTIES

                  SECTION 2.01      Conveyance of Mortgage Loans.

                  (a) The Depositor, concurrently with the execution and
delivery hereof, hereby sells, transfers, assigns, sets over and otherwise
conveys to the Trustee in trust for the benefit of the Certificateholders,
without recourse, all (i) the right, title and interest of the Depositor (which
does not include servicing rights) in and to each Initial Mortgage Loan,
including all interest and principal received or receivable on or with respect
to such Initial Mortgage Loans after the Cut-off Date and all interest and
principal payments on the Initial Mortgage Loans received prior to the Cut-off
Date in respect of installments of interest and principal due thereafter, but
not including payments of principal and interest due and payable on the Mortgage
Loans on or before the Cut-off Date (other than the rights of the Servicers to
service the Initial Mortgage Loans in accordance with this Agreement), (ii) the
Depositor's rights under the Assignment Agreement, (iii) any such amounts as may
be deposited into and held by the Trustee in the Pre-Funding Account, the
Capitalized Interest Account and the Reserve Fund and (iv) all proceeds of any
of the foregoing. In addition, on or prior to the Closing Date, the Depositor
shall cause FSA to deliver the FSA Policy to the Trustee.

                  (b) In connection with the transfer and assignment set forth
in clause (a) above, the Depositor has delivered or caused to be delivered to
the Trustee or its designated agent, the related Custodian, for the benefit of
the Certificateholders, the documents and instruments with respect to each
Mortgage Loan as assigned:

                  (i) the original Mortgage Note of the Mortgagor in the name of
         the Trustee or endorsed "Pay to the order of ________________ without
         recourse" and signed in the name of the last named endorsee by an
         authorized officer, together with all intervening endorsements showing
         a complete chain of endorsements from the originator of the related
         Mortgage Loan to the last endorsee or with respect to any Lost Mortgage
         Note (as such term is defined in the Pooling and Servicing Agreement),
         a lost note affidavit stating that the original Mortgage Note was lost
         or destroyed, together with a copy of such Mortgage Note;

                  (ii) the original Mortgage bearing evidence that such
         instruments have been recorded in the appropriate jurisdiction where
         the Mortgaged Property is located as determined by DLJMC (or, in lieu
         of the original of the Mortgage or the assignment thereof, a duplicate
         or conformed copy of the Mortgage or the instrument of assignment, if
         any, together with a certificate of receipt from the Seller or the
         settlement agent who handled the closing of the Mortgage Loan,
         certifying that such copy or copies represent true and correct
         copy(ies) of the original(s) and that such original(s) have been or are
         currently submitted to be recorded in the appropriate governmental
         recording office of the jurisdiction where the Mortgaged Property is
         located) or a certification or receipt of the recording authority
         evidencing the same;

                                       45
<PAGE>

                  (iii) the original Assignment of Mortgage, in blank, which
         assignment appears to be in form and substance acceptable for recording
         and, in the event that the related Seller acquired the Mortgage Loan in
         a merger, the assignment must be by "[Seller], successor by merger to
         [name of predecessor]", and in the event that the Mortgage Loan was
         acquired or originated by the related Seller while doing business under
         another name, the assignment must be by "[Seller], formerly known as
         [previous name]";

                  (iv) the originals of all intervening Assignments of Mortgage
         not included in (iii) above showing a complete chain of assignment from
         the originator of such Mortgage Loan to the Person assigning the
         Mortgage to the Trustee, including any warehousing assignment, with
         evidence of recording on each such Assignment of Mortgage (or, in lieu
         of the original of any such intervening assignment, a duplicate or
         conformed copy of such intervening assignment together with a
         certificate of receipt from the related Seller or the settlement agent
         who handled the closing of the Mortgage Loan, certifying that such copy
         or copies represent true and correct copy(ies) of the original(s) and
         that such original(s) have been or are currently submitted to be
         recorded in the appropriate governmental recording office of the
         jurisdiction where the Mortgaged Property is located) or a
         certification or receipt of the recording authority evidencing the
         same;

                  (v) an original of any related security agreement (if such
         item is a document separate from the Mortgage) and the originals of any
         intervening assignments thereof showing a complete chain of assignment
         from the originator of the related Mortgage Loan to the last assignee;

                  (vi)  an original assignment of any related security
         agreement (if such item is a document separate from the Mortgage)
         executed by the last assignee in blank;

                  (vii) the originals of any assumption, modification, extension
         or guaranty agreement with evidence of recording thereon, if applicable
         (or, in lieu of the original of any such agreement, a duplicate or
         conformed copy of such agreement together with a certificate of receipt
         from the related Seller or the settlement agent who handled the closing
         of the Mortgage Loan, certifying that such copy(ies) represent true and
         correct copy(ies) of the original(s) and that such original(s) have
         been or are currently submitted to be recorded in the appropriate
         governmental recording office of the jurisdiction where the Mortgaged
         Property is located), or a certification or receipt of the recording
         authority evidencing the same;

                  (viii) if the Mortgage Note or Mortgage or any other document

         or instrument relating to the Mortgage Loan has been signed by a
         person on behalf of the Mortgagor, the original power of attorney or
         other instrument that authorized and empowered such person to sign
         bearing evidence that such instrument has been recorded, if so
         required, in the appropriate jurisdiction where the Mortgaged Property
         is located as determined by DLJMC (or, in lieu thereof, a duplicate or
         conformed copy of such instrument, together with a certificate of
         receipt from the related Seller or the settlement agent who handled
         the closing of the Mortgage Loan, certifying that such copy(ies)
         represent true and complete copy(ies)of the original(s) and that such
         original(s) have been or are currently submitted to be recorded

                                       46
<PAGE>

         in the appropriate governmental recording office of the jurisdiction
         where the Mortgaged Property is located) or a certification or receipt
         of the recording authority evidencing the same; and

                  (ix) in the case of the First Mortgage Loans, the original
         mortgage title insurance policy, or if such mortgage title insurance
         policy has not yet been issued, an original or copy of a marked-up
         written commitment or a pro forma title insurance policy marked as
         binding and countersigned by the title insurance company or its
         authorized agent either on its face or by an acknowledged closing
         instruction or escrow letter.

                  In the event the Seller delivers to the Trustee certified
copies of any document or instrument set forth in 2.01(b) because of a delay
caused by the public recording office in returning any recorded document, the
Seller shall deliver to the Trustee, within 60 days of the Closing Date, an
Officer's Certificate which shall (i) identify the recorded document, (ii) state
that the recorded document has not been delivered to the Trustee due solely to a
delay caused by the public recording office, and (iii) state the amount of time
generally required by the applicable recording office to record and return a
document submitted for recordation.

                  In the event that in connection with any Mortgage Loan the
Depositor cannot deliver (a) the original recorded Mortgage, (b) all interim
recorded assignments or (c) the lender's title policy (together with all riders
thereto) satisfying the requirements set forth above, concurrently with the
execution and delivery hereof because such document or documents have not been
returned from the applicable public recording office in the case of clause (a)
or (b) above, or because the title policy has not been delivered to the Seller
or the Depositor by the applicable title insurer in the case of clause (c)
above, the Depositor shall promptly deliver to the Trustee, in the case of
clause (a) or (b) above, such original Mortgage or such interim assignment, as
the case may be, with evidence of recording indicated thereon upon receipt
thereof from the public recording office, or a copy thereof, certified, if
appropriate, by the relevant recording office and in the case of clause (c)
above, if such lender's title policy is received by the Depositor, upon receipt
thereof.

                  As promptly as practicable subsequent to such transfer and
assignment, and in any event, within thirty (30) days thereafter, the Trustee
shall (at the Seller's expense) (i) affix the Trustee's name to each Assignment
of Mortgage, as the assignee thereof, (ii) cause such assignment to be in proper
form for recording in the appropriate public office for real property records
within thirty (30) days after receipt thereof and (iii) cause to be delivered
for recording in the appropriate public office for real property records the
assignments of the Mortgages to the Trustee, except that, with respect to any
assignment of a Mortgage as to which the Trustee has not received the
information required to prepare such assignment in recordable form, the
Trustee's obligation to do so and to deliver the same for such recording shall
be as soon as practicable after receipt of such information and in any event
within thirty (30) days after the receipt thereof, and the Trustee need not
cause to be recorded (a) any assignment referred to in clause (iii) above which
relates to a Mortgage Loan in any jurisdiction under the laws of which, as
evidenced by an Opinion of Counsel delivered to the Trustee (at the Depositor's
expense, provided such expense has been previously approved by the Depositor in
writing) within 20 days of the Closing Date, acceptable to the Rating
Agencies, the recordation of such assignment is not necessary to protect the
Trustee's and the Certificateholders' interest in the related Mortgage Loan or
(b) if MERS

                                       47
<PAGE>

is identified on the Mortgage or on a properly recorded assignment of the
Mortgage as the mortgagee of record solely as nominee for the Seller and its
successors and assigns.

                  In connection with the assignment of any Mortgage Loan
registered on the MERS(R) System, the Depositor further agrees that it will
cause, at the Depositor's own expense, on or prior to the Closing Date, the
MERS(R) System to indicate that such Mortgage Loans have been assigned by the
Depositor to the Trustee in accordance with this Agreement for the benefit of
the Certificateholders by including (or deleting, in the case of Mortgage Loans
which are repurchased in accordance with this Agreement) in such computer files
(a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY THE
FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code
"[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which
identifies the series of the Certificates issued in connection with such
Mortgage Loans. The Depositor further agrees that it will not, and will not
permit either Servicer to, and each Servicer agrees that it will not, alter the
codes referenced in this paragraph with respect to any Mortgage Loan during the
term of this Agreement unless and until such Mortgage Loan is repurchased in
accordance with the terms of this Agreement.

                  (c) The Trustee is authorized to appoint any bank or trust
company approved by the Depositor as Custodian of the documents or instruments
referred to in this Section 2.01, and to enter into a Custodial Agreement for
such purpose and any documents delivered thereunder shall be delivered to the
related Custodian and any Officer's Certificates delivered with respect thereto
shall be delivered to the Trustee and the related Custodian.

                  (d) It is the express intent of the parties to this Agreement
that the conveyance of the Mortgage Loans by the Depositor to the Trustee as
provided in this Section 2.01 be, and be construed as, a sale of the Mortgage
Loans by the Depositor to the Trustee. It is, further, not the intention of the
parties to this Agreement that such conveyance be deemed a pledge of the
Mortgage Loans by the Depositor to the Trustee to secure a debt or other
obligation of the Depositor. However, in the event that, notwithstanding the
intent of the parties to this Agreement, the Mortgage Loans are held to be the
property of the Depositor, or if for any other reason this Agreement is held or
deemed to create a security interest in the Mortgage Loans then (a) this
Agreement shall also be deemed to be a security agreement within the meaning of
Articles 8 and 9 of the New York Uniform Commercial Code; (b) the conveyance
provided for in this Section 2.01 shall be deemed to be a grant by the Depositor
to the Trustee for the benefit of the Certificateholders of a security interest
in all of the Depositor's right, title and interest in and to the Mortgage Loans
and all amounts payable to the holders of the Mortgage Loans in accordance with
the terms thereof and all proceeds of the conversion, voluntary or involuntary,
of the foregoing into cash, instruments, securities or other property, including
without limitation all amounts, other than investment earnings, from time to
time held or invested in the Certificate Account, whether in the form of cash,
instruments, securities or other property; (c) the possession by the Trustee or
any Custodian of such items of property and such other items of property as
constitute instruments, money, negotiable documents or chattel paper shall be
deemed to be "in possession by the secured party" for purposes of perfecting the
security interest pursuant to Section 9-305 of the New York Uniform Commercial
Code; and (d) notifications to persons holding such property, and
acknowledgments, receipts or confirmations from persons holding such property,
shall be deemed notifications to, or acknowledgments, receipts or confirmations
from, financial intermediaries, bailees or agents (as applicable) of the Trustee
for the

                                       48
<PAGE>

benefit of the Certificateholders for the purpose of perfecting such
security interest under applicable law (except that nothing in this clause (e)
shall cause any person to be deemed to be an agent of the Trustee for any
purpose other than for perfection of such security interests unless, and then
only to the extent, expressly appointed and authorized by the Trustee in
writing). The Depositor and the Trustee, upon directions from the Depositor,
shall, to the extent consistent with this Agreement, take such actions as may be
necessary to ensure that, if this Agreement were deemed to create a security
interest in the Mortgage Loans, such security interest would be deemed to be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement.

                  (e) The Depositor hereby sells, transfers, assigns, sets over
and otherwise conveys to the Trustee in trust for the benefit of the
Certificateholders, without recourse, all right, title and interest in such
Subsequent Mortgage Loans (which does not include servicing rights), including
all interest and principal due on or with respect to such Subsequent Mortgage
Loans on or after the related Subsequent Transfer Date and all interest and
principal payments on such Subsequent Mortgage Loans received prior to the
Subsequent Transfer Date in respect of installments of interest and principal
due thereafter, but not including principal and interest due on such Subsequent
Mortgage Loans prior to the related Subsequent Transfer Date, any insurance
policies in respect of such Subsequent Mortgage Loans and all proceeds of any of
the foregoing.

                  (f) Upon one Business Day's prior written notice to the
Trustee, the related Servicer and the Rating Agencies, on any Business Day
during the Pre-Funding Period designated by the Depositor, the Depositor, DLJMC,
the related Servicer and the Trustee shall complete, execute and deliver a
Subsequent Transfer Agreement so long as no Rating Agency has provided notice
that the execution and delivery of such Subsequent Transfer Agreement will
result in a reduction or withdrawal of the ratings assigned to the Certificates
(without regard to the FSA Policy).

                  The transfer of Subsequent Mortgage Loans and the other
property and rights relating to them on a Subsequent Transfer Date is subject to
the satisfaction of each of the following conditions:

                  (i) each Subsequent Mortgage Loan conveyed on such Subsequent
         Transfer Date satisfies the representations and warranties applicable
         to it under this Agreement as of the applicable Subsequent Transfer
         Date; provided, however, that with respect to a breach of a
         representation and warranty with respect to a Subsequent Mortgage Loan,
         the obligation under Section 2.03(g) of this Agreement of the Seller to
         cure, repurchase or replace such Subsequent Mortgage Loan shall
         constitute the sole remedy against the Seller respecting such breach
         available to Certificateholders, the Depositor or the Trustee;

                  (ii) the Trustee and the Rating Agencies are provided with an
         Opinion of Counsel or Opinions of Counsel, at the expense of the
         Depositor, stating that each REMIC in the Trust Fund is and shall
         continue to qualify as a REMIC following the transfer of the Subsequent
         Mortgage Loans, to be delivered as provided pursuant to Section
         2.01(g);

                                       49
<PAGE>

                  (iii) the Rating Agencies and the Trustee are provided with an
         Opinion of Counsel or Opinions of Counsel, at the expense of the
         Depositor, confirming that the transfer of the Subsequent Mortgage
         Loans conveyed on such Subsequent Transfer Date is a true sale, to be
         delivered as provided pursuant to Section 2.01(g);

                  (iv) the execution and delivery of such Subsequent Transfer
         Agreement or conveyance of the related Subsequent Mortgage Loans does
         not result in a reduction or withdrawal of any ratings assigned to the
         Certificates by the Rating Agencies (without regard to the FSA Policy);

                  (v) no Subsequent Mortgage Loan conveyed on such Subsequent
         Transfer Date is 30 or more days contractually delinquent as of such
         date;

                  (vi) the remaining term to stated maturity of such Subsequent
         Mortgage Loan does not exceed 30 years for fully amortizing loans or 15
         years for balloon loans;

                  (vii) the Subsequent Mortgage Loan does not have a Net
         Mortgage Rate less than 6.40% per annum;

                  (viii) the Depositor shall have deposited in the Collection
         Account all principal and interest collected with respect to the
         related Subsequent Mortgage Loans on or after the related Subsequent
         Transfer Date;

                  (ix) such Subsequent Mortgage Loan does not have a Combined
         Loan-to-Value Ratio greater than 100.00%;

                  (x) the Subsequent Mortgage Loan has a principal balance not
         greater than $399,903;

                  (xi) no Subsequent Mortgage Loan shall have a final maturity
         date after January 1, 2033;

                  (xii) such Subsequent Mortgage Loan is secured by a first or
         second lien;

                  (xiii) such Subsequent Mortgage Loan is otherwise acceptable
         to the Rating Agencies;

                  (xiv) following the conveyance of such Subsequent Mortgage
         Loans on such Subsequent Transfer Date the characteristics of the
         Mortgage Loans will be as follows:

                    A.   a weighted average Mortgage Rate of at least 12.18% per
                         annum;

                    B.   a weighted average remaining term to stated maturity of
                         less than 196 months;

                    C.   a weighted average Combined Loan-to-Value Ratio of not
                         more than 100%;

                                       50
<PAGE>

                    D.   a weighted average credit score of at least 678;

                    E.   no more than 66.20% of the Mortgage Loans by aggregate
                         Cut-off Date Principal Balance are balloon loans;

                    F.   no more than 46.50% of the Mortgage Loans by aggregate
                         Cut-off Date Principal Balance are concentrated in one
                         state; and

                    G.   no more than 8.70% of the Mortgage Loans by aggregate
                         Cut-off Date Principal Balance relate to non-owner
                         occupied properties;

                  (xv) neither the applicable Seller nor the Depositor shall be
         insolvent or shall be rendered insolvent as a result of such transfer;

                  (xvi) no Event of Default has occurred hereunder; and

                  (xvii) the Depositor shall have delivered to the Trustee an
         Officer's Certificate confirming the satisfaction of each of these
         conditions precedent.

                  (g) Upon (1) delivery to the Trustee by the Depositor of the
Opinions of Counsel referred to in Sections 2.01(f)(ii) and (iii), (2) delivery
to the Trustee by the Depositor of a revised Mortgage Loan Schedule reflecting
the Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date and the
related Subsequent Mortgage Loans and (3) delivery to the Trustee by the
Depositor of an Officer's Certificate confirming the satisfaction of each of the
conditions precedent set forth in Section 2.01(f), the Trustee shall remit to
the Depositor the Aggregate Subsequent Transfer Amount related to the Subsequent
Mortgage Loans transferred by the Depositor on such Subsequent Transfer Date
from funds in the Pre-Funding Account.

                  The Trustee shall not be required to investigate or otherwise
verify compliance with the conditions set forth in the preceding paragraph,
except for its own receipt of documents specified above, and shall be entitled
to rely on the required Officer's Certificate.

                  SECTION 2.02      Acceptance by the Trustee.

                  The Trustee acknowledges receipt by each Custodian of the
documents identified in the Initial Certification in the form annexed hereto as
Exhibit G and declares that each Custodian on its behalf hold and will hold the
documents delivered to such Custodian constituting the Mortgage Files, and that
it or the related Custodian holds or will hold such other assets as are included
in the Trust Fund, in trust for the exclusive use and benefit of all present and
future Certificateholders. The Trustee acknowledges that it will maintain
possession through the related Custodian of the Mortgage Notes in the State of
Texas or the State of Illinois, as directed by the Seller, unless otherwise
permitted by the Rating Agencies.

                  Each Custodian agrees to execute and deliver on the Closing
Date to the Depositor, the Seller, FSA, the Trustee and the Servicers an Initial
Certification in the form annexed hereto as Exhibit G. Based on its review and
examination, and only as to the documents identified in such

                                       51
<PAGE>

Initial Certification, each Custodian will acknowledge that such documents
appear regular on their face and relate to such Mortgage Loan. Neither the
Trustee nor the Custodians shall be under any duty or obligation to inspect,
review or examine said documents, instruments, certificates or other papers to
determine that the same are genuine, enforceable or appropriate for the
represented purpose or that they have actually been recorded in the real estate
records or that they are other than what they purport to be on their face.

                  Not later than 90 days after the Closing Date, each Custodian
is required to deliver to the Depositor, the Seller, FSA, the Trustee and the
Servicers a Final Certification in the form annexed hereto as Exhibit H, with
any applicable exceptions noted thereon.

                  If, in the course of such review, a Custodian finds any
document constituting a part of a Mortgage File which does not meet the
requirements of Section 2.01, such Custodian will list such as an exception in
the Final Certification; provided, however, that neither the Trustee nor the
related Custodian shall make any determination as to whether (i) any endorsement
is sufficient to transfer all right, title and interest of the party so
endorsing, as noteholder or assignee thereof, in and to that Mortgage Note or
(ii) any assignment is in recordable form or is sufficient to effect the
assignment of and transfer to the assignee thereof under the mortgage to which
the assignment relates.

                  The Seller shall promptly correct or cure such defect within
120 days from the date it was so notified of such defect and, if the Seller does
not correct or cure such defect within such period, the Seller shall either (a)
substitute for the related Mortgage Loan a Qualified Substitute Mortgage Loan,
which substitution shall be accomplished in the manner and subject to the
conditions set forth in Section 2.03, or (b) purchase such Mortgage Loan from
the Trustee within 120 days from the date the Seller was notified of such defect
in writing at the Repurchase Price of such Mortgage Loan; provided, however,
that in no event shall such substitution or repurchase occur more than 540 days
from the Closing Date, except that if the substitution or repurchase of a
Mortgage Loan pursuant to this provision is required by reason of a delay in
delivery of any documents by the appropriate recording office, then such
substitution or repurchase shall occur within 720 days from the Closing Date;
and further provided, that the Seller shall have no liability for recording any
Assignment of Mortgage in favor of the Trustee or for the Trustee's failure to
record such Assignment of Mortgage, and the Seller shall not be obligated to
repurchase or cure any Mortgage Loan solely as a result of the Trustee's failure
to record such Assignment of Mortgage. The Trustee shall deliver written notice
to each Rating Agency within 360 days from the Closing Date indicating each
Mortgage Loan (a) the Assignment of Mortgage which has not been returned by the
appropriate recording office or (b) as to which there is a dispute as to
location or status of such Mortgage Loan. Such notice shall be delivered every
90 days thereafter until the Assignment of Mortgage for the related Mortgage
Loan is returned to the Trustee or the dispute as to location or status has been
resolved. Any such substitution pursuant to (a) above shall not be effected
prior to the delivery to the Trustee of the Opinion of Counsel required by
Section 2.05 hereof, if any, and any substitution pursuant to (a) above shall
not be effected prior to the additional delivery to the Trustee of a Request for
Release substantially in the form of Exhibit M. No substitution is permitted to
be made in any calendar month after the Determination Date for such month. The
Repurchase Price for any such Mortgage Loan shall be deposited by the Seller in
the Certificate Account on or prior to the Business Day immediately preceding
such Distribution Date in the month following the month of repurchase

                                       52
<PAGE>

and, upon receipt of such deposit and certification with respect thereto in the
form of Exhibit M hereto, the Trustee shall release the related Mortgage File to
the Seller and shall execute and deliver at such entity's request such
instruments of transfer or assignment prepared by such entity, in each case
without recourse, as shall be necessary to vest in such entity, or a designee,
the Trustee's interest in any Mortgage Loan released pursuant hereto. In
furtherance of the foregoing, if the Seller is not a member of MERS and
repurchases a Mortgage Loan which is registered on the MERS(R) System, the
Seller, at its own expense and without any right of reimbursement, shall cause
MERS to execute and deliver an assignment of the Mortgage in recordable form to
transfer the Mortgage from MERS to the Seller and shall cause such Mortgage to
be removed from registration on the MERS(R) System in accordance with MERS'
rules and regulations.

                  Pursuant to the related Custodial Agreement, the related
Custodian is required to execute and deliver on the Subsequent Transfer Date to
the Depositor, the Seller, FSA, the Trustee and the related Servicer an Initial
Certification in the form annexed hereto as Exhibit G. Based on its review and
examination, and only as to the documents identified in such Initial
Certification, the related Custodian shall acknowledge that such documents
appear regular on their face and relate to such Subsequent Mortgage Loan.
Neither the Trustee nor the related Custodian shall be under a duty or
obligation to inspect, review or examine said documents, instruments,
certificates or other papers to determine that the same are genuine, enforceable
or appropriate for the represented purpose or that they have actually been
recorded in the real estate records or that they are other than what they
purport to be on their face.

                  Pursuant to the related Custodial Agreement, not later than 90
days after the end of the Pre-Funding Period, the related Custodian is required
to deliver to the Depositor, the Seller, FSA, the Trustee and the related
Servicer a Final Certification with respect to the Subsequent Mortgage Loans in
the form annexed hereto as Exhibit H with any applicable exceptions noted
thereon.

                  If, in the course of such review of the Mortgage Files
relating to the Subsequent Mortgage Loans, the related Custodian finds any
document constituting a part of a Mortgage File which does not meet the
requirements of Section 2.01, pursuant to the related Custodial Agreement, the
related Custodian will be required to list such as an exception in the Final
Certification; provided, however that neither the Trustee nor the related
Custodian shall make any determination as to whether (i) any endorsement is
sufficient to transfer all right, title and interest of the party so endorsing,
as noteholder or assignee thereof, in and to that Mortgage Note or (ii) any
assignment is in recordable form or is sufficient to effect the assignment of
and transfer to the assignee thereof under the mortgage to which the assignment
relates. The Seller shall cure any such defect or repurchase or substitute for
any such Mortgage Loan in accordance with Section 2.02(a).

                  It is understood and agreed that the obligation of the Seller
to cure, substitute for or to repurchase any Mortgage Loan which does not meet
the requirements of Section 2.01 shall constitute the sole remedy respecting
such defect available to the Trustee, the Depositor and any Certificateholder
against the Seller.

                  The Trustee shall pay to each Custodian from time to time
reasonable compensation for all services rendered by it hereunder or under the
related Custodial Agreement, and the Trustee shall pay or reimburse each
Custodian upon its request for all reasonable expenses, disbursements

                                       53
<PAGE>

and advances incurred or made by such Custodian in accordance with any of the
provisions of this Agreement or the related Custodial Agreement, except any such
expense, disbursement or advance as may arise from its negligence or bad faith.

                  SECTION 2.03  Representations and Warranties of the Seller
                                and Servicers.

                  (a) The Seller hereby makes the representations and warranties
applicable to it set forth in Schedule II hereto, and by this reference
incorporated herein, to the Depositor and the Trustee, as of the Closing Date,
or if so specified therein, as of the Cut-off Date or such other date as may be
specified.

                  (b) Wilshire, in its capacity as Servicer, hereby makes the
representations and warranties applicable to it set forth in Schedule IIIA
hereto, and by this reference incorporated herein, to the Depositor and the
Trustee, as of the Closing Date, or if so specified therein, as of the Cut-off
Date or such other date as may be specified.

                  (c) Ocwen, in its capacity as Servicer, hereby makes the
representations and warranties set forth in Schedule IIIB hereto, and by this
reference incorporated herein, to the Depositor and the Trustee, as of the
Closing Date, or if so specified therein, as of the applicable Cut-off Date.

                  (d) Washington Mutual, in its capacity as Servicer, hereby
makes the representations and warranties set forth in Schedule IIIC hereto, and
by this reference incorporated herein, to the Depositor and the Trustee, as of
the Closing Date, or if so specified therein, as of the applicable Cut-off Date.

                  (e) Each of Wilshire, Washington Mutual and Ocwen, in their
capacity as Servicer, will use its reasonable efforts to become a member of MERS
in good standing, and will comply in all material respects with the rules and
procedures of MERS in connection with the servicing of the Mortgage Loans that
are registered with MERS.

                  (f) The Seller hereby makes the representations and warranties
set forth in Schedule IV as applicable hereto, and by this reference
incorporated herein, to the Trustee, as of the Closing Date, or the Subsequent
Transfer Date, as applicable, or if so specified therein, as of the Cut-off Date
or such other date as may be specified.

                  (g) Upon discovery by any of the parties hereto of a breach of
a representation or warranty made pursuant to Section 2.03(f) that materially
and adversely affects the interests of the Certificateholders in any Mortgage
Loan, the party discovering such breach shall give prompt notice thereof to the
other parties. The Seller hereby covenants that within 120 days of the earlier
of its discovery or its receipt of written notice from any party of a breach of
any representation or warranty made by it pursuant to Section 2.03(f) which
materially and adversely affects the interests of the Certificateholders in any
Mortgage Loan sold by the Seller to the Depositor, it shall cure such breach in
all material respects, and if such breach is not so cured, shall, (i) if such
120-day period expires prior to the second anniversary of the Closing Date,
remove such Mortgage Loan (a "Deleted Mortgage Loan") from the Trust Fund and
substitute in its place a Qualified Substitute Mortgage

                                       54
<PAGE>

Loan, in the manner and subject to the conditions set forth in this Section; or
(ii) repurchase the affected Mortgage Loan from the Trustee at the Repurchase
Price in the manner set forth below; provided, however, that any such
substitution pursuant to (i) above shall not be effected prior to the delivery
to the Trustee of the Opinion of Counsel required by Section 2.05 hereof, if
any, and any such substitution pursuant to (i) above shall not be effected prior
to the additional delivery to the Trustee of a Request for Release substantially
in the form of Exhibit M and the Mortgage File for any such Qualified Substitute
Mortgage Loan. The Seller shall promptly reimburse the Trustee for any actual
out-of-pocket expenses reasonably incurred by the Trustee in respect of
enforcing the remedies for such breach. With respect to any representation and
warranties described in this Section which are made to the best of a Seller's
knowledge if it is discovered by the Depositor, the Seller or the Trustee that
the substance of such representation and warranty is inaccurate and such
inaccuracy materially and adversely affects the value of the related Mortgage
Loan or the interests of the Certificateholders therein, notwithstanding the
Seller's lack of knowledge with respect to the substance of such representation
or warranty, such inaccuracy shall be deemed a breach of the applicable
representation or warranty.

                  With respect to any Qualified Substitute Mortgage Loan or
Loans, the Seller shall deliver to the Trustee for the benefit of the
Certificateholders the Mortgage Note, the Mortgage, the related assignment of
the Mortgage, and such other documents and agreements as are required by Section
2.01(b), with the Mortgage Note endorsed and the Mortgage assigned as required
by Section 2.01. No substitution is permitted to be made in any calendar month
after the Determination Date for such month. Scheduled Payments due with respect
to Qualified Substitute Mortgage Loans in the month of substitution shall not be
part of the Trust Fund and will be retained by the Seller on the next succeeding
Distribution Date. For the month of substitution, distributions to
Certificateholders will include the monthly payment due on any Deleted Mortgage
Loan for such month and thereafter the Seller shall be entitled to retain all
amounts received in respect of such Deleted Mortgage Loan. The Seller shall
amend the Mortgage Loan Schedule for the benefit of the Certificateholders to
reflect the removal of such Deleted Mortgage Loan and the substitution of the
Qualified Substitute Mortgage Loan or Loans and the Seller shall deliver the
amended Mortgage Loan Schedule to the Trustee. Upon such substitution, the
Qualified Substitute Mortgage Loan or Loans shall be subject to the terms of
this Agreement in all respects, and the Seller shall be deemed to have made with
respect to such Qualified Substitute Mortgage Loan or Loans, as of the date of
substitution, the representations and warranties made pursuant to Section
2.03(f) with respect to such Mortgage Loan. Upon any such substitution and the
deposit to the Certificate Account of the amount required to be deposited
therein in connection with such substitution as described in the following
paragraph, the Trustee shall release the Mortgage File held for the benefit of
the Certificateholders relating to such Deleted Mortgage Loan to the Seller and
shall execute and deliver at the Seller's direction such instruments of transfer
or assignment prepared by the Seller, in each case without recourse, as shall be
necessary to vest title in the Seller, or its designee, the Trustee's interest
in any Deleted Mortgage Loan substituted for pursuant to this Section 2.03.

                  For any month in which the Seller substitutes one or more
Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the
Trustee shall determine the amount (if any) by which the aggregate principal
balance of all such Qualified Substitute Mortgage Loans as of the date of
substitution is less than the aggregate Stated Principal Balance of all such
Deleted Mortgage Loans (after application of the scheduled principal portion of
the monthly payments due

                                       55
<PAGE>

in the month of substitution). The amount of such shortage (the "Substitution
Adjustment Amount") plus an amount equal to the aggregate of any unreimbursed
Advances with respect to such Deleted Mortgage Loans shall be deposited in the
Certificate Account by the Seller on or before the Business Day immediately
preceding the Distribution Date in the month succeeding the calendar month
during which the related Mortgage Loan became required to be repurchased or
replaced hereunder.

                  In the event that the Seller shall have repurchased a Mortgage
Loan, the Repurchase Price therefor shall be deposited in the Certificate
Account on or before the Business Day immediately preceding the Distribution
Date in the month following the month during which the Seller became obligated
hereunder to repurchase or replace such Mortgage Loan and upon such deposit of
the Repurchase Price, the delivery of the Opinion of Counsel if required by
Section 2.05 and receipt of a Request for Release in the form of Exhibit M
hereto, the Trustee shall release the related Mortgage File held for the benefit
of the Certificateholders to such Person, and the Trustee shall execute and
deliver at such Person's direction such instruments of transfer or assignment
prepared by such Person, in each case without recourse, as shall be necessary to
transfer title from the Trustee. It is understood and agreed that the obligation
under this Agreement of any Person to cure, repurchase or substitute any
Mortgage Loan as to which a breach has occurred and is continuing shall
constitute the sole remedy against such Persons respecting such breach available
to Certificateholders, the Depositor or the Trustee on their behalf.

         The representations and warranties made pursuant to this Section 2.03
shall survive delivery of the respective Mortgage Files to the Trustee for the
benefit of the Certificateholders.

                  SECTION 2.04 Representations and Warranties of the
                               Depositor as to the Mortgage Loans.

                  The Depositor hereby represents and warrants to the Trustee
with respect to the Mortgage Loans that, as of the Closing Date, assuming good
title has been conveyed to the Depositor, the Depositor had good title to the
Mortgage Loans and Mortgage Notes, and did not encumber the Mortgage Loans
during its period of ownership thereof, other than as contemplated by the
Agreement.

                  It is understood and agreed that the representations and
warranties set forth in this Section 2.04 shall survive delivery of the Mortgage
Files to the Trustee.

                  SECTION 2.05  Delivery of Opinion of Counsel in Connection
                                with Substitutions.

                  Notwithstanding any contrary provision of this Agreement, no
substitution pursuant to Section 2.02 shall be made more than 120 days after the
Closing Date unless the Seller delivers to the Trustee an Opinion of Counsel,
which Opinion of Counsel shall not be at the expense of either the Trustee or
the Trust Fund, addressed to the Trustee, to the effect that such substitution
will not (i) result in the imposition of the tax on "prohibited transactions" on
the Trust Fund or contributions after the Startup Date, as defined in Sections
860F(a)(2) and 860G(d) of the Code, respectively, or (ii) cause any REMIC
created hereunder to fail to qualify as a REMIC at any time that any
Certificates are outstanding.

                                       56
<PAGE>

                  SECTION 2.06      Execution and Delivery of Certificates.

                  The Trustee (or the related Custodian) acknowledges receipt of
the items described in Section 2.02 of this Agreement and the documents
identified in the Initial Certification in the form annexed hereto as Exhibit G
and, concurrently with such receipt, has executed and delivered to or upon the
order of the Depositor, the Certificates in authorized denominations evidencing
directly or indirectly the entire ownership of the Trust Fund. The Trustee
agrees to hold the Trust Fund and exercise the rights referred to above for the
benefit of all present and future Holders of the Certificates and to perform the
duties set forth in this Agreement to the best of its ability, to the end that
the interests of the Holders of the Certificates may be adequately and
effectively protected.

                  SECTION 2.07      REMIC Matters.

                  The Preliminary Statement sets forth the designations and
"latest possible maturity date" for federal income tax purposes of all interests
created hereby. The "Startup Day" for purposes of the REMIC Provisions shall be
the Closing Date. The REMIC 1 Regular Interests shall be designated as the
"regular interests." The REMIC 2 Regular Interests shall be designated as the
"regular interests." The Class A-1, Class A-2, Class A-3, Class M, Class B,
Class P and Class X-1 Certificates shall be designated as the "regular
interests" in REMIC 3. The Class A-R Certificates will represent beneficial
ownership of three residual interests, each of which will constitute the sole
class of residual interests in each of REMIC 1, REMIC 2 and REMIC 3. The Trustee
shall not permit the creation of any "interests" (within the meaning of Section
860G of the Code) in REMIC 1, REMIC 2 or REMIC 3 other than the Certificates or
the Uncertificated REMIC Regular Interests. The "tax matters person" with
respect to each of REMIC 1, REMIC 2 and REMIC 3 shall be the Trustee and the
Trustee shall hold the related Tax Matters Person Certificate in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1. The fiscal year for each REMIC shall be the calendar
year.

                  SECTION 2.08      Covenants of each Servicer.

                  Each respective Servicer hereby covenants to the Depositor and
the Trustee that no written information, certificate of an officer, statement
furnished in writing or written report prepared by such Servicer and delivered
to the Depositor, any affiliate of the Depositor or the Trustee and prepared by
such Servicer pursuant to this Agreement will contain any untrue statement of a
material fact.

                  SECTION 2.09  Conveyance of REMIC Regular Interests
                                and Acceptance of REMIC 1 and REMIC 2 by the
                                Trustee; Issuance of Certificates.

                  (a) The Depositor, concurrently with the execution and
delivery hereof, does hereby transfer, assign, set over and otherwise convey in
trust to the Trustee without recourse all the right, title and interest of the
Depositor in and to the REMIC 1 Regular Interests for the benefit of the Holder
of the REMIC 2 Regular Interests and the Holders of the Class R-2 Interest. The
Trustee acknowledges receipt of the REMIC 1 Regular Interests (each of which is
uncertificated) and declares that it holds and will hold the same in trust for
the exclusive use and benefit of the Holders

                                       57
<PAGE>

of the REMIC 2 Regular Interests and Holder of the Class R-2 Interest. The
interests evidenced by the Class R-2 Interest, together with the REMIC 2 Regular
Interests, constitute the entire beneficial ownership interest in REMIC 2.

                  (b) The Depositor, concurrently with the execution and
delivery hereof, does hereby transfer, assign, set over and otherwise convey in
trust to the Trustee without recourse all the right, title and interest of the
Depositor in and to the REMIC 2 Regular Interests for the benefit of the holders
of the Regular Certificates and the Class R-3 Interest. The Trustee acknowledges
receipt of the REMIC 2 Regular Interests (each of which is uncertificated) and
declares that it holds and will hold the same in trust for the exclusive use and
benefit of the holders of the Regular Certificates and the Class R-3 Interest.
The interests evidenced by the Class R-3 Interest, together with the Regular
Certificates, constitute the entire beneficial ownership interest in REMIC 3.

                  (c) In exchange for the REMIC 2 Regular Interests and,
concurrently with the assignment to the Trustee thereof, pursuant to the written
request of the Depositor executed by an officer of the Depositor, the Trustee
has executed, authenticated and delivered to or upon the order of the Depositor,
the Regular Certificates in authorized denominations evidencing (together with
the Class R-3 Interest) the entire beneficial ownership interest in REMIC 3.

                  (d) Concurrently with (i) the assignment and delivery to the
Trustee of REMIC 1 (including the Residual Interest therein represented by the
Class R-1 Interest) and the acceptance by the Trustee thereof, pursuant to
Section 2.01, Section 2.02 and Section 2.09(a); (ii) the assignment and delivery
to the Trustee of REMIC 2 (including the Residual Interest therein represented
by the Class R-2 Interest) and the acceptance by the Trustee thereof, pursuant
to Section 2.09(b) and (iii) the assignment and delivery to the Trustee of REMIC
3 (including the Residual Interest therein represented by the Class R-3
Interest) and the acceptance by the Trustee thereof, pursuant to Section 2.09(c)
the Trustee, pursuant to the written request of the Depositor executed by an
officer of the Depositor, has executed, authenticated and delivered to or upon
the order of the Depositor, the Class A-R Certificates in authorized
denominations evidencing the Class R-1 Interest, the Class R-2 Interest and the
Class R-3 Interest.

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<PAGE>

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

                  SECTION 3.01      Servicers to Service Mortgage Loans.

                  For and on behalf of the Certificateholders, each Servicer
shall service and administer the Mortgage Loans in accordance with the terms of
this Agreement and with Accepted Servicing Practices. The obligations of each of
Wilshire, Washington Mutual and Ocwen hereunder to service and administer the
Mortgage Loans shall be limited to the Wilshire Serviced Loans, the Washington
Mutual Serviced Loans and the Ocwen Serviced Loans, respectively; and with
respect to the duties and obligations of each Servicer, references herein to
"Mortgage Loans" or "related Mortgage Loans" shall be limited to the Wilshire
Serviced Loans (and the related proceeds thereof and related REO Properties) in
the case of Wilshire, the Washington Mutual Serviced Loans (and the related
proceeds thereof and related REO Properties) in the case of Washington Mutual
and the Ocwen Serviced Loans (and the related proceeds thereof and related REO
Properties), in the case of Ocwen, and in no event shall any Servicer have any
responsibility or liability with respect to any of the other Mortgage Loans.
Notwithstanding anything in this Agreement, any Servicing Agreement or any
Credit Risk Management Agreement to the contrary, neither Ocwen nor Wilshire
shall have any duty or obligation to enforce any Credit Risk Management
Agreement or to supervise, monitor or oversee the activities of the Credit Risk
Manager under its Credit Risk Management Agreement with respect to any action
taken or not taken by Ocwen or Wilshire, as applicable, pursuant to a
recommendation of the Credit Risk Manager. In connection with such servicing and
administration, each Servicer shall have full power and authority, acting alone
and/or through Subservicers as provided in Section 3.02 hereof, to do or cause
to be done any and all things that it may deem necessary or desirable in
connection with such servicing and administration, including but not limited to,
the power and authority, subject to the terms hereof (i) to execute and deliver,
on behalf of the Certificateholders and the Trustee, customary consents or
waivers and other instruments and documents, (ii) to consent to transfers of any
Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages
(but only in the manner provided in this Agreement), (iii) to collect any
Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate
foreclosure or other conversion of the ownership of the Mortgaged Property
securing any Mortgage Loan; provided that a Servicer shall not take any action
that is materially inconsistent with or materially prejudices the interests of
the Trust Fund or the Certificateholders in any Mortgage Loan or the rights and
interests of the Depositor, the Trustee or the Certificateholders under this
Agreement unless such action is specifically called for by the terms hereof. The
Trustee will provide a limited power of attorney to each Servicer, prepared by
each Servicer and reasonably acceptable to the Trustee, to permit each Servicer
to act on behalf of the Trustee under this Agreement. Each Servicer hereby
indemnifies the Trustee for all costs and expenses incurred by the Trustee in
connection with the negligent or willful misuse of such power of attorney. Each
Servicer shall represent and protect the interests of the Trust Fund in the same
manner as it protects its own interests in mortgage loans in its own portfolio
in any claim, proceeding or litigation regarding a Mortgage Loan. Each Servicer
further is hereby authorized and empowered in its own name or in the name of the
Subservicer, when such Servicer or the Subservicer, as the case may be, believes
it is appropriate in its best judgment to register any Mortgage Loan on the
MERS(R) System, or cause the removal from the registration of any Mortgage

                                       59
<PAGE>

Loan on the MERS(R) System, to execute and deliver, on behalf of the Trustee and
the Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re-recording of
a Mortgage in the name of MERS, solely as nominee for the Trustee and its
successors and assigns. Any reasonable expenses incurred in connection with the
actions described in the preceding sentence or as a result of MERS discontinuing
or becoming unable to continue operations in connection with the MERS(R) System,
shall be reimbursable by the Trust Fund to such Servicer. Notwithstanding the
foregoing, subject to Section 3.05(a), the Servicers shall not make or permit
any modification, waiver or amendment of any Mortgage Loan that would both
constitute a sale or exchange of such Mortgage Loan within the meaning of
Section 1001 of the Code and any proposed, temporary or final regulations
promulgated thereunder (other than in connection with a proposed conveyance or
assumption of such Mortgage Loan that is treated as a Principal Prepayment in
Full pursuant to Section 3.10 hereof) which would cause any of REMIC 1, REMIC 2
or REMIC 3 to fail to qualify as a REMIC. Without limiting the generality of the
foregoing, each Servicer, in its own name or in the name of the Depositor and
the Trustee, is hereby authorized and empowered by the Depositor and the
Trustee, when such Servicer believes it appropriate in its reasonable judgment,
to execute and deliver, on behalf of the Trustee, the Depositor, the
Certificateholders or any of them, any and all instruments of satisfaction or
cancellation, or of partial or full release or discharge and all other
comparable instruments, with respect to the Mortgage Loans, and with respect to
the Mortgaged Properties held for the benefit of the Certificateholders. Each
Servicer shall prepare and deliver to the Depositor and/or the Trustee such
documents requiring execution and delivery by either or both of them as are
necessary or appropriate to enable such Servicer to service and administer the
Mortgage Loans to the extent that such Servicer is not permitted to execute and
deliver such documents pursuant to the preceding sentence. Upon receipt of such
documents and a written request signed by an authorized officer, the Depositor
and/or the Trustee shall execute such documents and deliver them to such
Servicer.

                  In accordance with the standards of the preceding paragraph,
each Servicer shall advance or cause to be advanced funds as necessary for the
purpose of effecting the payment of taxes and assessments on any Mortgaged
Property (to the extent the Servicer has been notified that such taxes or
assessments have not paid by the related Mortgagor or the owner or the servicer
of the related First Mortgage Loan), which advances shall be reimbursable in the
first instance from related collections from the Mortgagors pursuant to Section
3.06, and further as provided in Section 3.08; provided, however, that each
Servicer shall be required to advance only to the extent that such advances, in
the good faith judgment of such Servicer, will be recoverable by such Servicer
out of Insurance Proceeds, Liquidation Proceeds, or otherwise out of the
proceeds of the related Mortgage Loan; and provided, further, that such payments
shall be advanced when the tax, premium or other cost for which payment is
intended is due to the extent the Servicer has been notified that such payment
has not been made at least five (5) Business Days prior to the due date. The
costs incurred by a Servicer, if any, in effecting the timely payments of taxes
and assessments on the Mortgaged Properties and related insurance premiums shall
not, for the purpose of calculating monthly distributions to the
Certificateholders, be added to the Stated Principal Balances of the related
Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.

                  Subject to Section 3.16, the Trustee shall execute, at the
written request of a Servicer, and furnish to such Servicer and any Subservicer
such documents as are necessary or appropriate to enable such Servicer or any
Subservicer to carry out their servicing and administrative duties

                                       60
<PAGE>

hereunder, and the Trustee hereby grants to each Servicer a power of attorney to
carry out such duties. The Trustee shall not be liable for the actions of the
Servicers or any Subservicers under such powers of attorney.

                  If the Mortgage relating to a Mortgage Loan had a lien senior
to the Mortgage Loan on the related Mortgaged Property as of the Cut-off Date,
then the related Servicer, in such capacity, may consent to the refinancing of
the prior senior lien, provided that the following requirements are met:

                  (i) the resulting Combined Loan-to-Value Ratio of such
         Mortgage Loan is no higher than the Combined Loan-to-Value Ratio prior
         to such refinancing; and

                  (ii) the interest rate, or, in the case of an adjustable rate
         existing senior lien, the maximum interest rate, for the loan
         evidencing the refinanced senior lien is no more than 2.0% higher than
         the interest rate or the maximum interest rate, as the case may be, on
         the loan evidencing the existing senior lien immediately prior to the
         date of such refinancing; and

                  (iii) the loan evidencing the refinanced senior lien is not
         subject to negative amortization.

                  SECTION 3.02 Subservicing; Enforcement of the Obligations of
                               Subservicers.

                  (a) The Mortgage Loans may be subserviced by a Subservicer on
behalf of the related Servicer in accordance with the servicing provisions of
this Agreement, provided that the Subservicer is an approved Fannie Mae or
Freddie Mac seller/servicer in good standing. A Servicer may perform any of its
servicing responsibilities hereunder or may cause the Subservicer to perform any
such servicing responsibilities on its behalf, but the use by such Servicer of
the Subservicer shall not release such Servicer from any of its obligations
hereunder and such Servicer shall remain responsible hereunder for all acts and
omissions of the Subservicer as fully as if such acts and omissions were those
of such Servicer. Each Servicer shall pay all fees and expenses of any
Subservicer engaged by such Servicer from its own funds.

                  Notwithstanding the foregoing, each Servicer shall be entitled
to outsource one or more separate servicing functions to a Person (each, an
"Outsourcer") that does not meet the eligibility requirements for a Subservicer,
so long as such outsourcing does not constitute the delegation of such
Servicer's obligation to perform all or substantially all of the servicing of
the related Mortgage Loans to such Outsourcer. In such event, the use by a
Servicer of any such Outsourcer shall not release such Servicer from any of its
obligations hereunder and such Servicer shall remain responsible hereunder for
all acts and omissions of such Outsourcer as fully as if such acts and omissions
were those of such Servicer, and such Servicer shall pay all fees and expenses
of the Outsourcer from such Servicer's own funds.

                  (b) At the cost and expense of a Servicer, without any right
of reimbursement from the Depositor, Trustee, the Trust Fund, or the applicable
Collection Account, such Servicer

                                       61
<PAGE>

shall be entitled to terminate the rights and responsibilities of its
Subservicer and arrange for any servicing responsibilities to be performed by a
successor Subservicer meeting the requirements set forth in Section 3.02(a),
provided, however, that nothing contained herein shall be deemed to prevent or
prohibit such Servicer, at such Servicer's option, from electing to service the
related Mortgage Loans itself. In the event that a Servicer's responsibilities
and duties under this Agreement are terminated pursuant to Section 7.01, and
if requested to do so by the Trustee, such Servicer shall at its own cost and
expense terminate the rights and responsibilities of its Subservicer as soon as
is reasonably possible. Each Servicer shall pay all fees, expenses or penalties
necessary in order to terminate the rights and responsibilities of its
Subservicer from such Servicer's own funds without any right of reimbursement
from the Depositor, Trustee, the Trust Fund, or the Collection Account.

                  (c) Notwithstanding any of the provisions of this Agreement
relating to agreements or arrangements between a Servicer and its Subservicer, a
Servicer and its Outsourcer, or any reference herein to actions taken through
the Subservicer, the Outsourcer, or otherwise, no Servicer shall be relieved of
its obligations to the Depositor, Trustee or Certificateholders and shall be
obligated to the same extent and under the same terms and conditions as if it
alone were servicing and administering the related Mortgage Loans. Each Servicer
shall be entitled to enter into an agreement with its Subservicer and Outsourcer
for indemnification of such Servicer or Outsourcer, as applicable, by such
Subservicer and nothing contained in this Agreement shall be deemed to limit or
modify such indemnification.

                  For purposes of this Agreement, a Servicer shall be deemed to
have received any collections, recoveries or payments with respect to the
related Mortgage Loans that are received by a related Subservicer or Outsourcer,
as applicable, regardless of whether such payments are remitted by the
Subservicer or Outsourcer, as applicable, to such Servicer.

                  Any Subservicing Agreement and any other transactions or
services relating to the Mortgage Loans involving a Subservicer or an Outsourcer
shall be deemed to be between the Subservicer or an Outsourcer, and the related
Servicer alone, and the Depositor, the Trustee and the other Servicer shall have
no obligations, duties or liabilities with respect to a Subservicer including no
obligation, duty or liability of the Depositor and Trustee or the Trust Fund to
pay a Subservicer's fees and expenses.

                  SECTION 3.03      [Reserved].

                  SECTION 3.04      Trustee to Act as Servicer.

                  (a) In the event that any Servicer shall for any reason no
longer be a Servicer hereunder (including by reason of an Event of Default), the
Trustee or its successor shall thereupon assume all of the rights and
obligations of such Servicer hereunder arising thereafter (except that the
Trustee shall not be (i) liable for losses of such Servicer pursuant to Section
3.09 hereof or any acts or omissions of the related predecessor Servicer
hereunder, (ii) obligated to make Advances if it is prohibited from doing so by
applicable law or (iii) deemed to have made any representations and warranties
of such Servicer hereunder). Any such assumption shall be subject to Section
7.02 hereof.

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                  Each Servicer shall, upon request of the Trustee, but at the
expense of such Servicer, deliver to the assuming party all documents and
records relating to each Subservicing Agreement or substitute Subservicing
Agreement and the Mortgage Loans then being serviced thereunder and hereunder by
such Servicer and an accounting of amounts collected or held by it and otherwise
use its best efforts to effect the orderly and efficient transfer of the
substitute Subservicing Agreement to the assuming party.

                  (b)      [reserved]

                  SECTION 3.05 Collection of Mortgage Loans; Collection
                               Accounts; Certificate Account; Pre-Funding
                               Accounts; Capitalized Interest Accounts.

                  (a) Continuously from the date hereof until the principal and
interest on all Mortgage Loans have been paid in full or such Mortgage Loans
have become Liquidated Mortgage Loans, each Servicer shall proceed in accordance
with the customary and usual standards of practice of prudent mortgage loan
servicers to collect all payments due under each of the related Mortgage Loans
when the same shall become due and payable to the extent consistent with this
Agreement and, consistent with such standard, with respect to Mortgage Loans for
which a Servicer collects escrow payments, shall ascertain and estimate Escrow
Payments and all other charges that will become due and payable with respect to
the Mortgage Loans and the Mortgaged Properties, to the end that the
installments payable by the Mortgagors will be sufficient to pay such charges as
and when they become due and payable. Consistent with the terms of this
Agreement, each Servicer may also waive, modify or vary any term of any Mortgage
Loan or consent to the postponement of strict compliance with any such term or
in any manner grant indulgence to any Mortgagor if in such Servicer's
determination such waiver, modification, postponement or indulgence is not
materially adverse to the interests of the Certificateholders (taking into
account any estimated Realized Loss that might result absent such action);
provided, however, that such Servicer may not modify materially or permit any
Subservicer to modify any Mortgage Loan, including without limitation any
modification that would change the Mortgage Rate, forgive the payment of any
principal or interest (unless in connection with the liquidation of the related
Mortgage Loan or except in connection with prepayments to the extent that such
reamortization is not inconsistent with the terms of the Mortgage Loan), or
extend the final maturity date of such Mortgage Loan, unless such Mortgage Loan
is in default or, in the judgment of such Servicer, such default is reasonably
foreseeable; and that no such modification shall reduce the interest rate on a
Mortgage Loan below the rate at which the Servicing Fee with respect to such
Mortgage Loan accrues. In the event of any such arrangement, the related
Servicer shall make Advances on the related Mortgage Loan in accordance with the
provisions of Section 4.01 during the scheduled period in accordance with the
amortization schedule of such Mortgage Loan without modification thereof by
reason of such arrangements. Each Servicer shall not be required to institute or
join in litigation with respect to collection of any payment (whether under a
Mortgage, Mortgage Note or otherwise or against any public or governmental
authority with respect to a taking or condemnation) if it reasonably believes
that enforcing the provision of the Mortgage or other instrument pursuant to
which such payment is required is prohibited by applicable law.

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                  (b) Each Servicer shall segregate and hold all funds collected
and received pursuant to a Mortgage Loan separate and apart from any of its own
funds and general assets and shall establish and maintain one or more Collection
Accounts, in the form of time deposit or demand accounts, titled "[Servicer's
name], in trust for the Holders of Credit Suisse First Boston Mortgage
Securities Corp., Home Equity Mortgage Pass-Through Certificates, Series 2002-3"
or, if established and maintained by a Subservicer on behalf of the related
Servicer, "[Subservicer's name], in trust for [Servicer's name]" or
"[Subservicer's name], as agent, trustee and/or bailee of principal and interest
custodial account for [Servicer's name], its successors and assigns, for various
owners of interest in [Servicer's name] mortgage- backed pools". Each Collection
Account shall be an Eligible Account. Any funds deposited in a Collection
Account shall at all times be either invested in Eligible Investments or shall
be fully insured to the full extent permitted under applicable law. Funds
deposited in a Collection Account may be drawn on by the applicable Servicer in
accordance with Section 3.08.

                  Each Servicer (other than Washington Mutual) shall deposit in
the Collection Account on a daily basis, or, in the case of Washington Mutual,
within two Business Days of receipt, and retain therein, the following
collections remitted by Subservicers or payments received by such Servicer and
payments made by such Servicer subsequent to the Cut-off Date, other than
payments of principal and interest due on or before the Cut-off Date:

                  (i) all payments on account of principal on the Mortgage
         Loans, including all Principal Prepayments;

                  (ii) all payments on account of interest on the Mortgage Loans
         adjusted to the per annum rate equal to the Mortgage Rate reduced by
         the related Servicing Fee Rate;

                  (iii) all Liquidation Proceeds on the Mortgage Loans;

                  (iv) all Insurance Proceeds on the Mortgage Loans including
         amounts required to be deposited pursuant to Section 3.09 (other than
         proceeds to be held in the Escrow Account and applied to the
         restoration or repair of the Mortgaged Property or released to the
         Mortgagor in accordance with Section 3.09);

                  (v) all Advances made by such Servicer pursuant to Section
         4.01;

                  (vi) with respect to each Principal Prepayment on the Mortgage
         Loans, the Prepayment Interest Shortfall, if any, for the Prepayment
         Period. The aggregate of such deposits shall be made from such
         Servicer's own funds, without reimbursement therefor, up to a maximum
         amount per month equal to the Compensating Interest Payment, if any,
         for the Mortgage Loans and that Distribution Date;

                  (vii) any amounts required to be deposited by such Servicer in
         respect of net monthly income from REO Property pursuant to Section
         3.11; and

                  (viii) any other amounts required to be deposited hereunder
         including all collected Prepayment Penalties.

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<PAGE>

                  The foregoing requirements for deposit into each Collection
Account shall be exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, Ancillary Income need not be deposited
by such Servicer into such Collection Account. In addition, notwithstanding the
provisions of this Section 3.05, each Servicer may deduct from amounts received
by it, prior to deposit to the applicable Collection Account, any portion of any
Scheduled Payment representing the applicable Servicing Fee. In the event that a
Servicer shall remit any amount not required to be remitted, it may at any time
withdraw or direct the institution maintaining the related Collection Account to
withdraw such amount from such Collection Account, any provision herein to the
contrary notwithstanding. Such withdrawal or direction may be accomplished by
delivering written notice thereof to the Trustee or such other institution
maintaining such Collection Account which describes the amounts deposited in
error in such Collection Account. Each Servicer shall maintain adequate records
with respect to all withdrawals made by it pursuant to this Section. All funds
deposited in a Collection Account shall be held in trust for the
Certificateholders until withdrawn in accordance with Section 3.08.

                  (c) On or prior to the Closing Date, the Trustee shall
establish and maintain, on behalf of the Certificateholders, the Certificate
Account. The Trustee shall, promptly upon receipt, deposit in the Certificate
Account and retain therein the following:

                  (i) the aggregate amount remitted by each Servicer to the
         Trustee pursuant to Section 3.08(viii);

                  (ii) any amount deposited by the Trustee pursuant to Section
         3.05(e) in connection with any losses on Eligible Investments; and

                  (iii) any other amounts deposited hereunder which are required
         to be deposited in the Certificate Account.

                  In the event that a Servicer shall remit to the Trustee any
amount not required to be remitted, it may at any time direct the Trustee to
withdraw such amount from the Certificate Account, any provision herein to the
contrary notwithstanding. Such direction may be accomplished by delivering an
Officer's Certificate to the Trustee which describes the amounts deposited in
error in the Certificate Account. All funds deposited in the Certificate Account
shall be held by the Trustee in trust for the Certificateholders until disbursed
in accordance with this Agreement or withdrawn in accordance with Section
3.08(b). In no event shall the Trustee incur liability for withdrawals from the
Certificate Account at the direction of a Servicer.

                   (d) Each institution at which a Collection Account, the
Certificate Account or the Pre- Funding Account is maintained shall either hold
such funds on deposit uninvested or shall invest the funds therein as directed
in writing by the related Servicer (in the case of a Collection Account), the
Trustee (in the case of the Certificate Account) or the Depositor (in the case
of the Pre-Funding Account), in Eligible Investments, which shall mature not
later than (i) in the case of a Collection Account, the second Business Day
immediately preceding the related Distribution Date and (ii) in the case of the
Certificate Account and the Pre-Funding Account, the Business Day immediately
preceding the Distribution Date and, in each case, shall not be sold or disposed
of prior to its

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<PAGE>

maturity. All income and gain net of any losses realized from any such balances
or investment of funds on deposit in a Collection Account shall be for the
benefit of the related Servicer as servicing compensation and shall be remitted
to it monthly as provided herein. The amount of any realized losses in a
Collection Account incurred in any such account in respect of any such
investments shall promptly be deposited by the related Servicer in the related
Collection Account. The Trustee in its fiduciary capacity shall not be liable
for the amount of any loss incurred in respect of any investment or lack of
investment of funds held in a Collection Account or the Pre-Funding Account. All
income and gain net of any losses realized from any such investment of funds on
deposit in the Certificate Account shall be for the benefit of the Trustee as
compensation and shall be remitted to it monthly as provided herein. The amount
of any realized losses in the Certificate Account incurred in any such account
in respect of any such investments shall promptly be deposited by the Trustee in
the Certificate Account. All income and gain net of any losses realized from any
such balances or investment of funds on deposit in the Pre-Funding Account shall
be for the benefit of the Depositor and shall be remitted to it monthly.

                  (e) Each Servicer shall give notice to the Trustee, the
Seller, each Rating Agency and the Depositor of any proposed change of the
location of the related Collection Account prior to any change thereof. The
Trustee shall give notice to each Servicer, the Seller, each Rating Agency and
the Depositor of any proposed change of the location of the Certificate Account
prior to any change thereof.

                  (f) The Trustee shall establish and maintain, on behalf of the
Certificateholders, the Pre-Funding Account. On the Closing Date, the Depositor
shall remit the Pre-Funding Amount to the Trustee for deposit in the Pre-Funding
Account. On each Subsequent Transfer Date, upon satisfaction of the conditions
for such Subsequent Transfer Date set forth in Section 2.01(f), with respect to
the related Subsequent Transfer Agreement, the Trustee shall remit to the
Depositor the applicable Aggregate Subsequent Transfer Amount as payment of the
purchase price for the related Subsequent Mortgage Loans.

                  If any funds remain in any Pre-Funding Account on December 24,
2002, to the extent they represent interest earnings on the amounts originally
deposited into such Pre-Funding Account, the Trustee shall distribute them to
the order of the Depositor. The remaining funds in the Pre-Funding Account shall
be transferred to the Certificate Account to be included as part of principal
distributions to the Class A-1, Class A-2 and Class A-3 Certificates in the
manner and priority set forth herein on the December 2002 Distribution Date.

                  (g) The Trustee shall establish and maintain, on behalf of the
Certificateholders, the Capitalized Interest Account. On the Closing Date, the
Depositor shall remit the applicable Capitalized Interest Deposit to the Trustee
for deposit in the related Capitalized Interest Account. On the Business Day
prior to each of the October 2002, November 2002 and December 2002 Distribution
Dates, the Trustee shall transfer from each Capitalized Interest Account to the
Certificate Account an amount equal to the Capitalized Interest Requirement for
such Distribution Date. On each of the October 2002 and November 2002
Distribution Dates, the applicable Overfunded Interest Amount shall be withdrawn
from the related Capitalized Interest Account and paid to the Depositor. Any
funds remaining in each Capitalized Interest Account immediately after the
December 2002 Distribution Date shall be paid to the Depositor.

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                  SECTION 3.06  Establishment of and Deposits to Escrow
                                Accounts; Permitted Withdrawals from Escrow
                                Accounts; Payments of Taxes, Insurance and
                                Other Charges.

                  (a) To the extent required by the related Mortgage Note and
not violative of current law, the applicable Servicer shall segregate and hold
all funds collected and received pursuant to a Mortgage Loan constituting Escrow
Payments separate and apart from any of its own funds and general assets and
shall establish and maintain one or more Escrow Accounts, in the form of time
deposit or demand accounts, titled, "Credit Suisse First Boston Mortgage
Securities Corp., Home Equity Mortgage Pass-Through Certificates, Series 2002-3"
or, if established and maintained by a Subservicer on behalf of the related
Servicer, "[Subservicer's name], in trust for [Servicer's name]" or
"[Subservicer's name], as agent, trustee and/or bailee of taxes and insurance
custodial account for [Servicer's name], its successors and assigns, for various
owners of interest in [Servicer's name] mortgage-backed pools". The Escrow
Accounts shall be Eligible Accounts. Funds deposited in the Escrow Account may
be drawn on by the related Servicer in accordance with Section 3.06(b). The
creation of any Escrow Account shall be evidenced by a certification in the form
of Exhibit P-1 hereto, in the case of an account established with a Servicer, or
by a letter agreement in the form of Exhibit P-2 hereto, in the case of an
account held by a depository other than a Servicer. A copy of such certification
shall be furnished to the Depositor and Trustee.

                  (b) Each Servicer (other than Washington Mutual) shall deposit
in its Escrow Account or Accounts on a daily basis within one Business Day of
receipt, or, in the case of Washington Mutual, within two Business Days of
receipt, and retain therein:

                  (i) all Escrow Payments collected on account of the related
         Mortgage Loans, for the purpose of effecting timely payment of any such
         items as required under the terms of this Agreement; and

                  (ii) all amounts representing Insurance Proceeds which are to
         be applied to the restoration or repair of any Mortgaged Property.

                  Each Servicer shall make withdrawals from the Escrow Account
only to effect such payments as are required under this Agreement, as set forth
in Section 3.06(c). Each Servicer shall be entitled to retain any interest paid
on funds deposited in the related Escrow Account by the depository institution,
other than interest on escrowed funds required by law to be paid to the
Mortgagor. To the extent required by law, the applicable Servicer shall pay
interest on escrowed funds to the Mortgagor notwithstanding that the Escrow
Account may be non-interest bearing or that interest paid thereon is
insufficient for such purposes.

                  (c) Withdrawals from the Escrow Account or Accounts may be
made by the related Servicer only:

                  (i) to effect timely payments of ground rents, taxes,
         assessments, water rates, mortgage insurance premiums, condominium
         charges, fire and hazard insurance premiums or other items constituting
         Escrow Payments for the related Mortgage;

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<PAGE>

                  (ii) to reimburse such Servicer for any Servicing Advances
         made by such Servicer pursuant to this Agreement with respect to a
         related Mortgage Loan, but only from amounts received on the related
         Mortgage Loan which represent late collections of Escrow Payments
         thereunder;

                  (iii) to refund to any Mortgagor any funds found to be in
         excess of the amounts required under the terms of the related Mortgage
         Loan;

                  (iv) for transfer to the related Collection Account to reduce
         the principal balance of the related Mortgage Loan in accordance with
         the terms of the related Mortgage and Mortgage Note;

                  (v) for application to restore or repair of the related
         Mortgaged Property in accordance with the procedures outlined in
         Section 3.09;

                  (vi) to pay to such Servicer, or any Mortgagor to the extent
         required by law, any interest paid on the funds deposited in such
         Escrow Account; and

                  (vii) to clear and terminate such Escrow Account on the
         termination of this Agreement.

                  SECTION 3.07      Access to Certain Documentation and
                                    Information Regarding the
                                    Mortgage Loans; Inspections.

                  (a) Each Servicer shall afford the Depositor and the Trustee
reasonable access to all records and documentation regarding the Mortgage Loans
and all accounts, insurance information and other matters relating to this
Agreement, such access being afforded without charge, but only upon reasonable
request and during normal business hours at the office designated by such
Servicer.

                  (b) Each Servicer shall inspect the Mortgaged Properties as
often as deemed necessary by such Servicer in such Servicer's sole discretion,
to assure itself that the value of such Mortgaged Property is being preserved.
In addition, if any Mortgage Loan is more than 60 days delinquent, each Servicer
shall conduct subsequent inspections in accordance with Accepted Servicing
Practices or as may be required by the primary mortgage guaranty insurer. Each
Servicer shall keep a written or electronic report of each such inspection.

                  SECTION 3.08      Permitted Withdrawals from the Collection
                                    Accounts and Certificate Account.

                  Each Servicer may (and in the case of clause (viii) below,
shall) from time to time make withdrawals from the related Collection Account
for the following purposes:

                  (i) to pay to such Servicer (to the extent not previously
         retained by such Servicer) the servicing compensation to which it is
         entitled pursuant to Section 3.14, and to pay to such

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         Servicer, as additional servicing compensation, earnings on or
         investment income with respect to funds in or credited to such
         Collection Account;

                  (ii) to reimburse such Servicer for unreimbursed Advances made
         by it, such right of reimbursement pursuant to this subclause (ii)
         being limited to amounts received on the Mortgage Loan(s) in respect of
         which any such Advance was made (including without limitation, late
         recoveries of payments, Liquidation Proceeds, Insurance Proceeds,
         amounts representing proceeds of other insurance policies, if any,
         covering the related Mortgaged Property, rental and other income from
         REO Property and proceeds of any purchase or repurchase of the related
         Mortgage Loan, to the extent received by such Servicer);

                  (iii) to reimburse such Servicer for any Nonrecoverable
         Advance previously made from collections or proceeds of any of the
         Mortgage Loans;

                  (iv) to reimburse such Servicer for (A) unreimbursed Servicing
         Advances, such Servicer's right to reimbursement pursuant to this
         clause (A) with respect to any Mortgage Loan being limited to amounts
         received on such Mortgage Loan which represent late payments of
         principal and/or interest (including, without limitation, Liquidation
         Proceeds, Insurance Proceeds, amounts representing proceeds of other
         insurance policies, if any, covering the related Mortgaged Property,
         rental and other income from REO Property and proceeds of any purchase
         or repurchase of the related Mortgage Loan with respect to such
         Mortgage Loan) respecting which any such advance was made, (B) for
         unpaid Servicing Fees as provided in Section 3.11 and unreimbursed
         Servicing Advances and Advances as provided in Section 3.11(a)(iv)(A)
         hereof and (C) in the case of Ocwen, for unpaid Servicing Fees not
         otherwise collected from Liquidation Proceeds;

                  (v) to pay to the purchaser, with respect to each Mortgage
         Loan or property acquired in respect thereof that has been purchased
         pursuant to Section 2.02, 2.03 or 3.11, all amounts received thereon
         after the date of such purchase;

                  (vi) to reimburse such Servicer or the Depositor for expenses
         incurred by any of them and reimbursable pursuant to Section 6.03
         hereof;

                  (vii) to withdraw any amount deposited in such Collection
         Account and not required to be deposited therein;

                  (viii) on or prior to the Servicer Remittance Date, to
         withdraw an amount equal to the Available Funds plus any related
         Expense Fees (other than the Servicing Fee) for such Distribution Date
         and any Prepayment Penalties received in respect of the Mortgage Loans,
         subject to the collection of funds included in the definition of
         "Available Funds" and remit such amount to the Trustee for deposit in
         the Certificate Account; and

                  (ix) to clear and terminate such Collection Account upon
         termination of this Agreement pursuant to Section 9.01 hereof.

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                  Each Servicer shall keep and maintain separate accounting, on
a Mortgage Loan basis for the purpose of justifying any withdrawal from the
Collection Account pursuant to such subclauses (i), (ii), (iv) and (v). Prior to
making any withdrawal from a Collection Account pursuant to subclause (iii), the
related Servicer shall deliver to the Trustee a certificate of a Servicing
Officer indicating the amount of any previous Advance determined by such
Servicer to be a Nonrecoverable Advance and identifying the related Mortgage
Loans(s), and their respective portions of such Nonrecoverable Advance.

                  The Trustee shall withdraw funds from the Certificate Account
for distributions to FSA, the Certificateholders and the Credit Risk Manager, if
applicable, in the manner specified in this Agreement (and to withhold from the
amounts so withdrawn, the amount of any taxes that it is authorized to withhold
pursuant to the last paragraph of Section 8.11). In addition, the Trustee may
from time to time make withdrawals from the Certificate Account for the
following purposes:

                  (i) to pay to itself the Trustee Fee and any investment income
         earned for the related Distribution Date;

                  (ii) to withdraw and return to the applicable Servicer for
         deposit to the Collection Account any amount deposited in the
         Certificate Account and not required to be deposited therein; and

                  (iii) to clear and terminate the Certificate Account upon
         termination of this Agreement pursuant to Section 9.01 hereof.

                  SECTION 3.09 Maintenance of Hazard Insurance and Mortgage
                               Impairment Insurance; Claims; Restoration of
                               Mortgaged Property.

                  Each Servicer shall obtain and maintain a blanket policy
insuring against losses arising from fire and hazards covered under extended
coverage on all of the related Mortgage Loans, which policy shall provide
coverage in an amount equal to the amount at least equal to the lesser of (i)
the maximum insurable value of the improvements securing such Mortgage Loan and
(ii) the greater of (A) the outstanding principal balance of the Mortgage Loan
and (B) an amount such that the proceeds of such policy shall be sufficient to
prevent the Mortgagor and/or the mortgagee from becoming co-insurer. Any amounts
collected by a Servicer under any such policy relating to a Mortgage Loan shall
be deposited in the related Collection Account subject to withdrawal pursuant to
Section 3.08. Such policy may contain a deductible clause, in which case, in the
event that there shall not have been maintained on the related Mortgaged
Property a standard hazard insurance policy, and there shall have been a loss
which would have been covered by such policy, the related Servicer shall deposit
in the related Collection Account at the time of such loss the amount not
otherwise payable under the blanket policy because of such deductible clause,
such amount to be deposited from such Servicer's funds, without reimbursement
therefor. Upon request of the Trustee, a Servicer shall cause to be delivered to
the Trustee a certified true copy of such policy and a statement from the
insurer thereunder that such policy shall in no event be terminated or
materially modified without 30 days' prior written notice to the Trustee. In
connection with its activities as Servicer of the Mortgage Loans, each Servicer
agrees to present, on behalf of itself, the Depositor, and the Trustee for the
benefit of the Certificateholders, claims under any such blanket policy.

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                  Pursuant to Section 3.05, any amounts collected by a Servicer
under any such policies (other than amounts to be deposited in the related
Escrow Account and applied to the restoration or repair of the related Mortgaged
Property, or property acquired in liquidation of the Mortgage Loan, or to be
released to the Mortgagor, in accordance with such Servicer's normal servicing
procedures) shall be deposited in the related Collection Account (subject to
withdrawal pursuant to Section 3.08). Any costs incurred by a Servicer in
maintaining such insurance shall be recoverable by the Servicer as a Servicing
Advance out of payments by the related Mortgagor or out of Insurance Proceeds or
Liquidation Proceeds. Notwithstanding anything to the contrary in this
paragraph, each Servicer shall be required to pay the costs of maintaining any
insurance contemplated by this Section 3.09 only to the extent that such
advances, in the good faith judgment of such Servicer, will be recoverable.

                  A Servicer need not obtain the approval of the Trustee prior
to releasing any Insurance Proceeds to the Mortgagor to be applied to the
restoration or repair of the Mortgaged Property if such release is in accordance
with Accepted Servicing Practices. At a minimum, each Servicer shall comply with
the following conditions in connection with any such release of Insurance
Proceeds:

                  (i) such Servicer shall receive satisfactory independent
         verification of completion of repairs and issuance of any required
         approvals with respect thereto;

                  (ii) such Servicer shall take all steps necessary to preserve
         the priority of the lien of the Mortgage, including, but not limited to
         requiring waivers with respect to mechanics' and materialmen's liens;
         and

                  (iii) pending repairs or restoration, such Servicer shall
         place the Insurance Proceeds in the related Escrow Account.

                  If the Trustee is named as an additional loss payee, the
related Servicer is hereby empowered to endorse any loss draft issued in respect
of such a claim in the name of the Trustee.

                  SECTION 3.10 Enforcement of Due-on-Sale Clauses; Assumption
Agreements.

                  Each Servicer shall use its best efforts to enforce any
"due-on-sale" provision contained in any related Mortgage or Mortgage Note and
to deny assumption by the person to whom the Mortgaged Property has been or is
about to be sold whether by absolute conveyance or by contract of sale, and
whether or not the Mortgagor remains liable on the Mortgage and the Mortgage
Note. When the Mortgaged Property has been conveyed by the Mortgagor, the
related Servicer shall, to the extent it has knowledge of such conveyance,
exercise its rights to accelerate the maturity of such Mortgage Loan under the
"due-on-sale" clause applicable thereto, provided, however, that such Servicer
shall not exercise such rights if prohibited by law from doing so or if the
exercise of such rights would impair or threaten to impair any recovery under
the related Primary Insurance Policy, if any.

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<PAGE>

                  If a Servicer reasonably believes it is unable under
applicable law to enforce such "due-on- sale" clause, such Servicer shall enter
into (i) an assumption and modification agreement with the person to whom such
property has been conveyed, pursuant to which such person becomes liable under
the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in
the event such Servicer is unable under applicable law to require that the
original Mortgagor remain liable under the Mortgage Note and such Servicer has
the prior consent of the primary mortgage guaranty insurer, a substitution of
liability agreement with the purchaser of the Mortgaged Property pursuant to
which the original Mortgagor is released from liability and the purchaser of the
Mortgaged Property is substituted as Mortgagor and becomes liable under the
Mortgage Note. Notwithstanding the foregoing, a Servicer shall not be deemed to
be in default under this Section by reason of any transfer or assumption which
such Servicer reasonably believes it is restricted by law from preventing, for
any reason whatsoever. In connection with any such assumption, no material term
of the Mortgage Note, including without limitation, the Mortgage Rate borne by
the related Mortgage Note, the term of the Mortgage Loan or the outstanding
principal amount of the Mortgage Loan shall be changed.

                  Subject to each Servicer's duty to enforce any due-on-sale
clause to the extent set forth in this Section 3.10, in any case in which a
Mortgaged Property has been conveyed to a Person by a Mortgagor, and such Person
is to enter into an assumption agreement or modification agreement or supplement
to the Mortgage Note or Mortgage that requires the signature of the Trustee, or
if an instrument of release signed by the Trustee is required releasing the
Mortgagor from liability on the Mortgage Loan, such Servicer shall prepare and
deliver or cause to be prepared and delivered to the Trustee for signature and
shall direct, in writing, the Trustee to execute the assumption agreement with
the Person to whom the Mortgaged Property is to be conveyed and such
modification agreement or supplement to the Mortgage Note or Mortgage or other
instruments as are reasonable or necessary to carry out the terms of the
Mortgage Note or Mortgage or otherwise to comply with any applicable laws
regarding assumptions or the transfer of the Mortgaged Property to such Person.
In connection with any such assumption, no material term of the Mortgage Note
may be changed. Together with each such substitution, assumption or other
agreement or instrument delivered to the Trustee for execution by it, the
related Servicer shall deliver an Officer's Certificate signed by a Servicing
Officer stating that the requirements of this Section 3.10 have been met in
connection therewith. The related Servicer shall notify the Trustee that any
such substitution or assumption agreement has been completed by forwarding to
the Trustee the original of such substitution or assumption agreement, which in
the case of the original shall be added to the related Mortgage File and shall,
for all purposes, be considered a part of such Mortgage File to the same extent
as all other documents and instruments constituting a part thereof. Any fee
collected by a Servicer for entering into an assumption or substitution of
liability agreement will be retained by such Servicer as additional servicing
compensation.

                  SECTION 3.11      Realization Upon Defaulted Mortgage Loans;
                                    Repurchase of Certain Mortgage Loans.

                  (a) (i) Each Servicer shall use reasonable efforts to
foreclose upon or otherwise comparably convert the ownership of properties
securing such of the related Mortgage Loans as come into and continue in default
and as to which no satisfactory arrangements can be made for collection of
delinquent payments. With respect to such of the Mortgage Loans as come into and

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continue in default, each Servicer will decide whether to (i) foreclose upon the
Mortgaged Properties securing such Mortgage Loans, (ii) write off the unpaid
principal balance of the Mortgage Loans as bad debt, (iii) take a deed in lieu
of foreclosure, (iv) accept a short sale (a payoff of the Mortgage Loan for an
amount less than the total amount contractually owed in order to facilitate a
sale of the Mortgaged Property by the Mortgagor) or permit a short refinancing
(a payoff of the Mortgage Loan for an amount less than the total amount
contractually owed in order to facilitate refinancing transactions by the
Mortgagor not involving a sale of the Mortgaged Property), (v) arrange for a
repayment plan, or (vi) agree to a modification in accordance
with this Agreement. In connection with such decision, the related Servicer
shall take such action as (i) such Servicer would take under similar
circumstances with respect to a similar mortgage loan held for its own account
for investment, (ii) shall be consistent with Accepted Servicing Practices,
(iii) such Servicer shall determine consistently with Accepted Servicing
Practices to be in the best interest of the Trustee and Certificateholders, and
(iv) is consistent with the requirements of the insurer under any Required
Insurance Policy; provided, however, that such Servicer shall not be required to
expend its own funds in connection with any foreclosure or towards the
restoration of any property unless it shall determine in its sole discretion (i)
that such restoration and/or foreclosure will increase the proceeds of
liquidation of the related Mortgage Loan after reimbursement to itself of such
expenses and (ii) that such expenses will be recoverable to it through
Liquidation Proceeds (respecting which it shall have priority for purposes of
withdrawals from the related Collection Account). The related Servicer shall be
responsible for all other costs and expenses incurred by it in any such
proceedings; provided, however, that it shall be entitled to reimbursement
thereof from the liquidation proceeds with respect to the related Mortgaged
Property, as provided in the definition of Liquidation Proceeds and as provided
in Section 3.08(iv)(A).

                  (ii) Notwithstanding anything to the contrary contained in
this Agreement, with respect to any Mortgage Loan that is one hundred twenty
(120) days delinquent, the related Servicer shall obtain a broker's price
opinion with respect to the related Mortgaged Property, the cost of obtaining
any such broker's price opinion to be reimbursable to the related Servicer as a
Servicing Advance pursuant to Section 3.08(iii) or (iv). After obtaining the
related broker's price opinion, the related Servicer will determine whether any
Significant Net Recovery is possible through foreclosure proceedings or other
liquidation of the related Mortgaged Property. If the related Servicer
determines that (x) no Significant Net Recovery is possible or (y) the potential
Net Recoveries are anticipated to be an amount, determined by the related
Servicer in its good faith judgment and in light of other mitigating
circumstances, that is insufficient to warrant proceeding through foreclosure or
other liquidation of the related Mortgaged Property, it may, at its discretion,
charge off such delinquent Mortgage Loan in accordance with subsections (a)(iii)
and (a)(iv) below. As to any Ocwen Serviced Loan:

                           (A) prior to obtaining the broker's price opinion
                  described above and thereafter except as described in clause
                  (B) below, Ocwen shall have absolutely no obligation to
                  perform loss mitigation or default management services (other
                  than its standard collection activities) with respect to any
                  such Mortgage Loan, provided, however, that Ocwen shall be
                  entitled to receive its Servicing Fee with respect to such
                  Mortgage Loan through the 120th day of delinquency; and

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<PAGE>

                           (B) if Ocwen determines that (x) a Significant Net
                   Recovery is possible through foreclosure proceedings or
                   other liquidation of the related Mortgaged Property and (y)
                   the potential Net Recoveries are anticipated to be an
                   amount, determined by Ocwen in its good faith judgment and
                   in light of other mitigating circumstances, that is
                   sufficient to warrant proceeding through foreclosure or
                   other liquidation of the related Mortgaged Property, then
                   Ocwen shall Special Service the related Mortgage Loan and
                   shall receive as servicing compensation (i) $100 per month
                   from the date on which Ocwen begins to Special Service such
                   Mortgage Loan through foreclosure or liquidation and (ii)
                   $135 per month for the period during which Ocwen is Special
                   Servicing the related REO Property, provided that, if Ocwen
                   acts as Special Servicer with respect to a Mortgage Loan
                   pursuant to this clause (B), Ocwen shall receive such
                   compensation in lieu of its Servicing Fee pursuant to clause
                   (A) above. As to any Ocwen Serviced Loan for which Ocwen is
                   to receive the compensation described in the previous
                   sentence in lieu of its Servicing Fee, Ocwen shall report
                   such information to the Trustee together with the
                   information reported to the Trustee on each Servicer Data
                   Remittance Date pursuant to Section 4.06 hereof.

                  (iii) If the related Servicer determines based on the broker's
price opinion obtained under paragraph (a)(ii) above and other relevant
considerations that (x) no Significant Net Recovery is possible through
foreclosure proceedings or other liquidation of the related Mortgaged Property
or (y) the potential Net Recoveries are anticipated to be an amount, determined
by the related Servicer in its good faith judgment and in light of other
mitigating circumstances, that is insufficient to warrant proceeding through
foreclosure or other liquidation of the related Mortgaged Property, it will be
obligated to charge off the related Mortgage Loan at the time such Mortgage Loan
becomes 180 days delinquent. Once a Mortgage Loan has been charged off, the
related Servicer will discontinue making Advances, the related Servicer will not
be entitled to any additional servicing compensation (except as described in
paragraphs(a)(ii) or (a) (iv) of this Section 3.11), the Charged Off Loan will
give rise to a Realized Loss, and the related Servicer will follow the
procedures described in paragraph (a)(iv) below. If the related Servicer
determines that (x) a Significant Net Recovery is possible through foreclosure
proceedings or other liquidation of the Mortgaged Property and (y) the potential
Net Recoveries are anticipated to be an amount, determined by the related
Servicer in its good faith judgment and in light of other mitigating
circumstances, that is sufficient to warrant proceeding through foreclosure or
other liquidation of the related Mortgaged Property, such Servicer may continue
to make Advances or Servicing Advances on the related Mortgage Loan that has
become 180 days delinquent and, in the case of Ocwen or Wilshire, as applicable,
will notify the Credit Risk Manager of that decision.

                  (iv) (A) With respect to any Ocwen Serviced Loan or Washington
                  Mutual Serviced Loan that becomes a Charged Off Loan, Ocwen or
                  Washington Mutual, as applicable, shall notify Wilshire of its
                  decision to charge off such Mortgage Loan and the servicing of
                  such Ocwen Serviced Loan or Washington Mutual Serviced Loan
                  will be transferred to Wilshire, such transfer to be initiated
                  by Ocwen or Washington Mutual, as applicable, on the 15th day
                  of the month (or if the 15th of the month is not a Business
                  Day, the next Business Day) following the month in which such
                  Ocwen Serviced Loan or Washington Mutual Serviced Loan becomes
                  a Charged Off Loan

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<PAGE>

                  and may be serviced, at Wilshire's discretion, using
                  Wilshire Special Servicing as provided in paragraph (iv)(B)
                  below. Immediately upon transfer of any Ocwen Serviced Loan
                  or Washington Mutual Serviced Loan to Wilshire, Ocwen or
                  Washington Mutual, as applicable, shall be reimbursed for
                  all unreimbursed Advances and Servicing Advances and unpaid
                  Servicing Fees relating to such transferred Mortgage Loan
                  out of funds on deposit in the Collection Account. The
                  related Servicer shall provide an Officer's Certificate to
                  the Trustee no later than the related Servicer Remittance
                  Date evidencing the amount to be reimbursed pursuant to the
                  previous sentence with respect to any Mortgage Loans
                  transferred by such Servicer to Wilshire. With respect to
                  any Ocwen Serviced Loan transferred to Wilshire pursuant to
                  this clause (iv)(A) prior to such Mortgage Loan being
                  serviced by Ocwen for a period of one year, Ocwen shall
                  receive $25 as a deboarding fee. Ocwen or Washington Mutual
                  shall notify the Trustee of any Ocwen Serviced Loan or
                  Washington Mutual Serviced Loan, as applicable, that is
                  transferred to Wilshire. Ocwen or Washington Mutual, as
                  applicable, shall provide servicing information on such
                  transferred Mortgage Loans as reasonably requested by
                  Wilshire including, but not limited to, an electronic data
                  tape containing the fields set forth in Exhibit T hereto,
                  and an electronic file or hard copy containing collection
                  comments, outstanding advance balances, payment histories,
                  and hardcopies of any imaged files. Ocwen or Washington
                  Mutual, as applicable, shall be responsible for any other
                  reasonable actions required by Accepted Servicing Practices
                  relating to the transfer of servicing and the charging off
                  of such Mortgage Loans. All costs of such transfer of the
                  electronic data tape and files relating to Ocwen Serviced
                  Loans shall be paid by Ocwen. All costs of such transfer of
                  the electronic data tape and files relating to Washington
                  Mutual Serviced Loans shall be reimbursable to Washington
                  Mutual as a Servicing Advance immediately upon transfer of
                  such Washington Mutual Serviced Loans to Wilshire. Neither
                  Ocwen nor Washington Mutual shall be responsible for
                  Wilshire's boarding costs of such transferred Mortgage
                  Loans. Wilshire shall not be responsible for the
                  reimbursement of any Advance or Servicing Advance on a
                  transferred Mortgage Loan.

                           (B) Any (x) Wilshire Serviced Loan that becomes a
                  Charged Off Loan and (y) any Ocwen Serviced Loan or Washington
                  Mutual Serviced Loan that becomes a Charged Off Loan and is
                  transferred to Wilshire pursuant to paragraph (iv)(A) above
                  may continue to be serviced by Wilshire for the
                  Certificateholders using Wilshire Special Servicing. Wilshire
                  will accrue, but not be entitled to any Servicing Fees and
                  reimbursement of expenses in connection with such Charged Off
                  Loans, except to the extent of funds available from the
                  aggregate amount of recoveries on all Charged Off Loans. Such
                  aggregate recovery amounts on Charged Off Loans shall be paid
                  to Wilshire first, as reimbursement of any outstanding and
                  unpaid expenses, and second, as any accrued and unpaid
                  Servicing Fees. Wilshire will only be entitled to previously
                  accrued Servicing Fees and expenses on any such Charged Off
                  Loans. Wilshire will not be entitled to receive any future
                  unaccrued Servicing Fees or expenses from collections on such
                  Charged Off Loans. Any Charged Off Loan serviced by Wilshire
                  using Wilshire Special Servicing shall be so serviced until
                  the Release Date described below. Any Net Recoveries on such
                  Charged Off Loans

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<PAGE>
                  received prior to the Release Date will be treated as
                  Liquidation Proceeds and included in Available Funds.

                  On the date (the "Release Date") which is no more than six
months after the date on which Wilshire begins servicing any Charged Off Loans
using Wilshire Special Servicing, unless specific Net Recoveries are anticipated
by Wilshire on a particular Charged Off Loan (in which case the Release Date
will be delayed until all such specific anticipated Net Recoveries are
received), such Charged Off Loan will be released from the Trust Fund, will no
longer be an asset of any REMIC, and will be transferred to the Class X-2
Certificateholders, without recourse, and thereafter (i) those Holders will be
entitled to any amounts subsequently received in respect of any such Released
Loans, (ii) the Majority in Interest Class X-2 Certificateholder may designate
any servicer to service any such Released Loan and (iii) the Majority in
Interest Class X-2 Certificateholder may sell any such Released Loan to a third
party. Notwithstanding the previous sentence, if at any time after a Mortgage
Loan has been Charged Off and prior to six months after the date on which
Wilshire begins servicing such Charged Off Loan using Wilshire Special
Servicing, Wilshire determines that there will not be any Net Recoveries on such
Charged Off Loan under any circumstances, Wilshire may release such Charged Off
Loan to the Majority in Interest Class X-2 Certificateholder in accordance with
the provisions set forth in the previous sentence.

                  Notwithstanding the foregoing, the procedures described above
in this subsection 3.11(a)(iv) relating to the treatment of Charged Off Loans
may be modified at any time at the discretion of the Majority in Interest Class
X-1 Certificateholder, with the consent of Wilshire, which consent shall not be
unreasonably withheld, and if the modification would adversely affect or
materially increase the obligations of Ocwen or Washington Mutual, with the
consent of Ocwen or Washington Mutual, as applicable, which consent shall not be
unreasonably withheld; provided, however, that in no event shall the Majority in
Interest Class X-1 Certificateholder change the fee structure relating to
Charged Off Loans in a manner that would cause fees to be paid to Wilshire other
than from recoveries on Charged Off Loans.

                  The Trustee shall track collections received by Wilshire on
any Charged Off Loans based upon loan level data provided to the Trustee by
Wilshire on each Servicer Data Remittance Date in a report in the form of
Exhibit U hereto, identifying the Charged Off Loans as of the related Due Period
that Wilshire will continue to service until the related Release Date using
Wilshire Special Servicing. On each Distribution Date, the Trustee shall verify,
based on the recovery and expense information provided by Wilshire on the
related Servicer Data Remittance Date, (i) the aggregate amount of accrued and
unpaid Servicing Fees to be paid to Wilshire and expenses to be reimbursed to
Wilshire on such Charged Off Loans as of the related Due Period and (ii) the
amount of Net Recoveries on such Charged Off Loans for such Distribution Date.
The Trustee shall be entitled to rely, without independent verification, on the
loan level data provided by Wilshire that identifies the recovery amounts and
the outstanding and unpaid expenses on any Charged Off Loan in order to verify
the amount in clause (ii) of the previous sentence. The Trustee will be
responsible for independently verifying the aggregate amount of accrued and
unpaid Servicing Fees described in clause (i) of the second preceding sentence
to be paid to Wilshire.

                  (v) Notwithstanding anything to the contrary contained in this
Agreement, in connection with a foreclosure or acceptance of a deed in lieu of
foreclosure, in the event the related

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<PAGE>

Servicer has reasonable cause to believe that a Mortgaged Property is
contaminated by hazardous or toxic substances or wastes, or if the Trustee
otherwise requests, an environmental inspection or review of such Mortgaged
Property conducted by a qualified inspector shall be arranged for by such
Servicer. Upon completion of the inspection, the related Servicer shall promptly
provide the Trustee with a written report of environmental inspection.

                  (vi) In the event the environmental inspection report
indicates that the Mortgaged Property is contaminated by hazardous or toxic
substances or wastes, the related Servicer shall not proceed with foreclosure or
acceptance of a deed in lieu of foreclosure if the estimated costs of the
environmental clean up, as estimated in the environmental inspection report,
together with the Servicing Advances made by such Servicer and the estimated
costs of foreclosure or acceptance of a deed in lieu of foreclosure exceeds the
estimated value of the Mortgaged Property. If however, the aggregate of such
clean up and foreclosure costs and Servicing Advances are less than or equal to
the estimated value of the Mortgaged Property, then the related Servicer may, in
its reasonable judgment and in accordance with Accepted Servicing Practices,
choose to proceed with foreclosure or acceptance of a deed in lieu of
foreclosure and such Servicer shall be reimbursed for all reasonable costs
associated with such foreclosure or acceptance of a deed in lieu of foreclosure
and any related environmental clean up costs, as applicable, from the related
Liquidation Proceeds, or if the Liquidation Proceeds are insufficient to fully
reimburse such Servicer, such Servicer shall be entitled to be reimbursed from
amounts in the related Collection Account pursuant to Section 3.08 hereof. In
the event the related Servicer does not proceed with foreclosure or acceptance
of a deed in lieu of foreclosure pursuant to the first sentence of this
paragraph, such Servicer shall be reimbursed for all Servicing Advances made
with respect to the related Mortgaged Property from the related Collection
Account pursuant to Section 3.08 hereof, such Servicer shall have no further
obligation to service such Mortgage Loan under the provisions of this Agreement
and the related Mortgage Loan will be transferred to Wilshire in accordance with
paragraph (iv) above.

                  (b) With respect to any REO Property, the deed or certificate
of sale shall be taken in the name of the Trustee for the benefit of the
Certificateholders, or its nominee, on behalf of the Certificateholders. The
Trustee's name shall be placed on the title to such REO Property solely as the
Trustee hereunder and not in its individual capacity. The related Servicer shall
ensure that the title to such REO Property references this Agreement and the
Trustee's capacity hereunder. Pursuant to its efforts to sell such REO Property,
the related Servicer shall in accordance with Accepted Servicing Practices
manage, conserve, protect and operate each REO Property for the purpose of its
prompt disposition and sale. The related Servicer, either itself or through an
agent selected by such Servicer, shall manage, conserve, protect and operate the
REO Property in the same manner that it manages, conserves, protects and
operates other foreclosed property for its own account, and in the same manner
that similar property in the same locality as the REO Property is managed. The
related Servicer may rent such property, as the Servicer deems to be in the best
interest of the Trustee and the Certificateholders for the period prior to the
sale of such REO Property on such terms and conditions and for such periods as
the Servicer deems to be in the best interest of the Trustee and the
Certificateholders. The related Servicer shall furnish to the Trustee on or
before each Distribution Date a statement with respect to any REO Property
covering the operation of such REO Property for the previous calendar month and
such Servicer's efforts in connection with the sale of such REO Property and any
rental of such REO Property incidental to the sale thereof for the previous
calendar month. That statement shall be accompanied by such other information as
the Trustee shall

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reasonably request and which is necessary to enable the Trustee to comply with
the reporting requirements of the REMIC Provisions. The net monthly rental
income, if any, from such REO Property shall be deposited in the related
Collection Account no later than the close of business on each Determination
Date. The related Servicer shall perform the tax reporting and withholding
required by Sections 1445 and 6050J of the Code with respect to foreclosures and
abandonments, the tax reporting required by Section 6050H of the Code with
respect to the receipt of mortgage interest from individuals and any tax
reporting required by Section 6050P of the Code with respect to the cancellation
of indebtedness by certain financial entities, by preparing such tax and
information returns as may be required, in the form required, and delivering the
same to the Trustee for filing. Notwithstanding the previous sentence, with
respect to any Ocwen Serviced Loan that becomes a Charged Off Loan and is
transferred to Wilshire pursuant to Section 3.11(a)(iv)(A) above, Ocwen shall
not file a Form 1099C or other tax report relating to the forgiveness of debt of
the related Mortgagor.

                  To the extent consistent with Accepted Servicing Practices,
the related Servicer shall also maintain on each REO Property fire and hazard
insurance with extended coverage in amount which is equal to the outstanding
principal balance of the related Mortgage Loan (as reduced by any amount applied
as a reduction of principal at the time of acquisition of the REO Property),
liability insurance and, to the extent required and available under the Flood
Disaster Protection Act of 1973, as amended, flood insurance in the amount
required above. Any costs incurred by a Servicer in maintaining such insurance
shall be recoverable by the Servicer as a Servicing Advance out of payments by
the related Mortgagor or out of Insurance Proceeds or Liquidation Proceeds.
Notwithstanding anything to the contrary in this paragraph, each Servicer shall
be required to pay the costs of maintaining any insurance contemplated by this
Section 3.11(b) only to the extent that such advances, in the good faith
judgment of such Servicer, will be recoverable.

                  (c) In the event that the Trust Fund acquires any Mortgaged
Property as aforesaid or otherwise in connection with a default or imminent
default on a Mortgage Loan, the related Servicer shall dispose of such Mortgaged
Property prior to three years after the end of the calendar year of its
acquisition by the Trust Fund unless (i) the Trustee shall have been supplied
with an Opinion of Counsel to the effect that the holding by the Trust Fund of
such Mortgaged Property subsequent to such three-year period will not result in
the imposition of taxes on "prohibited transactions" of any REMIC hereunder as
defined in section 860F of the Code or cause any REMIC hereunder to fail to
qualify as a REMIC at any time that any Certificates are outstanding, in which
case the Trust Fund may continue to hold such Mortgaged Property (subject to any
conditions contained in such Opinion of Counsel) or (ii) the applicable Servicer
shall have applied for, prior to the expiration of such three-year period, an
extension of such three-year period in the manner contemplated by Section
856(e)(3) of the Code, in which case the three-year period shall be extended by
the applicable extension period. The applicable Servicer shall be entitled to be
reimbursed from the Collection Account, as a Servicing Advance, for any costs
incurred in obtaining such Opinion of Counsel. Notwithstanding any other
provision of this Agreement, no Mortgaged Property acquired by the Trust Fund
shall be rented (or allowed to continue to be rented) or otherwise used for the
production of income by or on behalf of the Trust Fund in such a manner or
pursuant to any terms that would (i) cause such Mortgaged Property to fail to
qualify as "foreclosure property" within the meaning of section 860G(a)(8) of
the Code or (ii) subject any REMIC hereunder to the imposition of any federal,
state or local income taxes on the income earned from such Mortgaged

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Property under Section 860G(c) of the Code or otherwise, unless the related
Servicer has agreed to indemnify and hold harmless the Trust Fund with respect
to the imposition of any such taxes.

                  In the event of a default on a Mortgage Loan one or more of
whose obligor is not a United States Person, as that term is defined in Section
7701(a)(30) of the Code, in connection with any foreclosure or acquisition of a
deed in lieu of foreclosure (together, "foreclosure") in respect of such
Mortgage Loan, the related Servicer will cause compliance with the provisions of
Treasury Regulation Section 1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such foreclosure except to the extent, if any, that proceeds of such
foreclosure are required to be remitted to the obligors on the Mortgage Loan.

                  (d) The decision of a Servicer to foreclose on a defaulted
Mortgage Loan shall be subject to a determination by such Servicer that the
proceeds of such foreclosure would exceed the costs and expenses of bringing
such a proceeding. The income earned from the management of any REO Properties,
net of reimbursement to such Servicer for expenses incurred (including any
property or other taxes) in connection with such management and net of
applicable accrued and unpaid Servicing Fees, and unreimbursed Advances and
Servicing Advances, shall be applied to the payment of principal of and interest
on the related defaulted Mortgage Loans (with interest accruing as though such
Mortgage Loans were still current) and all such income shall be deemed, for all
purposes in this Agreement, to be payments on account of principal and interest
on the related Mortgage Notes and shall be deposited into the related Collection
Account. To the extent the net income received during any calendar month is in
excess of the amount attributable to amortizing principal and accrued interest
at the related Mortgage Rate on the related Mortgage Loan for such calendar
month, such excess shall be considered to be a partial prepayment of principal
of the related Mortgage Loan.

                  No Servicer shall acquire any Mortgaged Property on behalf of
any REMIC created hereunder in connection with a default or imminent default on
a Foreclosure Restricted Loan, if acquiring title to the Mortgaged Property
underlying the loan would cause the adjusted basis, for federal income tax
purposes, of these Mortgaged Properties owned by the related REMIC after
foreclosure, along with any other assets owned by the related REMIC other than
"qualified mortgages" and "permitted investments" within the meaning of Section
860G of the Code, to exceed 0.75% of the adjusted basis of the assets of the
related REMIC. If the adjusted basis of such Mortgaged Properties in
foreclosure, along with any other assets owned by the related REMIC, other than
"qualified mortgages" and "permitted investments" with the meaning of Section
860G of the Code, exceed 1.0% of the adjusted basis of the assets of the related
REMIC immediately after the distribution of principal and interest on any
Distribution Date, the applicable Servicer will dispose of enough of such
Mortgaged Properties in foreclosure, for cash or otherwise, so that the adjusted
basis of such Mortgaged Properties in foreclosure, along with any other assets
owned by the related REMIC, other than "qualified mortgages" and "permitted
investments" within the meaning of Section 860G of the Code, will be less than
1.0% of the adjusted basis of the assets of the related REMIC. Each Servicer
will provide notice to the other Servicer of any Foreclosure Restricted Loan in
order for the Servicers to make the determinations set forth in this clause (d).

                  (e) The proceeds from any liquidation of a Mortgage Loan, as
well as any income from an REO Property, will be applied in the following order
of priority: first, to reimburse the

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related Servicer for any related unreimbursed Servicing Advances and Servicing
Fees; second, to reimburse such Servicer for any unreimbursed Advances; third,
to reimburse the related Collection Account for any Nonrecoverable Advances (or
portions thereof) that were previously withdrawn by such Servicer pursuant to
Section 3.08(iii) that related to such Mortgage Loan; fourth, to accrued and
unpaid interest (to the extent no Advance has been made for such amount or any
such Advance has been reimbursed) on the Mortgage Loan or related REO Property,
at the per annum rate equal to the related Mortgage Rate reduced by the related
Servicing Fee Rate, to the Due Date occurring in the month in which such amounts
are required to be distributed; and fifth, as a recovery of principal of the
Mortgage Loan. Excess proceeds, if any, from the liquidation of a Liquidated
Mortgage Loan will be retained by the related Servicer as additional servicing
compensation pursuant to Section 3.14.

                  (f)      [reserved].

                  (g) The Majority in Interest Class X-2 Certificateholder, at
its option, may (but is not obligated to) repurchase from the Trust Fund, (a)
any related Mortgage Loan that is delinquent in payment by three or more
Scheduled Payments or (b) any related Mortgage Loan with respect to which there
has been initiated legal action or other proceedings for the foreclosure of the
related Mortgaged Property either judicially or non-judicially. If it elects to
make any such repurchase, the Majority in Interest Class X-2 Certificateholder
shall repurchase such Mortgage Loan with its own funds at a price equal to the
Repurchase Price for such Mortgage Loan. The Majority in Interest Class X-2
Certificateholder may designate any servicer to service any such Mortgage Loan
purchased from the Trust.

                  SECTION 3.12      Trustee to Cooperate; Release of Mortgage
                                    Files.

                  Upon the payment in full of any Mortgage Loan, or the receipt
by a Servicer of a notification that payment in full will be escrowed in a
manner customary for such purposes, such Servicer will immediately notify the
Trustee (or the related Custodian, as the case may be) by delivering, or causing
to be delivered a "Request for Release" substantially in the form of Exhibit M.
Upon receipt of such request, the Trustee (or the related Custodian, as the case
may be) shall within three Business Days release the related Mortgage File to
the related Servicer, and the Trustee shall within three Business Days of such
Servicer's direction execute and deliver to such Servicer the request for
reconveyance, deed of reconveyance or release or satisfaction of mortgage or
such instrument releasing the lien of the Mortgage in each case provided by such
Servicer, together with the Mortgage Note with written evidence of cancellation
thereon. Each Servicer is authorized to cause the removal from the registration
on the MERS(R) System of such Mortgage, if applicable, and to execute and
deliver, on behalf of the Trustee and the Certificateholders or any of them, any
and all instruments of satisfaction or cancellation or of partial or full
release. Expenses incurred in connection with any instrument of satisfaction or
deed of reconveyance shall be chargeable to the related Mortgagor to the extent
permitted by law and otherwise shall constitute a Servicing Advance. From time
to time and as shall be appropriate for the servicing or foreclosure of any
Mortgage Loan, including for such purpose, collection under any policy of flood
insurance, any fidelity bond or errors or omissions policy, or for the purposes
of effecting a partial release of any Mortgaged Property from the lien of the
Mortgage or the making of any corrections to the Mortgage Note or the Mortgage
or any of the other documents included in the Mortgage File, the Trustee shall,
within

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three Business Days of delivery to the Trustee (or the related Custodian,
as the case may be) of a Request for Release in the form of Exhibit M signed by
a Servicing Officer, release the Mortgage File to the related Servicer. Subject
to the further limitations set forth below, the related Servicer shall cause the
Mortgage File or documents so released to be returned to the Trustee (or the
related Custodian, as the case may be) when the need therefor by such Servicer
no longer exists, unless the Mortgage Loan is liquidated and the proceeds
thereof are deposited in the related Collection Account, in which case such
Servicer shall deliver to the Trustee (or the related Custodian, as the case may
be) a Request for Release in the form of Exhibit M, signed by a Servicing
Officer.

                  If a Servicer at any time seeks to initiate a foreclosure
proceeding in respect of any Mortgaged Property as authorized by this Agreement,
such Servicer shall deliver or cause to be delivered to the Trustee, for
signature, as appropriate, any court pleadings, requests for trustee's sale or
other documents necessary to effectuate such foreclosure or any legal action
brought to obtain judgment against the Mortgagor on the Mortgage Note or the
Mortgage or to obtain a deficiency judgment or to enforce any other remedies or
rights provided by the Mortgage Note or the Mortgage or otherwise available at
law or in equity.

                  SECTION 3.13   Documents, Records and Funds in
                                 Possession of a Servicer to be Held for the
                                 Trustee.

                  Notwithstanding any other provisions of this Agreement, each
Servicer shall transmit to the Trustee as required by this Agreement all
documents and instruments in respect of a Mortgage Loan coming into the
possession of the related Servicer from time to time required to be delivered to
the Trustee pursuant to the terms hereof and shall account fully to the Trustee
for any funds received by such Servicer or which otherwise are collected by such
Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any
Mortgage Loan. All Mortgage Files and funds collected or held by, or under the
control of, a Servicer in respect of any Mortgage Loans, whether from the
collection of principal and interest payments or from Liquidation Proceeds,
including but not limited to, any funds on deposit in a Collection Account,
shall be held by the related Servicer for and on behalf of the Trustee and shall
be and remain the sole and exclusive property of the Trustee, subject to the
applicable provisions of this Agreement. Each Servicer also agrees that it shall
not create, incur or subject any Mortgage File or any funds that are deposited
in the related Collection Account, Certificate Account or any related Escrow
Account, or any funds that otherwise are or may become due or payable to the
Trustee for the benefit of the Certificateholders, to any claim, lien, security
interest, judgment, levy, writ of attachment or other encumbrance, or assert by
legal action or otherwise any claim or right of setoff against any Mortgage File
or any funds collected on, or in connection with, a Mortgage Loan, except,
however, that such Servicer shall be entitled to set off against and deduct from
any such funds any amounts that are properly due and payable to such Servicer
under this Agreement.

                  SECTION 3.14      Servicing Fee.

                  As compensation for its services hereunder, each Servicer
shall be entitled to withdraw from the Collection Account or to retain from
interest payments on the related Mortgage Loans the amount of its Servicing Fee
for each Mortgage Loan, less any amounts in respect of its Servicing Fee payable
by such Servicer pursuant to Section 3.05(b)(vi). The Servicing Fee is limited

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to, and payable solely from, the interest portion of such Scheduled Payments
collected by the related Servicer or as otherwise provided in Section 3.08.

                  Additional servicing compensation in the form of Ancillary
Income shall be retained by the related Servicer. Each Servicer shall be
required to pay all expenses incurred by it in connection with its servicing
activities hereunder (including the payment of any expenses incurred in
connection with any Subservicing Agreement entered into pursuant to Section
3.02) and shall not be entitled to reimbursement thereof except as specifically
provided for in this Agreement.

                  SECTION 3.15      Access to Certain Documentation.

                  Each Servicer shall provide to the OTS and the FDIC and to
comparable regulatory authorities supervising Holders of Subordinate
Certificates and the examiners and supervisory agents of the OTS, the FDIC and
such other authorities, access to the documentation regarding the related
Mortgage Loans required by applicable regulations of the OTS and the FDIC. Such
access shall be afforded without charge, but only upon reasonable and prior
written request and during normal business hours at the offices designated by
such Servicer. Nothing in this Section shall limit the obligation of any
Servicer to observe any applicable law prohibiting disclosure of information
regarding the Mortgagors and the failure of such Servicer to provide access as
provided in this Section as a result of such obligation shall not constitute a
breach of this Section. Nothing in this Section 3.15 shall require any Servicer
to collect, create, collate or otherwise generate any information that it does
not generate in its usual course of business.

                  SECTION 3.16      Annual Statement as to Compliance.

                  Each Servicer shall deliver to the Depositor, the Rating
Agencies and the Trustee on or before 120 days after the end of such Servicer's
fiscal year, commencing after its 2002 fiscal year, an Officer's Certificate
stating, as to the signer thereof, that (i) a review of the activities of such
Servicer during the preceding calendar year and of the performance of such
Servicer under this Agreement has been made under such officer's supervision,
and (ii) to the best of such officer's knowledge, based on such review, such
Servicer has materially fulfilled all its obligations under this Agreement
throughout such year, or, if there has been a material default in the
fulfillment of any such obligation, specifying each such default known to such
officer and the nature and status thereof and the action being taken by such
Servicer to cure such default.

                  SECTION 3.17      Annual Independent Public Accountants'
                                    Servicing Statement; Financial Statements.

                  On or before 120 days after the end of each Servicer's fiscal
year, commencing after its 2002 fiscal year, each Servicer at its expense shall
cause a nationally or regionally recognized firm of independent public
accountants (who may also render other services to such Servicer, the Seller or
any affiliate thereof) which is a member of the American Institute of Certified
Public Accountants to furnish a statement to the Trustee and the Depositor to
the effect that such firm has examined certain documents and records relating to
the servicing of mortgage loans which such Servicer is servicing, including the
related Mortgage Loans, and that, on the basis of such examination, conducted
substantially in compliance with the Uniform Single Attestation Program

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for Mortgage Bankers or the Audit Guide for HUD Approved Title II Approved
Mortgagees and Loan Correspondent Programs, nothing has come to their attention
which would indicate that such servicing has not been conducted in compliance
with Accepted Servicing Practices, except for (a) such exceptions as such firm
shall believe to be immaterial, and (b) such other exceptions as shall be set
forth in such statement. In rendering such statement, such firm may rely, as to
matters relating to direct servicing of mortgage loans by Subservicers, upon
comparable statements for examinations conducted substantially in compliance
with the Uniform Single Attestation Program for Mortgage Bankers or the Audit
Guide for HUD Approved Title II Approved Mortgagees and Loan Correspondent
Programs (rendered within one year of such statement) of independent public
accountants with respect to the related Subservicer. Copies of such statement
shall be provided by the Trustee to any Certificateholder upon request at the
related Servicer's expense, provided such statement is delivered by such
Servicer to the Trustee.

                  SECTION 3.18      Maintenance of Fidelity Bond and Errors and
                                    Omissions Insurance.

                  Each Servicer shall maintain with responsible companies, at
its own expense, a blanket Fidelity Bond and an Errors and Omissions Insurance
Policy, with broad coverage on all officers, employees or other persons acting
in any capacity requiring such persons to handle funds, money, documents or
papers relating to the related Mortgage Loans ("Servicer Employees"). The amount
of coverage under any such Fidelity Bond and Errors and Omissions Insurance
Policy shall be at least equal to the coverage maintained by the related
Servicer in order to be acceptable to Fannie Mae or Freddie Mac to service loans
for it or otherwise in an amount as is commercially available at a cost that is
generally not regarded as excessive by industry standards. No provision of this
Section 3.18 requiring such Fidelity Bond and Errors and Omissions Insurance
Policy shall diminish or relieve a Servicer from its duties and obligations as
set forth in this Agreement. The minimum coverage under any such bond and
insurance policy shall be at least equal to the corresponding amounts required
by Fannie Mae. Upon the request of the Trustee, the related Servicer shall cause
to be delivered to the Trustee a certificate of insurance of the insurer and the
surety including a statement from the surety and the insurer that such fidelity
bond and insurance policy shall in no event be terminated or materially modified
without 30 days' prior written notice to the Trustee.

                  SECTION 3.19      Duties of the Credit Risk Manager.

                  The Depositor appoints The Murrayhill Company as Credit Risk
Manager. For and on behalf of the Depositor, and the Trustee, the Credit Risk
Manager will provide reports and recommendations concerning Mortgage Loans that
are past due, as to which there has been commencement of foreclosure, as to
which there has been forbearance in exercise of remedies which are in default,
as to which obligor is the subject of bankruptcy, receivership, or an
arrangement of creditors, or as to which have become REO Properties. Such
reports and recommendations will be based upon information provided to the
Credit Risk Manager pursuant to the Credit Risk Management Agreement and the
Credit Risk Manager shall look solely to the related Servicer for all
information and data (including loss and delinquency information and data) and
loan level information and data relating to the servicing of the Mortgage Loans;
provided, however, that in no event shall Washington Mutual be obligated or
required to provide any such loan level information

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or any other data to the Credit Risk Manager under this Agreement. If the Credit
Risk Manager is no longer able to perform its duties hereunder, the Depositor
shall terminate the Credit Risk Manager and cause the appointment of a successor
Credit Risk Manager. Upon any termination of the Credit Risk Manager or the
appointment of a successor Credit Risk Manager, the Depositor shall give written
notice thereof to the Seller, the Servicers, the Trustee and each Rating Agency.
Notwithstanding the foregoing, the termination of the Credit Risk Manager
pursuant to this Section 3.19 shall not become effective until the appointment
of a successor Credit Risk Manager.

                  SECTION 3.20      Limitation Upon Liability of the Credit
                                    Risk Manager.

                  Neither the Credit Risk Manager, nor any of the directors,
officers, employees or agents of the Credit Risk Manager, shall be under any
liability to the Trustee, the Certificateholders or the Depositor for any action
taken or for refraining from the taking of any action in good faith pursuant to
this Agreement, in reliance upon information provided by a Servicer under the
Credit Risk Management Agreements or of errors in judgment; provided, however,
that this provision shall not protect the Credit Risk Manager or any such person
against liability that would otherwise be imposed by reason of willful
malfeasance, bad faith or gross negligence in its performance of its duties
under this Agreement or the Credit Risk Manager Agreements. The Credit Risk
Manager and any director, officer, employee or agent of the Credit Risk Manager
may rely in good faith on any document of any kind prima facie properly executed
and submitted by any Person respecting any matters arising hereunder, and may
rely in good faith upon the accuracy of information furnished by any Servicer
pursuant to the Credit Risk Management Agreements in the performance of its
duties thereunder and hereunder.

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                                   ARTICLE IV

                                DISTRIBUTIONS AND
                            ADVANCES BY THE SERVICERS

                  SECTION 4.01      Advances by the Servicers.

                  Each Servicer shall deposit in a Collection Account an amount
equal to all Scheduled Payments (with interest at the Mortgage Rate less the
Servicing Fee Rate) which were due but not received on the related Mortgage
Loans during the applicable Due Period; provided however, that with respect to
any Balloon Loan that is delinquent on its maturity date, the related Servicer
will not be required to advance the related balloon payment but will be required
to continue to make Advances in accordance with this Section 4.01 with respect
to such Balloon Loan in an amount equal to an assumed scheduled payment that
would otherwise be due based on the original amortization schedule for that
Mortgage Loan (with interest at the Mortgage Rate less the Servicing Fee Rate).
Each Servicer's obligation to make such Advances as to any related Mortgage Loan
will continue through the last Scheduled Payment due prior to the payment in
full of such Mortgage Loan, or through the date that the related Mortgaged
Property has, in the judgment of such Servicer, been completely liquidated;
provided however, that such obligation with respect to any related Mortgage Loan
shall cease if such Servicer determines, in its reasonable opinion, that
Advances with respect to such Mortgage Loan are Nonrecoverable Advances;
provided that the related Servicer will be required to make Advances until the
earlier of (i) the time at which the related Mortgage Loan becomes 120 days
delinquent or (ii) the time at which the related Servicer determines that such
Advances with respect to such Mortgage Loan are Nonrecoverable Advances. In the
event that such Servicer determines that any such Advances are Nonrecoverable
Advances, such Servicer shall provide the Trustee with a certificate signed by a
Servicing Officer evidencing such determination.

                  If an Advance is required to be made hereunder, the related
Servicer shall on the second Business Day immediately preceding the Distribution
Date immediately following the related Determination Date either (i) deposit in
the related Collection Account from its own funds an amount equal to such
Advance, (ii) cause to be made an appropriate entry in the records of the
Collection Account that funds in such account being held for future distribution
or withdrawal have been, as permitted by this Section 4.01, used by the related
Servicer to make such Advance or (iii) make Advances in the form of any
combination of clauses (i) and (ii) aggregating the amount of such Advance. Any
such funds being held in a Collection Account for future distribution and so
used shall be replaced by the related Servicer from its own funds by deposit in
such Collection Account on or before any future Distribution Date in which such
funds would be due. The related Servicer shall be entitled to be reimbursed from
the Collection Account for all Advances of its own funds made pursuant to this
Section as provided in Section 3.08.

                  SECTION 4.02      Priorities of Distribution.

                  (a) On each Distribution Date, prior to making distributions
to the holders of the Certificates, the Trustee first, shall pay itself the
Trustee's Fee for such Distribution Date, and second, shall pay the Credit Risk
Manager the Credit Risk Manager Fee.

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                  (b) With respect to the Available Funds, on each Distribution
Date, the Trustee shall withdraw such Available Funds from the Certificate
Account and based on the information provided to it by the Servicers, apply such
funds to distributions on the Certificates in the following order and priority
and, in each case, to the extent of such Available Funds remaining:

                  (i) On each Distribution Date, the Trustee shall distribute
         the Interest Remittance Amount for such date in the following order of
         priority:

                    A.   to FSA, the FSA Premium for such Distribution Date;

                    B.   to the Senior Certificates, pro rata, Current Interest
                         and any Carryforward Interest, as applicable, for each
                         such Class and such Distribution Date;

                    C.   to FSA, any FSA Reimbursement Amount;

                    D.   to the Class M-1 Certificates, Current Interest and any
                         Carryforward Interest for such Class and such
                         Distribution Date;

                    E.   concurrently, to the Class M-2A Certificates and Class
                         M-2B Certificates, pro rata, Current Interest and any
                         Carryforward Interest for such Class and such
                         Distribution Date;

                    F.   to the Class B Certificates Current Interest and any
                         Carryforward Interest for such Class and such
                         Distribution Date;

                    G.   On the Distribution Dates occurring in October 2002,
                         November 2002 and December 2002, to the Depositor an
                         amount equal to the amount received during the related
                         Due Period which constitutes Subsequent Mortgage Loan
                         Interest.

                    H.   for application as part of Monthly Excess Cashflow for
                         such Distribution Date as provided in clause (iv) of
                         this Section 4.02(b), any Interest Remittance Amount
                         remaining after application pursuant to clauses A.
                         through G. above.

                  (ii) On each Distribution Date (a) prior to the Stepdown Date
         or (b) with respect to which a Trigger Event has occurred, the Trustee
         shall distribute the Principal Payment Amount for such date in the
         following order of priority:

                    A.   commencing on the Distribution Date in January 2008, to
                         the Class P Certificates, until the Class Principal
                         Balance of such class has been reduced to zero;

                    B.   first to the Class A-R Certificates, until the Class
                         Principal Balance thereof is reduced to zero, and then
                         sequentially to the Class A-1, Class A-2 and

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                         Class A-3 Certificates, in each case until the
                         Class Principal Balance thereof is reduced to zero;

                    C.   to FSA, any FSA Reimbursement Amount, to the extent not
                         otherwise paid pursuant to Section 4.02(b)(i);

                    D.   to the Class M-1 Certificates, until the Class
                         Principal Balance of such Class has been reduced to
                         zero;

                    E.   to the Class M-2A Certificates and Class M-2B
                         Certificates, concurrently, on a pro rata basis, based
                         on their respective Class Principal Balances, until the
                         Class Principal Balance of each such Class has been
                         reduced to zero;

                    F.   to the Class B Certificates, until the Class Principal
                         Balance of such Class has been reduced to zero;

                    G.   for application as part of Monthly Excess Cashflow for
                         such Distribution Date, as provided in clause (iv) of
                         this Section 4.02(b), any Principal Payment Amount
                         remaining after application pursuant to clauses A.
                         through F. above.

                  (iii) On each Distribution Date (a) on or after the Stepdown
         Date and (b) with respect to which a Trigger Event has not occurred,
         the Trustee shall distribute the Principal Payment Amount for such date
         in the following order of priority:

                    A.   commencing on the Distribution Date in January 2008 or
                         thereafter, to the Class P Certificates, until the
                         Class Principal Balance of such class has been reduced
                         to zero;

                    B.   to the Class A-1, Class A-2 and Class A-3 Certificates,
                         the Senior Principal Payment Amount for such
                         Distribution Date, sequentially to the Class A-1, Class
                         A-2 and Class A-3 Certificates, in each case until the
                         Class Principal Balance thereof has been reduced to
                         zero;

                    C.   to FSA, any FSA Reimbursement Amount, to the extent not
                         otherwise paid pursuant to Section 4.02(b)(i) or (ii);

                    D.   to the Class M-1 Certificates, the Class M-1 Principal
                         Payment Amount for such Distribution Date, until the
                         Class Principal Balance of such Class has been reduced
                         to zero;

                    E.   to the Class M-2A Certificates and Class M-2B
                         Certificates, the Class M-2 Principal Payment Amount
                         for such Distribution Date, concurrently on a pro rata
                         basis, based on their respective Class Principal
                         Balances, until the Class Principal Balance of each
                         such Class has been reduced to zero;

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                    F.   to the Class B Certificates, the Class B Principal
                         Payment Amount for such Distribution Date, until the
                         Class Principal Balance of such Class has been reduced
                         to zero; and

                    G.   for application as part of Monthly Excess Cashflow for
                         such Distribution Date, as provided in clause (iv) of
                         this Section 4.02(b), any Principal Payment Amount
                         remaining after application pursuant to clauses A.
                         through F. above.

                  (iv) On each Distribution Date, the Trustee shall distribute
         the Monthly Excess Cashflow for such date in the following order of
         priority:

                A.   (I) except for the first Distribution Date, until the
                         Overcollateralization Amount equals the Targeted
                         Overcollateralization Amount for such date, on each
                         Distribution Date (a) prior to the Stepdown Date or (b)
                         with respect to which a Trigger Event has occurred, to
                         the extent of Monthly Excess Interest for such
                         Distribution Date, to fund any principal distributions
                         to the Class A-1, Class A-2, Class A-3, Class A-R,
                         Class P, Class M-1, Class M-2A, Class M-2B and Class B
                         Certificates required to be made on such Distribution
                         Date set forth above in clause (ii) above, after giving
                         effect to the distribution of the Principal Payment
                         Amount for such Distribution Date, in accordance with
                         the priorities set forth therein.

                    (II) on each Distribution Date on or after the Stepdown Date
                         and with respect to which a Trigger Event has not
                         occurred, to fund any principal distributions to the
                         Class A-1, Class A-2, Class A-3, Class M-1, Class M-2
                         and Class B Certificates required to be made on such
                         Distribution Date set forth above in clause (iii)
                         above, after giving effect to the distribution of the
                         Principal Payment Amount for such Distribution Date, in
                         accordance with the priorities set forth therein;

                    B.   to FSA, any FSA Reimbursement Amount, to the extent not
                         otherwise paid pursuant to Section 4.02(b)(i), (ii) or
                         (iii);

                    C.   to the Class M-1 Certificates, any Deferred Amount for
                         such Class, with interest thereon at the Pass-Through
                         Rate;

                    D.   concurrently, to the Class M-2A Certificates and Class
                         M-2B Certificates on a pro rata basis, based on their
                         respective Class Principal Balances, any Deferred
                         Amount for each such Class, with interest thereon at
                         the Pass-Through Rate for each such Class;

                    E.   to the Class B Certificates, any Deferred Amount for
                         such Class, with interest thereon at the Pass-Through
                         Rate;

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                    F.   from amounts otherwise distributable to the Class X-1
                         Certificate, to the Class A- 1 Certificates, based on
                         the amount of Basis Risk Shortfalls due, any applicable
                         Basis Risk Shortfall for such Class;

                    G.   from amounts otherwise distributable to the Class X-1
                         Certificate, to the Class M- 1 Certificates, any
                         applicable Basis Risk Shortfall for such Class;

                    H.   from amounts otherwise distributable to the Class X-1
                         Certificate, concurrently to the Class M-2A
                         Certificates and Class M-2B Certificates, based on
                         their respective amounts of Basis Risk Shortfall due,
                         any applicable Basis Risk Shortfall for such Class;

                    I.   from amounts otherwise distributable to the Class X-1
                         Certificate, to the Class B Certificates, based on the
                         amount of Basis Risk Shortfall due, any applicable
                         Basis Risk Shortfall for such Class;

                    J.   from amounts otherwise distributable to the Class X-1
                         Certificate, to the Reserve Fund, the Required Reserve
                         Fund Deposit;

                    K.   to the Class X-1 Certificate, the Class X-1
                         Distributable Amount for such Distribution Date reduced
                         by amounts distributed pursuant to clause G of Section
                         4.02(b)(i) and clauses F through I of Section
                         4.02(b)(iv) for such Distribution Date, together with
                         any amounts withdrawn from the Reserve Fund for
                         distribution to such Class X-1 Certificate pursuant to
                         Sections 4.08(b) and (e) and the amount of any
                         Overcollateralization Release Amount for such
                         Distribution Date; and

                    L.   to the Class A-R Certificate, any remaining amount.

                  (v) On each Distribution Date, the Trustee shall distribute to
         the Holder of the Class P Certificate, the aggregate of all Prepayment
         Penalties collected during the preceding Prepayment Period.

                  (vi) On the first Distribution Date only, the Trustee shall
         distribute the Monthly Excess Cashflow for such date to the Class X-1
         Certificate.

                  (c) On each Distribution Date, the Trustee shall distribute to
the Class A-1 Certificates and Class A-3 Certificates any Insured Payments
received from FSA to make Guaranteed Distributions on such Certificates.

                  SECTION 4.03      [Reserved]

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                  SECTION 4.04      [Reserved]

                  SECTION 4.05      Allocation of Realized Losses.

                  On each Distribution Date, the Trustee shall determine the
total of the Applied Loss Amount, if any, for such Distribution Date. The
Applied Loss Amount for any Distribution Date shall be applied by reducing the
Class Principal Balance of each Class of Subordinate Certificates beginning with
the Class of Subordinate Certificates then outstanding with the lowest relative
payment priority, in each case until the respective Class Principal Balance
thereof is reduced to zero. Any Applied Loss Amount allocated to a Class of
Subordinate Certificates shall be allocated among the Subordinate Certificates
of such Class in proportion to their respective Percentage Interests.

                  All Realized Losses on the Mortgage Loans shall be allocated
on each Distribution Date to the following REMIC 1 Regular Interests: first, to
REMIC 1 Regular Interest LT-1 until the Uncertificated Principal Balance thereof
has been reduced to zero, then to REMIC 1 Regular Interests LT- 1PF until the
Uncertificated Principal Balance thereof have been reduced to zero; provided,
however, that with respect to the first three Distribution Dates, Realized
Losses relating to the Initial Mortgage Loans shall be allocated to the REMIC 1
Regular Interests (other than REMIC 1 Regular Interest LT-1PF) in the order and
priority described above and Realized Losses relating to the Subsequent Mortgage
Loans shall be allocated to REMIC 1 Regular Interest LT-1PF until the
Uncertificated Principal Balance thereof have been reduced to zero. All Realized
Losses on the REMIC 1 Regular Interests LT- and LT-1PF shall be deemed to have
been allocated to the following REMIC 2 Regular Interests in the specified
percentages, as follows: first, to Uncertificated Accrued Interest payable to
the REMIC 2 Regular Interests MT-AA and MT-ZZ up to an aggregate amount equal to
the excess of (a) the REMIC 2 Interest Loss Allocation Amount over (b)
Prepayment Interest Shortfalls (to the extent not covered by Compensating
Interest) relating to the Mortgage Loans for such Distribution Date, 98% and 2%,
respectively; second, to the Uncertificated Principal Balances of the REMIC 2
Regular Interests MT-AA and MT-ZZ up to an aggregate amount equal to the REMIC 2
Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the
Uncertificated Principal Balances of REMIC 2 Regular Interest MT-AA, REMIC 2
Regular Interest MT-B and REMIC 2 Regular Interest MT-ZZ, 98%, 1% and 1%,
respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
Interest MT-B has been reduced to zero; fourth, to the Uncertificated Principal
Balances of REMIC 2 Regular Interest MT-AA, REMIC 2 Regular Interest MT-M2B and
REMIC 2 Regular Interest MT-ZZ, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC 2 Regular Interest MT-M2B has been
reduced to zero; fifth, to the Uncertificated Principal Balances of REMIC 2
Regular Interest MT-AA, REMIC 2 Regular Interest MT-M2A and REMIC 2 Regular
Interest MT-ZZ, 98%, 1% and 1%, respectively, until the Uncertificated Principal
Balance of REMIC 2 Regular Interest MT-M2A has been reduced to zero; and sixth,
to the Uncertificated Principal Balances of REMIC 2 Regular Interest MT-AA,
REMIC 2 Regular Interest MT-M1 and REMIC 2 Regular Interest MT-ZZ, 98%, 1% and
1%, respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
Interest MT-M1 has been reduced to zero.

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                  SECTION 4.06      Monthly Statements to Certificateholders.

                  (a) Not later than each Distribution Date, the Trustee shall
prepare, and make available on the website maintained by the Trustee at
http://www.jpmorgan.com/absmbs, a statement setting forth with respect to the
related distribution, the items listed on Exhibit V.

                  Assistance in using the website can be obtained by calling the
Trustee's customer service desk at 877-722-1095. Parties that are unable to use
the website are entitled to have a paper copy mailed to them via first class
mail by written notice to the Trustee at its Corporate Trust Office. The
Trustee's responsibility for disbursing the above information to the
Certificateholders for each Certificate Group is limited to the availability,
timeliness and accuracy of the information derived from the Servicers. The
foregoing information shall be reported to the Trustee each month on or before
the Servicer Data Remittance Date.

                  (b) Within a reasonable period of time after the end of each
calendar year, the Trustee shall cause to be furnished to each Person who at any
time during the calendar year was a Certificateholder, a statement containing
the information set forth in, items (i)(c), (i)(d), (i)(g), (i)(j), (i)(k),
(ii)(c), (ii)(d), (ii)(g), (ii)(i), (v)(d), (v)(e) and (v)(s) of Exhibit V
aggregated for such calendar year or applicable portion thereof during which
such Person was a Certificateholder. Such obligation of the Trustee shall be
deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Trustee pursuant to any requirements of the
Code as from time to time in effect.

                  SECTION 4.07      Distributions on the REMIC 1 Regular
                                    Interests and REMIC 2 Regular Interests.

                  I. Distributions on the REMIC 1 Regular Interests.

                  (a) On each Distribution Date, the Trustee shall cause in the
following order of priority, the following amounts to be distributed by REMIC 1
to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the
Distribution Account and distributed to the holders of the Class A-R
Certificates (in respect of the Class R-1 Interest), as the case may be:

to the Holders of REMIC 1 Regular Interests LT-P and LT-R, in an amount equal to
(x) the related Uncertificated Accrued Interest for such Distribution Date, plus
(y) any amounts in respect thereof remaining unpaid from previous Distribution
Dates and second, to Holders of Uncertificated REMIC 1 Regular Interests LT-1
and LT-1PF an amount equal to (x) the related Uncertificated Accrued Interest
for such Distribution Date, plus (y) any amounts in respect thereof remaining
unpaid from previous Distribution Dates;

                  (i) to the Holders of REMIC 1 Regular Interests, in an amount
         equal to the remainder of the Available Funds for such Distribution
         Date after the distributions made pursuant to clause (i) above,
         allocated as follows:

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                           (a) to the Holders of REMIC 1 Regular Interest LT-R,
         an amount equal to the amount of principal distributed to the holder of
         the Corresponding Uncertificated Interest on such Distribution Date
         pursuant to Section 4.08(a)(ii)(a);

                           (b) to the Holders of REMIC 1 Regular Interest LT-P,
         an amount equal to the amount distributed to the holder of the
         Corresponding Uncertificated Interest on such Distribution Date
         pursuant to Section 4.08(a)(ii)(b);

                           (c) to the Holders of REMIC 1 Regular Interest LT-1,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-1 is reduced to zero;

                           (d) to the Holders of REMIC 1 Regular Interest
         LT-1PF, until the Uncertificated Principal Balance of REMIC 1 Regular
         Interest LT-1PF is reduced to zero; and

                           (ii) any remaining amount to the Holders of the Class
R-1 Interest;

provided, however, that for the first three Distribution Dates, such amounts
relating to the Initial Mortgage Loans shall be allocated to the REMIC 1 Regular
Interests (other than REMIC 1 Regular Interest LT-1PF) in the order and priority
described above and such amounts relating to the Subsequent Mortgage Loans shall
be allocated to REMIC 1 Regular Interest LT-1PF.

                           II. Distributions on the REMIC 2 Regular Interests.

                  (b) On each Distribution Date, the Trustee shall cause in the
following order of priority, the following amounts to be distributed by REMIC 2
to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the
Distribution Account and distributed to the holders of the Class A-R
Certificates (in respect of the Class R-2 Interest), as the case may be:

                  (i) first, to the extent of the sum of Available Funds for
         such Distribution Date, to Holders of REMIC 2 Regular Interests MT-AA,
         MT-A1, MT-A2, MT-A3, MT-M1, MT-M2A, MT-M2B, MT-B, MT-ZZ, MT-P and MT-R,
         pro rata, in an amount equal to (A) the Uncertificated Accrued Interest
         for such Distribution Date, plus (B) any amounts in respect thereof
         remaining unpaid from previous Distribution Dates. Amounts payable as
         Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest
         MT- ZZ shall be reduced when the REMIC 2 Overcollateralization Amount
         is less than the REMIC 2 Overcollateralization Target Amount, by the
         lesser of (x) the amount of such difference and (y) the REMIC 2 Regular
         Interest MT-ZZ Maximum Interest Deferral Amount;

                  (ii) second, to the Holders of REMIC 2 Regular Interests, in
         an amount equal to the remainder of the Available Funds for such
         Distribution Date after the distributions made pursuant to clause (i)
         above, allocated as follows:

                           (a) to the Holders of REMIC 2 Regular Interest MT-R,
                  an amount equal to the amount of principal distributed to the
                  holder of the Corresponding Certificate on such Distribution
                  Date pursuant to Section 4.02;

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                           (b) to the Holders of REMIC 2 Regular Interest MT-P,
                  an amount equal to the sum of (i) the amount of principal
                  distributed to the holder of the Corresponding Certificate on
                  such Distribution Date pursuant to Section 4.02(b)(ii)A. and
                  (ii) the amount distributed to the holder of the Corresponding
                  Certificate on such Distribution Date pursuant to Section
                  4.02(b)(v).

                  (iii) third, to the Holders of REMIC 2 Regular Interests, in
         an amount equal to the remainder of the Available Funds for such
         Distribution Date after the distributions made pursuant to clauses (i)
         and (ii) above, allocated as follows:

                  (a) with respect to the Holders of REMIC 2 Regular Interest
         MT-AA, 98.00% of such remainder, until the Uncertificated Principal
         Balance of such Uncertificated REMIC 2 Regular Interest is reduced to
         zero;

                  (b) with respect to the Holders of REMIC 2 Regular Interest
         MT-A1, MT-A2, MT-A3, MT- M1, MT-M2A, MT-M2B and MT-B, 1.00% of such
         remainder, in the same proportion as principal payments are allocated
         to the Corresponding Certificates, until the Uncertificated Principal
         Balances of such REMIC 2 Regular Interests are reduced to zero;

                  (c) to the Holders of REMIC 2 Regular Interest MT-ZZ, 1.00% of
         such remainder, until the Uncertificated Principal Balance of such
         REMIC 2 Regular Interest is reduced to zero; then

                  (d) any remaining amount to the Holders of the Class A-R
         Certificates (in respect of the Class R-2 Interest);

provided, however, 98.00% and 2.00% of any principal payments that are
attributable to an Overcollateralization Release Amount shall be allocated to
Holders of REMIC 2 Regular Interest MT-AA and REMIC 2 Regular Interest MT-ZZ,
respectively.

                  SECTION 4.08      Reserve Fund.

                  (a) On the Closing Date, the Trustee shall establish and
maintain in its name, in trust for the benefit of the Holders of the Class A-1,
Class M-1, Class M-2A, Class M-2B and Class B Certificates, the Reserve Fund.
The Reserve Fund shall be an Eligible Account, and funds on deposit therein
shall be held separate and apart from, and shall not be commingled with, any
other moneys, including without limitation, other moneys held by the Trustee
pursuant to this Agreement.

                  (b) On the Closing Date, $5,000 will be deposited by the
Depositor into the Reserve Fund. On each Distribution Date, the Trustee shall
transfer from the Certificate Account to the Reserve Fund pursuant to Section
4.02(b)(iv)(J)., the Required Reserve Fund Deposit. Amounts on deposit in the
Reserve Fund may be withdrawn by the Trustee in connection with any Distribution
Date to fund the amounts required to be distributed to holders of the Class A-1,
Class M-1, Class M-2A, Class M-2B and Class B Certificates pursuant to Sections
4.02(b)(iv) F. through I. to the extent Monthly Excess Cashflow on such date is
insufficient to make such payments. Any such distributions shall be treated for
federal tax purposes as amounts distributed by REMIC 3 to the Class X-1
Certificateholders. On any Distribution Date, any amounts on deposit in the
Reserve Fund in excess

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of the Required Reserve Fund Amount shall be distributed to the Class X-1
Certificateholder pursuant to Section 4.02(b)(iv)K.

                  (c) Amounts distributed pursuant to clauses F through I of
Section 4.02(b)(iv) for such Distribution Date shall be treated for federal
income tax purposes as amounts distributed by REMIC 3 to the Class X-1
Certificateholders.

                  (d) Funds in the Reserve Fund may be invested in Eligible
Investments by the Trustee at the direction of the Majority in Interest Holder
of the Class X-1 Certificate. Any net investment earnings on such amounts shall
be payable to the Holder of the Class X-1 Certificate. Amounts held in the
Reserve Fund from time to time shall continue to constitute assets of the Trust
Fund, but not of REMIC 1, REMIC 2 or REMIC 3, until released from the Reserve
Fund pursuant to this Section 4.08. The Reserve Fund constitutes an "outside
reserve fund" within the meaning of Treasury Regulation ss.1.860G-2(h) and is
not an asset of REMIC 1, REMIC 2 or REMIC 3. For all federal tax purposes,
amounts transferred by the REMIC 1, REMIC 2 or REMIC 3 to the Reserve Fund shall
be treated as amounts distributed by REMIC 1, REMIC 2 or REMIC 3 to the Class
X-1 Certificateholders. The Class X-1 Certificate shall evidence ownership of
the Reserve Fund for federal tax purposes and the Holders thereof shall direct
the Trustee in writing as to the investment of amounts therein. In the absence
of such written direction, all funds in the Reserve Fund shall be invested by
the Trustee in the JPMorgan Prime Money Market Fund. The Trustee shall have no
liability for losses on investments in Eligible Investments made pursuant to
this Section 4.08(d) (other than as obligor on any such investments). Upon
termination of the Trust Fund, any amounts remaining in the Reserve Fund shall
be distributed to the Holder of the Class X-1 Certificate in the same manner as
if distributed pursuant to Section 4.02(b)(iv)K. hereof.

                  (e) On the Distribution Date immediately after the
Distribution Date on which the aggregate Class Principal Balance of the Class
A-1, Class M-1, Class M-2A, Class M-2B and Class B Certificates equals zero, any
amounts on deposit in the Reserve Fund not payable on the Class A-1, Class M-1,
Class M-2A, Class M-2B and Class B Certificates shall be distributed to the
Holder of the Class X-1 Certificate in the same manner as if distributed
pursuant to Section 4.02(b)(iv)K. hereof.

                  SECTION 4.09      Prepayment Penalties.

                  Notwithstanding anything in this Agreement to the contrary, in
the event of a Principal Prepayment of a Mortgage Loan, the related Servicer may
not waive any Prepayment Penalty or portion thereof required by the terms of the
related Mortgage Note unless (i) the Mortgage Loan is in default or foreseeable
default and such waiver (a) is standard and customary in servicing similar
mortgage loans to the Mortgage Loans and (b) would, in the reasonable judgment
of the related Servicer, maximize recovery of total proceeds taking into account
the value of such Prepayment Penalty and the related Mortgage Loan or (ii)(A)
the enforceability thereof is limited (1) by bankruptcy, insolvency, moratorium,
receivership, or other similar law relating to creditors' rights generally or
(2) due to acceleration in connection with a foreclosure or other involuntary
payment, or (B) the enforceability is otherwise limited or prohibited by
applicable law. For the avoidance of doubt, the related Servicer may waive a
Prepayment Penalty in connection with a short sale or short payoff on a
defaulted Mortgage Loan. If the related Servicer has waived all or a portion of
a

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Prepayment Penalty relating to a Principal Prepayment, other than as provided
above, the related Servicer shall deliver to the Trustee no later than the
Business Day immediately preceding the next Distribution Date, for deposit into
the Certificate Account the amount of such Prepayment Penalty (or such portion
thereof as had been waived) for distribution in accordance with the terms of
this Agreement; provided, however, the related Servicer shall not have any
obligation to pay the amount of any uncollected Prepayment Penalty under this
Section 4.09 if such Servicer did not have a copy of the related Mortgage Note,
such Servicer requested via email a copy of the same from the Trustee and the
Trustee failed to provide such a copy within two (2) Business Days of receipt of
such request. If the related Servicer has waived all or a portion of a
Prepayment Penalty for any reason, it shall promptly notify the Trustee thereof
and shall include such information in any monthly reports it provides the
Trustee.

                  SECTION 4.10      Policy Matters.

                  (a) As soon as possible, and in no event later than 11:00
a.m., New York time, on the third Business Day immediately preceding each
Distribution Date, based solely on the information provided to the Trustee by
the Servicers on or before the related Determination Date, the Trustee shall
determine the amount of funds available for such Distribution Date minus the
amount of any FSA Premium, the Credit Risk Manager Fee and any Trustee Fee to be
paid on such Distribution Date.

                  If for any Distribution Date the Trustee determines that the
funds available for distribution to the Holders of the Insured Certificates
pursuant to Section 4.02 will be insufficient to pay the Guaranteed
Distribution, the Trustee shall determine the amount of any such deficiency and
shall complete a notice of the amount of such deficiency in the form set forth
as Exhibit A to the FSA Policy (the "Notice") and shall submit such Notice to
the FSA and Fiscal Agent (as defined in the FSA Policy) no later than 12:00
noon, New York time, on the third Business Day preceding such Distribution Date.
The Notice shall constitute a claim for an Insured Payment pursuant to the FSA
Policy. Upon receipt of the Insured Payment, on behalf of the Holders of the
Insured Certificates, the Trustee shall deposit such Insured Payment in the FSA
Account and shall distribute such Insured Payment only in accordance with
Section 4.02.

                  The Trustee shall receive as attorney-in-fact of each Holder
of an Insured Certificate any Insured Payment from FSA and disburse the same to
each Holder of an Insured Certificate, in accordance with the provisions of
Section 4.02. Insured Payments disbursed by the Trustee from proceeds of the FSA
Policy shall not be considered payment by the Trust nor shall such payments
discharge the obligation of the Trust with respect to such Insured Certificates,
and FSA shall become the owner of such unpaid amounts due from the Trust in
respect of such Insured Payments as the deemed assignee of the Holders of such
Certificates and shall be entitled to receive the FSA Reimbursement Amount
pursuant to Section 4.02. The Trustee hereby agrees, and each Holder of an
Insured Certificate by its acceptance of an Insured Certificate is deemed to
agree, in each case for the benefit of FSA, that it and they recognize that to
the extent that FSA makes Insured Payments, either directly or indirectly (as by
paying through the Trustee), to the Insured Certificateholders, FSA will be
entitled to receive the FSA Reimbursement Amount pursuant to Section 4.02.

                  It is understood and agreed that the intention of the parties
is that FSA shall not be entitled to reimbursement on any Distribution Date for
amounts previously paid by it unless on such

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Distribution Date the Holders of the Insured Certificates, shall also have
received the full amount of the Guaranteed Distributions for such Distribution
Date.

                  (b) In the event the Trustee receives a certified copy of an
order of the appropriate court that any payment of principal or interest on an
Insured Certificate has been voided in whole or in part as a preference payment
under applicable bankruptcy law, the Trustee shall (i) promptly notify FSA and
the Fiscal Agent (as defined in the FSA Policy), if any, and (ii) comply with
the provisions of the FSA Policy to obtain payment by FSA of such voided
payment. In addition, the Trustee shall mail notice to all Holders of the
Insured Certificates so affected that, in the event that any such Holder's
scheduled payment is so recovered, such Holder will be entitled to payment
pursuant to the terms of the FSA Policy, a copy of which shall be made available
to such Holders by the Trustee. The Trustee shall furnish to FSA and the Fiscal
Agent (as defined in the FSA Policy), if any, its records listing the payments
on the affected Insured Certificates, if any, that have been made by the Trustee
and subsequently recovered from the affected Holders, and the dates on which
such payments were made by the Trustee.

                  (c) At the time of the execution and delivery of this
Agreement, the Trustee shall establish separate special purpose trust accounts
in the name of the Trustee for the benefit of Holders of the Insured
Certificates referred to herein as the "FSA Accounts" and over which the Trustee
shall have exclusive control and sole right of withdrawal. The FSA Accounts
shall be Eligible Accounts. The Trustee shall deposit any Insured Payment made
under the FSA Policy in the applicable FSA Account and thereafter into the
Certificate Account for distribution of such amount only for purposes of payment
to Holders of the Insured Certificates of Guaranteed Distributions for the
Insured Certificates for which a claim was made and such amount may not be
applied to satisfy any other liability or any cost or expense of the Trustee or
the Trust. Insured Payments made under the FSA Policy shall be disbursed by the
Trustee to Holders of the Insured Certificates in the same manner as
distributions on the Holders of the Insured Certificates are made under Section
4.02. It shall not be necessary for such distributions to be made by checks or
wire transfers separate from the check or wire transfer used to pay Guaranteed
Distributions with other funds available to make such distributions. However,
the amount of any Insured Payments made on the Insured Certificates to be paid
from funds transferred from the applicable FSA Account shall be noted in the
Certificate Register and in the statements to be furnished to Holders of the
Certificates pursuant to Section 4.06 hereof. Funds held in the FSA Accounts
shall not be invested by the Trustee.

                  (d) On any Distribution Date with respect to which a claim has
been made under the FSA Policy, the amount of any Insured Payment received by
the Trustee as a result of any claim under the FSA Policy and which is required
to make distributions on the Insured Certificates equal to Guaranteed
Distributions on the Insured Certificates, on such Distribution Date, shall be
withdrawn from the related FSA Account, deposited into the Certificate Account
and applied directly by the Trustee, together with all other funds to be
withdrawn from the Certificate Account, to the payment in full of Guaranteed
Distributions on the Insured Certificates. Any funds remaining in each FSA
Account on the first Business Day following a Distribution Date shall be
remitted in immediately available funds to FSA, pursuant to the instructions of
FSA, by the end of such Business Day. FSA shall have the right to inspect such
records at reasonable times during normal business hours upon reasonable prior
written notice to the Trustee.

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                  (e) The Trustee shall promptly notify FSA of either of the
following as to which a Responsible Officer of the Trustee has actual knowledge:
(A) the commencement of any proceeding by or against the Depositor commenced
under the Bankruptcy Code or any other applicable bankruptcy, insolvency,
receivership, rehabilitation or similar law (an "Insolvency Proceeding") and (B)
the making of any claim in connection with any Insolvency Proceeding seeking the
avoidance as a preferential transfer under the Bankruptcy Code (a "Preference
Claim") of any distribution made with respect to the Insured Certificates. Each
Holder of Insured Certificates, by its purchase of Insured Certificates, the
Seller, the Servicers and the Trustee hereby agree that FSA (so long as there is
no continuing Financial Security Default) may at any time during the
continuation of any proceeding relating to a Preference Claim direct all matters
relating to such Preference Claim, including, without limitation, (i) the
direction of any appeal of any order relating to such Preference Claim and (ii)
the posting of any surety, supersedeas or performance bond pending any such
appeal. In addition and without limitation of the foregoing, FSA shall be
subrogated to the rights of the Trustee and each Holder of an Insured
Certificate in the conduct of any Preference Claim, including, without
limitation, all rights of any party to an adversary proceeding action with
respect to any court order issued in connection with any such Preference Claim.

                  (f) The Trustee shall keep complete and accurate records in
respect of (i) all funds remitted to it by FSA and deposited into the FSA
Account and (ii) the allocation of such funds to payments of interest and
principal in respect of any Insured Certificates. FSA shall have the right to
inspect such records at reasonable times during normal business hours upon one
Business Day's prior notice to the Trustee.

                  (g) The Trustee acknowledges, and each Holder of an Insured
Certificate by its acceptance of the Insured Certificate agrees, that, without
the need for any further action on the part of FSA or the Trustee, to the extent
FSA makes payments, directly or indirectly, on account of principal of or
interest on any Insured Certificates, FSA will be fully subrogated to the rights
of the Holders of such Insured Certificates to receive such principal and
interest from the Trust Fund. The Holders of the Insured Certificates, by
acceptance of the Insured Certificates, assign their rights as Holders of the
Insured Certificates to the extent of FSA's interest with respect to amounts
paid under the FSA Policy. Anything herein to the contrary notwithstanding,
solely for purposes of determining FSA's rights, as applicable, as subrogee for
payments distributable pursuant to Section 4.02, any payment with respect to
principal of or interest on any of the Insured Certificates which is made with
moneys received pursuant to the terms of the FSA Policy shall not be considered
payment of such Insured Certificates from the Trust Fund and shall not result in
the payment of or the provision for the payment of the principal of or interest
on such Certificates except to the extent such payment has been reimbursed to
FSA pursuant to the terms hereof.

                  (h) The Trustee and the Servicers shall cooperate in all
respects with any reasonable request by FSA for action to preserve or enforce
FSA's rights or interests under this Agreement without limiting the rights or
affecting the interests of the Holders as otherwise set forth herein.

                  (i) For so long as there is no continuing Financial Security
Default, each Holder of an Insured Certificate agrees that FSA shall be treated
by the Depositor, the Seller, each Servicer and the Trustee as if FSA were the
holder of all of the Insured Certificates for the purpose (and solely for the
purpose) of the giving of any consent, the making of any direction or the
exercise of any voting

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or other control rights otherwise given to the Insured Certificateholders
hereunder and the Holders of the Insured Certificates shall only exercise such
rights with the prior written consent of FSA.

                  (j) All notices, statements, reports, certificates or opinions
required by this Agreement to be sent to the Trustee, the Rating Agencies or the
Insured Certificateholders (including without limitation the reports prepared
pursuant to Sections 3.16 and 3.17) shall also be sent at such time to FSA at
Financial Security Assurance Inc., 350 Park Avenue, New York, New York 10022,
Attn: Transaction Oversight.

                  (k) Upon a Responsible Officer of the Trustee or the Trustee
becoming aware of the occurrence of an Event of Default, the Trustee shall
promptly notify FSA of such Event of Default.

                  (l) Each Servicer shall designate at least one FSA Contact
Person who shall be available to FSA to provide reasonable access to information
regarding the Mortgage Loans. The initial FSA Contact Persons are the Servicing
Officers.

                  (m) The Trustee shall surrender the FSA Policy to FSA for
cancellation upon the reduction of the Class Principal Balance of the Insured
Certificates to zero.

                  (n) All references herein to the ratings assigned to the
Certificates and to the interests of any Certificateholders shall be without
regard to the FSA Policy.

                  FSA shall be an express third-party beneficiary of this
Agreement, entitled to enforce the provisions hereof as if a party hereto.

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                                    ARTICLE V

                                THE CERTIFICATES

                  SECTION 5.01      The Certificates.

                  The Certificates shall be substantially in the forms attached
hereto as exhibits. The Certificates shall be issuable in registered form, in
the minimum denominations, integral multiples in excess thereof (except that one
Certificate in each Class may be issued in a different amount which must be in
excess of the applicable minimum denomination) and aggregate denominations per
Class set forth in the Preliminary Statement.

                  Subject to Section 9.02 respecting the final distribution on
the Certificates, on each Distribution Date the Trustee shall make distributions
to each Certificateholder of record on the preceding Record Date either (x) by
wire transfer in immediately available funds to the account of such holder at a
bank or other entity having appropriate facilities therefor, if (i) such Holder
has so notified the Trustee at least five Business Days prior to the related
Record Date and (ii) such Holder shall hold (A) a Notional Amount Certificate,
(B) 100% of the Class Principal Balance of any Class of Certificates or (C)
Certificates of any Class with aggregate principal Denominations of not less
than $1,000,000 or (y) by check mailed by first class mail to such
Certificateholder at the address of such holder appearing in the Certificate
Register.

                  The Certificates shall be executed by manual or facsimile
signature on behalf of the Trustee by an authorized officer upon the written
order of the Depositor. Certificates bearing the manual or facsimile signatures
of individuals who were, at the time such signatures were affixed, authorized to
sign on behalf of the Trustee shall bind the Trustee, notwithstanding that such
individuals or any of them have ceased to be so authorized prior to the
countersignature and delivery of any such Certificates or did not hold such
offices at the date of such Certificate. No Certificate shall be entitled to any
benefit under this Agreement, or be valid for any purpose, unless countersigned
by the Trustee by manual signature, and such countersignature upon any
Certificate shall be conclusive evidence, and the only evidence, that such
Certificate has been duly executed and delivered hereunder. All Certificates
shall be dated the date of their countersignature. On the Closing Date, the
Trustee shall countersign the Certificates to be issued at the written direction
of the Depositor, or any affiliate thereof.

                  The Depositor shall provide, or cause to be provided, to the
Trustee on a continuous basis, an adequate inventory of Certificates to
facilitate transfers.

                  The Trustee shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restriction or transfer imposed
under Article V of this Agreement or under applicable law with respect to any
transfer of any Certificate, or any interest therein, other than to require
delivery of the certification(s) and/or opinions of counsel described in Article
V applicable with respect to changes in registration of record ownership of
Certificates in the Certificate Register. The Trustee shall have no liability
for transfers, including transfers made through the book-entry facilities of the
Depository or between or among Depository Participants or beneficial owners of
the Certificates made in violation of applicable restrictions.

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                  SECTION 5.02      Certificate Register; Registration of
                                    Transfer and Exchange of Certificates.

                  (a) The Trustee shall maintain, or cause to be maintained in
accordance with the provisions of Section 5.06, a Certificate Register for the
Trust Fund in which, subject to the provisions of subsections (b) and (c) below
and to such reasonable regulations as it may prescribe, the Trustee shall
provide for the registration of Certificates and of transfers and exchanges of
Certificates as herein provided. Upon surrender for registration of transfer of
any Certificate, the Trustee shall execute and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of the same
Class and aggregate Percentage Interest.

                  At the option of a Certificateholder, Certificates may be
exchanged for other Certificates of the same Class in authorized denominations
and evidencing the same aggregate Percentage Interest upon surrender of the
Certificates to be exchanged at the office or agency of the Trustee. Whenever
any Certificates are so surrendered for exchange, the Trustee shall execute,
authenticate, and deliver the Certificates which the Certificateholder making
the exchange is entitled to receive. Every Certificate presented or surrendered
for registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Trustee duly executed by the
holder thereof or his attorney duly authorized in writing.

                  No service charge to the Certificateholders shall be made for
any registration of transfer or exchange of Certificates, but payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Certificates may be required.

                  All Certificates surrendered for registration of transfer or
exchange shall be canceled and subsequently disposed of by the Trustee in
accordance with the Trustee's customary procedures.

                  (b) No transfer of a Private Certificate shall be made unless
such transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under said Act and such state securities laws. Except
in connection with any transfer of a Private Certificate by the Depositor to any
affiliate, in the event that a transfer is to be made in reliance upon an
exemption from the Securities Act and such laws, in order to assure compliance
with the Securities Act and such laws, the Certificateholder desiring to effect
such transfer and such Certificateholder's prospective transferee shall each
certify to the Trustee in writing the facts surrounding the transfer in
substantially the form set forth in Exhibit J (the "Transferor Certificate") and
(i) deliver a letter in substantially the form of either (A) Exhibit K (the
"Investment Letter") provided that all of the Class X Certificates of a Class
shall be transferred to one investor or the Depositor otherwise consents to such
transfer, or (B) Exhibit L (the "Rule 144A Letter") or (ii) there shall be
delivered to the Trustee at the expense of the transferor an Opinion of Counsel
that such transfer may be made pursuant to an exemption from the Securities Act.
The Depositor shall provide to any Holder of a Private Certificate and any
prospective transferee designated by any such Holder, information regarding the
related Certificates and the Mortgage Loans and such other information as shall
be necessary to satisfy the condition to eligibility set forth in Rule
144A(d)(4) for transfer of any such Certificate without registration thereof
under the Securities Act pursuant to the registration exemption provided by Rule
144A. The Trustee and the Servicers shall cooperate with the Depositor in
providing the Rule 144A information referenced in the preceding

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sentence, including providing to the Depositor such information regarding the
Certificates, the Mortgage Loans and other matters regarding the Trust Fund as
the Depositor shall reasonably request to meet its obligation under the
preceding sentence. Each Holder of a Private Certificate desiring to effect such
transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor,
the Seller and the Servicers against any liability that may result if the
transfer is not so exempt or is not made in accordance with such federal and
state laws.

                  No transfer of an ERISA-Restricted Certificate shall be made
unless the Trustee shall have received either (i) a representation from the
transferee of such Certificate, acceptable to and in form and substance
satisfactory to the Trustee (in the event such Certificate is a Private
Certificate or a Residual Certificate, such requirement is satisfied only by the
Trustee's receipt of a representation letter from the transferee substantially
in the form of Exhibit K or Exhibit L, as applicable), to the effect that such
transferee is not an employee benefit plan or arrangement subject to Section 406
of ERISA or a plan subject to Section 4975 of the Code, nor a person acting on
behalf of any such plan or arrangement nor using the assets of any such plan or
arrangement to effect such transfer or (ii) in the case of any such
ERISA-Restricted Certificate presented for registration in the name of an
employee benefit plan subject to ERISA, or a plan or arrangement subject to
Section 4975 of the Code (or comparable provisions of any subsequent
enactments), or a trustee of any such plan or any other person acting on behalf
of any such plan or arrangement or using such plan's or arrangement's assets, an
Opinion of Counsel satisfactory to the Trustee, which Opinion of Counsel shall
not be an expense of either the Trustee or the Trust Fund, addressed to the
Trustee, to the effect that the purchase or holding of such ERISA-Restricted
Certificate will not result in the assets of the Trust Fund being deemed to be
"plan assets" and subject to the prohibited transaction provisions of ERISA and
the Code and will not subject the Trustee or the Servicers to any obligation in
addition to those expressly undertaken in this Agreement or to any liability.
For purposes of the preceding sentence, with respect to an ERISA-Restricted
Certificate that is not a Private Certificate or a Residual Certificate, in the
event the representation letter referred to in the preceding sentence is not
furnished, such representation shall be deemed to have been made to the Trustee
by the transferee's (including an initial acquiror's) acceptance of the
ERISA-Restricted Certificates. Notwithstanding anything else to the contrary
herein, any purported transfer of an ERISA-Restricted Certificate to or on
behalf of an employee benefit plan subject to ERISA or to the Code without the
delivery to the Trustee of an Opinion of Counsel satisfactory to the Trustee as
described above shall be void and of no effect.

                  To the extent permitted under applicable law (including, but
not limited to, ERISA), the Trustee shall be under no liability to any Person
for any registration of transfer of any ERISA-Restricted Certificate that is in
fact not permitted by this Section 5.02(b) or for making any payments due on
such Certificate to the Holder thereof or taking any other action with respect
to such Holder under the provisions of this Agreement so long as the transfer
was registered by the Trustee in accordance with the foregoing requirements.

                  (c) Each Person who has or who acquires any Ownership Interest
in a Residual Certificate shall be deemed by the acceptance or acquisition of
such Ownership Interest to have agreed to be bound by the following provisions,
and the rights of each Person acquiring any Ownership Interest in a Residual
Certificate are expressly subject to the following provisions:

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                  (i) Each Person holding or acquiring any Ownership Interest in
         a Residual Certificate shall be a Permitted Transferee and shall
         promptly notify the Trustee of any change or impending change in its
         status as a Permitted Transferee.

                  (ii) No Ownership Interest in a Residual Certificate may be
         registered on the Closing Date or thereafter transferred, and the
         Trustee shall not register the Transfer of any Residual Certificate
         unless, in addition to the certificates required to be delivered to the
         Trustee under subparagraph (b) above, the Trustee shall have been
         furnished with an affidavit (a "Transfer Affidavit") of the initial
         owner or the proposed transferee in the form attached hereto as Exhibit
         I.

                  (iii) Each Person holding or acquiring any Ownership Interest
         in a Residual Certificate shall agree (A) to obtain a Transfer
         Affidavit from any other Person to whom such Person attempts to
         Transfer its Ownership Interest in a Residual Certificate, (B) to
         obtain a Transfer Affidavit from any Person for whom such Person is
         acting as nominee, trustee or agent in connection with any Transfer of
         a Residual Certificate and (C) not to Transfer its Ownership Interest
         in a Residual Certificate or to cause the Transfer of an Ownership
         Interest in a Residual Certificate to any other Person if it has actual
         knowledge that such Person is not a Permitted Transferee.

                  (iv) Any attempted or purported Transfer of any Ownership
         Interest in a Residual Certificate in violation of the provisions of
         this Section 5.02(c) shall be absolutely null and void and shall vest
         no rights in the purported Transferee. If any purported transferee
         shall become a Holder of a Residual Certificate in violation of the
         provisions of this Section 5.02(c), then the last preceding Permitted
         Transferee shall be restored to all rights as Holder thereof
         retroactive to the date of registration of Transfer of such Residual
         Certificate. The Trustee shall be under no liability to any Person for
         any registration of Transfer of a Residual Certificate that is in fact
         not permitted by Section 5.02(b) and this Section 5.02(c) or for making
         any payments due on such Certificate to the Holder thereof or taking
         any other action with respect to such Holder under the provisions of
         this Agreement so long as the Transfer was registered after receipt of
         the related Transfer Affidavit, Transferor Certificate and either the
         Rule 144A Letter or the Investment Letter. The Trustee shall be
         entitled but not obligated to recover from any Holder of a Residual
         Certificate that was in fact not a Permitted Transferee at the time it
         became a Holder or, at such subsequent time as it became other than a
         Permitted Transferee, all payments made on such Residual Certificate at
         and after either such time. Any such payments so recovered by the
         Trustee shall be paid and delivered by the Trustee to the last
         preceding Permitted Transferee of such Certificate.

                  (v) The Depositor shall use its best efforts to make
         available, upon receipt of written request from the Trustee, all
         information necessary to compute any tax imposed under Section 860E(e)
         of the Code as a result of a Transfer of an Ownership Interest in a
         Residual Certificate to any Holder who is not a Permitted Transferee.

                  The restrictions on Transfers of a Residual Certificate set
forth in this Section 5.02(c) shall cease to apply (and the applicable portions
of the legend on a Residual Certificate may be deleted) with respect to
Transfers occurring after delivery to the Trustee of an Opinion of Counsel,
which Opinion of Counsel shall not be an expense of the Trust Fund, the Trustee,
the Seller or the Servicers, to the effect that the elimination of such
restrictions will not cause the Trust Fund hereunder to fail to qualify as a
REMIC at any time that the Certificates are outstanding or result in the
imposition of

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any tax on the Trust Fund, a Certificateholder or another Person. Each Person
holding or acquiring any Ownership Interest in a Residual Certificate hereby
consents to any amendment of this Agreement which, based on an Opinion of
Counsel furnished to the Trustee, is reasonably necessary (a) to ensure that the
record ownership of, or any beneficial interest in, a Residual Certificate is
not transferred, directly or indirectly, to a Person that is not a Permitted
Transferee and (b) to provide for a means to compel the Transfer of a Residual
Certificate which is held by a Person that is not a Permitted Transferee to a
Holder that is a Permitted Transferee.

                  (d) The preparation and delivery of all certificates and
opinions referred to above in this Section 5.02 in connection with transfer
shall be at the expense of the parties to such transfers.

                  (e) Except as provided below, the Book-Entry Certificates
shall at all times remain registered in the name of the Depository or its
nominee and at all times: (i) registration of the Certificates may not be
transferred by the Trustee except to another Depository; (ii) the Depository
shall maintain book-entry records with respect to the Certificate Owners and
with respect to ownership and transfers of such Book- Entry Certificates; (iii)
ownership and transfers of registration of the Book-Entry Certificates on the
books of the Depository shall be governed by applicable rules established by the
Depository; (iv) the Depository may collect its usual and customary fees,
charges and expenses from its Depository Participants; (v) the Trustee shall
deal with the Depository, Depository Participants and indirect participating
firms as representatives of the Certificate Owners of the Book-Entry
Certificates for purposes of exercising the rights of holders under this
Agreement, and requests and directions for and votes of such representatives
shall not be deemed to be inconsistent if they are made with respect to
different Certificate Owners; and (vi) the Trustee may rely and shall be fully
protected in relying upon information furnished by the Depository with respect
to its Depository Participants and furnished by the Depository Participants with
respect to indirect participating firms and persons shown on the books of such
indirect participating firms as direct or indirect Certificate Owners.

                  All transfers by Certificate Owners of Book-Entry Certificates
shall be made in accordance with the procedures established by the Depository
Participant or brokerage firm representing such Certificate Owner. Each
Depository Participant shall only transfer Book-Entry Certificates of
Certificate Owners it represents or of brokerage firms for which it acts as
agent in accordance with the Depository's normal procedures.

                  If (x) (i) the Depository or the Depositor advises the Trustee
in writing that the Depository is no longer willing or able to properly
discharge its responsibilities as Depository, and (ii) the Trustee or the
Depositor is unable to locate a qualified successor, (y) the Depositor at its
option advises the Trustee in writing that it elects to terminate the book-entry
system through the Depository or (z) after the occurrence of an Event of
Default, Certificate Owners representing at least 51% of the Certificate Balance
of the Book- Entry Certificates together advise the Trustee and the Depository
through the Depository Participants in writing that the continuation of a
book-entry system through the Depository is no longer in the best interests of
the Certificate Owners, the Trustee shall notify all Certificate Owners, through
the Depository, of the occurrence of any such event and of the availability of
definitive, fully-registered Certificates (the "Definitive Certificates") to
Certificate Owners requesting the same. Upon surrender to the Trustee of the
related Class of Certificates by the Depository, accompanied by the instructions
from the Depository for registration, the Trustee shall

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issue the Definitive Certificates. None of the Sellers, the Servicers, the
Depositor or the Trustee shall be liable for any delay in delivery of such
instruction and each may conclusively rely on, and shall be protected in relying
on, such instructions. The Depositor shall provide the Trustee with an adequate
inventory of certificates to facilitate the issuance and transfer of Definitive
Certificates. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Depository shall be deemed
to be imposed upon and performed by the Trustee, to the extent applicable with
respect to such Definitive Certificates and the Trustee shall recognize the
Holders of the Definitive Certificates as Certificateholders hereunder; provided
that the Trustee shall not by virtue of its assumption of such obligations
become liable to any party for any act or failure to act of the Depository.

                  SECTION 5.03      Mutilated, Destroyed, Lost or Stolen
                                    Certificates.

                  If (a) any mutilated Certificate is surrendered to the
Trustee, or the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there is delivered to the
Trustee such security or indemnity as may be required by it to hold it harmless,
then, in the absence of notice to the Trustee that such Certificate has been
acquired by a bona fide purchaser, the Trustee shall execute, countersign and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a new Certificate of like Class, tenor and Percentage
Interest. In connection with the issuance of any new Certificate under this
Section 5.03, the Trustee may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Trustee) connected
therewith. Any replacement Certificate issued pursuant to this Section 5.03
shall constitute complete and indefeasible evidence of ownership, as if
originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

                  SECTION 5.04      Persons Deemed Owners.

                  The Servicers, the Trustee and any agent of the Servicers or
the Trustee may treat the Person in whose name any Certificate is registered as
the owner of such Certificate for the purpose of receiving distributions as
provided in this Agreement and for all other purposes whatsoever, and none of
the Servicers, the Trustee or any agent of the Servicers or the Trustee shall be
affected by any notice to the contrary.

                  SECTION 5.05   Access to List of Certificateholders' Names and
                                 Addresses.

                  If three or more Certificateholders (a) request such
information in writing from the Trustee, (b) state that such Certificateholders
desire to communicate with other Certificateholders with respect to their rights
under this Agreement or under the Certificates, and (c) provide a copy of the
communication which such Certificateholders propose to transmit, or if the
Depositor or a Servicer shall request such information in writing from the
Trustee, then the Trustee shall, within ten Business Days after the receipt of
such request, provide the Depositor, the Servicers or such Certificateholders at
such recipients' expense the most recent list of the Certificateholders of such
Trust Fund held by the Trustee, if any. The Depositor and every
Certificateholder, by receiving and holding a Certificate, agree that the
Trustee shall not be held accountable by reason of the disclosure of any such

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information as to the list of the Certificateholders hereunder, regardless of
the source from which such information was derived.

                  SECTION 5.06      Maintenance of Office or Agency.

                  The Trustee will maintain or cause to be maintained at its
expense an office or offices or agency or agencies in New York, New York where
Certificates may be surrendered for registration of transfer or exchange. The
Trustee initially designates its Corporate Trust Office for such purposes. The
Trustee will give prompt written notice to the Certificateholders of any change
in such location of any such office or agency.

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                                   ARTICLE VI

                  THE DEPOSITOR, THE SELLER AND THE SERVICERS

                  SECTION 6.01  Respective Liabilities of the Depositor, the
                                Sellers and the Servicers.

                  The Depositor, the Seller and each Servicer shall each be
liable in accordance herewith only to the extent of the obligations specifically
and respectively imposed upon and undertaken by them herein.

                  SECTION 6.02  Merger or Consolidation of the Depositor, the
                                Seller or a Servicer.

                  The Depositor, the Seller and each Servicer will each keep in
full effect its existence, rights and franchises as a corporation under the laws
of the United States or under the laws of one of the states thereof or as a
federally chartered savings bank organized under the laws of the United States
and will each obtain and preserve its qualification to do business as a foreign
corporation in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Agreement, or any
of the Mortgage Loans and to perform its respective duties under this Agreement.
Notwithstanding the foregoing, the Seller or a Servicer may be merged or
consolidated into another Person in accordance with the following paragraph.

                  Any Person into which the Depositor, the Seller or a Servicer
may be merged or consolidated, or any Person resulting from any merger or
consolidation to which the Depositor, the Seller or a Servicer shall be a party,
or any person succeeding to the business of the Depositor, the Seller or a
Servicer, shall be the successor of the Depositor, the Seller or a Servicer, as
the case may be, hereunder, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding, provided, however, that the successor or surviving
Person with respect to a merger or consolidation of a Servicer shall be an
institution which is a Fannie Mae or Freddie Mac approved company in good
standing. In addition to the foregoing, there must be delivered to the Trustee a
letter from each of the Rating Agencies, to the effect that such merger,
conversion or consolidation of a Servicer will not result in a disqualification,
withdrawal or downgrade of the then current rating of any of the Certificates.

                  SECTION 6.03  Limitation on Liability of the Depositor, the
                                Seller, the Servicers and Others.

                  None of the Depositor, the Seller, any Servicer nor any of the
directors, officers, employees or agents of the Depositor, the Seller or any
Servicer shall be under any liability to the Certificateholders for any action
taken or for refraining from the taking of any action in good faith pursuant to
this Agreement, or for errors in judgment; provided, however, that this
provision shall not protect the Depositor, the Seller, any Servicer or any such
Person against any breach of representations or warranties made by it herein or
protect the Depositor, the Seller, any Servicer or any such Person from any
liability which would otherwise be imposed by reasons of willful misfeasance,
bad faith or negligence in the performance of duties or by reason of reckless
disregard of obligations and duties hereunder. The Depositor, the Seller, each
Servicer and any director, officer, employee or agent of the Depositor, the
Seller or a Servicer may rely in good faith on any document

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of any kind prima facie properly executed and submitted by any Person respecting
any matters arising hereunder. The Depositor, the Seller, the Trustee, each
Servicer and any director, officer, employee or agent of the Depositor, the
Seller, the Trustee, or the related Servicer shall be indemnified by the Trust
Fund and held harmless against any loss, liability or expense incurred in
connection with any legal action relating to this Agreement or the Certificates,
other than any loss, liability or expense incurred by reason of willful
misfeasance, bad faith or negligence in the performance of its duties hereunder
or by reason of reckless disregard of obligations and duties hereunder. None of
the Depositor, the Seller or any Servicer shall be under any obligation to
appear in, prosecute or defend any legal action that is not incidental to its
respective duties hereunder and which in its opinion may involve it in any
expense or liability; provided, however, that any of the Depositor, the Seller
or any Servicer may in its discretion undertake any such action that it may deem
necessary or desirable in respect of this Agreement and the rights and duties of
the parties hereto and interests of the Trustee and the Certificateholders
hereunder. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities of the
Trust Fund, and the Depositor, the Seller and each Servicer shall be entitled to
be reimbursed therefor out of the Collection Account. Each Servicer's right to
indemnity or reimbursement pursuant to this Section 6.03 shall survive the
resignation or termination of such Servicer as set forth herein.

                  SECTION 6.04      Limitation on Resignation of a Servicer.

                  (a) Subject to Section 6.04(b) below, a Servicer shall not
resign from the obligations and duties hereby imposed on it except (a)(i) upon
appointment, pursuant to the provisions of Section 7.02, of a successor servicer
which (x) has a net worth of not less than $10,000,000 and (y) is a Fannie Mae
or Freddie Mac approved company in good standing, (ii) receipt by the Trustee of
a letter from each Rating Agency that such a resignation and appointment will
not result in a qualification, withdrawal or downgrading of the then current
rating of any of the Certificates and (iii) receipt by FSA of oral confirmation
from each Rating Agency that the rating assigned to any of the Certificates is
given without regard to the FSA Policy, or (b) upon determination that its
duties hereunder are no longer permissible under applicable law. Any such
determination under clause (b) permitting the resignation of a Servicer shall be
evidenced by an Opinion of Counsel to such effect delivered to the Trustee. No
such resignation shall become effective until the Trustee or a successor
servicer shall have assumed such Servicer's responsibilities, duties,
liabilities and obligations hereunder and the requirements of Section 7.02 have
been satisfied.

                  (b) Notwithstanding the foregoing, the Seller, so long as it
is the owner of the servicing rights, or any subsequent owner of such servicing
rights so long as it is the owner of such servicing rights, shall be entitled to
require that either or both of Wilshire and Ocwen resign and appoint a successor
servicer with respect to the Wilshire Serviced Loans or Ocwen Serviced Loans, as
applicable; provided that such entity delivers to the Trustee the letter
required by Section 6.04(a)(ii) above.

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                                   ARTICLE VII

                                     DEFAULT

                  SECTION 7.01      Events of Default.

                  "Event of Default", wherever used herein, means any one of the
following events:

                  (i) any failure by a Servicer to make any deposit or payment
         required pursuant to this Agreement which continues unremedied for a
         period of one Business Day (or, in the case of any such failure to make
         any deposit or payment due to any outbreak or escalation of
         hostilities, declaration by the United States of a national emergency
         or war or other calamity or crisis or act of god, for a period of three
         Business Days) after the date upon which written notice of such
         failure, requiring the same to be remedied, shall have been given to
         such Servicer by the Trustee or the Depositor, or to such Servicer and
         the Trustee by the Holders of Certificates having not less than 25% of
         the Voting Rights evidenced by the Certificates; or

                  (ii) any failure by a Servicer duly to observe or perform in
         any material respect any other of the covenants or agreements on the
         part of such Servicer set forth in this Agreement, which failure or
         breach (a) materially affects the rights of the Certificateholders or
         the Certificate Insurer and (b) continues unremedied for a period of 30
         days after the date on which written notice of such failure or breach,
         requiring the same to be remedied, shall have been given to such
         Servicer by the Trustee or the Depositor, or to such Servicer and the
         Trustee by the Holders of Certificates having not less than 25% of the
         Voting Rights evidenced by the Certificates; or

                  (iii) if a representation or warranty set forth in Section
         2.03(b), (c) or (d), as applicable, hereof shall prove to be materially
         incorrect as of the time made in any respect that materially and
         adversely affects interests of the Certificateholders or the
         Certificate Insurer, and the circumstances or condition in respect of
         which such representation or warranty was incorrect shall not have been
         eliminated or cured, within 30 days (or, if such breach is not capable
         of being cured within 30 days and provided that the related Servicer
         believes in good faith that such breach can be cured and is diligently
         pursuing the cure thereof, within 90 days) after the date on which
         written notice thereof shall have been given to the related Servicer by
         the Trustee for the benefit of the Certificateholders or by the
         Depositor; or

                  (iv) failure by a Servicer to maintain, if required, its
         license to do business in any jurisdiction where the related Mortgaged
         Property is located; or

                  (v) a decree or order of a court or agency or supervisory
         authority having jurisdiction for the appointment of a conservator or
         receiver or liquidator in any insolvency, readjustment of debt,
         including bankruptcy, marshaling of assets and liabilities or similar
         proceedings, or for the winding-up or liquidation of its affairs, shall
         have been entered against a Servicer and such decree or order shall
         have remained in force undischarged or unstayed for a period of 60
         consecutive days; or

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<PAGE>

                  (vi) a Servicer shall consent to the appointment of a
         conservator or receiver or liquidator in any insolvency, readjustment
         of debt, marshaling of assets and liabilities or similar proceedings of
         or relating to such Servicer or of or relating to all or substantially
         all of its property; or

                  (vii) any failure of a Servicer to make any Advance, to the
         extent required under Section 4.01 in the manner and at the time
         required to be made from its own funds pursuant to this Agreement and
         after receipt of notice from the Trustee, which failure continues
         unremedied after the close of business on the Business Day immediately
         preceding the related Distribution Date; or

                  (viii) a Servicer shall admit in writing its inability to pay
         its debts generally as they become due, file a petition to take
         advantage of or commence a voluntary case under, any applicable
         insolvency, bankruptcy or reorganization statute, make an assignment
         for the benefit of its creditors, voluntarily suspend payment of its
         obligations or cease its normal business operations for three Business
         Days.

                  Other than an Event of Default resulting from a failure of a
Servicer to make any Advance, if an Event of Default shall occur, then, and in
each and every such case, so long as such Event of Default shall not have been
remedied, the Trustee may, or at the direction of the Holders of Certificates
evidencing not less than 51% of the Voting Rights evidenced by the Certificates,
the Trustee shall by notice in writing to such Servicer (with a copy to each
Rating Agency), terminate all of the rights and obligations of such Servicer
under this Agreement and in and to the related Mortgage Loans and the proceeds
thereof, other than its rights as a Certificateholder hereunder and its rights
to reimbursement for Advances or other advances previously made pursuant to this
Agreement. If an Event of Default results from the failure of a Servicer to make
an Advance, the Trustee shall prior to the Distribution Date occurring in the
succeeding calendar month, by notice in writing to such Servicer and the
Depositor (with a copy to each Rating Agency), terminate all of the rights and
obligations of such Servicer under this Agreement prior to the Distribution Date
occurring in the succeeding calendar month and in and to the related Mortgage
Loans and the proceeds thereof, other than its rights as a Certificateholder
hereunder.

                  Upon receipt by a Servicer of such written notice of
termination, all authority and power of such Servicer under this Agreement,
whether with respect to the related Mortgage Loans or otherwise, shall pass to
and be vested in the Trustee or its nominee. Upon written request from the
Trustee, such Servicer shall prepare, execute and deliver to the successor
entity designated by the Trustee any and all documents and other instruments,
place in such successor's possession all related Mortgage Files, and do or cause
to be done all other acts or things necessary or appropriate to effect the
purposes of such notice of termination, including but not limited to the
transfer and endorsement or assignment of the related Mortgage Loans and related
documents, at such Servicer's sole expense. Each Servicer shall cooperate with
the Trustee and such successor in effecting the termination of such Servicer's
responsibilities and rights hereunder, including without limitation, the
transfer to such successor for administration by it of all cash amounts which
shall at the time be credited by such Servicer to the Collection Account or
Escrow Account or thereafter received with respect to the related Mortgage
Loans. The Trustee shall thereupon make any Advance. The Trustee is hereby
authorized and empowered to execute and deliver, on behalf of such Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to do or accomplish all other acts or things necessary

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or appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement or assignment of the related Mortgage
Loans and related documents, or otherwise.

                  SECTION 7.02      Trustee to Act; Appointment of Successor.

                  On and after the time a Servicer receives a notice of
termination pursuant to Section 7.01 of this Agreement or the resignation of
such Servicer pursuant to Section 6.04, the Trustee shall, subject to and to the
extent provided herein, be the successor to such Servicer, but only in its
capacity as servicer under this Agreement, and not in any other, and the
transactions set forth herein and shall be subject to all the responsibilities,
duties and liabilities relating thereto placed on such Servicer by the terms and
provisions hereof and applicable law including the obligation to make Advances
pursuant to Section 4.01. As compensation therefor, the Trustee shall be
entitled to all funds relating to the related Mortgage Loans that such Servicer
would have been entitled to charge to the Collection Account, provided that the
terminated Servicer shall nonetheless be entitled to payment or reimbursement as
provided in Section 3.08 to the extent that such payment or reimbursement
relates to the period prior to termination of such Servicer. Notwithstanding the
foregoing, if the Trustee has become the successor to a Servicer in accordance
with Section 7.01, the Trustee may, if it shall be unwilling to so act, or
shall, if it is prohibited by applicable law from making Advances pursuant to
4.01 hereof, or if it is otherwise unable to so act, appoint, or petition a
court of competent jurisdiction to appoint, any established mortgage loan
servicing institution the appointment of which does not adversely affect the
then current rating of the Certificates by each Rating Agency, as the successor
to such Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of such Servicer hereunder. Any
successor to a Servicer shall be an institution which is a Fannie Mae or Freddie
Mac approved seller/servicer for first and second loans in good standing, which
has a net worth of at least $10,000,000, which is willing to service the related
Mortgage Loans and which executes and delivers to the Depositor and the Trustee
an agreement accepting such delegation and assignment, containing an assumption
by such Person of the rights, powers, duties, responsibilities, obligations and
liabilities of such Servicer (other than liabilities of such Servicer under
Section 6.03 hereof incurred prior to termination of such Servicer under Section
7.01 hereunder), with like effect as if originally named as a party to this
Agreement; provided that each Rating Agency acknowledges that its rating of the
Certificates in effect immediately prior to such assignment and delegation will
not be qualified, withdrawn or downgraded as a result of such assignment and
delegation. Pending appointment of a successor to such Servicer hereunder, the
Trustee, unless the Trustee is prohibited by law from so acting, shall, subject
to the limitations described herein, act in such capacity as hereinabove
provided. In connection with such appointment and assumption, the Trustee may
make such arrangements for the compensation of such successor out of payments on
the related Mortgage Loans as it and such successor shall agree; provided,
however, that no such compensation shall be in excess of the Servicing Fee. The
Trustee and such successor shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession. Neither the
Trustee nor any other successor servicer shall be deemed to be in default by
reason of any failure to make, or any delay in making, any distribution
hereunder or any portion thereof or any failure to perform, or any delay in
performing, any duties or responsibilities hereunder, in either case caused by
the failure of such Servicer to deliver or provide, or any delay in delivering
or providing, any cash, information, documents or records to it.

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                  In connection with the termination or resignation of any
Servicer hereunder, either (i) the successor servicer, including the Trustee if
the Trustee is acting as successor Servicer, shall represent and warrant that it
is a member of MERS in good standing and shall agree to comply in all material
respects with the rules and procedures of MERS in connection with the servicing
of the Mortgage Loans that are registered with MERS, in which case the
predecessor Servicer shall cooperate with the successor Servicer in causing MERS
to revise its records to reflect the transfer of servicing to the successor
Servicer as necessary under MERS' rules and regulations, or (ii) the predecessor
Servicer shall cooperate with the successor Servicer in causing MERS to execute
and deliver an assignment of Mortgage in recordable form to transfer the
Mortgage from MERS to the Trustee and to execute and deliver such other notices,
documents and other instruments as may be necessary or desirable to effect a
transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS(R)
System to the successor Servicer. The predecessor Servicer shall file or cause
to be filed any such assignment in the appropriate recording office. The
predecessor Servicer shall bear any and all fees of MERS, costs of preparing any
assignments of Mortgage, and fees and costs of filing any assignments of
Mortgage that may be required under this subsection.

                  Any successor to a Servicer shall give notice to the
Mortgagors of such change of servicer and shall, during the term of its service
as servicer, maintain in force the policy or policies that such Servicer is
required to maintain pursuant to this Agreement.

                  SECTION 7.03      Notification to Certificateholders.

                  (a) Upon any termination of or appointment of a successor to a
Servicer, the Trustee shall give prompt written notice thereof to
Certificateholders and to each Rating Agency.

                  (b) Within 60 days after the occurrence of any Event of
Default, the Trustee shall transmit by mail to all Certificateholders notice of
each such Event of Default hereunder actually known to the Trustee, unless such
Event of Default shall have been cured or waived.

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                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                  SECTION 8.01      Duties of the Trustee.

                  The Trustee, prior to the occurrence of an Event of Default
and after the curing of all Events of Default that may have occurred, shall
undertake to perform such duties and only such duties as are specifically set
forth in this Agreement. In case an Event of Default has occurred and remains
uncured, the Trustee shall exercise such of the rights and powers vested in it
by this Agreement, and use the same degree of care and skill in their exercise
as a prudent person would exercise or use under the circumstances in the conduct
of such person's own affairs.

                  The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee that are specifically required to be furnished pursuant to any
provision of this Agreement shall examine them to determine whether they are in
the form required by this Agreement; provided, however, that the Trustee shall
not be responsible for the accuracy or content of any such resolution,
certificate, statement, opinion, report, document, order or other instrument.

                  No provision of this Agreement shall be construed to relieve
the Trustee from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct; provided, however, that:

                  (i) unless an Event of Default actually known to the Trustee
         shall have occurred and be continuing, the duties and obligations of
         the Trustee shall be determined solely by the express provisions of
         this Agreement, the Trustee shall not be liable except for the
         performance of such duties and obligations as are specifically set
         forth in this Agreement, no implied covenants or obligations shall be
         read into this Agreement against the Trustee and the Trustee may
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon any certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Agreement which it believed in good faith to be genuine and to
         have been duly executed by the proper authorities respecting any
         matters arising hereunder;

                  (ii) the Trustee shall not be liable for an error of judgment
         made in good faith by a Responsible Officer or Responsible Officers of
         the Trustee, unless it shall be finally proven that the Trustee was
         negligent in ascertaining the pertinent facts; and

                  (iii) the Trustee shall not be liable with respect to any
         action taken, suffered or omitted to be taken by it in good faith in
         accordance with the direction of Holders of Certificates evidencing not
         less than 25% of the Voting Rights of Certificates relating to the
         time, method and place of conducting any proceeding for any remedy
         available to the Trustee, or exercising any trust or power conferred
         upon the Trustee under this Agreement.

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                  SECTION 8.02      Certain Matters Affecting the Trustee.

                  Except as otherwise provided in Section 8.01:

                  (i) the Trustee may request and conclusively rely upon and
         shall be protected in acting or refraining from acting upon any
         resolution, Officers' Certificate, certificate of auditors or any other
         certificate, statement, instrument, opinion, report, notice, request,
         consent, order, appraisal, bond or other paper or document believed by
         it to be genuine and to have been signed or presented by the proper
         party or parties and the Trustee shall have no responsibility to
         ascertain or confirm the genuineness of any signature of any such party
         or parties;

                  (ii) the Trustee may consult with counsel, financial advisers
         or accountants and the advice of any such counsel, financial advisers
         or accountants and any Opinion of Counsel shall be full and complete
         authorization and protection in respect of any action taken or suffered
         or omitted by it hereunder in good faith and in accordance with such
         advice or Opinion of Counsel;

                  (iii) the Trustee shall not be liable for any action taken,
         suffered or omitted by it in good faith and believed by it to be
         authorized or within the discretion or rights or powers conferred upon
         it by this Agreement;

                  (iv) the Trustee shall not be bound to make any investigation
         into the facts or matters stated in any resolution, certificate,
         statement, instrument, opinion, report, notice, request, consent,
         order, approval, bond or other paper or document, unless requested in
         writing so to do by Holders of Certificates evidencing not less than
         25% of the Voting Rights allocated to each Class of Certificates;

                  (v) the Trustee may execute any of the trusts or powers
         hereunder or perform any duties hereunder either directly or by or
         through agents, affiliates, accountants or attorneys;

                  (vi) the Trustee shall not be required to risk or expend its
         own funds or otherwise incur any financial liability in the performance
         of any of its duties or in the exercise of any of its rights or powers
         hereunder if it shall have reasonable grounds for believing that
         repayment of such funds or adequate indemnity against such risk or
         liability is not assured to it;

                  (vii) the Trustee shall not be liable for any loss on any
         investment of funds pursuant to this Agreement (other than as issuer of
         the investment security);

                  (viii) the Trustee shall not be deemed to have knowledge of an
         Event of Default until a Responsible Officer of the Trustee shall have
         received written notice thereof; and

                  (ix) the Trustee shall be under no obligation to exercise any
         of the trusts, rights or powers vested in it by this Agreement or to
         institute, conduct or defend any litigation hereunder or in relation
         hereto at the request, order or direction of any of the
         Certificateholders, pursuant to the provisions of this Agreement,
         unless such Certificateholders shall have offered to the Trustee
         reasonable security or indemnity satisfactory to the Trustee against
         the costs, expenses and liabilities which may be incurred therein or
         thereby.

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                  SECTION 8.03      Trustee Not Liable for Certificates or
                                    Mortgage Loans.

                  The recitals contained herein and in the Certificates shall be
taken as the statements of the Depositor or the Seller, as the case may be, and
the Trustee assumes no responsibility for their correctness. The Trustee makes
no representations as to the validity or sufficiency of this Agreement or of the
Certificates or of any Mortgage Loan or related document, or of MERS or the
MERS(R) System, other than with respect to the Trustee's execution and
countersignature of the Certificates. The Trustee shall not be accountable for
the use or application by the Depositor or a Servicer of any funds paid to the
Depositor or a Servicer in respect of the Mortgage Loans or deposited in or
withdrawn from the Collection Account by the Depositor or a Servicer.

                  SECTION 8.04      Trustee May Own Certificates.

                  The Trustee in its individual or any other capacity may become
the owner or pledgee of Certificates and may transact business with the
Depositor, the Seller, any Servicer and their affiliates, with the same rights
as it would have if it were not the Trustee.

                  SECTION 8.05      Trustee's Fees and Expenses.

                  The Trustee, as compensation for its activities hereunder,
shall be entitled to withdraw from the Certificate Account on each Distribution
Date prior to making distributions pursuant to Section 4.02 an amount equal to
the Trustee Fee for such Distribution Date. The Trustee and any director,
officer, employee or agent of the Trustee shall be indemnified by the Depositor
and the Servicers, to the extent such indemnity related to the failure of the
related Servicer to perform its servicing obligations in accordance with this
Agreement, and held harmless against any loss, liability or expense (including
reasonable attorney's fees and expenses) (i) incurred in connection with any
claim or legal action relating to (a) this Agreement, (b) the Custodial
Agreement, (c) the Certificates, (d) the FSA Policy, or (e) the performance of
any of the Trustee's duties hereunder, other than any loss, liability or expense
incurred by reason of willful misfeasance, bad faith or negligence in the
performance of any of the Trustee's duties hereunder or incurred by reason of
any action of the Trustee taken at the direction of the Certificateholders and
(ii) resulting from any error in any tax or information return prepared by the
related Servicer. Such indemnity shall survive the termination of this Agreement
or the resignation or removal of the Trustee hereunder. Without limiting the
foregoing, the Depositor covenants and agrees, except as otherwise agreed upon
in writing by the Depositor and the Trustee, and except for any such expense,
disbursement or advance as may arise from the Trustee's negligence, bad faith or
willful misconduct, to pay or reimburse the Trustee, for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in
accordance with any of the provisions of this Agreement with respect to: (A) the
reasonable compensation and the expenses and disbursements of its counsel not
associated with the closing of the issuance of the Certificates, (B) the
reasonable compensation, expenses and disbursements of any accountant, engineer
or appraiser that is not regularly employed by the Trustee, to the extent that
the Trustee must engage such persons to perform acts or services hereunder and
(C) printing and engraving expenses in connection with preparing any Definitive
Certificates. Except as otherwise provided herein, the Trustee shall not be
entitled to payment or reimbursement for any routine ongoing expenses incurred

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by the Trustee in the ordinary course of its duties as Trustee, Registrar or Tax
Matters Person hereunder or for any other expenses.

                  SECTION 8.06      Eligibility Requirements for the Trustee and
                                    Custodian.

                  The Trustee hereunder shall at all times be a corporation or
association organized and doing business under the laws of a state or the United
States of America, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least $50,000,000, subject
to supervision or examination by federal or state authority and with a credit
rating which would not cause either of the Rating Agencies to reduce their
respective then current Ratings of the Certificates (or having provided such
security from time to time as is sufficient to avoid such reduction) as
evidenced in writing by each Rating Agency. If such corporation or association
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section 8.06 the combined capital and surplus of such
corporation or association shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 8.06, the Trustee shall resign immediately in the
manner and with the effect specified in Section 8.07. The entity serving as
Trustee may have normal banking and trust relationships with the Depositor and
its affiliates or a Servicer and its affiliates; provided, however, that such
entity cannot be an affiliate of the Seller, the Depositor or a Servicer other
than the Trustee in its role as successor to a Servicer.

                  SECTION 8.07      Resignation and Removal of the Trustee.

                  The Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice of resignation to the Depositor,
the Seller, each Servicer and each Rating Agency not less than 60 days before
the date specified in such notice, when, subject to Section 8.08, such
resignation is to take effect, and acceptance by a successor trustee in
accordance with Section 8.08 meeting the qualifications set forth in Section
8.06. If no successor trustee meeting such qualifications shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation or removal (as provided below), the resigning or removed
Trustee may petition any court of competent jurisdiction for the appointment of
a successor trustee.

                  If at any time the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 and shall fail to resign after
written request thereto by the Depositor, or if at any time the Trustee shall
become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, or a tax
is imposed with respect to the Trust Fund by any state in which the Trustee or
the Trust Fund is located and the imposition of such tax would be avoided by the
appointment of a different trustee, then the Depositor may remove the Trustee
and appoint a successor trustee by written instrument, in triplicate, one copy
of which shall be delivered to the Trustee, one copy to each Servicer and the
Seller and one copy to the successor trustee.

                  The Holders of Certificates entitled to at least 51% of the
Voting Rights may at any time remove the Trustee and appoint a successor trustee
by written instrument or instruments, in triplicate,

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signed by such Holders or their attorneys-in-fact duly authorized, one complete
set of which shall be delivered by the successor Trustee to each Servicer and
the Seller, one complete set to the Trustee so removed and one complete set to
the successor so appointed. Notice of any removal of the Trustee shall be given
to each Rating Agency by the successor trustee. All costs and expenses incurred
by the Trustee in connection with the removal of the Trustee without cause shall
be reimbursed to the Trustee from amounts on deposit in the Collection Account.

                  Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 8.07 shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 8.08.

                  SECTION 8.08      Successor Trustee.

                  Any successor trustee appointed as provided in Section 8.07
shall execute, acknowledge and deliver to the Depositor and to its predecessor
trustee and each Servicer and the Seller an instrument accepting such
appointment hereunder and thereupon the resignation or removal of the
predecessor trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as trustee herein. The Depositor, each
Servicer and the predecessor trustee shall execute and deliver such instruments
and do such other things as may reasonably be required for more fully and
certainly vesting and confirming in the successor trustee all such rights,
powers, duties, and obligations.

                  No successor trustee shall accept appointment as provided in
this Section 8.08 unless at the time of such acceptance such successor trustee
shall be eligible under the provisions of Section 8.06 and its appointment shall
not adversely affect the then current rating of the Certificates.

                  Upon acceptance of appointment by a successor trustee as
provided in this Section 8.08, the Depositor shall mail notice of the succession
of such trustee hereunder to all Holders of Certificates. If the Depositor fails
to mail such notice within 10 days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be mailed at
the expense of the Depositor.

                  SECTION 8.09      Merger or Consolidation of the Trustee.

                  Any corporation into which the Trustee may be merged or
converted or with which it may be consolidated or any corporation resulting from
any merger, conversion or consolidation to which the Trustee shall be a party,
or any corporation succeeding to the business of the Trustee, shall be the
successor of the Trustee hereunder, provided that such corporation shall be
eligible under the provisions of Section 8.06 without the execution or filing of
any paper or further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding.

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                  SECTION 8.10      Appointment of Co-Trustee or Separate
                                    Trustee.

                  Notwithstanding any other provisions of this Agreement, at any
time, for the purpose of meeting any legal requirements of any jurisdiction in
which any part of the Trust Fund or property securing any Mortgage Note may at
the time be located, each Servicer and the Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Trustee to act as co-trustee or co-trustees jointly with
the Trustee, or separate trustee or separate trustees, of all or any part of the
Trust Fund, and to vest in such Person or Persons, in such capacity and for the
benefit of the Certificateholders, such title to the Trust Fund or any part
thereof, whichever is applicable, and, subject to the other provisions of this
Section 8.10, such powers, duties, obligations, rights and trusts as each
Servicer and the Trustee may consider necessary or desirable. If a Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request to do so, or in the case an Event of Default shall have occurred
and be continuing, the Trustee alone shall have the power to make such
appointment. No co- trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 8.06 and no
notice to Certificateholders of the appointment of any co-trustee or separate
trustee shall be required under Section 8.08.

                  Every separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and
conditions:

                  (i) To the extent necessary to effectuate the purposes of this
         Section 8.10, all rights, powers, duties and obligations conferred or
         imposed upon the Trustee shall be conferred or imposed upon and
         exercised or performed by the Trustee and such separate trustee or
         co-trustee jointly (it being understood that such separate trustee or
         co-trustee is not authorized to act separately without the Trustee
         joining in such act), except to the extent that under any law of any
         jurisdiction in which any particular act or acts are to be performed
         (whether as Trustee hereunder or as successor to a Servicer hereunder),
         the Trustee shall be incompetent or unqualified to perform such act or
         acts, in which event such rights, powers, duties and obligations
         (including the holding of title to the applicable Trust Fund or any
         portion thereof in any such jurisdiction) shall be exercised and
         performed singly by such separate trustee or co-trustee, but solely at
         the direction of the Trustee;

                  (ii) No trustee hereunder shall be held personally liable by
         reason of any act or omission of any other trustee hereunder and such
         appointment shall not, and shall not be deemed to, constitute any such
         separate trustee or co-trustee as agent of the Trustee;

                  (iii) The Trustee may at any time accept the resignation of or
         remove any separate trustee or co-trustee; and

                  (iv) The Depositor, and not the Trustee, shall be liable for
         the payment of reasonable compensation, reimbursement and
         indemnification to any such separate trustee or co-trustee.

                  Any notice, request or other writing given to the Trustee
shall be deemed to have been given to each of the separate trustees and
co-trustees, when and as effectively as if given to each of them. Every
instrument appointing any separate trustee or co-trustee shall refer to this
Agreement and the conditions of this Article VIII. Each separate trustee and
co-trustee, upon its acceptance of the trusts

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conferred, shall be vested with the estates or property specified in its
instrument of appointment, either jointly with the Trustee or separately, as may
be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee and a copy thereof given to each
Servicer and the Depositor.

                  Any separate trustee or co-trustee may, at any time,
constitute the Trustee its agent or attorney-in- fact, with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Agreement on its behalf and in its name. If any separate trustee
or co-trustee shall die, become incapable of acting, resign or be removed, all
of its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

                  SECTION 8.11      Tax Matters.

                  It is intended that the assets with respect to which the REMIC
elections are to be made, as set forth in the Preliminary Statement, shall
constitute, and that the conduct of matters relating to each such segregated
pool of assets shall be such as to qualify such assets as, a "real estate
mortgage investment conduit" as defined in and in accordance with the Trust Fund
Provisions. In furtherance of such intention, the Trustee covenants and agrees
that it shall act as agent (and the Trustee is hereby appointed to act as agent)
on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and
file, or cause to be prepared and filed, in a timely manner, a U.S. Real Estate
Mortgage Investment Conduit Income Tax Return (Form 1066 or any successor form
adopted by the Internal Revenue Service) and prepare and file or cause to be
prepared and filed with the Internal Revenue Service and applicable state or
local tax authorities income tax or information returns for each taxable year
with respect to each of REMIC 1,REMIC 2 and REMIC 3 containing such information
and at the times and in the manner as may be required by the Code or state or
local tax laws, regulations, or rules, and furnish or cause to be furnished to
Certificateholders the schedules, statements or information at such times and in
such manner as may be required thereby; (b) within thirty days of the Closing
Date, furnish or cause to be furnished to the Internal Revenue Service, on Forms
8811 or as otherwise may be required by the Code, the name, title, address, and
telephone number of the person that the holders of the Certificates may contact
for tax information relating thereto, together with such additional information
as may be required by such form, and update such information at the time or
times in the manner required by the Code; (c) make or cause to be made elections
that the assets of each of REMIC 1, REMIC 2 and REMIC 3 be treated as a REMIC on
the federal tax return for its first taxable year (and, if necessary, under
applicable state law); (d) prepare and forward, or cause to be prepared and
forwarded, to the Certificateholders and to the Internal Revenue Service and, if
necessary, state tax authorities, all information returns and reports as and
when required to be provided to them in accordance with the REMIC Provisions,
including without limitation, the calculation of any original issue discount
using the Prepayment Assumption; (e) provide information necessary for the
computation of tax imposed on the transfer of a Residual Certificate to a Person
that is not a Permitted Transferee, or an agent (including a broker, nominee or
other middleman) of a Non-Permitted Transferee, or a pass-through entity in
which a Non-Permitted Transferee is the record holder of an interest (the
reasonable cost of computing and furnishing such information may be charged to
the Person liable for such tax); (f) to the extent that they are under its
control, conduct matters relating to such assets at all times that any
Certificates are outstanding so as to maintain the

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status of REMIC 1, REMIC 2 and REMIC 3 as a REMIC under the
REMIC Provisions; (g) not knowingly or intentionally take any action or omit to
take any action that would cause the termination of the REMIC status of REMIC 1,
REMIC 2 or REMIC 3; (h) pay, from the sources specified in the fourth paragraph
of this Section 8.11, the amount of any federal or state tax, including
prohibited transaction taxes as described below, imposed on the Trust Fund prior
to its termination when and as the same shall be due and payable (but such
obligation shall not prevent the Trustee or any other appropriate Person from
contesting any such tax in appropriate proceedings and shall not prevent the
Trustee from withholding payment of such tax, if permitted by law, pending the
outcome of such proceedings); (i) ensure that federal, state or local income tax
or information returns shall be signed by the Trustee or such other person as
may be required to sign such returns by the Code or state or local laws,
regulations or rules; (j) maintain records relating to the Trust Fund, including
but not limited to the income, expenses, assets and liabilities thereof and the
fair market value and adjusted basis of the assets determined at such intervals
as may be required by the Code, as may be necessary to prepare the foregoing
returns, schedules, statements or information; and (k) as and when necessary and
appropriate, represent the Trust Fund in any administrative or judicial
proceedings relating to an examination or audit by any governmental taxing
authority, request an administrative adjustment as to any taxable year of the
Trust Fund, enter into settlement agreements with any governmental taxing
agency, extend any statute of limitations relating to any tax item of the Trust
Fund, and otherwise act on behalf of the Trust Fund in relation to any tax
matter or controversy involving it.

                  To the extent that they are under its control, each Servicer
shall conduct matters relating to the assets of each REMIC at all times that any
Certificates are outstanding so as to maintain the status of REMIC 1,REMIC 2 and
REMIC 3 as a REMIC under the REMIC Provisions. No Servicer shall knowingly or
intentionally take any action that would cause the termination of the REMIC
status of REMIC 1, REMIC 2 or REMIC 3.

                  In order to enable the Trustee to perform its duties as set
forth herein, the Depositor shall provide, or cause to be provided, to the
Trustee within ten (10) days after the Closing Date all information or data that
the Trustee requests in writing and determines to be relevant for tax purposes
to the valuations and offering prices of the Certificates, including, without
limitation, the price, yield, prepayment assumption and projected cash flows of
the Certificates and the Mortgage Loans. Thereafter, the Depositor shall provide
to the Trustee promptly upon written request therefor any such additional
information or data that the Trustee may, from time to time, reasonably request
in order to enable the Trustee to perform its duties as set forth herein. The
Depositor hereby indemnifies the Trustee for any losses, liabilities, damages,
claims or expenses of the Trustee arising from any errors or miscalculations of
the Trustee that result from any failure of the Depositor to provide, or to
cause to be provided, accurate information or data to the Trustee on a timely
basis.

                  In the event that any tax is imposed on "prohibited
transactions" of the Trust Fund as defined in Section 860F(a)(2) of the Code, on
the "net income from foreclosure property" of the Trust Fund as defined in
Section 860G(c) of the Code, on any contribution to the Trust Fund after the
Startup Day pursuant to Section 860G(d) of the Code, or any other tax is
imposed, if not paid as otherwise provided for herein, such tax shall be paid by
(i) the Trustee, if any such other tax arises out of or results from a breach by
the Trustee of any of its obligations under this Agreement, (ii) the related
Servicer or the Seller, in the case of any such minimum tax, if such tax arises
out of or results from a breach by such Servicer or the Seller of any of their
obligations under this Agreement or (iii) the

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Seller, if any such tax arises out of or results from the Seller's obligation to
repurchase a related Mortgage Loan pursuant to Section 2.02 or 2.03 or (iv) in
all other cases, or in the event that the Trustee, the related Servicer or
Seller fails to honor its obligations under the preceding clauses (i), (ii) or
(iii), any such tax will be paid with amounts otherwise to be distributed to the
Certificateholders, as provided in Section 4.02.

                  The Trustee shall treat the Reserve Fund as an outside reserve
fund within the meaning of Treasury Regulation 1.860G-2(h) that is owned by the
Class X-1 Certificateholder and that is not an asset of the REMICs. The Trustee
shall treat the rights of the Class A-1, Class M-1, Class M-2A, Class M-2B and
Class B Certificateholders to receive payments from the Reserve Fund as rights
in an interest rate cap contract written by the Class X-1 Certificateholder in
favor of the Class A-1, Class M-1, Class M-2A, Class M-2B and Class B
Certificateholders. Thus, each Certificate other than the Class X-1 Certificates
shall be treated as representing ownership of not only REMIC Regular Interests,
but also ownership of an interest in an interest rate cap contract. For purposes
of determining the issue price of the REMIC Regular interests, the Trustee shall
assume that the interest rate cap contract has a value of $5,000.

                  Neither a Servicer nor the Trustee shall enter into any
arrangement by which any of REMIC 1, REMIC 2 or REMIC 3 will receive a fee or
other compensation for services nor permit any of REMIC 1, REMIC 2 or REMIC 3 to
receive any income from assets other than "qualified mortgages" as defined in
Section 860G(a)(3) of the Code or "permitted investments" as defined in Section
860G(a)(5) of the Code.

                  SECTION 8.12      Periodic Filings.

                  The Trustee shall, on behalf of the Trust Fund, cause to be
filed with the Securities and Exchange Commission any periodic reports required
to be filed under the provisions of the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Securities and Exchange Commission
thereunder. In connection with the preparation and filing of such periodic
reports, the Depositor and each Servicer shall timely provide to the Trustee all
material information available to them which is required to be included in such
reports. The Trustee shall have no liability with respect to any failure to
properly prepare or file such periodic reports resulting from or relating to the
Trustee's inability or failure to obtain any information not resulting from its
own negligence or willful misconduct. This Section 8.12 may be amended at any
time by the Depositor, each Servicer, the Seller and the Trustee, without the
consent of any of the Certificateholders and with the prior written consent of
FSA if such amendment adversely affects in any respect the rights or interests
of FSA or of the Insured Certificates (without regard to the FSA Policy).

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                                   ARTICLE IX

                                   TERMINATION

                  SECTION 9.01 Termination upon Liquidation or Purchase of the
Mortgage Loans.

                  Subject to Section 9.03, the rights, obligations and
responsibilities of the Depositor, the Seller, the Servicers and the Trustee
created hereunder with respect to the Trust Fund shall terminate upon the
earlier of (a) the purchase by the Optional Termination Holder of all Mortgage
Loans (and REO Properties) remaining at the price equal to the sum of (A) 100%
of the Aggregate Collateral Balance plus one month's accrued interest thereon at
the applicable Mortgage Rate, (B) the lesser of (x) the appraised value of any
REO Property as determined by the higher of two appraisals completed by two
independent appraisers selected by the Depositor at the expense of the Depositor
and (y) the Stated Principal Balance of each Mortgage Loan related to any REO
Property, in each case plus accrued and unpaid interest thereon at the
applicable Mortgage Rate and (C) any unreimbursed Servicing Advances and (b) the
later of (i) the maturity or other liquidation (or any Advance with respect
thereto) of the last Mortgage Loan remaining in the Trust Fund and the
disposition of all REO Property and (ii) the distribution to Certificateholders
of all amounts required to be distributed to them pursuant to this Agreement. In
no event shall the trusts created hereby continue beyond the expiration of 21
years from the death of the survivor of the descendants of Joseph P. Kennedy,
the late Ambassador of the United States to the Court of St. James's, living on
the date hereof. The right to repurchase all Mortgage Loans and REO Properties
pursuant to clause (a) above shall be conditioned upon the aggregate Stated
Principal Balance of the Mortgage Loans and the appraised value of the REO
Properties at the time of any such repurchase, aggregating less than ten percent
of the Aggregate Collateral Balance as of the Cut-off Date.

                  SECTION 9.02      Final Distribution on the Certificates.

                  If on any Determination Date, the Trustee determines that
there are no Outstanding Mortgage Loans and no other funds or assets in the
Trust Fund other than the funds in the Collection Accounts and Certificate
Account, the Trustee shall promptly send a final distribution notice to each
Certificateholder. If the Optional Termination Holder above elects to terminate
the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date
notice is to be mailed to the affected Certificateholders such Person shall
notify the Servicers and the Trustee of the date the Depositor intends to
terminate the Trust Fund and of the applicable repurchase price of the Mortgage
Loans and REO Properties.

                  Notice of any termination of the Trust Fund, specifying the
Distribution Date on which Certificateholders shall surrender their Certificates
for payment of the final distribution and cancellation, shall be given promptly
by the Trustee by letter to Certificateholders mailed not earlier than the 10th
day and not later than the 15th day of the month next preceding the month of
such final distribution. Any such notice shall specify (a) the Distribution Date
upon which final distribution on the Certificates will be made upon presentation
and surrender of Certificates at the office therein designated, (b) the amount
of such final distribution, (c) the location of the office or agency at which
such presentation and surrender must be made, and (d) that the Record Date
otherwise applicable to such Distribution Date is not applicable, distributions
being made only upon presentation and

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surrender of the Certificates at the office therein specified. The Trustee shall
give such notice to each Rating Agency at the time such notice is given to
Certificateholders.

                  Upon presentation and surrender of the Certificates, the
Trustee shall cause to be distributed to the Certificateholders of each Class,
in each case on the final Distribution Date and in the order set forth in
Section 4.02, in the case of the Certificateholders, in proportion to their
respective Percentage Interests, with respect to Certificateholders of the same
Class, an amount equal to (i) as to each Class of Regular Certificates, the
Certificate Balance thereof plus accrued interest thereon (or on their Notional
Amount, if applicable) in the case of an interest-bearing Certificate and (ii)
as to the Residual Certificates, the amount, if any, which remains on deposit in
the Collection Accounts (other than the amounts retained to meet claims) after
application pursuant to clause (i) above.

                  In the event that any affected Certificateholders shall not
surrender Certificates for cancellation within six months after the date
specified in the above mentioned written notice, the Trustee shall give a second
written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. If within six months after the second notice all the applicable
Certificates shall not have been surrendered for cancellation, the Trustee may
take appropriate steps, or may appoint an agent to take appropriate steps, to
contact the remaining Certificateholders concerning surrender of their
Certificates, and the cost thereof shall be paid out of the funds and other
assets which remain a part of the Trust Fund. If within one year after the
second notice all Certificates shall not have been surrendered for cancellation,
the Class A-R Certificateholders shall be entitled to all unclaimed funds and
other assets of the Trust Fund which remain subject hereto and the Trustee shall
be discharged from all further liability with respect to the Certificates and
this Agreement.

                  SECTION 9.03      Additional Termination Requirements.

                  (a) In the event that the Optional Termination Holder
exercises its purchase option with respect to the Mortgage Loans as provided in
Section 9.01, at such time as the Mortgage Loans are so purchased, the Trust
Fund shall be terminated in accordance with the following additional
requirements, unless the Trustee has been supplied with an Opinion of Counsel,
at the expense of the Depositor, to the effect that the failure to comply with
the requirements of this Section 9.03 will not (i) result in the imposition of
taxes on "prohibited transactions" on any REMIC as defined in Section 860F of
the Code, or (ii) cause REMIC 1, REMIC 2 or REMIC 3 to fail to qualify as a
REMIC at any time that any Certificates are outstanding:

                           (1)      Within 90 days prior to the final
                                    Distribution Date set forth in the notice
                                    given by the Trustee under Section 9.02, the
                                    Depositor shall prepare and the Trustee, at
                                    the expense of the Depositor, shall adopt a
                                    plan of complete liquidation within the
                                    meaning of Section 860F(a)(4) of the Code
                                    which, as evidenced by an Opinion of Counsel
                                    (which opinion shall not be an expense of
                                    the Trustee, the Tax Matters Person or the
                                    Trust Fund), meets the requirements of a
                                    qualified liquidation;

                                      122
<PAGE>

                           (2)      Within 90 days after the time of adoption of
                                    such a plan of complete liquidation, the
                                    Trustee shall sell all of the assets of the
                                    Trust Fund to the Depositor for cash in
                                    accordance with Section 9.01; and

                                            On the date specified for final
                                    payment of the Certificates, the Trustee
                                    shall, after payment of any unreimbursed
                                    Advances, Servicing Advances, Servicing Fees
                                    or other fee compensation payable to each
                                    Servicer pursuant to this Agreement, make
                                    final distributions of principal and
                                    interest on the Certificates in accordance
                                    with Section 4.02 and distribute or credit,
                                    or cause to be distributed or credited, to
                                    the Holders of the Residual Certificates all
                                    cash on hand after such final payment (other
                                    than the cash retained to meet claims), and
                                    the Trust Fund (and any REMIC) shall
                                    terminate at that time.

                  (b) The Trustee as agent for REMIC 1, REMIC 2 and REMIC 3
hereby agrees to adopt and sign such a plan of complete liquidation upon the
written request of the Depositor, and the receipt of the Opinion of Counsel
referred to in Section 9.03(a)(1) and to take such other action in connection
therewith as may be reasonably requested by the Depositor.

                  (c) By their acceptance of the Certificates, the Holders
thereof hereby authorize the Depositor to prepare and the Trustee to adopt and
sign a plan of complete liquidation.

                                      123
<PAGE>

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

                  SECTION 10.01     Amendment.

                  This Agreement may be amended from time to time by the
Depositor, each Servicer, the Seller and the Trustee without the consent of any
of the Certificateholders (i) to cure any ambiguity or mistake, (ii) to correct
any defective provision herein or to supplement any provision herein which may
be inconsistent with any other provision herein, (iii) to add to the duties of
the Depositor, the Seller or any Servicer, (iv) to add any other provisions with
respect to matters or questions arising hereunder or (v) to modify, alter,
amend, add to or rescind any of the terms or provisions contained in this
Agreement; provided that any action pursuant to clauses (iv) or (v) above shall
not, as evidenced by an Opinion of Counsel (which Opinion of Counsel shall not
be an expense of the Trustee or the Trust Fund, but shall be at the expense of
the party proposing such amendment), adversely affect in any material respect
the interests of any Certificateholder; provided, however, that no such Opinion
of Counsel shall be required if the Person requesting the amendment obtains a
letter from each Rating Agency stating that the amendment would not result in
the downgrading or withdrawal of the respective ratings then assigned to the
Certificates; it being understood and agreed that any such letter in and of
itself will not represent a determination as to the materiality of any such
amendment and will represent a determination only as to the credit issues
affecting any such rating. The Trustee, the Depositor, the Seller and the
Servicers also may at any time and from time to time amend this Agreement
without the consent of the Certificateholders to modify, eliminate or add to any
of its provisions to such extent as shall be necessary or helpful to (i)
maintain the qualification of REMIC 1, REMIC 2 or REMIC 3 as a REMIC under the
Code, (ii) avoid or minimize the risk of the imposition of any tax on the Trust
Fund pursuant to the Code that would be a claim at any time prior to the final
redemption of the Certificates or (iii) comply with any other requirements of
the Code, provided that the Trustee has been provided an Opinion of Counsel,
which opinion shall be an expense of the party requesting such opinion but in
any case shall not be an expense of the Trustee or the Trust Fund, to the effect
that such action is necessary or helpful to, as applicable, (i) maintain such
qualification, (ii) avoid or minimize the risk of the imposition of such a tax
or (iii) comply with any such requirements of the Code.

                  Notwithstanding the foregoing, any amendment to this Agreement
shall require the prior written consent of FSA if such amendment adversely
affects in any respect the rights or interests of FSA or of the Insured
Certificates (without regard to the FSA Policy).

                  This Agreement may also be amended from time to time by the
Depositor, the Servicers, the Seller and the Trustee with the consent of the
Holders of a Majority in Interest of each Class of Certificates affected thereby
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Holders of Certificates; provided, however, that no
such amendment shall (i) reduce in any manner the amount of, or delay the timing
of, payments required to be distributed on any Certificate without the consent
of the Holder of such Certificate, (ii) adversely affect in any material respect
the interests of the Holders of any Class of Certificates in a manner other than
as described in clause (i), without the consent of the Holders of Certificates
of such Class evidencing, as to such Class,

                                      124
<PAGE>

Percentage Interests aggregating 66%, or (iii) reducethe aforesaid percentages
of Certificates the Holders of which are required to consent to any such
amendment, without the consent of the Holders of all such Certificates then
outstanding.

                  Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
have first received an Opinion of Counsel, which opinion shall not be an expense
of the Trustee or the Trust Fund, but shall be at the expense of the party
preparing such amendment, to the effect that such amendment will not cause the
imposition of any federal tax on the Trust Fund or the Certificateholders or
cause REMIC 1, REMIC 2 or REMIC 3 to fail to qualify as a REMIC at any time that
any Certificates are outstanding.

                  Promptly after the execution of any amendment to this
Agreement, the Trustee shall furnish written notification of the substance or a
copy of such amendment to each Certificateholder if the consent of
Certificateholders was required and each Rating Agency.

                  It shall not be necessary for the consent of
Certificateholders under this Section 10.01 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.

                  Nothing in this Agreement shall require the Trustee to enter
into an amendment without receiving an Opinion of Counsel (which Opinion shall
not be an expense of the Trustee or the Trust Fund), satisfactory to the Trustee
that (i) such amendment is permitted and is not prohibited by this Agreement and
that all requirements for amending this Agreement have been complied with; and
(ii) either (A) the amendment does not adversely affect in any material respect
the interests of any Certificateholder or (B) the conclusion set forth in the
immediately preceding clause (A) is not required to be reached pursuant to this
Section 10.01.

                  SECTION 10.02     Recordation of Agreement; Counterparts.

                  This Agreement is subject to recordation in all appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the properties subject to the Mortgages are
situated, and in any other appropriate public recording office or elsewhere,
such recordation to be effected by the Depositor at its expense, but only upon
direction by the Trustee accompanied by an Opinion of Counsel to the effect that
such recordation materially and beneficially affects the interests of the
Certificateholders.

                  For the purpose of facilitating the recordation of this
Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and such counterparts shall
constitute but one and the same instrument.

                                      125
<PAGE>

                  SECTION 10.03     Governing Law.

                  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO AND THE
CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                  SECTION 10.04     [Reserved]

                  SECTION 10.05     Notices.

                  (a) The Trustee shall use its best efforts to promptly provide
notice to each Rating Agency with respect to each of the following of which it
has actual knowledge:

                  (i)      Any material change or amendment to this Agreement;

                  (ii)     The occurrence of any Event of Default that has not
         been cured;

                  (iii)    The resignation or termination of any Servicer or the
         Trustee and the appointment of any successor;

                  (iv)     The repurchase or substitution of Mortgage Loans
         pursuant to Sections 2.02 and 2.03; and

                  (v)      The final payment to Certificateholders.

                  In addition, the Trustee shall promptly furnish to each Rating
Agency copies of the following to the extent such items are in its possession:

                  (i)      Each report to Certificateholders described in
         Section 4.06 and 3.19;

                  (ii)     Each annual statement as to compliance described in
         Section 3.16;

                  (iii)    Each annual independent public accountants' servicing
         report described in Section 3.17; and

                  (iv)     Any notice of a purchase of a Mortgage Loan pursuant
         to Section 2.02, 2.03 or 3.11.

                  All directions, demands and notices hereunder shall be in
writing and shall be deemed to have been duly given when delivered to (a) in the
case of the Depositor and the Seller, Eleven Madison Avenue, 4th Floor, New
York, New York 10010, Attention: Helaine Hebble (with a copy to Credit Suisse
First Boston Mortgage Securities Corp., Eleven Madison Avenue, 4th Floor, New
York, New York 10010, Attention: Office of the General Counsel), (b) in the case
of the Trustee, the Corporate Trust Office or such other address as the Trustee
may hereafter furnish to the Depositor

                                      126
<PAGE>

and the Servicers, (c) in the case of Wilshire, 1776 SW Madison, Portland,
Oregon 97205 Attention: Jay Memmott, with a copy to Stoel Rives LLP, 900 SW
Fifth, Portland, Oregon 97204 Attention: Gary Barnum or such other address as
may be hereafter furnished in writing to the Depositor and the Trustee by the
Servicer, (d) in the case of each of the Rating Agencies, the address specified
therefor in the definition corresponding to the name of such Rating Agency, (e)
in the case of Ocwen, Ocwen Federal Bank FSB, 1675 Palm Beach Lakes Blvd., West
Palm Beach, FL 33401, Attention: Secretary and (f) in the case of Washington
Mutual, Washington Mutual Bank, FA, 19850 Plummer Street (Mail Stop N070205),
Chatsworth, California 91311, Attention: Vice President of Investor Reporting.
Notices to Certificateholders shall be deemed given when mailed, first class
postage prepaid, to their respective addresses appearing in the Certificate
Register.

                  SECTION 10.06     Severability of Provisions.

                  If any one or more of the covenants, agreements, provisions or
terms of this Agreement shall be for any reason whatsoever held invalid, then
such covenants, agreements, provisions or terms shall be deemed severable from
the remaining covenants, agreements, provisions or terms of this Agreement and
shall in no way affect the validity or enforceability of the other provisions of
this Agreement or of the Certificates or the rights of the Holders thereof.

                  SECTION 10.07     Assignment.

                  Notwithstanding anything to the contrary contained herein,
except as provided in Sections 6.02 and 6.04, this Agreement may not be assigned
by any Servicer without the prior written consent of the Trustee and Depositor;
provided, however, that neither the Depositor nor the Trustee shall consent to
any such assignment unless each Rating Agency has confirmed in writing that such
assignment will not cause a reduction or withdrawal of the ratings then assigned
by it to any Class of Certificates.

                  SECTION 10.08     Limitation on Rights of Certificateholders.

                  The death or incapacity of any Certificateholder shall not
operate to terminate this Agreement or the trust created hereby, nor entitle
such Certificateholder's legal representative or heirs to claim an accounting or
to take any action or commence any proceeding in any court for a petition or
winding up of the trust created hereby, or otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them.

                  No Certificateholder shall have any right to vote (except as
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, nor shall anything
herein set forth or contained in the terms of the Certificates be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third party by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.

                  No Certificateholder shall have any right by virtue or by
availing itself of any provisions of this Agreement to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this
Agreement, unless such Holder previously shall have given to the Trustee a
written

                                      127
<PAGE>

notice of an Event of Default and of the continuance thereof, as herein
provided, and unless the Holders of Certificates evidencing not less than 25% of
the Voting Rights evidenced by the Certificates shall also have made written
request to the Trustee to institute such action, suit or proceeding in its own
name as Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses, and liabilities to be
incurred therein or thereby, and the Trustee, for 60 days after its receipt of
such notice, request and offer of indemnity shall have neglected or refused to
institute any such action, suit or proceeding; it being understood and intended,
and being expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no one or more Holders of Certificates
shall have any right in any manner whatever by virtue or by availing itself or
themselves of any provisions of this Agreement to affect, disturb or prejudice
the rights of the Holders of any other of the Certificates, or to obtain or seek
to obtain priority over or preference to any other such Holder or to enforce any
right under this Agreement, except in the manner herein provided and for the
common benefit of all Certificateholders. For the protection and enforcement of
the provisions of this Section 10.08, each and every Certificateholder and the
Trustee shall be entitled to such relief as can be given either at law or in
equity.

                  SECTION 10.09     Certificates Nonassessable and Fully Paid.

                  It is the intention of the Depositor that Certificateholders
shall not be personally liable for obligations of the Trust Fund, that the
interests in the Trust Fund represented by the Certificates shall be
nonassessable for any reason whatsoever, and that the Certificates, upon due
authentication thereof by the Trustee pursuant to this Agreement, are and shall
be deemed fully paid.

                                      128
<PAGE>

                  IN WITNESS WHEREOF, the Depositor, the Trustee, the Seller and
the Servicers have caused their names to be signed hereto by their respective
officers thereunto duly authorized as of the day and year first above written.

                                        CREDIT SUISSE FIRST BOSTON MORTGAGE
                                        SECURITIES CORP.,
                                        as Depositor

                                        By:      /s/ Helaine Hebble
                                                 -------------------------------
                                        Name:    Helaine Hebble
                                        Title:   Senior Vice President

                                        JPMORGAN CHASE BANK,
                                        as Trustee

                                        By:      /s/ Thomas Britt
                                                 -------------------------------
                                        Name:    Thomas Britt
                                        Title:   Trust Officer

                                        DLJ MORTGAGE CAPITAL, INC.,
                                        as Seller

                                        By:      /s/ Peter Principato
                                                 -------------------------------
                                        Name:    Peter Principato
                                        Title:   Vice President

                                        WILSHIRE CREDIT CORPORATION,
                                        as a Servicer

                                        By:      /s/ Bradley Newman
                                                 -------------------------------
                                        Name:    Bradley Newman
                                        Title:   Senior Vice President

                                        OCWEN FEDERAL BANK FSB,
                                        as a Servicer

                                        By:      /s/ Richard Delgado
                                                 -------------------------------
                                        Name:    Richard Delgado
                                        Title:   Vice President

                                        WASHINGTON MUTUAL BANK, FA,
                                        as a Servicer

                                        By:      /s/ Marangal Domingo
                                                 -------------------------------
                                        Name:    Marangal Domingo
                                        Title:   Senior Vice President

                          [NOTARY PAGES TO BE ATTACHED]

<PAGE>

                                    EXHIBIT A

                          [FORM OF CLASS A CERTIFICATE]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").

[THIS CERTIFICATE HAS NO PRINCIPAL BALANCE AND IS NOT ENTITLED TO ANY
DISTRIBUTIONS IN RESPECT OF PRINCIPAL.]

                                       A-1

<PAGE>

<TABLE>
<CAPTION>
<S>                                                       <C>
Certificate No. [____]                                    [____]% Interest Rate

Cut-off Date:                                             Initial Certificate Balance of this Certificate
September 1, 2002                                         ("Denomination"):
                                                          $[_________________]

First Distribution Date:                                  Initial [Certificate Balances] of all Certificates of
October 25, 2002                                          this Class:
                                                          $[_________________]

Maturity Date:                                            CUSIP: [_________________]
[______________]
</TABLE>

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2002-3
          Home Equity Mortgage Pass-Through Certificates, Series 2002-3
                                 Class [_______]

         evidencing a percentage interest in the distributions allocable to the
         Certificates of the above-referenced Class with respect to a Trust Fund
         consisting primarily of a pool of conventional mortgage loans (the
         "Mortgage Loans") secured by fixed rate, second lien residential
         mortgage loans.

       Credit Suisse First Boston Mortgage Securities Corp., as Depositor

         Principal in respect of this Certificate is distributable monthly as
set forth herein. Accordingly, the Certificate Balance at any time may be less
than the Certificate Balance as set forth herein. This Certificate is payable
solely from the assets of the Trust and does not evidence an obligation of, or
an interest in, and is not guaranteed by the Depositor, the Seller, the
Servicers or the Trustee referred to below or any of their respective
affiliates. This Certificate and the Mortgage Loans are not guaranteed or
insured by any governmental agency or instrumentality.

         This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
denomination of this Certificate by the aggregate of the denominations of all
Certificates of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust Fund consisting primarily of the Mortgage
Loans deposited by Credit Suisse First Boston Mortgage Securities Corp. (the
"Depositor"). The Trust Fund was created pursuant to a Pooling and Servicing
Agreement dated as of the Cut-off Date specified above (the "Agreement") among
the Depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"), Wilshire Credit
Corporation as a servicer ("Wilshire"), Washington Mutual Bank, FA as a servicer
("Washington Mutual"), Ocwen Federal Bank FSB as a servicer ("Ocwen") and
JPMorgan Chase Bank as trustee (the "Trustee"). To the extent not defined
herein, the capitalized terms used herein have the meanings assigned to such
terms in the Agreement. This Certificate is issued under and is

                                      A-2
<PAGE>

subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

         Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         This Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless manually countersigned by an
authorized signatory of the Trustee.

                                       A-3

<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: September 26, 2002

                                               JPMORGAN CHASE BANK,
                                               as Trustee

                                               By_______________________________

Countersigned:

By______________________________________
         Authorized Signatory of
         JPMORGAN CHASE BANK,
         as Trustee

                                      A-4

<PAGE>

                                    EXHIBIT B

                        [FORM OF SUBORDINATE CERTIFICATE]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN CERTIFICATES AS
DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

[NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR A PLAN SUBJECT
TO SECTION 4975 OF THE CODE, OR, IF THE PURCHASER IS AN INSURANCE COMPANY, A
REPRESENTATION IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
HEREIN OR AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE
AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY
HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN
EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE OFFICER'S
CERTIFICATE OR THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED
ABOVE SHALL BE VOID AND OF NO EFFECT.]

[THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED ("THE ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.]

[THIS CERTIFICATE HAS NO PRINCIPAL BALANCE AND IS NOT ENTITLED TO ANY
DISTRIBUTIONS IN RESPECT OF PRINCIPAL.]

                                       B-1

<PAGE>

<TABLE>
<CAPTION>
<S>                                                       <C>
Certificate No. [____]                                    [____]% Interest Rate

Cut-off Date:                                             Initial Certificate Balance of this Certificate
September 1, 2002                                         ("Denomination"):
                                                          $[_________________]

First Distribution Date:                                  Initial [Certificate Balances] of all Certificates of
October 25, 2002                                          this Class:
                                                          $[_________________]

Maturity Date:                                            CUSIP: [_________________]
[______________]
</TABLE>

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2002-3
          Home Equity Mortgage Pass-Through Certificates, Series 2002-3
                                 Class [_______]

         evidencing a percentage interest in the distributions allocable to the
         Certificates of the above-referenced Class with respect to a Trust Fund
         consisting primarily of a pool of conventional mortgage loans (the
         "Mortgage Loans") secured by fixed rate, second lien residential
         mortgage loans.

       Credit Suisse First Boston Mortgage Securities Corp., as Depositor

         Principal in respect of this Certificate is distributable monthly as
set forth herein. Accordingly, the Certificate Balance at any time may be less
than the Certificate Balance as set forth herein. This Certificate is payable
solely from the assets of the Trust and does not evidence an obligation of, or
an interest in, and is not guaranteed by the Depositor, the Seller, the
Servicers or the Trustee referred to below or any of their respective
affiliates. This Certificate and the Mortgage Loans are not guaranteed or
insured by any governmental agency or instrumentality.

         This certifies that [Cede & Co.] is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
denomination of this Certificate by the aggregate of the denominations of all
Certificates of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust Fund consisting primarily of the Mortgage
Loans deposited by Credit Suisse First Boston Mortgage Securities Corp. (the
"Depositor"). The Trust Fund was created pursuant to a Pooling and Servicing
Agreement dated as of the Cut-off Date specified above (the "Agreement") among
the Depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"), Wilshire Credit
Corporation as a servicer ("Wilshire"), Washington Mutual Bank, FA as a servicer
("Washington Mutual"), Ocwen Federal Bank FSB as a servicer ("Ocwen") and
JPMorgan Chase Bank as trustee (the "Trustee"). To the extent not defined
herein, the capitalized terms used herein have the meanings assigned to such
terms in the Agreement. This Certificate is issued under and is

                                       B-2

<PAGE>

subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

         [No transfer of a Certificate of this Class shall be made unless the
Trustee shall have received either (i) a representation letter from the
transferee of such Certificate, acceptable to and in form and substance
satisfactory to the Trustee, to the effect that such transferee is not an
employee benefit plan subject to Section 406 of ERISA or Section 4975 of the
Code, or a person acting on behalf of any such plan or arrangement or using the
assets of any such plan or arrangement to effect such transfer, which
representation letter shall not be an expense of the Trustee or the Trust Fund,
(ii) if the purchaser is an insurance company, a representation that the
purchaser is an insurance company which is purchasing such Certificates with
funds contained in an "insurance company general account" (as such term is
defined in Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTCE
95-60")) and that the purchase and holding of such Certificates satisfy the
requirements for exemptive relief under Sections I and III of PTCE 95-60 or
(iii) in the case of any such Certificate presented for registration in the name
of an employee benefit plan subject to ERISA, or Section 4975 of the Code (or
comparable provisions of any subsequent enactments), or a trustee of any such
plan or any other person acting on behalf of any such plan or arrangement, or
using such plan's or arrangement's assets, an Opinion of Counsel satisfactory to
the Trustee to the effect that the purchase or holding of such Certificate will
not result in the assets of the Trust Fund being deemed to be "plan assets" and
subject to the prohibited transaction provisions of ERISA and the Code and will
not subject the Trustee or the Servicer to any obligation in addition to those
undertaken in this Agreement, which Opinion of Counsel shall not be an expense
of the Trustee or the Trust Fund. Notwithstanding anything else to the contrary
herein, any purported transfer of a Certificate to or on behalf of an employee
benefit plan subject to ERISA or to the Code without the Opinion of Counsel
satisfactory to the Trustee as described above shall be void and of no effect.]

         [No transfer of a Certificate of this Class shall be made unless such
transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under said Act and such laws. In the event that a
transfer is to be made in reliance upon an exemption from the Securities Act and
such laws, in order to assure compliance with the Securities Act and such laws,
the Certificateholder desiring to effect such transfer and such
Certificateholder's prospective transferee shall each certify to the Trustee in
writing the facts surrounding the transfer. In the event that such a transfer is
to be made within three years from the date of the initial issuance of
Certificates pursuant hereto, there shall also be delivered (except in the case
of a transfer pursuant to Rule 144A of the Securities Act) to the Trustee an
Opinion of Counsel that such transfer may be made pursuant to an exemption from
the Securities Act and such state securities laws, which Opinion of Counsel
shall not be obtained at the expense of the Trustee, the Seller, the Servicers
or the Depositor. The Holder hereof desiring to effect such transfer shall, and
does hereby agree to, indemnify the Trustee and the Depositor against any
liability that may result if the transfer is not so exempt or is not made in
accordance with such federal and state laws.]

         Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

                                       B-3

<PAGE>

         This Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless manually countersigned by an
authorized signatory of the Trustee.

                                       B-4

<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: September 26, 2002

                                               JPMORGAN CHASE BANK,
                                               as Trustee

                                               By______________________________

Countersigned:

By______________________________________
         Authorized Signatory of
         JPMORGAN CHASE BANK,
         as Trustee

                                       B-5

<PAGE>

                                    EXHIBIT C

                         [FORM OF RESIDUAL CERTIFICATE]

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
PROPOSED TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE
WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR A PLAN SUBJECT
TO SECTION 4975 OF THE CODE, OR AN OPINION OF COUNSEL IN ACCORDANCE WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO
THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF
OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE OPINION
OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF
NO EFFECT.

                                       C-1

<PAGE>

<TABLE>
<CAPTION>
<S>                                                       <C>
Certificate No. [____]                                    [____]% Interest Rate

Cut-off Date:                                             Initial Certificate Balance of this Certificate
September 1, 2002                                         ("Denomination"):
                                                          $[_________________]

First Distribution Date:                                  Initial [Certificate Balances] of all Certificates of
October 25, 2002                                          this Class:
                                                          $[_________________]

Maturity Date:                                            CUSIP: [_________________]
[______________]
</TABLE>

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2002-3
          Home Equity Mortgage Pass-Through Certificates, Series 2002-3
                                 Class [_______]

         evidencing the distributions allocable to the Class A-R Certificates
         with respect to a Trust Fund consisting primarily of a pool of
         conventional mortgage loans (the "Mortgage Loans") secured by fixed
         rate, second lien residential mortgage loans.

       Credit Suisse First Boston Mortgage Securities Corp., as Depositor

         Principal in respect of this Certificate is distributable monthly as
set forth herein. Accordingly, the Certificate Balance at any time may be less
than the Certificate Balance as set forth herein. This Certificate is payable
solely from the assets of the Trust and does not evidence an obligation of, or
an interest in, and is not guaranteed by the Depositor, the Seller, the
Servicers or the Trustee referred to below or any of their respective
affiliates. This Certificate and the Mortgage Loans are not guaranteed or
insured by any governmental agency or instrumentality.

         This certifies that [______________________] is the registered owner of
the Percentage Interest evidenced by this Certificate (obtained by dividing the
denomination of this Certificate by the aggregate of the denominations of all
Certificates of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust Fund consisting primarily of the Mortgage
Loans deposited by Credit Suisse First Boston Mortgage Securities Corp. (the
"Depositor"). The Trust Fund was created pursuant to a Pooling and Servicing
Agreement dated as of the Cut-off Date specified above (the "Agreement") among
the Depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"), Wilshire Credit
Corporation as a servicer ("Wilshire"), Washington Mutual Bank, FA as a servicer
("Washington Mutual"), Ocwen Federal Bank FSB as a servicer ("Ocwen") and
JPMorgan Chase Bank as trustee (the "Trustee"). To the extent not defined
herein, the capitalized terms used herein have the meanings assigned to such
terms in the Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Agreement, to which

                                       C-2

<PAGE>

Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

         Any distribution of the proceeds of any remaining assets of the Trust
Fund will be made only upon presentment and surrender of this Class A-R
Certificate at the Corporate Trust Office or the office or agency maintained by
the Trustee in New York, New York.

         No transfer of a Class A-R Certificate shall be made unless the Trustee
shall have received either (i) a representation letter from the transferee of
such Certificate, acceptable to and in form and substance satisfactory to the
Trustee, to the effect that such transferee is not an employee benefit plan
subject to Section 406 of ERISA or Section 4975 of the Code, or a person acting
on behalf of any such plan or arrangement or using the assets of any such plan
or arrangement to effect such transfer, which representation letter shall not be
an expense of the Trustee or the Trust Fund or (ii) in the case of any such
Class A-R Certificate presented for registration in the name of an employee
benefit plan subject to ERISA, or Section 4975 of the Code (or comparable
provisions of any subsequent enactments), or a trustee of any such plan or any
other person acting on behalf of any such plan or arrangement, or using such
plan's or arrangement's assets, an Opinion of Counsel satisfactory to the
Trustee to the effect that the purchase or holding of such Class A-R Certificate
will not result in the assets of the Trust Fund being deemed to be "plan assets"
and subject to the prohibited transaction provisions of ERISA and the Code and
will not subject the Trustee to any obligation in addition to those undertaken
in this Agreement, which Opinion of Counsel shall not be an expense of the
Trustee or the Trust Fund. Notwithstanding anything else to the contrary herein,
any purported transfer of a Class A-R Certificate to or on behalf of an employee
benefit plan subject to ERISA or to the Code without the Opinion of Counsel
satisfactory to the Trustee as described above shall be void and of no effect.

         Each Holder of this Class A-R Certificate will be deemed to have agreed
to be bound by the restrictions of the Agreement, including but not limited to
the restrictions that (i) each person holding or acquiring any Ownership
Interest in this Class A-R Certificate must be a Permitted Transferee, (ii) no
Ownership Interest in this Class A-R Certificate may be transferred without
delivery to the Trustee of (a) a transfer affidavit of the proposed transferee
and (b) a transfer certificate of the transferor, each of such documents to be
in the form described in the Agreement, (iii) each person holding or acquiring
any Ownership Interest in this Class A-R Certificate must agree to require a
transfer affidavit and to deliver a transfer certificate to the Trustee as
required pursuant to the Agreement, (iv) each person holding or acquiring an
Ownership Interest in this Class A-R Certificate must agree not to transfer an
Ownership Interest in this Class A-R Certificate if it has actual knowledge that
the proposed transferee is not a Permitted Transferee and (v) any attempted or
purported transfer of any Ownership Interest in this Class A-R Certificate in
violation of such restrictions will be absolutely null and void and will vest no
rights in the purported transferee.

         Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         This Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless manually countersigned by an
authorized signatory of the Trustee.

                                       C-3

<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: September 26, 2002

                                               JPMORGAN CHASE BANK,
                                               as Trustee

                                               By______________________________

Countersigned:

By______________________________________
         Authorized Signatory of
         JPMORGAN CHASE BANK,
         as Trustee

                                       C-4

<PAGE>

                                    EXHIBIT D
                                   (Reserved)

                                       D-1

<PAGE>

                                    EXHIBIT E

                          [FORM OF CLASS P CERTIFICATE]

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE").

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR A PLAN SUBJECT
TO SECTION 4975 OF THE CODE OR AN OPINION OF COUNSEL IN ACCORDANCE WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO
THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF
OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE OPINION
OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF
NO EFFECT.

                                       E-1

<PAGE>

<TABLE>
<CAPTION>
<S>                                                       <C>
Certificate No. [____]                                    [____]% Interest Rate

Cut-off Date:                                             Initial Certificate Balance of this Certificate
September 1, 2002                                         ("Denomination"):
                                                          $[_________________]

First Distribution Date:                                  Initial [Certificate Balances] of all Certificates of
October 25, 2002                                          this Class:
                                                          $[_________________]

Maturity Date:                                            CUSIP: [_________________]
[______________]
</TABLE>

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2002-3
          Home Equity Mortgage Pass-Through Certificates, Series 2002-3
                                 Class [_______]

         evidencing a percentage interest in the distributions allocable to the
         Certificates of the above-referenced Class with respect to a Trust Fund
         consisting primarily of a pool of conventional mortgage loans (the
         "Mortgage Loans") secured by fixed rate, first and second lien
         residential mortgage loans.

       Credit Suisse First Boston Mortgage Securities Corp., as Depositor

         Principal in respect of this Certificate is distributable monthly as
set forth herein. Accordingly, the Certificate Principal Balance of this Class P
Certificate at any time may be less than the Initial Certificate Principal
Balance set forth on the face hereof, as described herein. This Class P
Certificate does not evidence an obligation of, or an interest in, and is not
guaranteed by the Depositor, the Servicers or the Trustee referred to below or
any of their respective affiliates.

         This certifies that _________________ is the registered owner of the
Percentage Interest evidenced by this Class P Certificate (obtained by dividing
the Denomination of this Class P Certificate by the Original Class Certificate
Principal Balance) in certain distributions with respect to a Trust consisting
primarily of the Mortgage Loans deposited by Credit Suisse First Boston Mortgage
Securities Corp. (the "Depositor"). The Trust was created pursuant to a Pooling
and Servicing Agreement dated as of September 1, 2002 (the "Agreement") among
the Depositor, DLJ Mortgage Capital Inc., as seller ("DLJMC"), Wilshire Credit
Corporation, as a servicer ("Wilshire"), Washington Mutual Bank, FA as a
servicer ("Washington Mutual"), Ocwen Federal Bank FSB as a servicer ("Ocwen")
and JPMorgan Chase Bank, as trustee (the "Trustee"). To the extent not defined
herein, the capitalized terms used herein have the meanings assigned in the
Agreement. This Class P Certificate is issued under and is subject to the terms,
provisions and conditions of the

                                       E-2

<PAGE>

Agreement, to which Agreement the Holder of this Class P Certificate by virtue
of the acceptance hereof assents and by which such Holder is bound.

         This Certificate does not have a pass-through rate and will be entitled
to distributions only to the extent set forth in the Agreement.

         No transfer of a Certificate of this Class shall be made unless such
transfer is made pursuant to an effective registration statement under the Act
and any applicable state securities laws or is exempt from the registration
requirements under said Act and such laws. In the event that a transfer is to be
made in reliance upon an exemption from the Act and such laws, in order to
assure compliance with the Act and such laws, the Certificateholder desiring to
effect such transfer and such Certificateholder's prospective transferee shall
each certify to the Trustee and the Depositor in writing the facts surrounding
the transfer. In the event that such a transfer is not to be made pursuant to
Rule 144A of the Act, there shall be delivered to the Trustee and the Depositor
of an Opinion of Counsel that such transfer may be made pursuant to an exemption
from the Act, which Opinion of Counsel shall not be obtained at the expense of
the Trustee, the Seller, the Servicers or the Depositor; or there shall be
delivered to the Trustee and the Depositor a transferor certificate by the
transferor and an investment letter shall be executed by the transferee. The
Holder hereof desiring to effect such transfer shall, and does hereby agree to,
indemnify the Trustee and the Depositor against any liability that may result if
the transfer is not so exempt or is not made in accordance with such federal and
state laws.

         No transfer of a Class P Certificate shall be made unless the Trustee
shall have received either (i) a representation letter from the transferee of
such Certificate, acceptable to and in form and substance satisfactory to the
Trustee, to the effect that such transferee is not an employee benefit plan
subject to Section 406 of ERISA or Section 4975 of the Code, or a person acting
on behalf of any such plan or arrangement or using the assets of any such plan
or arrangement to effect such transfer, which representation letter shall not be
an expense of the Trustee or the Trust Fund or (ii) in the case of any such
Class P Certificate presented for registration in the name of an employee
benefit plan subject to ERISA, or Section 4975 of the Code (or comparable
provisions of any subsequent enactments), or a trustee of any such plan or any
other person acting on behalf of any such plan or arrangement, or using such
plan's or arrangement's assets, an Opinion of Counsel satisfactory to the
Trustee to the effect that the purchase or holding of such Class P Certificate
will not result in the assets of the Trust Fund being deemed to be "plan assets"
and subject to the prohibited transaction provisions of ERISA and the Code and
will not subject the Trustee to any obligation in addition to those undertaken
in this Agreement, which Opinion of Counsel shall not be an expense of the
Trustee or the Trust Fund. Notwithstanding anything else to the contrary herein,
any purported transfer of a Class P Certificate to or on behalf of an employee
benefit plan subject to ERISA or to the Code without the Opinion of Counsel
satisfactory to the Trustee as described above shall be void and of no effect.

         Reference is hereby made to the further provisions of this Class P
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

                                       E-3

<PAGE>

         This Class P Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless manually countersigned by an
authorized signatory of the Trustee.

                                       E-4

<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: September 26, 2002

                                                JPMORGAN CHASE BANK,
                                                as Trustee

                                                By____________________________

Countersigned:

By________________________________________
         Authorized Signatory of
         JPMORGAN CHASE BANK,
         as Trustee

                                       E-5

<PAGE>

                                    EXHIBIT F

                        [FORM OF REVERSE OF CERTIFICATES]

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2002-3
          Home Equity Mortgage Pass-Through Certificates, Series 2002-3
                                 Class [_______]

         This Certificate is one of a duly authorized issue of Certificates
designated as Credit Suisse First Boston Mortgage Securities Corp., Mortgage
Pass-Through Certificates, of the Series specified on the face hereof (herein
collectively called the "Certificates"), and representing a beneficial ownership
interest in the Trust Fund created by the Agreement.

         The Certificateholder, by its acceptance of this Certificate, agrees
that it will look solely to the funds on deposit in the Certificate Account for
payment hereunder and that the Trustee is not liable to the Certificateholders
for any amount payable under this Certificate or the Agreement or, except as
expressly provided in the Agreement, subject to any liability under the
Agreement.

         This Certificate does not purport to summarize the Agreement and
reference is made to the Agreement for the interests, rights and limitations of
rights, benefits, obligations and duties evidenced thereby, and the rights,
duties and immunities of the Trustee.

         Pursuant to the terms of the Agreement, a distribution will be made on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing on the
first Distribution Date specified on the face hereof, to the Person in whose
name this Certificate is registered at the close of business on the applicable
Record Date in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount required to be distributed to
Holders of Certificates of the Class to which this Certificate belongs on such
Distribution Date pursuant to the Agreement. [The Record Date applicable to each
Distribution Date is the last Business Day of the month next preceding the month
of such Distribution Date.][The Record Date applicable to each Distribution Date
is the Business Day immediately preceding the related Distribution Date;
provided that if this Certificate is not a Book-Entry Certificate, then the
Record Date applicable to each Distribution Date is the last Business Day of the
month next preceding such Distribution Date.]

         Distributions on this Certificate shall be made by wire transfer of
immediately available funds to the account of the Holder hereof at a bank or
other entity having appropriate facilities therefor, if such Certificateholder
shall have so notified the Trustee in writing at least five Business Days prior
to the related Record Date and such Certificateholder shall satisfy the
conditions to receive such form of payment set forth in the Agreement, or, if
not, by check mailed by first class mail to the address of such
Certificateholder appearing in the Certificate Register. The final distribution
on each Certificate will be made in like manner, but only upon presentment and
surrender of such Certificate at the Corporate Trust Office or such other
location specified in the notice to Certificateholders of such final
distribution.

                                       F-1

<PAGE>

         The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Trustee and the rights of the Certificateholders under the Agreement at any time
by the Depositor, the Servicers, the Seller and the Trustee with the consent of
the Holders of Certificates affected by such amendment evidencing the requisite
Percentage Interest, as provided in the Agreement. Any such consent by the
Holder of this Certificate shall be conclusive and binding on such Holder and
upon all future Holders of this Certificate and of any Certificate issued upon
the transfer hereof or in exchange therefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the Certificates.

         As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register of the Trustee upon surrender of this Certificate for registration of
transfer at the Corporate Trust Office or the office or agency maintained by the
Trustee in New York, New York, accompanied by a written instrument of transfer
in form satisfactory to the Trustee and the Certificate Registrar duly executed
by the holder hereof or such holder's attorney duly authorized in writing, and
thereupon one or more new Certificates of the same Class in authorized
denominations and evidencing the same aggregate Percentage Interest in the Trust
Fund will be issued to the designated transferee or transferees.

         [This Certificate is entitled to the benefits of an irrevocable and
unconditional financial guaranty insurance policy issued by Financial Security
Assurance Inc. (the "Certificate Policy").]

         The Certificates are issuable only as registered Certificates without
coupons in denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of the same Class in authorized denominations
and evidencing the same aggregate Percentage Interest, as requested by the
Holder surrendering the same.

         No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

         The Depositor, the Servicers, the Seller and the Trustee and any agent
of the Depositor or the Trustee may treat the Person in whose name this
Certificate is registered as the owner hereof for all purposes, and the Seller,
the Depositor, the Trustee, or any such agent shall be affected by any notice to
the contrary.

         On any Distribution Date on which the sum of the aggregate Stated
Principal Balance of the Mortgage Loans and the appraised value of the REO
Properties at the time of repurchase is less than 10% of the sum of the
Aggregate Collateral Balance of the Mortgage Loans, the Optional Termination
Holder will have the option to repurchase, in whole, from the Trust Fund all
remaining Mortgage Loans and REO Properties at a purchase price determined as
provided in the Agreement. In the event that no such optional termination
occurs, the obligations and responsibilities created by the Agreement will
terminate upon the later of the maturity or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and
the distribution to

                                                        F-2

<PAGE>

Certificateholders of all amounts required to be distributed pursuant to the
Agreement. In no event, however, will the trust created by the Agreement
continue beyond the expiration of 21 years from the death of the last survivor
of the descendants living at the date of the Agreement of a certain person named
in the Agreement.

         Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee)

the Percentage Interest evidenced by the within Certificate and hereby
authorizes the transfer of registration of such Percentage Interest to assignee
on the Certificate Register of the Trust Fund.

I (We) further direct the Trustee to issue a new Certificate of a like
denomination and Class, to the above named assignee and deliver such Certificate
to the following address:

________________________________________________________________________________
Dated:

                                   _____________________________________________
                                   Signature by or on behalf of assignor

                            DISTRIBUTION INSTRUCTIONS

The assignee should include the following for purposes of distribution:

Distributions shall be made, by wire transfer or otherwise, in immediately
available funds to
_______________________________________________________________________________,
for the account of ____________________________________________________________,
account number __________ , or, if mailed by check, to _________________________
________________________________________________________________________________
________________________________________________________________________________
Applicable statements should be mailed to ______________________________________
________________________________________________________________________________
________________________________________________________________________________
This information is provided by ____________________________, the assignee named
above, or

                                       F-3

<PAGE>

_____________________________, as its agent.

                                       F-4

<PAGE>

                                    EXHIBIT G

                   FORM OF INITIAL CERTIFICATION OF CUSTODIAN

                                                September 26, 2002

______________________
______________________

Cut-off Date Principal Balance:
$_______________

JPMorgan Chase Bank,
as  Trustee, for the
Home Equity Mortgage Pass-Through Certificates, Series 2002-3
450 West 33rd Street, 14th Floor
New York, New York 10001-2697

Financial Security Assurance Inc.
350 Park Avenue, 13th Floor
New York, New York 10022

                  Re:      Custodial Agreement, dated as of September 1, 2002,
                           between JPMorgan Chase Bank, as Trustee and [Bank One
                           Trust Company, N.A.][LaSalle Bank National
                           Association, as Custodian]

Ladies and Gentlemen:

         In accordance with the provisions of Section 4 of the above-referenced
Custodial Agreement, the undersigned, as the Custodian, hereby certifies as to
each Mortgage Loan in the Mortgage Loan Schedule that (i) it has received: the
original Mortgage Note and Assignment of Mortgage with respect to each Mortgage
Loan identified on the Mortgage Loan Schedule attached hereto as Exhibit A and
(ii) such Mortgage Note has been reviewed by it and appears regular on its face
and relates.

         The Custodian makes no representations as to: (i) the validity,
legality, enforceability, sufficiency, due authorization or genuineness of any
of the documents contained in each Custodial File or of any of the Mortgage
Loans or (ii) the collectability, insurability, effectiveness or suitability of
any such Mortgage Loan.

         The Custodian hereby confirms that it is holding each such Mortgage
Note and Assignment of Mortgage as agent and bailee of, and custodian for the
exclusive use and benefit, and subject to the sole direction, of the Trustee
pursuant to the terms and conditions of the Custodial Agreement.

         This Trust Receipt and Initial Certification is not divisible or
negotiable.

                                       G-1

<PAGE>

         The Custodian will accept and act on instructions with respect to the
Mortgage Loans subject hereto upon surrender of this Trust Receipt and Initial
Certification at its office at [in the case of Bank One, N.A.: 2220 Chemsearch
Boulevard, Suite 150, Irving, Texas 75062, Attention: Document Custodian][in the
case of LaSalle Bank National Association: 2571 Busse Road, Suite 200, Elk
Grove, Illinois, 60007].

                                       G-2

<PAGE>

         Capitalized terms used herein shall have the meaning ascribed to them
in the Custodial Agreement.

                                               [BANK ONE TRUST COMPANY, N.A.],
                                               [LASALLE BANK NATIONAL
                                               ASSOCIATION]
                                               as Custodian

                                               By:______________________________
                                               Name:
                                               Title:

                                       G-3

<PAGE>

                                    EXHIBIT H

                    FORM OF FINAL CERTIFICATION OF CUSTODIAN

Trust Receipt #_________

Cut-off Date Principal Balance
$_____________

[To be addressed to the Trustee of record]
___________________________
___________________________

Financial Security Assurance Inc.
350 Park Avenue, 13th Floor
New York, New York 10022

                  Re:      Custodial Agreement, dated as of September 1, 2002,
                           between JPMorgan Chase Bank, as Trustee and [Bank One
                           Trust Company, N.A.][LaSalle Bank National
                           Association], as Custodian
                           -----------------------------------------------------

Ladies and Gentlemen:

         In accordance with the provisions of Section 6 of the above-referenced
Custodial Agreement, the undersigned, as the Custodian, hereby certifies that as
to each Mortgage Loan listed on the Mortgage Loan Schedule (other than any
Mortgage Loan paid in full or any Mortgage Loan listed on the attachment hereto)
it has reviewed the Custodial Files and has determined that (i) all documents
required to be delivered to it pursuant to Sections 2(i)-(ix) of the Custodial
Agreement are in its possession; (ii) such documents have been reviewed by it
and appear regular on their face and related to such Mortgage Loan; (iii) all
Assignments of Mortgage or intervening assignments of mortgage, as applicable,
have been submitted for recording in the jurisdictions in which recording is
necessary; and (iv) each Mortgage Note has been endorsed as provided in Section
2(ii) of the Custodial Agreement and each Mortgage has been assigned in
accordance with Section 2(iii) of the Custodial Agreement. The Custodian makes
no representations as to: (i) validity, legality, enforceability, sufficiency,
due authorization or genuineness of any of the documents contained in each
Custodial File or of any of the Mortgage Loans, or (ii) The collectability,
insurability, effectiveness or suitability of any such Mortgage Loan.

         The Custodian hereby confirms that it is holding each such Custodial
File as agent and bailee of, and custodian for the exclusion use and benefit,
and subject to the sole direction, of Trustee pursuant to the terms and
conditions of the Custodial Agreement.

         This Trust Receipt and Final Certification is not divisible or
negotiable.

                                       H-1

<PAGE>

         The Custodian will accept and act on instructions with respect to the
Mortgage Loans subject hereto upon surrender of this Trust Receipt and Final
Certification at its office at [in the case of Bank One, N.A.: 2220 Chemsearch
Boulevard, Suite 150, Irving, Texas 75062, Attention: Document Custodian][in the
case of LaSalle Bank National Association: 2571 Busse Road, Suite 200, Elk
Grove, Illinois, 60007].

                                       H-2

<PAGE>

         Capitalized terms used herein shall have the meaning ascribed to them
in the Custodial Agreement.

                                                 [BANK ONE TRUST COMPANY, N.A.],
                                                 [LASALLE BANK NATIONAL
                                                 ASSOCIATION],
                                                 as Custodian

                                                 By:____________________________
                                                 Name:
                                                 Title:

                                       H-3

<PAGE>

                                    EXHIBIT I

                               TRANSFER AFFIDAVIT

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2002-3
          Home Equity Mortgage Pass-Through Certificates, Series 2002-3
                                 Class [_______]

STATE OF                   )
                           ) ss.:
COUNTY OF                  )

         The undersigned, being first duly sworn, deposes and says as follows:

         1. The undersigned is an officer of , the proposed Transferee of an
Ownership Interest in a Class A-R Certificate (The "Certificate") issued
pursuant to the Pooling and Servicing Agreement, (The "Agreement"), relating to
the above-referenced Series, among Credit Suisse First Boston Mortgage
Securities Corp. as depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"),
Wilshire Credit Corporation as a servicer ("Wilshire"), Washington Mutual Bank,
FA as a servicer ("Washington Mutual"), Ocwen Federal Bank FSB as a servicer
("Ocwen") and JPMorgan Chase Bank as trustee (The "Trustee"). Capitalized terms
used, but not defined herein or in Exhibit 1 hereto, shall have the meanings
ascribed to such terms in the Agreement. The Transferee has authorized the
undersigned to make this affidavit on behalf of the Transferee.

         2. The Transferee is, as of the date hereof, and will be, as of the
date of the Transfer, a Permitted Transferee. The Transferee is acquiring its
Ownership Interest in the Certificate either (i) for its own account or (ii) as
nominee, trustee or agent for another Person and has attached hereto an
affidavit from such Person in substantially the same form as this affidavit. The
Transferee has no knowledge that any such affidavit is false.

         3. The Transferee has been advised of, and understands that (i) a tax
will be imposed on Transfers of the Certificate to Persons that are not
Permitted Transferees; (ii) such tax will be imposed on the transferor, or, if
such Transfer is through an agent (which includes a broker, nominee or
middleman) for a Person that is not a Permitted Transferee, on the agent; and
(iii) the Person otherwise liable for the tax shall be relieved of liability for
the tax if the subsequent Transferee furnished to such Person an affidavit that
such subsequent Transferee is a Permitted Transferee and, at the time of
Transfer, such Person does not have actual knowledge that the affidavit is
false.

         4. The Transferee has been advised of, and understands that a tax will
be imposed on a "pass-through entity" holding the Certificate if at any time
during the taxable year of the pass-through entity a Person that is not a
Permitted Transferee is the record holder of an interest in such entity. The
Transferee understands that such tax will not be imposed for any period with
respect to which the record holder furnishes to the pass-through entity an
affidavit that such record holder is a Permitted Transferee and the pass-through
entity does not have actual knowledge that such affidavit is false. (For this
purpose, a "pass-through entity" includes a regulated investment

                                                        I-1

<PAGE>

company, a real estate investment trust or common trust fund, a partnership,
trust or estate, and certain cooperatives and, except as may be provided in
Treasury Regulations, persons holding interests in pass-through entities as a
nominee for another Person.)

         5. The Transferee has reviewed the provisions of Section 5.02(c) of the
Agreement (attached hereto as Exhibit 2 and incorporated herein by reference)
and understands the legal consequences of the acquisition of an Ownership
Interest in the Certificate including, without limitation, The restrictions on
subsequent Transfers and the provisions regarding voiding the Transfer and
mandatory sales. The Transferee expressly agrees to be bound by and to abide by
the provisions of Section 5.02(c) of the Agreement and the restrictions noted on
the face of the Certificate. The Transferee understands and agrees that any
breach of any of the representations included herein shall render the Transfer
to the Transferee contemplated hereby null and void.

         6. The Transferee agrees to require a Transfer Affidavit from any
Person to whom the Transferee attempts to Transfer its Ownership Interest in the
Certificate, and in connection with any Transfer by a Person for whom the
Transferee is acting as nominee, trustee or agent, and the Transferee will not
Transfer its Ownership Interest or cause any Ownership Interest to be
Transferred to any Person that the Transferee knows is not a Permitted
Transferee. In connection with any such Transfer by the Transferee, The
Transferee agrees to deliver to the Trustee a certificate substantially in the
form set forth as EXHIBIT J to the Agreement (a "Transferor Certificate") to the
effect that such Transferee has no actual knowledge that the Person to which the
Transfer is to be made is not a Permitted Transferee.

         7. The Transferee does not have the intention to impede the assessment
or collection of any tax legally required to be paid with respect to the
Certificate.

         8. The Transferee's taxpayer identification number is [_____________].

         9. The Transferee is a United States Person.

         10. The Transferee is aware that the Certificate may be a "noneconomic
residual interest" within the meaning of proposed Treasury regulations
promulgated pursuant to the Code and that the transferor of a noneconomic
residual interest will remain liable for any taxes due with respect to the
income on such residual interest, unless no significant purpose of the transfer
was to impede the assessment or collection of tax.

         11. The Transferee is (a) not an employee benefit plan that is subject
to ERISA or a plan that is subject to Section 4975 of the Code, and the
Transferee is not acting on behalf of such a plan or (b) an employee benefit
plan that is subject to ERISA or a plan that is subject to Section 4975 of the
Code, and the Transferee is not acting on behalf of such a plan and will provide
an Opinion of Counsel in accordance with the provisions of Agreement.

                                     * * *

                                       I-2

<PAGE>

         IN WITNESS WHEREOF, The Transferee has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
duly authorized officer and its corporate seal to be hereunto affixed, duly
attested, this _____ day of _____________, 20___.

                                              __________________________________
                                              Print Name of Transferee

                                              By:_______________________________
                                              Name:
                                              Title:

[Corporate Seal]

ATTEST:

_______________________________
[Assistant] Secretary

         Personally appeared before me the above-named , known or proved to me
to be the same person who executed the foregoing instrument and to be the of the
Transferee, and acknowledged that he executed the same as his free act and deed
and the free act and deed of the Transferee.

         Subscribed and sworn before me this ______ day of _______________,
20___.

                                                  ______________________________
                                                  NOTARY PUBLIC

                                                  My Commission expires the ____
                                                  day of _________________,
                                                  20___.

                                       I-3

<PAGE>

                                    EXHIBIT 1
                                       to
                                    EXHIBIT I

Certain Definitions
-------------------

         "Ownership Interest": As to any Residual Certificate, any ownership
interest in such Certificate, including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial.

         "Permitted Transferee": Any person other than (i) The United States,
any State or political subdivision thereof, or any agency or instrumentality of
any of the foregoing, (ii) a foreign government, International Organization or
any agency or instrumentality of either of the foregoing, (iii) an organization
(except certain farmers' cooperatives described in section 521 of the Code)
which is exempt from tax imposed by Chapter 1 of the Code (including the tax
imposed by section 511 of the Code on unrelated business taxable income) on any
excess inclusions (as defined in section 860E(c)(1) of the Code) with respect to
any Residual Certificate, (iv) rural electric and telephone cooperatives
described in section 1381(a)(2)(C) of the Code, (v) a Person that is not a
citizen or resident of the United States, a corporation, partnership, or other
entity created or organized in or under the laws of the United States, any State
thereof or the District of Columbia, or an estate whose income from sources
without the United States is includible in gross income for federal income tax
purposes regardless of its connection with the conduct of a trade or business
within the United States or a trust if a court within the United States is able
to exercise primary supervision over the administration of the trust and one or
more United States persons have the authority to control all substantial
decisions of the trust unless such Person has furnished the transferor and the
Trustee with a duly completed Internal Revenue Service Form W-8ECI or successor
form, and (vi) any other Person so designated by the Depositor based upon an
Opinion of Counsel that the Transfer of an Ownership Interest in a Residual
Certificate to such Person may cause the Trust Fund hereunder to fail to qualify
as a REMIC at any time that the Certificates are outstanding. The terms "United
States," "State" and "International Organization" shall have the meanings set
forth in section 7701 of the Code or successor provisions. A corporation will
not be treated as an instrumentality of the United States or of any State or
political subdivision thereof for these purposes if all of its activities are
subject to tax and, with the exception of the Federal Home Loan Mortgage
Corporation, a majority of its board of directors is not selected by such
government unit.

         "Person": Any individual, corporation, partnership, joint venture,
association, limited liability company, joint-stock company, trust,
unincorporated organization or government, or any agency or political
subdivision thereof.

         "Transfer": Any direct or indirect transfer or sale of any Ownership
Interest in a Residual Certificate.

         "Transferee": Any Person who is acquiring by Transfer any Ownership
Interest in a Residual Certificate.

                                      I-1-1

<PAGE>

                                    EXHIBIT 2
                                       to
                                    EXHIBIT I

                        Section 5.02(c) of the Agreement
                        --------------------------------

         Each Person who has or who acquires any Ownership Interest in a
Residual Certificate shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the following provisions, and
the rights of each Person acquiring any Ownership Interest in a Residual
Certificate are expressly subject to the following provisions:

                                      I-2-1

<PAGE>

                                    EXHIBIT J

                         FORM OF TRANSFEROR CERTIFICATE

__________, 200__

Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 4th Floor
New York, New York 10010
Attention: Helaine Hebble

JPMorgan Chase Bank
450 West 33rd Street, 14th Floor
New York, New York 10001

                  Re:      Credit Suisse First Boston Mortgage Securities Corp.,
                           Home Equity Mortgage Trust 2002-3 Home Equity
                           Mortgage Pass-Through Certificates, Series 2002-3,
                           Class [___]
                           -----------------------------------------------------

Ladies and Gentlemen:

         In connection with our disposition of the above Certificates we certify
that (a) we understand that the Certificates have not been registered under the
Securities Act of 1933, as amended (The "Act"), and are being disposed by us in
a transaction that is exempt from the registration requirements of the Act, (b)
we have not offered or sold any Certificates to, or solicited offers to buy any
Certificates from, any person, or otherwise approached or negotiated with any
person with respect thereto, in a manner that would be deemed, or taken any
other action which would result in, a violation of Section 5 of the Act and (c)
to the extent we are disposing of a Class A-R Certificate, we have no knowledge
the Transferee is not a Permitted Transferee.

                                                Very truly yours,

                                                ________________________________
                                                Print Name of Transferor

                                                By:_____________________________
                                                Authorized Officer

                                       J-1

<PAGE>

                                    EXHIBIT K

                    FORM OF INVESTMENT LETTER (NON-RULE 144A)

__________, 200__

Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 4th Floor
New York, New York 10010
Attention: Helaine Hebble

JPMorgan Chase Bank
450 West 33rd Street, 14th Floor
New York, New York 10001

                  Re:      Credit Suisse First Boston Mortgage Securities Corp.,
                           Home Equity Mortgage Trust 2002-3 Home Equity
                           Mortgage Pass-Through Certificates, Series 2002-3,
                           Class [___]
                           -----------------------------------------------------

Ladies and Gentlemen:

         In connection with our acquisition of the above Certificates we certify
that (a) we understand that the Certificates are not being registered under the
Securities Act of 1933, as amended (The "Act"), or any state securities laws and
are being transferred to us in a transaction that is exempt from the
registration requirements of the Act and any such laws, (b) we are an
insitutional "accredited investor," as defined in Regulation D under the Act,
and have such knowledge and experience in financial and business matters that we
are capable of evaluating the merits and risks of investments in the
Certificates, (c) we have had the opportunity to ask questions of and receive
answers from the Depositor concerning the purchase of the Certificates and all
matters relating thereto or any additional information deemed necessary to our
decision to purchase the Certificates, (d) we are not an employee benefit plan
that is subject to the Employee Retirement Income Security Act of 1974, as
amended, or a plan or arrangement that is subject to Section 4975 of the
Internal Revenue Code of 1986, as amended, nor are we acting on behalf of any
such plan or arrangement nor are we using the assets of any such plan or
arrangement to effect such acquisition(e) of Prohibited Transaction Class
Exemption 95-60 ("PTCE 95-60")) and that the purchase and holding of such
Certificates are covered under PTCE 95-60, (e) if an insurance company, we are
purchasing the Certificates with funds contained in an "insurance company
general account" (as defined in Section V(e) of Prohibited Transaction Class
Exemption 95-60 ("PTCE 95-60")) and our purchase and holding of the Certificates
are covered under PTCE 95-60, (f) we are acquiring the Certificates for
investment for our own account and not with a view to any distribution of such
Certificates (but without prejudice to our right at all times to sell or
otherwise dispose of the Certificates in accordance with clause (h) below), (g)
we have not offered or sold any Certificates to, or solicited offers to buy any
Certificates from, any person, or otherwise approached or negotiated with any
person with respect thereto, or taken any other action which would result in a
violation of Section 5 of the Act, and (h) we will not sell, transfer or
otherwise dispose of any Certificates unless (1) such

                                       K-1

<PAGE>

sale, transfer or other disposition is made pursuant to an effective
registration statement under the Act or is exempt from such registration
requirements, and if requested, we will at our expense provide an opinion of
counsel satisfactory to the addressees of this Certificate that such sale,
transfer or other disposition may be made pursuant to an exemption from the Act,
(2) the purchaser or transferee of such Certificate has executed and delivered
to you a certificate to substantially the same effect as this certificate, and
(3) the purchaser or transferee has otherwise complied with any conditions for
transfer set forth in the Pooling and Servicing Agreement.

                                                  Very truly yours,

                                                  ______________________________
                                                  Print Name of Transferee

                                                  By:___________________________
                                                  Authorized Officer

                                       K-2

<PAGE>

                                    EXHIBIT L

                            FORM OF RULE 144A LETTER

____________, 200__
Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 4th Floor
New York, New York 10010
Attention: Helaine Hebble

JPMorgan Chase Bank
450 West 33rd Street, 14th Floor
New York, New York 10001

                  Re:      Credit Suisse First Boston Mortgage Securities Corp.,
                           Home Equity Mortgage Trust 2002-3 Home Equity
                           Mortgage Pass-Through Certificates, Series 2002-3,
                           Class [___]
                           -----------------------------------------------------

Ladies and Gentlemen:

         In connection with our acquisition of the above Certificates we certify
that (a) we understand that the Certificates are not being registered under the
Securities Act of 1933, as amended (The "Act"), or any state securities laws and
are being transferred to us in a transaction that is exempt from the
registration requirements of the Act and any such laws, (b) we have such
knowledge and experience in financial and business matters that we are capable
of evaluating the merits and risks of investments in the Certificates, (c) we
have had the opportunity to ask questions of and receive answers from the
Depositor concerning the purchase of the Certificates and all matters relating
thereto or any additional information deemed necessary to our decision to
purchase the Certificates, (d) we are not an employee benefit plan that is
subject to the Employee Retirement Income Security Act of 1974, as amended, or a
plan or arrangement that is subject to Section 4975 of the Internal Revenue Code
of 1986, as amended, nor are we acting on behalf of any such plan or arrangement
nor using the assets of any such plan or arrangement to effect such acquisition,
(e) in the case of our acquisition of a Class B-2 Certificate, if an insurance
company, we are purchasing the Certificates with funds contained in an
"insurance company general account" (as defined in Section V(e) of Prohibited
Transaction Class Exemption 95-60 ("PTCE 95-60")) and our purchase and holding
of the Certificates are covered under PTCE 95-60, (f) we have not, nor has
anyone acting on our behalf offered, transferred, pledged, sold or otherwise
disposed of the Certificates, any interest in the Certificates or any other
similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Certificates, any interest in the Certificates or
any other similar security from, or otherwise approached or negotiated with
respect to the Certificates, any interest in the Certificates or any other
similar security with, any person in any manner, or made any general
solicitation by means of general advertising or in any other manner, or taken
any other action, that would constitute a distribution of the Certificates under
the Act or that would render the disposition of the Certificates a violation of
Section 5 of the Act or require registration pursuant thereto, nor will act, nor
has authorized or will authorize any person to act, in such manner with respect
to the

                                       L-1

<PAGE>

Certificates, (g) we are a "qualified institutional buyer" as that term is
defined in Rule 144A under the Act ("Rule 144A") and have completed either of
the forms of certification to that effect attached hereto as Annex 1 or Annex 2,
(h) we are aware that the sale to us is being made in reliance on Rule 144A, and
(i) we are acquiring the Certificates for our own account or for resale pursuant
to Rule 144A and further, understand that such Certificates may be resold,
pledged or transferred only (A) to a person reasonably believed to be a
qualified institutional buyer that purchases for its own account or for the
account of a qualified institutional buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (B)
pursuant to another exemption from registration under the Act.

                                                      Very truly yours,

                                                      __________________________
                                                      Print Name of Transferee

                                                      By:_______________________
                                                      Authorized Officer

                                       L-2

<PAGE>

ANNEX 1 TO EXHIBIT L

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
            --------------------------------------------------------

          [For Transferees Other Than Registered Investment Companies]

         The undersigned (The "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Certificates described therein:

         1. As indicated below, The undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the
Buyer.

         2. In connection with purchases by the Buyer, The Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933, as amended ("Rule 144A") because (i) The Buyer owned and/or
invested on a discretionary basis $___________1 in securities (except for the 1
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year (such amount being calculated in accordance with Rule 144A and (ii)
The Buyer satisfies the criteria in the category marked below.

         ___ Corporation, etc. The Buyer is a corporation (other than a bank,
         savings and loan association or similar institution), Massachusetts or
         similar business trust, partnership, or charitable organization
         described in Section 501(c)(3) of the Internal Revenue Code of 1986, as
         amended.

         ___ Bank. The Buyer (a) is a national bank or banking institution
         organized under the laws of any State, territory or the District of
         Columbia, The business of which is substantially confined to banking
         and is supervised by the State or territorial banking commission or
         similar official or is a foreign bank or equivalent institution, and
         (b) has an audited net worth of at least $25,000,000 as demonstrated in
         its latest annual financial statements, a copy of which is attached
         hereto.

         ___ Savings and Loan. The Buyer (a) is a savings and loan association,
         building and loan association, cooperative bank, homestead association
         or similar institution, which is supervised and examined by a State or
         Federal authority having supervision over any such institutions or is a
         foreign savings and loan association or equivalent institution and (b)
         has an audited net worth of at least $25,000,000 as demonstrated in its
         latest annual financial statements, a copy of which is attached hereto.

         ___ Broker-dealer. The Buyer is a dealer registered pursuant to Section
         15 of the Securities Exchange Act of 1934.

--------
1                 Buyer must own and/or invest on a discretionary basis at least
                  $100,000,000 in securities unless Buyer is a dealer, and, in
                  that case, Buyer must own and/or invest on a discretionary
                  basis at least $10,000,000 in securities.

                                      L-1-1

<PAGE>

         ___ Insurance Company. The Buyer is an insurance company whose primary
         and predominant business activity is the writing of insurance or the
         reinsuring of risks underwritten by insurance companies and which is
         subject to supervision by the insurance commissioner or a similar
         official or agency of a State, territory or the District of Columbia.

         ___ State or Local Plan. The Buyer is a plan established and maintained
         by a State, its political subdivisions, or any agency or
         instrumentality of the State or its political subdivisions, for the
         benefit of its employees.

         ___ ERISA Plan. The Buyer is an employee benefit plan within the
         meaning of Title I of the Employee Retirement Income Security Act of
         1974.

         ___ Investment Advisor. The Buyer is an investment advisor registered
         under the Investment Advisors Act of 1940.

         ___ Small Business Investment Company. Buyer is a small business
         investment company licensed by the U.S. Small Business Administration
         under Section 301(c) or (d) of the Small Business Investment Act of
         1958.

         ___ Business Development Company. Buyer is a business development
         company as defined in Section 202(a)(22) of the Investment Advisors Act
         of 1940.

         3. The term "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer, (ii) securities that are part of
an unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
(iii) securities issued or guaranteed by the U.S. or any instrumentality
thereof, (iv) bank deposit notes and certificates of deposit, (v) loan
participations, (vi) repurchase agreements, (vii) securities owned but subject
to a repurchase agreement and (viii) currency, interest rate and commodity
swaps.

         4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Buyer, The Buyer used the cost
of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph, except (i) where the Buyer reports its
securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those
securities has been published. If clause (ii) in the preceding sentence applies,
The securities may be valued at market. Further, in determining such aggregate
amount, The Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934, as
amended.

         5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

                                      L-1-2

<PAGE>

         6. Until the date of purchase of the Rule 144A Securities, The Buyer
will notify each of the parties to which this certification is made of any
changes in the information and conclusions herein. Until such notice is given,
The Buyer's purchase of the Certificates will constitute a reaffirmation of this
certification as of the date of such purchase. In addition, if the Buyer is a
bank or savings and loan is provided above, The Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.

                                                 _______________________________
                                                 Print Name of Buyer

                                                 By:____________________________
                                                 Name:
                                                 Title:

                                                 Date:__________________________

                                      L-1-3

<PAGE>

ANNEX 2 TO EXHIBIT L

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
            --------------------------------------------------------

           [For Transferees That are Registered Investment Companies]

         The undersigned (The "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Certificates described therein:

1.       As indicated below, The undersigned is the President, Chief Financial
         Officer or Senior Vice President of the Buyer or, if the Buyer is a
         "qualified institutional buyer" as that term is defined in Rule 144A
         under the Securities Act of 1933, as amended ("Rule 144A") because
         Buyer is part of a Family of Investment Companies (as defined below),
         is such an officer of the Adviser.

2.       In connection with purchases by Buyer, The Buyer is a "qualified
         institutional buyer" as defined in SEC Rule 144A because (i) The Buyer
         is an investment company registered under the Investment Company Act of
         1940, as amended and (ii) as marked below, The Buyer alone, or the
         Buyer's Family of Investment Companies, owned at least $100,000,000 in
         securities (other than the excluded securities referred to below) as of
         the end of the Buyer's most recent fiscal year. For purposes of
         determining the amount of securities owned by the Buyer or the Buyer's
         Family of Investment Companies, The cost of such securities was used,
         except (i) where the Buyer or the Buyer's Family of Investment
         Companies reports its securities holdings in its financial statements
         on the basis of their market value, and (ii) no current information
         with respect to the cost of those securities has been published. If
         clause (ii) in the preceding sentence applies, The securities may be
         valued at market.

         ___ The Buyer owned $ in securities (other than the excluded securities
         referred to below) as of the end of the Buyer's most recent fiscal year
         (such amount being calculated in accordance with Rule 144A).

         ___ The Buyer is part of a Family of Investment Companies which owned
         in the aggregate $ in securities (other than the excluded securities
         referred to below) as of the end of the Buyer's most recent fiscal year
         (such amount being calculated in accordance with Rule 144A).

3.       The term "Family of Investment Companies" as used herein means two or
         more registered investment companies (or series thereof) that have the
         same investment adviser or investment advisers that are affiliated (by
         virtue of being majority owned subsidiaries of the same parent or
         because one investment adviser is a majority owned subsidiary of the
         other).

4.       The term "securities" as used herein does not include (i) securities of
         issuers that are affiliated with the Buyer or are part of the Buyer's
         Family of Investment Companies, (ii) securities issued or guaranteed by
         the U.S. or any instrumentality thereof, (iii) bank deposit notes and
         certificates of deposit, (iv) loan participations, (v) repurchase
         agreements, (vi)

                                                       L-2-1

<PAGE>

         securities owned but subject to a repurchase agreement and (vii)
         currency, interest rate and commodity swaps.

5.       The Buyer is familiar with Rule 144A and understands that the parties
         listed in the Rule 144A Transferee Certificate to which this
         certification relates are relying and will continue to rely on the
         statements made herein because one or more sales to the Buyer will be
         in reliance on Rule 144A. In addition, The Buyer will only purchase for
         the Buyer's own account.

6.       Until the date of purchase of the Certificates, The undersigned will
         notify the parties listed in the Rule 144A Transferee Certificate to
         which this certification relates of any changes in the information and
         conclusions herein. Until such notice is given, The Buyer's purchase of
         the Certificates will constitute a reaffirmation of this certification
         by the undersigned as of the date of such purchase.

                                             __________________________________
                                             Print Name of Buyer or Adviser

                                             By:_______________________________
                                             Name:
                                             Title:

                                             IF AN ADVISER:

                                             __________________________________
                                             Print Name of Buyer

                                             Date:_____________________________

                                      L-2-2

<PAGE>

                                    EXHIBIT M

                               REQUEST FOR RELEASE
                                  (for Trustee)

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                        Home Equity Mortgage Trust 2002-3
          Home Equity Mortgage Pass-Through Certificates, Series 2002-3

Loan Information
----------------

Name of Mortgagor:              ________________________________________________

Servicer
Loan No.:                       ________________________________________________

Trustee
-------

Name:

Address:                        ________________________________________________
                                ________________________________________________
                                ________________________________________________

Trustee
Mortgage File No.:

         The undersigned Servicer hereby acknowledges that it has received from
Bank One, National Association, as Custodian for the Holders of Mortgage
Pass-Through Certificates, of the above-referenced Series, The documents
referred to below (The "Documents"). All capitalized terms not otherwise defined
in this Request for Release shall have the meanings given them in the Pooling
and Servicing Agreement (The "Pooling and Servicing Agreement") relating to the
above-referenced Series among Credit Suisse First Boston Mortgage Securities
Corp. as depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"), Wilshire
Credit Corporation as a servicer ("Wilshire"), Washington Mutual Bank, FA as a
servicer ("Washington Mutual"), Ocwen Federal Bank FSB as a servicer ("Ocwen")
and JPMorgan Chase Bank as trustee (The "Trustee").

( )      Mortgage Note dated _____________________, _______, in the original
         principal sum of $___________________, made by ____________________.
         payable to, or endorsed to the order of, The Trustee.

( )      Mortgage recorded on ________________ as instrument no. ______________
         in the County Recorder's Office of the County of ___________________,
         State of ___________ in book/reel/docket _________________ of official
         records at page/image _____________.

                                       M-1

<PAGE>

( )      Deed of Trust recorded on _____________ as instrument no.
         ______________ in the County Recorder's Office of the County of
         _______________, State of ______________ in book/reel/docket
         _____________________ of official records at page/image _________.

( )      Assignment of Mortgage or Deed of Trust to the Trustee, recorded on
         _________ as instrument no. ______________ in the County Recorder's
         Office of the County of ______, State of ________________ in
         book/reel/docket _______________ of official records at page/image
         _______________.

( )      Other documents, including any amendments, assignments or other
         assumptions of the Mortgage Note or Mortgage.

         ( )_____________________________________________________

         ( )_____________________________________________________

         ( )_____________________________________________________

         ( )_____________________________________________________

         The undersigned Servicer hereby acknowledges and agrees as follows:

                  (1) Such Servicer shall hold and retain possession of the
                  Documents in trust for the benefit of the Trustee, solely for
                  the purposes provided in the Agreement.

                  (2) Such Servicer shall not cause or knowingly permit the
                  Documents to become subject to, or encumbered by, any claim,
                  liens, security interest, charges, writs of attachment or
                  other impositions nor shall the Servicer, if applicable,
                  assert or seek to assert any claims or rights of setoff to or
                  against the Documents or any proceeds thereof.

                  (3) Such Servicer shall return each and every Document
                  previously requested from the Mortgage File to the Custodian
                  when the need therefor no longer exists, unless the Mortgage
                  Loan relating to the Documents has been liquidated and the
                  proceeds thereof have been remitted to the Certificate Account
                  and except as expressly provided in the Agreement.

                  (4) The Documents and any proceeds thereof, including any
                  proceeds of proceeds, coming into the possession or control of
                  such Servicer shall at all times be earmarked for the account
                  of the Custodian, and such Servicer shall keep the Documents
                  and any proceeds separate and distinct from all other property
                  in such Servicer's possession, custody or control.

                                                      [Servicer]

                                                      By________________________
                                                      Its_______________________

Date: ____________, 20__

                                       M-2

<PAGE>

                                    EXHIBIT N

                      FORM OF SUBSEQUENT TRANSFER AGREEMENT

         THIS SUBSEQUENT TRANSFER AGREEMENT, dated as of [___________, 20__]
(this "Subsequent Transfer Agreement"), among CREDIT SUISSE FIRST BOSTON
MORTGAGE SECURITIES CORP., a Delaware corporation, as depositor (the
"Depositor"), DLJ MORTGAGE CAPITAL, INC., a Delaware corporation, in its
capacity as seller under the Pooling and Servicing Agreement referred to below
(the "Seller"), and JPMORGAN CHASE BANK, a national banking association, as
trustee (the "Trustee");

         WHEREAS, the parties hereto are also among the parties to the Pooling
and Servicing Agreement among Credit Suisse First Boston Mortgage Securities
Corp., as depositor, Ocwen Federal Bank FSB, as a servicer, Wilshire Credit
Corporation, as a servicer, Washington Mutual Bank, FA as a servicer
("Washington Mutual"), DLJ Mortgage Capital, Inc., as seller and JPMorgan Chase
Bank, as trustee, dated as of September 1, 2002 (the "Pooling and Servicing
Agreement"), in relation to the Home Equity Mortgage Pass-Through Certificates,
Series 2002-3;

         WHEREAS, Section 2.01(f) of the Pooling and Servicing Agreement
provides for the parties hereto to enter into this Subsequent Transfer Agreement
in accordance with the terms and conditions of the Pooling and Servicing
Agreement;

         NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration the receipt and adequacy of which are hereby acknowledged
the parties hereto agree as follows:

         (i) The "Subsequent Transfer Date" with respect to this Subsequent
Transfer Agreement shall be [________, 20__].

         (ii) The "Aggregate Subsequent Purchase Amount" with respect to this
Subsequent Transfer Agreement shall be $[___________], provided, however, that
such amount shall not exceed the amount on deposit in the Prefunding Account.

         (iii) The Subsequent Mortgage Loans conveyed on the Subsequent Transfer
Date shall satisfy the pool characteristics for the Trust Fund identified in
Section 2.01(f) of the Pooling and Servicing Agreement.

         (iv) In case any provision of this Subsequent Transfer Agreement shall
be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions or obligations shall not in any way be affected or
impaired thereby.

         (v) In the event of any conflict between the provisions of this
Subsequent Transfer Agreement and the Pooling and Servicing Agreement, the
provisions of the Pooling and Servicing Agreement shall prevail. Capitalized
terms used herein and not otherwise defined have the meanings in the Pooling and
Servicing Agreement.

                                       N-1

<PAGE>

         (vi) The Seller hereby sells, transfers, assigns, sets over and
otherwise conveys to the Trustee for the benefit of the Certificateholders,
without recourse, all right title and interest in the Subsequent Mortgage Loans
identified in Schedule A, including all interest and principal due on or with
respect to such Subsequent Mortgage Loans on or after the Subsequent Cut-off
Date and all interest and principal payments on such Subsequent Mortgage Loans
received prior to the Subsequent Cut-off Date in respect of installments of
interest and principal due thereafter, but not including principal and interest
due on such Subsequent Mortgage Loans prior to the Subsequent Cut-off Date, any
insurance policies in respect of such Subsequent Mortgage Loans and all proceeds
of any of the foregoing.

         (vii) This Subsequent Transfer Agreement shall be governed by, and
shall be construed and enforced in accordance with the laws of the State of New
York.

         (viii) The Subsequent Transfer Agreement may be executed in one or more
counterparts, each of which so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the
same instrument.

                                       N-2

<PAGE>

         IN WITNESS WHEREOF, the parties to this Subsequent Transfer Agreement
have caused their names to be signed hereto by their respective officers
thereunto duly authorized as of the day and year first above written.

                                              CREDIT SUISSE FIRST BOSTON
                                              MORTGAGE SECURITIES CORP.
                                              as Depositor

                                              By: __________________________
                                              Name:
                                              Title:

                                              DLJ MORTGAGE CAPITAL, INC.,
                                              as Seller

                                              By: ___________________________
                                              Name:
                                              Title:

                                              JPMORGAN CHASE BANK,
                                              not in its individual capacity,
                                              but solely as Trustee

                                              By: ___________________________
                                              Name:
                                              Title:

                                              WILSHIRE CREDIT CORPORATION
                                              as Servicer

                                              By: ____________________________
                                              Name:
                                              Title:

                                              WASHINGTON MUTUAL BANK, FA
                                              as Servicer

                                              By: ____________________________
                                              Name:
                                              Title:

                                              OCWEN FEDERAL BANK FSB
                                              as Servicer

                                              By: ____________________________
                                              Name:
                                              Title:

                                       N-3

<PAGE>

                   Schedule A to Subsequent Transfer Agreement
                       [List of Subsequent Mortgage Loans]

                                       N-4

<PAGE>

                                   EXHIBIT O-1

                        COLLECTION ACCOUNT CERTIFICATION

                             [               ], 20__

         [Servicer's name] hereby certifies that it has established the account
described below as a Collection Account pursuant to Section 3.05 of the Pooling
and Servicing Agreement, dated as of September 1, 2002, among Credit Suisse
First Boston Mortgage Securities Corp. as depositor, DLJ Mortgage Capital, Inc.
as seller ("DLJMC"), Wilshire Credit Corporation as a servicer ("Wilshire"),
Washington Mutual Bank, FA as a servicer ("Washington Mutual"), Ocwen Federal
Bank FSB as a servicer ("Ocwen") and JPMorgan Chase Bank as trustee (The
"Trustee").

Title of Account:          [Servicer's Name], in trust for the Holders of Credit
                           Suisse First Boston Mortgage Securities Corp., Home
                           Equity Mortgage Pass-Through Certificates, Series
                           2002- 3.

Account Number: ______________

Address of officer or branch
of the Company at
which Account is maintained:

                           _______________________
                           _______________________
                           _______________________

                           [Servicer's Name], AS SERVICER

                           By:____________________

                           Name:__________________

                           Title:_________________

                                      O-1-1

<PAGE>

                                   EXHIBIT O-2

                       COLLECTION ACCOUNT LETTER AGREEMENT

                               [            ], 20__

To:      ___________________
         ___________________
         ___________________
         (The "Depository")

         As Servicer under the Pooling and Servicing Agreement, dated as of
September 1, 2002, among Credit Suisse First Boston Mortgage Securities Corp. as
depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"), Wilshire Credit
Corporation as a servicer ("Wilshire"), Washington Mutual Bank, FA as a servicer
("Washington Mutual"), Ocwen Federal Bank FSB as a servicer ("Ocwen") and
JPMorgan Chase Bank as trustee (The "Trustee") (The "Agreement"), we hereby
authorize and request you to establish an account, as a Collection Account
pursuant to Section 3.05 of the Agreement, to be designated as "[Servicer's
Name], in trust for the Holders of Credit Suisse First Boston Mortgage
Securities Corp., Home Equity Mortgage Pass-Through Certificates, Series
2002-3." All deposits in the account shall be subject to withdrawal therefrom by
order signed by the Servicer. This letter is submitted to you in duplicate.
Please execute and return one original to us.

                                             [Servicer's Name], AS SERVICER

                                             By:________________________________

                                             Name:______________________________

                                             Title:_____________________________

                                             Date:______________________________

                                      O-2-1

<PAGE>

The undersigned, as Depository, hereby certifies that the above described
account has been established under Account Number _________ at the office of the
Depository indicated above and agrees to honor withdrawals on such account as
provided above. The full amount deposited at any time in the account will be
insured up to applicable limits by the Federal Deposit Insurance Corporation
through the Bank Insurance Fund ("BIF") or the Savings Association Insurance
Fund ("SAIF").

                                                 ___________________________
                                                 Depository

                                                 By:________________________

                                                 Name:______________________

                                                 Title:_____________________

                                                 Date:______________________

                                      O-2-2

<PAGE>

                                   EXHIBIT P-1

                          ESCROW ACCOUNT CERTIFICATION

                               [           ], 20__

         [Servicer's Name] hereby certifies that it has established the account
described below as an Escrow Account pursuant to Section 3.06 of the Pooling and
Servicing Agreement, dated as of September 1, 2002, among Credit Suisse First
Boston Mortgage Securities Corp. as depositor, DLJ Mortgage Capital, Inc. as
seller ("DLJMC"), Wilshire Credit Corporation as a servicer
("Wilshire"),Washington Mutual Bank, FA as a servicer ("Washington Mutual"),
Ocwen Federal Bank FSB as a servicer ("Ocwen") and JPMorgan Chase Bank as
trustee (The "Trustee").

Title of Account:          "Credit Suisse First Boston Mortgage Securities
                           Corp., Home Equity Mortgage Trust 2002-3, Home Equity
                           Mortgage Pass-Through Certificates, Series 2002-3"

Account Number:            ________________________

Address of officer or branch
of the Company at
which Account is maintained:

                           ________________________
                           ________________________
                           ________________________

                           [Servicer's Name], AS SERVICER

                           By:_____________________

                           Name:___________________

                           Title:__________________

                                      P-1-1

<PAGE>

                                   EXHIBIT P-2

                         ESCROW ACCOUNT LETTER AGREEMENT

                               [         ], 20__

To:      ___________________________
         ___________________________
         ___________________________
         (The "Depository")

         As Servicer under the Pooling and Servicing Agreement, dated as of
September 1, 2002, among Credit Suisse First Boston Mortgage Securities Corp. as
depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"), Wilshire Credit
Corporation as a servicer ("Wilshire"), Washington Mutual Bank, FA as a servicer
("Washington Mutual"), Ocwen Federal Bank FSB as a servicer ("Ocwen") and
JPMorgan Chase Bank as trustee (The "Trustee") (The "Agreement"), we hereby
authorize and request you to establish an account, as an Escrow Account pursuant
to Section 3.06 of the Agreement, to be designated as "Credit Suisse First
Boston Mortgage Securities Corp., Home Equity Mortgage Trust 2002-3, Home Equity
Mortgage Pass-Through Certificates, Series 2002-3". All deposits in the account
shall be subject to withdrawal therefrom by order signed by the Servicer. This
letter is submitted to you in duplicate. Please execute and return one original
to us.

[SERVICER'S NAME], AS SERVICER

By:________________________

Name:______________________

Title:_____________________

Date:______________________

                                      P-2-1

<PAGE>

The undersigned, as Depository, hereby certifies that the above described
account has been established under Account Number ________________ at the office
of the Depository indicated above and agrees to honor withdrawals on such
account as provided above. The full amount deposited at any time in the account
will be insured up to applicable limits by the Federal Deposit Insurance
Corporation through the Bank Insurance Fund ("BIF") or the Savings Association
Insurance Fund ("SAIF").

________________________
Depository

By:_____________________

Name:___________________

Title:__________________

Date:___________________

                                      P-2-2

<PAGE>

                                    EXHIBIT Q

                            MONTHLY REMITTANCE ADVICE

1) Standard CPI Reports:

         T62C-Monthly Accounting Report
         T62E-Liquidation Report
         S50Y-Private Pool Detail Report
         S214-Summary of Paid in Full Collections
         S215-Summary of Collections
         P139-Trial Balance

2) Standard CPI Tape Format:

         PNB Scheduled Balance Tape
         SPNB Determination Diskette/P45K

At such times as [_______________] is no longer the Servicer of the [________]
Mortgage Loans under the Agreement, The Monthly Remittance Advice also shall
include: (i) The aggregate Excess Servicing Fee to be remitted to
[___________________] on the Distribution Date, (ii) The aggregate Prepayment
Penalties collected by the Servicer of such loans during the preceding calendar
month, and (iii) a list of the Mortgage Loans for which Prepayment Penalties are
being remitted (including with respect to each related Mortgage Loan, The loan
number, borrower name and dollar amount of Prepayment Penalties collected for
such Mortgage Loan).

                                       Q-1

<PAGE>

                                    EXHIBIT R

                               CUSTODIAL AGREEMENT

                            (Available Upon Request)

                                       R-1

<PAGE>

                                    EXHIBIT S

                                   FSA POLICY

                                       S-1

<PAGE>

                                                              FINANCIAL GUARANTY
                                                                INSURANCE POLICY
FINANCIAL
SECURITY
ASSURANCESM
Trust: As described in Endorsement No. 1                   Policy No.: [51323-N]
Certificates:  $90,250,000 Home Equity Mortgage Trust
         2002-3, Home Equity Mortgage Pass-Through    Date of Issuance:9/26/2002
         Certificates, Series 2002-3, Class A-1 and
         Class A-3

         FINANCIAL SECURITY ASSURANCE INC. ("Financial Security"), for
consideration received, hereby UNCONDITIONALLY AND IRREVOCABLY GUARANTEES to the
Trustee for the benefit of each Holder, subject only to the terms of this Policy
(which includes each endorsement hereto), the full and complete payment of
Guaranteed Distributions with respect to the Certificates of the Trust referred
to above.

         For the further protection of each Holder, Financial Security
irrevocably and unconditionally guarantees payment of the amount of any
distribution of principal or interest with respect to the Certificates made
during the Term of this Policy to such Holder that is subsequently avoided in
whole or in part as a preference payment under applicable law.

         Payment of any amount required to be paid under this Policy will be
made following receipt by Financial Security of notice as described in
Endorsement No. 1 hereto.

         Financial Security shall be subrogated to the rights of each Holder to
receive distributions with respect to each Certificate held by such Holder to
the extent of any payment by Financial Security hereunder.

         Except to the extent expressly modified by Endorsement No. 1 hereto,
the following terms shall have the meanings specified for all purposes of this
Policy. "Holder" means the registered owner of any Certificate as indicated on
the registration books maintained by or on behalf of the Trustee for such
purpose or, if the Certificate is in bearer form, the holder of the Certificate.
"Trustee", "Guaranteed Distributions" and "Term of this Policy" shall have the
meanings set forth in Endorsement No. 1 hereto.

         This Policy sets forth in full the undertaking of Financial Security,
and shall not be modified, altered or affected by any other agreement or
instrument, including any modification or amendment thereto. Except to the
extent expressly modified by an endorsement hereto, the premiums paid in respect
of this Policy are nonrefundable for any reason whatsoever. This Policy may not
be canceled or revoked during the Term of this Policy. An acceleration payment
shall not be due under this Policy unless such acceleration is at the sole
option of Financial Security. THIS POLICY IS NOT COVERED BY THE
PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW
YORK INSURANCE LAW.

         In witness whereof, FINANCIAL SECURITY ASSURANCE INC. has caused this
Policy to be executed on its behalf by its Authorized Officer.

                                            FINANCIAL SECURITY ASSURANCE INC.

                                            By__________________________________
                                                     AUTHORIZED OFFICER

A subsidiary of Financial Security Assurance Holdings Ltd.
350 Park Avenue, New York, N.Y.  10022-6022                       (212) 826-0100
Form 101NY (5/89)

                                       S-2

<PAGE>

ENDORSEMENT NO. 1 TO
FINANCIAL GUARANTY INSURANCE POLICY

FINANCIAL SECURITY                                               350 Park Avenue
ASSURANCE INC.                                          New York, New York 10022

TRUST:                     The Trust created by the Pooling and Servicing
                           Agreement, dated as of September 1, 2002 among Credit
                           Suisse First Boston Mortgage Securities Corp. as
                           Depositor, DLJ Mortgage Capital, Inc., as Seller,
                           Wilshire Credit Corporation, as Servicer, Washington
                           Mutual Bank, FA as a servicer, Ocwen Federal Bank
                           FSB, as Servicer, and JPMorgan Chase Bank, as Trustee

CERTIFICATES:              $90,250,000 Home Equity Mortgage Trust 2002-3 Home
                           Equity Mortgage Pass- Through Certificates, Series
                           2002-3, Class A-1 Certificates and Class A-3
                           Certificates

Policy No.:                [51323-N]

Date of Issuance:          September 26, 2002

         1. DEFINITIONS. For all purposes of this Policy, the terms specified
below shall have the meanings or constructions provided below. Capitalized terms
used herein and not otherwise defined herein shall have the meanings provided in
the Pooling and Servicing Agreement unless the context shall otherwise require.

         "BUSINESS DAY" means any day other than (i) a Saturday or Sunday, or
(ii) a day on which banking institutions in New York City are authorized or
obligated by law, executive order or governmental decree to be closed.

         "GUARANTEED DISTRIBUTIONS" means, with respect to each Distribution
Date, the distribution to be made to Holders in an aggregate amount equal to (i)
with respect to any Distribution Date, the amount, if any, by which the amount
available to be distributed to the Class A-1 Certificates and Class A-3
Certificates pursuant to the priority set forth in the Pooling and Servicing
Agreement, is less than the Current Interest and Carryforward Interest plus any
Interest Shortfalls, in each case allocable to the Class A-1 Certificates and
Class A-3 Certificates and (ii) to the extent unpaid on the Last Scheduled
Distribution Date, after payment of all other amounts due to the Class A-1
Certificates and Class A-3 Certificates, any remaining Class Principal Balance
of the Class A-1 Certificates and Class A-3 Certificates, in each case in
accordance with the original terms of the Certificates when issued and without
regard to any amendment or modification of the Certificates or the Pooling and
Servicing Agreement except amendments or modifications to which Financial
Security has given its prior written consent. Guaranteed Distributions shall not
include, nor shall coverage be provided under this Policy in respect of, any
Basis Risk Shortfall or any taxes, withholding or other charge imposed by any
governmental authority due in connection with the payment of any Guaranteed
Distribution to a Holder.

                                       S-3

<PAGE>

Policy No.: [51323-N]                      Date of Issuance:  September 26, 2002

         "POLICY" means this Financial Guaranty Insurance Policy and includes
each endorsement thereto.

         "POOLING AND SERVICING AGREEMENT" means the Pooling and Servicing
Agreement dated as of September 1, 2002 among Credit Suisse First Boston
Mortgage Securities Corp., as Depositor, DLJ Mortgage Capital, Inc., as Seller,
Wilshire Credit Corporation, as Servicer, Washington Mutual Bank, FA as a
servicer, Ocwen Federal Bank FSB, as Servicer, and JPMorgan Chase Bank, as
Trustee, as amended from time to time with the consent of Financial Security.

         "RECEIPT" and "RECEIVED" mean actual delivery to Financial Security and
to the Fiscal Agent (as defined below), if any, prior to 12:00 noon, New York
City time, on a Business Day; delivery either on a day that is not a Business
Day, or after 12:00 noon, New York City time, shall be deemed to be receipt on
the next succeeding Business Day. If any notice or certificate given hereunder
by the Trustee is not in proper form or is not properly completed, executed or
delivered, it shall be deemed not to have been Received, and Financial Security
or its Fiscal Agent shall promptly so advise the Trustee and the Trustee may
submit an amended notice.

         "TERM OF THIS POLICY" means the period from and including the Date of
Issuance to and including the date on which (i) the Certificate Balances of all
of the Certificates is zero, (ii) any period during which any payment on the
Certificates could have been avoided in whole or in part as a preference payment
under applicable bankruptcy, insolvency, receivership or similar law has
expired, and (iii) if any proceedings requisite to avoidance as a preference
payment have been commenced prior to the occurrence of (i) and (ii), a final and
nonappealable order in resolution of each such proceeding has been entered.

         "TRUSTEE" means JPMorgan Chase Bank, in its capacity as Trustee under
the Pooling and Servicing Agreement and any successor in such capacity.

         2. NOTICES AND CONDITIONS TO PAYMENT IN RESPECT OF GUARANTEED
DISTRIBUTIONS. Following Receipt by Financial Security of a notice and
certificate from the Trustee in the form attached as Exhibit A to this
Endorsement, Financial Security will pay any amount payable hereunder in respect
of Guaranteed Distributions out of the funds of Financial Security on the later
to occur of (a) 12:00 noon, New York City time, on the third Business Day
following such Receipt; and (b) 12:00 noon, New York City time, on the
Distribution Date to which such claim relates. Payments due hereunder in respect
of Guaranteed Distributions will be disbursed by wire transfer of immediately
available funds to the FSA Account established pursuant to the Pooling and
Servicing Agreement or, if no such FSA Account has been established, to the
Trustee.

         Financial Security shall be entitled to pay any amount hereunder in
respect of Guaranteed Distributions, including any acceleration payment, whether
or not any notice and certificate shall have been Received by Financial Security
as provided above, provided, however, that by acceptance of this Policy the
Trustee agrees to provide to Financial Security, upon Financial Security's
request to the Trustee, a notice and certificate in respect of any such payments
made by Financial Security. Financial Security shall be entitled to pay
principal hereunder on an accelerated basis if Financial

                                       S-4

<PAGE>

Policy No.: [51323-N]                      Date of Issuance:  September 26, 2002

Security shall so elect in its sole discretion, at any time or from time to
time, in whole or in part, at an earlier Distribution Date than provided in the
definition of "Guaranteed Distributions," if such principal would have been
payable under the Pooling and Servicing Agreement were funds sufficient to make
such payment available to the Trustee for such purpose. Guaranteed Distributions
insured hereunder shall not include interest, in respect of principal paid
hereunder on an accelerated basis, accruing from after the date of such payment
of principal. Financial Security's obligations hereunder in respect of
Guaranteed Distributions shall be discharged to the extent funds are disbursed
by Financial Security as provided herein whether or not such funds are properly
applied by the Trustee.

         3. NOTICES AND CONDITIONS TO PAYMENT IN RESPECT OF GUARANTEED
DISTRIBUTIONS AVOIDED AS PREFERENCE PAYMENTS. If any Guaranteed Distribution is
avoided as a preference payment under applicable bankruptcy, insolvency,
receivership or similar law, Financial Security will pay such amount out of the
funds of Financial Security on the later of (a) the date when due to be paid
pursuant to the Order referred to below or (b) the first to occur of (i) the
fourth Business Day following Receipt by Financial Security from the Trustee of
(A) a certified copy of the order of the court or other governmental body which
exercised jurisdiction to the effect that the Holder is required to return
principal or interest distributed with respect to the Certificates during the
Term Of This Policy because such distributions were avoidable as preference
payments under applicable bankruptcy law (the "Order"), (B) a certificate of the
Holder that the Order has been entered and is not subject to any stay and (C) an
assignment duly executed and delivered by the Holder, in such form as is
reasonably required by Financial Security and provided to the Holder by
Financial Security, irrevocably assigning to Financial Security all rights and
claims of the Holder relating to or arising under the Certificates against the
debtor which made such preference payment or otherwise with respect to such
preference payment or (ii) the date of Receipt by Financial Security from the
Trustee of the items referred to in clauses (A), (B) and (C) above if, at least
four Business Days prior to such date of Receipt, Financial Security shall have
received written notice from the Trustee that such items were to be delivered on
such date and such date was specified in such notice. Such payment shall be
disbursed to the receiver, conservator, debtor-in-possession or trustee in
bankruptcy named in the Order and not to the Trustee or any Holder directly
(unless a Holder has previously paid such amount to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Order, in which case
such payment shall be disbursed to the Trustee for distribution to such Holder
upon proof of such payment reasonably satisfactory to Financial Security). In
connection with the foregoing, Financial Security shall have the rights provided
pursuant to Section 4.10 of the Pooling and Servicing Agreement.

         4. GOVERNING LAW. This Policy shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to the
conflict of laws principles thereof.

         5. FISCAL AGENT. At any time during the Term Of This Policy, Financial
Security may appoint a fiscal agent (the "Fiscal Agent") for purposes of this
Policy by written notice to the Trustee at the notice address specified in the
Pooling and Servicing Agreement specifying the name and notice address of the
Fiscal Agent. From and after the date of receipt of such notice by the Trustee,
(i) copies of all notices and documents required to be delivered to Financial
Security pursuant to this Policy shall be simultaneously delivered to the Fiscal
Agent and to Financial Security and shall not

                                                        S-5

<PAGE>

Policy No.: [51323-N]                      Date of Issuance:  September 26, 2002

be deemed Received until Received by both and (ii) all payments required to be
made by Financial Security under this Policy may be made directly by Financial
Security or by the Fiscal Agent on behalf of Financial Security. The Fiscal
Agent is the agent of Financial Security only and the Fiscal Agent shall in no
event be liable to any Holder for any acts of the Fiscal Agent or any failure of
Financial Security to deposit, or cause to be deposited, sufficient funds to
make payments due under this Policy.

         6. WAIVER OF DEFENSES. To the fullest extent permitted by applicable
law, Financial Security agrees not to assert, and hereby waives, for the benefit
of each Holder, all rights (whether by counterclaim, setoff or otherwise) and
defenses (including, without limitation, the defense of fraud), whether acquired
by subrogation, assignment or otherwise, to the extent that such rights and
defenses may be available to Financial Security to avoid payment of its
obligations under this Policy in accordance with the express provisions of this
Policy.

         7. NOTICES. All notices to be given hereunder shall be in writing
(except as otherwise specifically provided herein) and shall be mailed by
registered mail or personally delivered or telecopied to Financial Security as
follows:

                Financial Security Assurance Inc.
                350 Park Avenue
                New York, NY 10022
                Attention:  -Managing Director-Transaction Oversight
                Re: HEMT Trust Series 2002-3
                Policy No.: [51323-N]
                Telecopy No.: (212) 339-3518
                Confirmation: (212) 826-0100

Financial Security may specify a different address or addresses by writing
mailed or delivered to the Trustee.

         8. PRIORITIES. In the event any term or provision on the face of this
Policy is inconsistent with the provisions of this Endorsement, the provisions
of this Endorsement shall take precedence and shall be binding.

         9. EXCLUSIONS FROM INSURANCE GUARANTY FUNDS. This Policy is not covered
by the Property/Casualty Insurance Security Fund specified in Article 76 of the
New York Insurance Law. This Policy is not covered by the Florida Insurance
Guaranty Association created under Part II of Chapter 631 of the Florida
Insurance Code. In the event Financial Security were to become insolvent, any
claims arising under this Policy are excluded from coverage by the California
Insurance Guaranty Association, established pursuant to Article 14.2 of Chapter
1 of Part 2 of Division 1 of the California Insurance Code.

         10. SURRENDER OF POLICY. The Trustee shall surrender this Policy to
Financial Security for cancellation upon expiration of the Term Of This Policy.

                                       S-6

<PAGE>

Policy No.: [51323-N]                      Date of Issuance:  September 26, 2002

         IN WITNESS WHEREOF, FINANCIAL SECURITY ASSURANCE INC. has caused this
Endorsement No. 1 to be executed by its Authorized Officer.

                                       FINANCIAL SECURITY ASSURANCE INC.

                                       By:___________________________________
                                                Authorized Officer

                                       S-7

<PAGE>

                                    EXHIBIT T

         DATA FIELDS FOR OCWEN SERVICED LOANS AND WASHINGTON MUTUAL SERVICED
                         LOANS TRANSFERRED TO WILSHIRE

                            (Available Upon Request)

                                       T-1

<PAGE>

                                    EXHIBIT U

                          CHARGED OFF LOAN DATA REPORT
                            (Available Upon Request)

                                       U-1

<PAGE>

                                    EXHIBIT V
                 FORM OF MONTHLY STATEMENT TO CERTIFICATEHOLDERS

         (i) with respect to each Class of Certificates which are not Notional
Amount Certificates and, unless otherwise stated, the related Distribution Date,

                  a.       the initial Class Principal Balance of such Class as
of the Closing Date;

                  b.       the Class Principal Balance of such Class before
giving effect to the distribution of principal and interest;

                  c.       the amount of the related distribution on such Class
allocable to interest;

                  d.       the amount of the related distribution on such Class
allocable to principal;

                  e.       the sum of the principal and interest payable to such
Class;

                  f.       the Realized Loss allocable to such Class;

                  g.       the Carryforward Interest allocable to such Class;

                  h.       the Class Principal Balance of such Class after
giving effect to the distribution of principal and interest;

                  i.       the Pass-Through Rate for such Class;

                  j.       any Basis Risk Shortfall allocable to such Class, if
such amount is greater than zero;

                  k.       any shortfall in principal allocable to such Class,
if such amount is greater than zero; and

                  l.       any shortfall in interest allocable to such Class, if
such amount is greater than zero.

         (ii) with respect to each Class of Certificates which are Notional
Amount Certificates and, unless otherwise stated, the related Distribution Date,

                  a.       the Notional Amount of such Class as of the Cut-off
Date;

                  b.       the Notional Amount of such Class before giving
effect to the distribution of interest;

                  c.       the amount of the related distribution on such Class
allocable to interest;

                                       V-1

<PAGE>

                  d.       the amount of the related distribution on such Class
allocable to principal;

                  e.       the sum of the principal and interest payable to such
class;

                  f.       the Realized Loss allocable to such Class;

                  g.       the Deferred Interest allocable to such Class;

                  h.       the Notional Amount of such Class after giving effect
to the distribution of interest;

                  i.       the Pass-Through Rate for such Class; and

                  j.       any Basis Risk Shortfall allocable to such Class, if
such amount is greater than zero.

         (iii) with respect to a $1000 factor of the Initial Class Principal
Balance of each Class of Certificates which are not Notional Amount Certificates
and the related Distribution Date,

                  a.       the CUSIP number assigned to such Class;

                  b.       the Class Principal Balance of such Class factor
prior to giving effect to the distribution of principal and interest;

                  c.       the amount of the related distribution allocable to
interest on such Class factor;

                  d.       the amount of the related distribution allocable to
principal on such Class factor;

                  e.       the sum of the principal and interest payable to such
Class factor; and

                  f.       the Class Principal Balance of such Class factor
after giving effect to the distribution of principal and interest.

         (iv) with respect to a $1000 factor of the Initial Class Principal
Balance of each Class of Certificates which are Notional Amount Certificates and
the related Distribution Date,

                  a.       the CUSIP number assigned to such Class;

                  b.       the Notional Amount of such Class factor prior to
giving effect to the distribution of interest;

                  c.       the amount of the related distribution allocable to
interest on such Class factor;

                  d.       the amount of the related distribution allocable to
principal on such Class factor;

                                       V-2

<PAGE>

                  e.       the sum of the principal and interest payable to such
Class factor; and

                  f.       the Notional Amount of such Class factor after giving
effect to the distribution of interest.

         (v)      with respect to the related Distribution Date,

                  a.       the Principal Remittance Amount;

                  b.       the amount of Curtailments;

                  c.       the amount of Curtailment interest adjustments;

                  d.       the Scheduled Payment of principal;

                  e.       the amount of Principal Prepayments;

                  f.       the amount of principal as a result of repurchased
Mortgage Loans;

                  g.       the Substitution Adjustment Amount;

                  h.       the aggregate amount of scheduled interest prior to
reduction for fees;

                  i.       the amount of Net Recoveries;

                  j.       the amount of reimbursements of Nonrecoverable
Advances previously made;

                  k.       the amount of recovery of reimbursements previously
deemed nonrecoverable;

                  l.       the amount of net Liquidation Proceeds;

                  m.       the amount of Insurance Proceeds;

                  n.       the amount of any other distributions allocable to
principal;

                  o.       the number of Mortgage Loans as of the first day of
the related Collection Period;

                  p.       the aggregate Stated Principal Balance of the
Mortgage Loans as of the first day of the related Collection Period;

                  q.       the number of Mortgage Loans as of the last day of
the related Collection Period;

                                       V-3

<PAGE>

                  r.       the aggregate Stated Principal Balance of the
Mortgage Loans as of the last day of the related Collection Period;

                  s.       the sum of the Servicing Fee, the Credit Risk Manager
Fee, the Trustee Fee and the FSA Premium;

                  t.       the amount of current Advances;

                  u.       the amount of outstanding Advances;

                  v.       the number and aggregate principal amounts of
Mortgage Loans delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 days
or more, including delinquent bankrupt Mortgage Loans but excluding Mortgage
Loans in foreclosure and REO Property;

                  w.       the number and aggregate principal amounts of
Mortgage Loans that are currently in bankruptcy, but not delinquent;

                  x.       the number and aggregate principal amounts of
Mortgage Loans that are in foreclosure;

                  y.       the Delinquency Rate, Rolling Three Month Delinquency
Rate, the Senior Enhancement Percentage and whether a Trigger Event is in
effect;

                  z.       the number and aggregate principal amount of any REO
Properties as of the close of business on the Determination Date preceding such
Distribution Date;

                  aa.      current Realized Losses;

                  bb.      Cumulative Net Realized Losses and whether a
Cumulative Loss Event is occurring;

                  cc.      the weighted average term to maturity of the Mortgage
Loans as of the close of business on the last day of the calendar month
preceding the related Distribution Date;

                  dd.      the number of Mortgage Loans that have Prepayment
Penalties and for which prepayments were made during the related Collection
Period, as applicable;

                  ee.      the aggregate principal balance of Mortgage Loans
that have Prepayment Penalties and for which prepayments were made during the
related Collection Period, as applicable;

                  ff.      the aggregate amount of Prepayment Penalties
collected during the related Collection Period, as applicable;

                  gg.      the portion of any distribution to the Insured
Certificateholders constituting an Insured Payment for such Distribution Date;

                                       V-4

<PAGE>

                  hh.      the amount of any funds remaining in the Pre-Funding
Account as of such Distribution Date;

                  ii.      the weighted average Net Mortgage Rate; and

                  jj.      the Net Excess Spread.

         (vi)     with respect to the related Distribution Date,

                  a.       the Targeted Overcollateralization Amount;

                  b.       the Overcollateralization Amount;

                  c.       the amount, if any, by which the Targeted
Overcollateralization Amount exceeds the Overcollateralization Amount;

                  d.       the Overcollateralization Release Amount;

                  e.       the Monthly Excess Interest; and

                  f.       the amount of any payment to the Class X-1
Certificates.

                                       V-5

<PAGE>

                                   SCHEDULE I

                             MORTGAGE LOAN SCHEDULE

                            (Available Upon Request)

                                       I-1

<PAGE>

                                   SCHEDULE II

                     SELLER'S REPRESENTATIONS AND WARRANTIES

         (i) The Seller is a corporation duly organized, validly existing and in
good standing under the laws of the state of its incorporation;

         (ii) The Seller has full corporate power to own its property, to carry
on its business as presently conducted and to enter into and perform its
obligations under this Agreement;

         (iii) The execution and delivery by the Seller of this Agreement have
been duly authorized by all necessary corporate action on the part of the
Seller; and neither the execution and delivery of this Agreement, nor the
consummation of the transactions herein contemplated hereby, nor compliance with
the provisions hereof, will conflict with or result in a breach of, or
constitute a default under, any of the provisions of any law, governmental rule,
regulation, judgment, decree or order binding on the Seller or its properties or
the certificate of incorporation or by-laws of the Seller, except those
conflicts, breaches or defaults which would not reasonably be expected to have a
material adverse effect on the Seller's ability to enter into this Agreement and
to consummate the transactions contemplated hereby;

         (iv) The execution, delivery and performance by the Seller of this
Agreement and the consummation of the transactions contemplated hereby do not
require the consent or approval of, The giving of notice to, The registration
with, or the taking of any other action in respect of, any state, federal or
other governmental authority or agency, except those consents, approvals,
notices, registrations or other actions as have already been obtained, given or
made and, in connection with the recordation of the Mortgages, powers of
attorney or assignments of Mortgages not yet completed;

         (v) this Agreement has been duly executed and delivered by the Seller
and, assuming due authorization, execution and delivery by the Trustee, The
Servicers and the Depositor, constitutes a valid and binding obligation of the
Seller enforceable against it in accordance with its terms (subject to
applicable bankruptcy and insolvency laws and other similar laws affecting the
enforcement of the rights of creditors generally); and

         (vi) there are no actions, litigation, suits or proceedings pending or
to the knowledge of the Seller, threatened against the Seller before or by any
court, administrative agency, arbitrator or governmental body (i) with respect
to any of the transactions contemplated by this Agreement or (ii) with respect
to any other matter which in the judgment of the Seller if determined adversely
to the Seller would reasonably be expected to materially and adversely affect
the Seller's ability to perform its obligations under this Agreement; and the
Seller is not in default with respect to any order of any court, administrative
agency, arbitrator or governmental body so as to materially and adversely affect
the transactions contemplated by this Agreement.

                                      II-1

<PAGE>

                                  SCHEDULE IIIA

                     WILSHIRE REPRESENTATIONS AND WARRANTIES

         (i) Wilshire is a corporation duly organized, validly existing and in
good standing under the laws of the state of its incorporation;

         (ii) Wilshire has full corporate power to own its property, to carry on
its business as presently conducted and to enter into and perform its
obligations under this Agreement;

         (iii) The execution and deliver by Wilshire of this Agreement have been
duly authorized by all necessary corporate action on the part of Wilshire; and
neither the execution and delivery of this Agreement, nor the consummation of
the transactions herein contemplated hereby, nor compliance with the provisions
hereof, will conflict with or result in a breach of, or constitute a default
under, any of the provisions of any law, governmental rule, regulation,
judgment, decree or order binding on Wilshire or its properties or the
certificate of incorporation or bylaws of Wilshire, except those conflicts,
breaches or defaults which would not reasonably be expected to have a material
adverse effect on Wilshire ability to enter into this Agreement and to
consummate the transactions contemplated hereby;

         (iv) this Agreement has been duly executed and delivered by Wilshire
and, assuming due authorization, execution and delivery by the Trustee, The
Seller and the Depositor, constitutes a valid and binding obligation of Wilshire
enforceable against it in accordance with its terms (subject to applicable
bankruptcy and insolvency laws and other similar laws affecting the enforcement
of the rights of creditors generally); and

         (v) there are no actions, litigation, suits or proceedings pending or
to the knowledge of Wilshire, threatened against Wilshire before or by any
court, administrative agency, arbitrator or governmental body (a) with respect
to any of the transactions contemplated by this Agreement or (b) with respect to
any other matter which in the judgment of Wilshire if determined adversely to
Wilshire would reasonably be expected to materially and adversely affect
Wilshire's ability to perform its obligations under this Agreement, other than
as Servicer has previously advised Seller; and Wilshire is not in default with
respect to any order of any court, administrative agency, arbitrator or
governmental body so as to materially and adversely affect the transactions
contemplated by this Agreement.

                                     IIIA-1

<PAGE>

                                  SCHEDULE IIIB

                      OCWEN REPRESENTATIONS AND WARRANTIES

         (i) Ocwen is a federal savings bank duly organized, validly existing
and in good standing under the laws of the United States;

         (ii) Ocwen has full corporate power to own its property, to carry on
its business as presently conducted and to enter into and perform its
obligations under this Agreement;

         (iii) The execution and deliver by Ocwen of this Agreement have been
duly authorized by all necessary corporate action on the part of Ocwen; and
neither the execution and delivery of this Agreement, nor the consummation of
the transactions herein contemplated hereby, nor compliance with the provisions
hereof, will conflict with or result in a breach of, or constitute a default
under, any of the provisions of any law, governmental rule, regulation,
judgment, decree or order binding on Ocwen or its properties or the charter or
bylaws of Ocwen, except those conflicts, breaches or defaults which would not
reasonably be expected to have a material adverse effect on Ocwen's ability to
enter into this Agreement and to consummate the transactions contemplated
hereby;

         (iv) this Agreement has been duly executed and delivered by Ocwen and,
assuming due authorization, execution and delivery by the Trustee, the Seller,
Wilshire and the Depositor, constitutes a valid and binding obligation of Ocwen
enforceable against it in accordance with its terms (subject to applicable
bankruptcy and insolvency laws and other similar laws affecting the enforcement
of the rights of creditors generally) and general principles of equity, whether
enforcement is sought in a proceeding in equity or at law); and

         (v) there are no actions, litigation, suits or proceedings pending or
to the knowledge of Ocwen, threatened against Ocwen before or by any court,
administrative agency, arbitrator or governmental body (a) with respect to any
of the transactions contemplated by this Agreement or (b) with respect to any
other matter which in the judgment of Ocwen if determined adversely to Ocwen
would reasonably be expected to materially and adversely affect Ocwen's ability
to perform its obligations under this Agreement, other than as Ocwen has
previously advised Seller; and Ocwen is not in default with respect to any order
of any court, administrative agency, arbitrator or governmental body so as to
materially and adversely affect the transactions contemplated by this Agreement.

                                     IIIB-1

<PAGE>

                                  SCHEDULE IIIC

               WASHINGTON MUTUAL'S REPRESENTATIONS AND WARRANTIES

         (i) Washington Mutual is a federally chartered savings association duly
organized, validly existing and in good standing under the laws of the United
States;

         (ii) Washington Mutual has the full corporate power to own its
property, to carry on its business as presently conducted and to enter into and
perform its obligations under this Agreement;

         (iii) The execution and delivery by Washington Mutual of this Agreement
have been duly authorized by all necessary corporate action on the part of
Washington Mutual; and neither the execution and delivery of this Agreement, nor
the consummation of the transactions herein contemplated hereby, nor compliance
with the provisions hereof, will conflict with or result in a breach of, or
constitute a default under, any of the provisions of any law, governmental rule,
regulation, judgment, decree or order binding on Washington Mutual or its
properties or the certificate of incorporation or bylaws of Washington Mutual,
except those conflicts, breaches or defaults which would not reasonably be
expected to have a material adverse effect on Washington Mutual's ability to
enter into this Agreement and to consummate the transactions contemplated
hereby;

         (iv) This Agreement has been duly executed and delivered by Washington
Mutual and, assuming due authorization, execution and delivery by the Trustee,
the Seller, Wilshire, Ocwen and the Depositor, constitutes a valid and binding
obligation of Washington Mutual, enforceable against it in accordance with its
terms (subject to applicable bankruptcy and insolvency laws and other similar
laws affecting the enforcement of the rights of creditors generally) and general
principles of equity, whether enforcement is sought in a proceeding in equity or
at law; and

         (v) There is no litigation, suit, proceeding or investigation pending
or to the best of Washington Mutual's knowledge, threatened or any order or
decree outstanding, with respect to Washington Mutual which, if determined
adversely to Washington Mutual would reasonably be expected to materially and
adversely affect Washington Mutual's ability to perform its obligations under
this Agreement, the execution, delivery, performance or enforceability of this
Agreement, or which is reasonably likely to have a material adverse effect on
the financial condition of Washington Mutual.

                                     IIIC-1

<PAGE>

                                   SCHEDULE IV

          REPRESENTATIONS AND WARRANTIES RELATING TO THE MORTGAGE LOANS

         (i) The Seller or its affiliate is the sole owner of record and holder
of the Mortgage Loan and the indebtedness evidenced by the Mortgage Note.
Immediately prior to the transfer and assignment to the Depositor on the Closing
Date, The Mortgage Loan, including the Mortgage Note and the Mortgage, were not
subject to an assignment or pledge, and the Seller had good and marketable title
to and was the sole owner thereof and had full right to transfer and sell the
Mortgage Loan to the Depositor free and clear of any encumbrance, equity, lien,
pledge, charge, claim or security interest and has the full right and authority
subject to no interest or participation of, or agreement with, any other party,
to sell and assign the Mortgage Loan and following the sale of the Mortgage
Loan, The Depositor will own such Mortgage Loan free and clear of any
encumbrance, equity, participation interest, lien, pledge, charge, claim or
security interest.

         (ii) Any and all requirements of any federal, state or local law
including, without limitation, usury, truth-in-lending, real estate settlement
procedures, consumer credit protection, equal credit opportunity or disclosure
laws applicable to the Mortgage Loan have been complied with in all material
respects.

         (iii) The terms of the Mortgage Note and the Mortgage have not been
impaired, waived, altered or modified in any respect, except by written
instruments which have been recorded to the extent any such recordation is
required by law, or, necessary to protect the interest of the Depositor. No
instrument of waiver, alteration or modification has been executed, and no
Mortgagor has been released, in whole or in part, from the terms thereof except
in connection with an assumption agreement and which assumption agreement is
part of the Mortgage File and the terms of which are reflected in the Mortgage
Loan Schedule; The substance of any such waiver, alteration or modification has
been approved by the issuer of any related Primary Insurance Policy and title
insurance policy, to the extent required by the related policies.

         (iv) The Mortgage Loan complies with all the terms, conditions and
requirements of the originator's underwriting standards in effect at the time of
origination of such Mortgage Loan.

         (v) The information set forth in the Mortgage Loan Schedule, attached
to the Agreement as Schedule I, is complete, true and correct in all material
respects as of the Cut-off Date.

         (vi) The related Mortgage is a valid, subsisting, enforceable and
perfected second lien on the Mortgaged Property, all buildings on the Mortgaged
Property and all installations and mechanical, electrical, plumbing, heating and
air conditioning systems affixed to such buildings, and all additions,
alterations and replacements made at any time with respect to the foregoing
securing the Mortgage Note's original principal balance. The Mortgage and the
Mortgage Note do not contain any evidence of any security interest or other
interest or right thereto. Such lien is free and clear of all adverse claims,
liens and encumbrances having priority over the first or second lien, as
applicable, of the Mortgage subject only to (1) with respect to any Second
Mortgage Loan, The related First Mortgage Loan, (2) The lien of non-delinquent
current real property taxes and assessments not yet due and payable, (3)
covenants, conditions and restrictions, rights of way, easements and other
matters of the public record as of the date of recording which are acceptable to
mortgage lending institutions generally and either (A) which are referred to or
otherwise considered in the appraisal made for the originator of the Mortgage
Loan, or (B) which do not adversely affect

                                      IV-1

<PAGE>

the appraised value of the Mortgaged Property as set forth in such appraisal,
and (4) other matters to which like properties are commonly subject which do not
materially interfere with the benefits of the security intended to be provided
by the Mortgage or the use, enjoyment, value or marketability of the related
Mortgaged Property. Any security agreement, chattel mortgage or equivalent
document related to and delivered in connection with the Mortgage Loan
establishes and creates (1) with respect to any First Mortgage Loan, a valid,
subsisting, enforceable and perfected first lien and first priority security
interest and (2) with respect to any second lien Mortgage Loan, a valid,
subsisting, enforceable and perfected second lien and second priority security
interest, in each case, on the property described therein, and the Seller has
the full right to sell and assign the same to the Depositor.

         (vii) There are no mechanics' or similar liens or claims which have
been filed for work, labor or material (and no rights are outstanding that under
law could give rise to such liens) affecting the related Mortgaged Property
which are or may be liens prior to or equal to the lien of the related Mortgage.

         (viii) All taxes, governmental assessments, insurance premiums, water,
sewer and municipal charges, leasehold payments or ground rents which previously
became due and owing have been paid, or escrow funds have been established in an
amount sufficient to pay for every such escrowed item which remains unpaid and
which has been assessed but is not yet due and payable.

         (ix) The Mortgage Note and the Mortgage are not subject to any right of
rescission, set-off, counterclaim or defense, including, without limitation, The
defense of usury, nor will the operation of any of the terms of the Mortgage
Note or the Mortgage, or the exercise of any right thereunder, render the
Mortgage Note or Mortgage unenforceable, in whole or in part, or subject to any
right of rescission, set-off, counterclaim or defense, including the defense of
usury, and no such right of rescission, set-off, counterclaim or defense has
been asserted with respect thereto.

         (x) The Mortgaged Property is not subject to any material damage by
waste, fire, earthquake, windstorm, flood or other casualty. At origination of
the Mortgage Loan there was, and there currently is, no proceeding pending for
the total or partial condemnation of the Mortgaged Property.

         (xi) All improvements subject to the Mortgage which were considered in
determining the appraised value of the Mortgaged Property lie wholly within the
boundaries and building restriction lines of the Mortgaged Property (and wholly
within the project with respect to a condominium unit) and no improvements on
adjoining properties encroach upon the Mortgaged Property except those which are
insured against by a title insurance policy and all improvements on the property
comply with all applicable zoning and subdivision laws and ordinances.

         (xii) Seller has delivered or caused to be delivered to the Trustee or
the Custodian on behalf of the Trustee the original Mortgage bearing evidence
that such instruments have been recorded in the appropriate jurisdiction where
the Mortgaged Property is located as determined by the Seller (or, in lieu of
the original of the Mortgage or the assignment thereof, a duplicate or conformed
copy of the Mortgage or the instrument of assignment, if any, together with a
certificate of receipt from the Seller or the settlement agent who handled the
closing of the Mortgage Loan, certifying that such copy or copies represent true
and correct copy(ies) of the original(s) and that such original(s) have been or
are currently submitted to be recorded in the appropriate governmental

                                      IV-2

<PAGE>

recording office of the jurisdiction where the Mortgaged Property is located) or
a certification or receipt of the recording authority evidencing the same.

         (xiii) The Mortgage File contains each of the documents specified in
Section 2.01(b) of the Agreement.

         (xiv) As of the Closing Date, each Mortgage Loan shall be serviced in
all material respects in accordance with the terms of the Agreement.

         (xv) All buildings or other customarily insured improvements upon the
Mortgaged Property are insured by an insurer acceptable under the FNMA Guides,
against loss by fire, hazards of extended coverage and such other hazards as are
provided for in the FNMA Guides or by FHLMC, as well as all additional
requirements set forth in this Agreement. All such standard hazard policies are
in full force and effect and on the date of origination contained a standard
mortgagee clause naming the Seller and its successors in interest and assigns as
loss payee and such clause is still in effect and all premiums due thereon have
been paid. If at the time of origination, The Mortgage Loan was required to have
flood insurance coverage in accordance with the Flood Disaster Protection Act of
1973, as amended, such Mortgage Loan is covered by a flood insurance policy
meeting the requirements of the current guidelines of the Federal Insurance
Administration which policy conforms to FNMA and FHLMC requirements, as well as
all additional requirements set forth in this Agreement. Such policy was issued
by an insurer acceptable under FNMA or FHLMC guidelines. The Mortgage obligates
the Mortgagor thereunder to maintain all such insurance at the Mortgagor's cost
and expense, and upon the Mortgagor's failure to do so, authorizes the holder of
the Mortgage to maintain such insurance at the Mortgagor's cost and expense and
to seek reimbursement therefor from the Mortgagor.

         (xvi) The Mortgage creates a first or second lien or a first or second
priority ownership interest in an estate in fee simple in real property securing
the related Mortgage Note.

         (xvii) As of the Cut-off Date, no Mortgage Loan is (a) a non-performing
loan (i.e. a mortgage loan that is more than 90 days delinquent); (b) a
re-performing loan (i.e. a mortgage loan that was more than 90 days delinquent
within the twelve month period preceding the Cut-off Date but is contractually
current); or (c) a sub-performing loan (i.e. a mortgage loan that is at least 30
days delinquent but subject to a payment plan or agreement pursuant to which the
Mortgagor is contractually current).

         (xviii)  [reserved]

         (xix) The Mortgage Note and the related Mortgage are original and
genuine and each is the legal, valid and binding obligation of the maker
thereof, enforceable in all respects in accordance with its terms subject to
bankruptcy, insolvency, moratorium, reorganization and other laws of general
application affecting the rights of creditors and by general equitable
principles.

                                      IV-3

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