Document:

12312001 Form 10-K Exhbit 10.148

 

                        [ ** ] Confidential treatment requested

                                            Exhibit 10.148

October 23, 2001

Mr. Steve Majerus

Vice President, Secondary Marketing

E-Loan, Inc.

5875 Arnold Road

Dublin, California 94568

SS# [ ** ] / CCID# [ ** ]

Dear Steve:

GMAC-Residential Funding ("GMAC-RFC") is pleased to offer E-Loan, Inc. a
Master Commitment under which GMAC-RFC will commit to purchase certain
residential mortgage loans to be delivered in accordance with the provisions of
this Master Commitment and subject to the terms and conditions set forth in the
Client Contract between E-Loan, Inc. and GMAC-RFC dated as of October 22,
2001, and the GMAC-RFC Client Guide as the same may be supplemented, amended or
modified from time to time.

The terms and conditions of this Master Commitment are as follows:

	
Commitment Amount:
	
$120,000,000

	
Term:
	
October 23, 2001 to October 23, 2002

All delivery commitments taken under this Master Commitment must be ordered
on or before October 23, 2002.

	
Product, Program and Underwriting Variances:
	
The following Product, Program and Underwriting Variances will apply
throughout the term of this Master Commitment.

	 	
HOME EQUITY PROGRAM GOAL LINE (line of credit):

E-Loan, Inc. will sell to GMAC-RFC a minimum of [ ** ]of Goal Line products
(line of credit) that meet the eligibility requirements set forth in the Client
Guide.

	 	
HOME EQUITY PROGRAM GOAL LOAN (closed-end fixed-rate loan):

E-Loan, Inc. will sell to GMAC-RFC a minimum of [ ** ]of Goal Loan products
(closed-end, fixed-rate loan) that meet the eligibility requirements set forth
in the Client Guide.

	 	
125 LOAN PROGRAM:

E-Loan will sell to GMAC-RFC a minimum of [ ** ]of 125 Loan products that meet
the eligibility requirements set forth in the Client Guide.

	 	
CREDIT GAP and ALTERNET LOAN PROGRAM:

E-Loan, Inc. will sell to GMAC-RFC a minimum of [ ** ]of a combination of Credit
Gap and AlterNet loan products that meet the guidelines set forth in the Client
Guide.

	 	
ASSETWISE USAGE and PERFORMANCE AGREEMENT:

E-Loan, Inc. agrees to deliver 80 percent of this Master Commitment to GMAC-RFC
utilizing Assetwise, GMAC-RFC's proprietary Decision Engine.

	 	
To significantly enhance and streamline E-Loan, Inc.'s underwriting approval
process, it is highly recommended that E-Loan submit its loan deliveries to
GMAC-RFC via Assetwise. An Assetwise Usage and Performance Goal of 80% should be
targeted for optimum results, with actual performance evaluated by GMAC-RFC
periodically. Assetwise Usage will be determined by the Assetwise Certificate,
also known as the Assetwise Findings Report.  If Assetwise Usage does not meet
the recommended level, additional training and guidance will be provided to help
E-Loan, Inc. reach the 80% goal.

	
Pair-off Fee:
	
Failure by E-Loan, Inc, to deliver to GMAC-RFC the minimum loan volume
requirements as stated in the "Product, Program, and Underwriting Variances"
section, in fundable form, by October 23, 2002 will result in a pair-off fee due
and payable to GMAC-RFC by E-Loan, Inc. within 10 days of written notification
from GMAC-RFC. Such pair-off fee shall be equal to [ ** ] basis points on the
dollar amounts that fall short of the minimum delivery requirements in the
product categories as stated above.

	
Future Amendments:
	
GMAC-RFC and E-Loan, Inc, agree to notify each other as necessary when issues
arise that are not addressed in this Master Commitment. Any amendments to this
commitment letter must be mutually agreed upon in writing and incorporated into
this Master Commitment.

	
Termination:
	
GMAC-RFC may at any time in the exercise of its sole discretion terminate E-
Loan, Inc.'s right to sell loans to GMAC-RFC under this Master Commitment with
30 days` written notice by GMAC RFC to E-Loan, Inc. GMAC-RFC may from time to
time in the exercise of its sole discretion modify or supplement any of the
program criteria or requirements effective immediately upon notice by GMAC-RFC
to E-Loan, Inc.

	
Confidentiality:
	
GMAC-RFC and E-Loan, Inc. each agree that the specific terms and provisions
of this Commitment is confidential except as required by law or as may be
reasonably necessary to be disclosed in connection with the sale or
securitization of loans sold to GMAC-RFC by E-Loan, Inc.

	
Commitment Offer Expiration Date:
	
This agreement may be canceled at GMAC-RFC's option if an executed copy is
not received on or before October 26, 2001.

We look forward to our continued relationship with E-Loan, Inc. If the terms
of this commitment letter are agreeable with you, please so indicate by
executing both of the enclosed copies, return one original to GMAC-RFC on or
before the date indicated above, and retain the other original for your
records.

Sincerely,

Lori Zaloumis

Sales Director

AGREED AND ACCEPTED BY:

E-LOAN, INC.
SIGNATURE:

NAME:

TITLE:

DATE:12312001 Form 10-K Exhbit 10.149

 

                        [ ** ] Confidential treatment requested

                                            Exhibit 10.149

GMAC Residential Funding

November 1, 2001

Mr. Steve Majerus

Vice President, Secondary Marketing

E-Loan, Inc.

5875 Arnold Road

Dublin, California 94568

SS# [ ** ] / CCID# [ ** ]

Dear Steve:

This letter shall serve as the first amendment (the
"Commitment Amendment") to the GMAC-Residential Funding ("GMAC-RFC") Master
Commitment dated as of October 23, 2001 by and between GMAC-RFC and E-Loan, Inc.
All other terms and conditions of the GMAC-RFC Master Commitment not amended in
the Commitment Amendment shall remain in full force and effect.

The terms and conditions of this Commitment Amendment are as follows:

PRODUCT, PROGRAM and UNDERWRITING VARIANCES:

	 	
HOME SOLUTION PROGRAM:

(Home Solution)

	 	
E-Loan, Inc. may deliver Home Solution first
mortgage loans, which meet the terms of the attached Exhibit A, which is
incorporated into this Commitment. Program criteria for the Home Solution
program are described on the attached Exhibit A.  Except to the extent
otherwise expressly provided on the attached Exhibit A, all loans must comply
with the loan eligibility and all other loan requirements contained in the
Client Guide.

	 	
FANNIE MAE DESKTOP UNDERWRITER AUTOMATED
UNDERWRITING:

(Jumbo A, Expanded Criteria)

GMAC-RFC agrees to purchase loans that have been
underwritten by Fannie Mae Desktop Underwriter with the limitations and
requirements set forth in the attached Exhibit B.  GMAC-RFC further agrees
that, with respect to loans sold under the Master Commitment, the credit
underwriting requirements described in Exhibit B supersede any conflicting
requirements in Part Four (4) of the Client Guide.

	 	
FREDDIE MAC LOAN PROSPECTOR AUTOMATED
UNDERWRITING:

(Jumbo A, Expanded Criteria)

GMAC-RFC agrees to purchase loans that have been
underwritten by Freddie Mac Loan Prospector with the limitations and
requirements set forth in the attached Exhibit C.  GMAC-RFC further agrees
that, with respect to loans sold under the Master Commitment, the credit
underwriting requirements described in the attached Exhibit C supersede any
conflicting requirements in Part Four (4) of the Client Guide.

	
Future Amendments:
	
GMAC-RFC and E-Loan, Inc. agree to notify each
other when issues arise that are not addressed in this Commitment Amendment. Any
amendments to this Commitment Amendment must be mutually agreed upon in
writing.

	
Termination:
	
GMAC-RFC may at any time in the exercise of its
sole discretion terminate E-Loan, Inc. right to sell loans to GMAC-RFC under
this Commitment Amendment with 30 days written notice by GMAC-RFC to E-Loan,
Inc. GMAC-RFC may from time to time in the exercise of its sole discretion
modify or supplement any of the program criteria or requirements effective
immediately upon notice by GMAC-RFC to E-Loan, Inc.

	
Confidentiality:
	
GMAC-RFC and E-Loan, Inc. each agree that the
specific tetras and provisions of this Commitment is confidential except as
required by law or as may be reasonably necessary to be disclosed in connection
with the sale or seeuritization of loans sold to GMAC-RFC by E-Loan,
Inc.

	
Commitment Offer Expiration Date:
	
This agreement may be canceled at GMAC-RFC's
option if an executed copy is not received on or before November 7,
2001.

	
We look forward to our continued relationship
with E-Loan, Inc.  If the terms of this commitment amendment letter are
agreeable with you, please so indicate by executing both of the closed copies,
return one original to GMAC-RFC on or before the date indicated above, and
retain the other original for your records.

Sincerely,

 

Lori Zaloumis

Sales Director

AGREED AND ACCEPTED BY:

E-LOAN, INC.

SIGNATURE:  

NAME:  

TITLE:  

DATE:  

[ ** ]12312001 Form 10-K Exhbit 10.150

 

                        [ ** ] Confidential treatment requested

                                            Exhibit 10.150

GMAC Residential Funding

 

 

November 9, 2001

Mr. Steve Majerus

Vice President, Secondary Marketing E-Loan, Inc.

5875 Arnold Road Dublin, California 94569

SS# [ ** ]ID# [ ** ]

Dear Steve:

This letter shall serve as the second amendment (the "Commitment Amendment")
to the GMAC-Residential Funding ("GMAC-RFC") Master Commitment dated as of
October 23, 2001 by and between GMAC-RFC and E-Loan, Inc. All other terms and
conditions of the GMAC-RFC Master Commitment not amended in the Commitment
Amendment shall remain in full force and effect.

The terms and conditions of this commitment Amendment are as follows:

PRODUCT, PROGRAM and UNDERWRITING VARIANCES:
LOAN PROSPECTOR (LP) AND DESKTOP UNDERWRITER (DU) REDUCED
DOCUMENTATION PROGRAM:

(Goal Line and Goal Loan Only)

GMAC-RFC will purchase Home Equity products (Goal Line Home Equity Line
of Credit and/or Goal Loan Closed-end Second Mortgages only) which were
originated simultaneously with a first mortgage and meet the eligibility
requirements described in the GMAC-RFC Client Guide and as set forth in the
attached Exhibit D.

STATED INCOME TO 90% CLTV:

(Goal Line and Goal Loan)

GMAC-RFC will purchase Home Equity products (Goal Line Home Equity Lines
of Credit and/or Goal Loan Closed-end Second Mortgages only) which were
originated simultaneously with a first mortgage (purchase and rate/term
transactions only) and meet the eligibility requirements described in the
GMACRFC Client Guide and as set forth in the attached Exhibit E.

HIGH RISE CONDOMINIUM PROGRAM:

(Goal Line and Goal Loan)

GMAC-RFC will purchase up to [ ** ]% of total volume delivered in Home
Equity Products (Goal line Home Equity Line of Credit and /or Goal Loan Closed
End Second Mortgages only) that meet the eligibility requirements set forth in
the Client Guide and in the attached Exhibit F.

 

	
Future Amendments:
	
GMAC-RFC and E-Loan, Inc. agree to notify each other as
necessary when issues arise that are not addressed in this Commitment Amendment.
Any amendments to this commitment letter must be mutually agreed upon in writing
and incorporated into this Commitment Amendment.

	
Termination:
	
GMAC-RFC may at any time in the exercise of its sole discretion
terminate ELoan, Inc.'s right to sell loans to GMAC-RFC under this Commitment
Amendment with 30 days written notice by GMAC-RFC to E-Loan, Inc. GMAC-RFC may
from time to time in the exercise of its sole discretion modify or supplement
any of the program criteria or requirements effective immediately upon notice by
GMAC-RFC to E-Loan, Inc.

	
Confidentiality:
	
GMAC-RFC and E-Loan, Inc. each agree that the specific terms and
provisions of this Commitment Amendment are confidential except as required by
law or as may be reasonably necessary to be disclosed in connection with the
sale or securitization of loans sold to GMAC-RFC by E-Loan, Inc.

	
Commitment Offer

Expiration Date:
	
This agreement may be canceled at GMAC-RFC's option if an
executed copy is not received on or before November 16, 2001.

We look forward to our continued relationship with E-Loan, Inc.
If the terms of this Commitment Amendment are agreeable with you, please so
indicate by executing both of the enclosed copies, return one original to GMAC-
RFC on or before the date indicated above, and retain the other original for
your records.

Sincerely,

Lori Zaloumis

Sales Director

AGREED AND ACCEPTED BY:

E-LOAN, INC.
SIGNATURE:

NAME:

TITLE:

DATE:

EXHIBIT D

Commitment Amendment Dated 11/09/01

E-Loan, Inc.

Loan Prospector (LP) and Desktop Underwriter (DU) Reduced Documentation
Program

(Goal Line and Goal Loan Only)

[ ** ]

EXHIBIT E

Commitment Amendment Dated 11/09/01

E-Loan, Inc.

[ ** ]

EXHIBIT F

Commitment Amendment Dated 11/09/01

E-Loan, Inc.

High Rise Condominium Program (Goal Line and Goal Loan)

[ ** ]

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