Document:

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                                                                 EXHIBIT 10.7(A)

                              EMPLOYMENT AGREEMENT

         AGREEMENT made as of November 1, 2000 between RESOURCE BANCSHARES
MORTGAGE GROUP, INC. ("RMBG") and William M. Ross ("Employee").

                                   WITNESSETH:

         WHEREAS, the parties hereto desire to provide for the Employee's
employment by RBMG.

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein, the parties agree as follows:

         1. Employment.

                  RBMG agrees to employ the Employee and the Employee agrees to
enter into the employ of RMBG on the terms and conditions hereafter set forth.

         2. Capacity and Duties.

                  The Employee shall be employed as Chief Sales and Fulfillment
Executive of RMBG. In addition, the Employee shall upon request serve as an
officer and on the Board of Directors of such subsidiaries as the Board of
Directors or management of RBMG may from time to time designate. The Employee
shall perform his responsibilities in accordance with the direction and
supervision of the Board of Directors and Chief Executive Officer of RBMG and he
shall devote his full business time, skill, energies, business judgment,
knowledge and best efforts to the advancement of the best interests of RBMG and
the performance of such executive, administrative and operational duties on
behalf of RBMG and its subsidiaries, appropriate to the offices he holds or
shall hold hereunder, as the Board of Directors or Chief Executive Officer of
RBMG may assign. The requirement that the Employee devote his full business time
shall not be construed to prevent the Employee from making investments in
stocks, bonds and other types of personal property, both tangible and
intangible, and real estate or engaging in church, charitable or other community
activities which do not, singly or in the aggregate, materially impair his
ability to fulfill his responsibilities under this Agreement.

         3. Term.

                  The term of the Employee's employment hereunder shall be for
the period commencing as of November 1, 2000 (the "Commencement Date") and
ending on October 31, 2002 unless such term is terminated earlier by or pursuant
to Section 5.

         4. Compensation and Benefits.

                  (a) Salary. RBMG shall pay or cause to be paid to the
         Employee, as compensation for all of the services to be rendered by him
         hereunder during

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         the term hereof, a salary of $225,000 per year ("Base Salary"), payable
         in accordance with the regular payroll practices of RBMG for
         executives, less such deductions or amounts as are required to be
         deducted or withheld by applicable laws or regulations and less such
         other deductions or amounts, if any, as are authorized by the Employee.
         The Board of Directors of RBMG shall have the right to increase the
         Employee's Base Salary from time to time.

                  (b) Annual Bonus. The Employee shall be eligible to be
         considered for an annual bonus. The Employee's bonus opportunity will
         be $300,000 for the year ending December 31, 2000, $150,000 of which is
         guaranteed and $150,000 of which will be determined by RBMG based on
         achievement of goals which it specifies

                  (c) Bonus for Signing. In consideration of the Employee
         entering into this Agreement, RBMG shall pay to the Employee on or
         about November 15, 2000 a bonus in the gross amount of $156,250.

                  (d) Expenses. To the extent not otherwise paid for by RBMG or
         one of its subsidiaries, RBMG will reimburse the Employee or cause the
         Employee to be reimbursed for reasonable expenses incurred in promoting
         RBMG's and its subsidiaries' businesses, including expenses for travel
         and entertainment, such reimbursement to be made promptly upon
         presentation of appropriate receipts or other substantiation.

                  (e) Plans. The Employee shall be entitled to participate in
         any and all employee benefit plans as may be in effect for executives
         of RBMG to the extent that he is eligible for participation therein and
         coverage thereunder. Such right of participation in any such plan and
         the degree or amount thereof shall be subject, however, to generally
         applicable RBMG policies and to action by RBMG's Board of Directors or
         any administrative or other committee or to any other administrative or
         managerial determination provided in or contemplated by such plan, it
         being agreed that this Agreement is not intended to impair the right of
         any committee or other group or person concerned with the
         administration of such plan to exercise in good faith the full
         discretion reposed in him or them by such plan.

                  (f) Vacation. The Employee shall be entitled to paid vacation
         during each year of this Agreement in accordance with the policies of
         RBMG with respect thereto applicable to officers with comparable duties
         and responsibilities. Unused vacation time in any year shall not be
         carried over to subsequent years and the Employee shall not be entitled
         to pay in lieu of unused vacation time.

                  (g) Withholding. The Employee acknowledges that certain
         payments provided for herein are subject to withholding and other
         taxes.

         5. Termination.

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                  Notwithstanding Section 3, the term of the Employee's
employment hereunder shall terminate on the first to occur of the (i)
termination date provided for under Section 3 or (ii) any of the events
described in the paragraphs of this Section 5.

                  (a) Death. In the event of the Employee's death, the
         Employee's employment shall terminate automatically, effective as of
         the date of death, and RBMG shall pay to his estate the Base Salary
         that otherwise would have been paid to the Employee pursuant to Section
         4(a) up to the end of the fiscal quarter in which he died.

                  (b) Disability. If the Employee, due to physical or mental
         illness, shall be disabled to perform substantially all of his duties
         for a continuous period of three months (a "disability"), then either
         the Employee or RBMG may by notice terminate the Employee's employment
         under this Agreement effective as of a date 30 days after the date such
         notice is given. The Employee's Base Salary during such three-month
         period and thereafter, prior to such termination, shall be reduced by
         the amount of any disability or similar benefits to which he is
         entitled, notwithstanding anything contained elsewhere in this
         Agreement to the contrary.

                  (c) Termination for Cause. The Employee's employment may be
         terminated effective immediately by RBMG for "cause" by notice of
         termination to the Employee. "Cause" for such termination shall be
         limited to the following:

                           (i) Breach by the Employee in any material respect of
                  any of the material covenants contained in this Agreement,
                  which breach continues for 30 days following receipt of
                  written notice given by RBMG's Board of Directors or its Chief
                  Executive Officer specifying the breach and requesting that
                  the Employee correct the same;

                           (ii) Chronic and disabling use of alcohol or
                  controlled substances that materially inhibits the performance
                  of the Employee's duties under this Agreement for a period of
                  not less than three consecutive months;

                           (iii) Employee's conviction of either a felony
                  involving moral turpitude or any crime in connection with his
                  employment by RBMG which causes RBMG a substantial detriment;

                           (iv) Gross or willful neglect of the Employee's
                  duties; or

                           (v) Such conduct as results or as is likely to result
                  in substantial damage to the reputation of RBMG or any of the
                  affiliates of RBMG.

                  (d) Compensation Upon Termination. Except as provided in
         Sections 5(a) and 5(b), all compensation to the Employee shall cease
         immediately on termination of the Employee's employment hereunder.

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         6. No Raid.

                  The Employee acknowledges that he has had and will have
extensive contacts with employees and customers of, and others having business
dealings with, RBMG. For the purposes of this Section and Sections 7, 8 and 9,
the term "RBMG" shall be deemed to include subsidiaries, parents and affiliates
of RBMG. Accordingly, the Employee covenants and agrees that during the term of
his employment and during the two-year period immediately thereafter he will not
(i) solicit any of the employees of RBMG who were employed by RBMG during the
time when the Employee was employed by RBMG to leave RBMG, (ii) interfere with
the relationship of RBMG with any such employees or (iii) personally target or
solicit to the detriment of RBMG any customers or others having business
dealings with RBMG in the business activities and endeavors in which the
Employee was involved. The Employee further covenants and agrees that during the
term of his employment and during the two-year period immediately thereafter he
will not make public statements in derogation of RBMG.

         7. Blue Pencil.

                  The Employee acknowledges that the period and geographic area
of restriction imposed by Section 6 is fair and reasonable and is reasonably
required for the protection of RBMG. If any part or parts of Section 6 shall be
held to be unenforceable or invalid, then the remaining parts thereof shall
nevertheless continue to be valid and enforceable as though the invalid portion
or portions were not a part hereof. If any of the provisions of Section 6
relating to the period or geographic area of restriction shall be deemed to
exceed the maximum period of time or area which a court of competent
jurisdiction would deem enforceable, then the time and area shall, for the
purposes of Section 6, be deemed to be the maximum time period and area which a
court of competent jurisdiction would deem valid and enforceable in any state in
which such court of competent jurisdiction shall be convened.

         8. Confidentiality.

                  The Employee acknowledges that he has had and will have access
to certain information related to the business, operations, future plans and
customers of RBMG, the disclosure or use of which could cause RBMG substantial
losses and damages. Accordingly, the Employee covenants that during the term of
his employment with RBMG and thereafter he will keep confidential all
information and documents furnished to him by or on behalf of RBMG and not use
the same to his advantage, except to the extent such information or documents
are or thereafter become lawfully obtainable from other sources or are in the
public domain through no fault on his part or as is consented to in writing by
RBMG. Upon termination of his employment, the Employee shall return to RBMG all
records, lists, files and documents which are in his possession and which relate
to RBMG.

         9. Right to Injunctive Relief.

                  The Employee agrees and acknowledges that a violation of the
covenants contained in Sections 6 and 8 of this Agreement will cause irreparable
damage to RBMG, and

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that it is and will be impossible to estimate or determine the damage that will
be suffered by RBMG in the event of a breach by the Employee of any such
covenant. Therefore, the Employee further agrees that in the event of any
violation or threatened violation of such covenants, RBMG shall be entitled as a
matter of course to an injunction issued by any court of competent jurisdiction
restraining such violation or threatened violation by the Employee, such right
to an injunction to be cumulative and in addition to whatever other remedies
RBMG may have.

         10. Representation by the Employee.

                  The Employee hereby represents and warrants to RBMG that the
execution of this Agreement and the performance of his duties and obligations
hereunder will not breach or be in conflict with any other agreement to which he
is a party or by which he is bound and that he is not now subject to any
covenant against competition or similar covenant that would affect the
performance of his duties hereunder.

         11. No Assignment.

                  This Agreement is personal and shall in no way be subject to
assignment, except by RBMG incident to the sale of all or substantially all of
its business (whether by asset sale, stock sale or merger). Any attempt by one
party to assign this Agreement in any other circumstances without the prior
written consent of the other party shall be null and void.

         12. Enforceability.

                  If any portion or provision of this Agreement shall to any
extent be declared illegal or unenforceable by a duly authorized court of
competent jurisdiction, then the remainder of this Agreement, or the application
of such portion or provision in circumstances other than those as to which it is
so declared illegal or unenforceable, shall not be affected thereby, and each
portion and provision of this Agreement shall be valid and enforceable to the
fullest extent permitted by law.

         13. Notices.

                  All notices and other communications required or permitted to
be given hereunder shall be given by delivering the same in hand or by mailing
the same by certified or registered mail, return receipt requested, postage
prepaid, as follows:

                  if to RBMG, to:

                           Resource Bancshares Mortgage Group, Inc.
                           7909 Parklane Road
                           Columbia, South Carolina  29202-7486
                           Attention: Chief Executive Officer

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         if to the Employee, to:

                           William M. Ross

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

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

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

                  (or to such other address as either party shall have furnished
to the other by like notice)

                  A notice shall be effective as of the date of such delivery or
mailing, as the case may be.

         14. Entire Agreement.

                  This Agreement constitutes the only agreement and
understanding (other than the Change of Control Agreement to be dated as of
November 8, 2000 between the Company and the Employee, employee benefit plans,
policies and practices applicable to RBMG's executive officers generally)
between RBMG, on the one hand, and the Employee, on the other hand, in relation
to the subject of the Employee's employment by RBMG; and there are no promises,
representations, conditions, provisions or terms related thereto other than
those set forth herein. This Agreement supersedes all previous understandings,
agreements and representations, written or oral, between RBMG and the Employee
regarding the Employee's employment by RBMG.

         15. Governing Law.

                  This contract shall be construed under and be governed in all
respects by the internal laws, and not the laws pertaining to choice or
conflicts of laws, of the State of South Carolina.

         16. Waiver; Amendment.

                  No waiver in any instance by either party of any provision of
this Agreement shall be deemed a waiver by such party of such provision in any
other instance or a waiver of any other provision hereunder in any instance.
This Agreement cannot be amended, supplemented or otherwise modified except in a
writing signed by RBMG and the Employee.

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         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day first above written.

                                    RESOURCE BANCSHARES MORTGAGE GROUP, INC.

                                    By:
                                       -----------------------------------
                                    Name: Douglas K. Freeman
                                    Title: Chief Executive Officer

                                                                          (L.S.)
                                    --------------------------------------
                                              William M. Ross

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                                                                 EXHIBIT 10.7(B)

                           CHANGE OF CONTROL AGREEMENT

         AGREEMENT by and between Resource Bancshares Mortgage Group, Inc., a
Delaware corporation ("RBMG"), and William M. Ross (the "Executive"), dated as
of the 8th day of November, 2000.

         The Board of Directors of RBMG (the "Board") has determined that it is
in the best interests of RBMG and its shareholders to assure that the Company
(as defined below) will have the continued dedication of the Executive,
notwithstanding the possibility, threat or occurrence of a Change of Control (as
defined below) of RBMG. The Board believes it is imperative to diminish the
inevitable distraction of the Executive by virtue of the personal uncertainties
and risks created by a pending or threatened Change of Control and to encourage
the Executive's full attention and dedication to the Company currently and in
the event of any threatened or pending Change of Control. Therefore, in order to
accomplish these objectives, the Board has caused RBMG to enter into this
Agreement.

         NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

         1. Certain Definitions. As used in this Agreement, the following terms
shall have the meanings set forth below:

         (a)  "AFR" shall have the meaning set forth in Section 6.

         (b) "Affiliated Company" shall mean any corporation, partnership or
other entity which controls, is controlled by or is under common control with
RBMG.

         (c) "Annual Base Salary" shall have the meaning set forth in Section
1(q)(i).

         (d) "Board" shall have the meaning set forth in the recitals to this
Agreement.

         (e) "Business Combination" shall have the meaning set forth in Section
1(g)(iii).

         (f) "Cause" shall mean:

                  (i) the willful and continued failure of the Executive to
perform substantially the Executive's duties with the Company (other than any
such failure resulting from incapacity due to physical or mental illness), after
a written demand for substantial performance is delivered to the Executive by
the Board or the Chief Executive Officer of RBMG which specifically identifies
the manner in which the Board or Chief Executive Officer believes that the
Executive has not substantially performed the Executive's duties; or

                  (ii) the willful engaging by the Executive in illegal conduct
or gross misconduct which is materially and demonstrably injurious to the
Company.

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         For purposes of this provision, no act, or failure to act, on the part
of the Executive shall be considered "willful" unless it is done, or omitted to
be done, by the Executive in bad faith or without reasonable belief that the
Executive's action or omission was in the best interests of the Company. Any
act, or failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board or upon the instructions of the Chief Executive Officer or
a senior officer of RBMG or based upon the advice of counsel for RBMG shall be
conclusively presumed to be done, or omitted to be done, by the Executive in
good faith and in the best interests of the Company. The cessation of employment
of the Executive shall not be deemed to be for Cause unless and until there
shall have been delivered to the Executive a copy of a resolution duly adopted
by the affirmative vote of not less than three-quarters of the entire membership
of the Board at a meeting of the Board called and held for such purpose (after
reasonable notice is provided to the Executive and the Executive is given an
opportunity, together with counsel, to be heard before the Board), finding that,
in the good faith opinion of the Board, the Executive is guilty of the conduct
described in Section 1(f)(i) or 1(f)(ii) above, and specifying the particulars
thereof in detail.

         (g) "Change of Control" shall mean:

                  (i) The acquisition by any individual, entity or group (within
the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
1934, as amended (the "Exchange Act")) (a "Person") of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or
more of either (A) the then outstanding shares of common stock of RBMG (the
"Outstanding RBMG Common Stock") or (B) the combined voting power of the then
outstanding voting securities of RBMG entitled to vote generally in the election
of directors (the "Outstanding RBMG Voting Securities"); provided, however, that
for purposes of this Section 1(g)(i), the following acquisitions shall not
constitute a Change of Control: (W) any acquisition directly from RBMG or any
corporation controlled by RBMG, (X) any acquisition by RBMG or any corporation
controlled by RBMG, (Y) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by RBMG or any corporation controlled by RBMG or
(Z) any acquisition by any corporation pursuant to a transaction which complies
with clauses (A), (B) and (C) of Section 1(g)(iii); or

                  (ii) That individuals who, as of the date hereof, constitute
the Board (the "Incumbent Board") cease for any reason to constitute at least a
majority of the Board; provided, however, that any individual becoming a
director subsequent to the date hereof whose election, or nomination for
election by RBMG's shareholders, was approved by a vote of at least a majority
of the directors then comprising the Incumbent Board shall be considered as
though such individual were a member of the Incumbent Board, but excluding, for
this purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or

                  (iii) Consummation of a reorganization, merger or
consolidation or sale or other disposition of all or substantially all of the
assets of RBMG or the acquisition of assets of another corporation (a "Business
Combination"), in each case, unless, following such Business

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Combination, (A) all or substantially all of the individuals and entities who
were the beneficial owners, respectively, of the Outstanding RBMG Common Stock
and Outstanding RBMG Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of,
respectively, the then outstanding shares of common stock and the combined
voting power of the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without limitation, a
corporation which as a result of such transaction owns RBMG or all or
substantially all of RBMG's assets either directly or through one or more
subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination, of the Outstanding RBMG Common
Stock and Outstanding RBMG Voting Securities, as the case may be, (B) no Person
(excluding any corporation resulting from such Business Combination or any
employee benefit plan (or related trust) of RBMG or such corporation resulting
from such Business Combination) beneficially owns, directly or indirectly, 20%
or more of, respectively, the then outstanding shares of common stock or the
combined voting power of the then outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without limitation, a
corporation which as a result of such transaction owns RBMG or all or
substantially all of RBMG's assets either directly or through one or more
subsidiaries) except to the extent that such ownership existed prior to the
Business Combination and (C) at least a majority of the members of the board of
directors of the corporation resulting from such Business Combination were
members of the Incumbent Board at the time of the execution of the initial
agreement, or of the action of the Board, providing for such Business
Combination; or

                  (iv) Approval by the shareholders of RBMG of a complete
liquidation or dissolution of RBMG.

         (h) "Change of Control Period" shall mean the period commencing on the
Effective Date and ending on the second anniversary of the Effective Date.

         (i) "Code" shall mean the Internal Revenue Code of 1986, as amended.

         (j) "Company" shall include RBMG and its Affiliated Companies.

         (k) "Date of Termination" means (i) if the Executive's employment is
terminated by RBMG for Cause, or by the Executive for Good Reason, the date of
receipt of the Notice of Termination or any later date specified therein, as the
case may be, (ii) if the Executive's employment is terminated by RBMG other than
for Cause or Disability, the Date of Termination shall be the date on which RBMG
notifies the Executive of such termination and (iii) if the Executive's
employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Executive or the Disability
Effective Date, as the case may be.

         (l) "Disability" shall mean the absence of the Executive from the
Executive's duties with the Company on a full-time basis for 120 consecutive
business days as a result of incapacity due to mental or physical illness which
is determined to be total and permanent by a physician

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selected by RBMG or its insurers and acceptable to the Executive or the
Executive's legal representatives.

         (m) "Disability Effective Date" shall have the meaning set forth in
Section 3.

         (n) "Effective Date" shall mean the first date on which a Change of
Control occurs. If a Change of Control occurs and the Executive's employment
with the Company is terminated prior to the date on which the Change of Control
occurs, and if it is reasonably demonstrated by the Executive that such
termination of employment arose in connection with or anticipation of a Change
of Control, then "Effective Date" shall mean the date immediately prior to the
date of such termination of employment.

         (o) "Exchange Act" shall have the meaning set forth in Section 1(g)(i).

         (p) "Executive" shall have the meaning set forth in the recitals to
this Agreement.

         (q) "Good Reason" shall mean:

                  (i) a reduction by the Company in the Executive's annual base
salary as in effect immediately prior to the Effective Date (the "Annual Base
Salary");

                  (ii) the Company requiring the Executive to be based at a
location more than 100 miles from the location at which he is based immediately
prior to the Effective Date (except for required travel which is substantially
consistent with travel obligations as of the date of this Agreement);

                  (iii) the failure by the Company to pay the Executive any
portion of the Executive's current compensation within seven days of the date
such compensation is due, other than an isolated, insubstantial and inadvertent
failure not occurring in bad faith and which is remedied by the Company promptly
after receipt of notice thereof given by the Executive;

                  (iv) the failure by the Company to continue any material
benefit plan in which the Executive participates immediately prior to the
Effective Date (unless the failure did not occur in bad faith and is remedied by
the Company, promptly after receipt of notice thereof given by the Executive, by
the Company providing an equitable arrangement with respect to such plan);

                  (v) any purported termination by the Company of the
Executive's employment otherwise than as expressly permitted by this Agreement;
or

                  (vi) any failure by RBMG to comply with and satisfy Section
8(c) of this Agreement.

         For purposes of this Section 1(q), any good faith determination of
"Good Reason" made by the Executive shall be conclusive.

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         (r) "Incumbent Board" shall have the meaning set forth in Section
1(g)(ii).

         (s) "Most Recent Annual Bonus" shall have the meaning set forth in
Section 4(a)(i)(A)(2)(x).

         (t) "Notice of Termination" means a written notice which (i) indicates
the specific termination provision in this Agreement relied upon, (ii) to the
extent applicable, sets forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive's employment under
the provision so indicated and (iii) if the Date of Termination is other than
the date of receipt of such notice, specifies the termination date (which date
shall be not more than 30 days after the giving of such notice). The failure by
the Executive or RBMG to set forth in the Notice of Termination any fact or
circumstance which contributes to a showing of Good Reason or Cause shall not
waive any right of the Executive or RBMG, respectively, hereunder or preclude
the Executive or RBMG, respectively, from asserting such fact or circumstance in
enforcing the Executive's or RBMG's rights hereunder.

         (u) "Outstanding RBMG Common Stock" shall have the meaning set forth in
Section 1(g)(i).

         (v) "Outstanding RBMG Voting Securities" shall have the meaning set
forth in Section 1(g)(i).

         (w) "Payment" shall have the meaning set forth in Section 4(c).

         (x) "Person" shall have the meaning set forth in Section 1(g)(i).

         (y) "RBMG" shall have the meaning set forth in the recitals to this
Agreement.

         2. Termination for Cause or Good Reason; Notice of Termination. RBMG
may terminate the Executive's employment with the Company during the Change of
Control Period for Cause and the Executive may terminate employment during the
Change of Control Period for Good Reason. Any termination by RBMG for Cause, or
by the Executive for Good Reason, shall be communicated by Notice of Termination
to the other party hereto in accordance with Section 9(b) of this Agreement.

         3. Termination by Reason of Death or Disability. The Executive's
employment shall terminate automatically upon the Executive's death. If RBMG
determines in good faith during the Change of Control Period that the Disability
of the Executive has occurred, it may give to the Executive written notice in
accordance with Section 9(b) of its intention to terminate the Executive's
employment. In such event, the Executive's employment with the Company shall
terminate effective on the 30th day after receipt of such notice by the
Executive (the "Disability Effective Date"), provided that, within the 30 days
after such receipt, the Executive shall not have returned to full-time
performance of the Executive's duties.

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         4. Obligations of RBMG upon Termination. (a) Good Reason; Without
Cause; Death or Disability. If, during the Change of Control Period, RBMG shall
terminate the Executive's employment without Cause, the Executive shall
terminate employment for Good Reason or the Executive's employment terminates
for death or Disability, and subject to the limitation set forth in Section
4(c):

                  (i) RBMG shall pay to the Executive in a lump sum in cash
within 30 days after the Date of Termination the aggregate of the following
amounts:

                  A. the sum of (1) the Executive's Annual Base Salary through
the Date of Termination to the extent not theretofore paid and (2) the product
of (x) the Executive's annual bonus paid or payable, including any bonus or
portion thereof which has been earned but deferred, (and annualized for any
fiscal year consisting of less than twelve full months or during which the
Executive was employed for less than twelve full months) for the most recently
completed fiscal year, if any (the "Most Recent Annual Bonus") and (y) a
fraction, the numerator of which is the number of days in the current fiscal
year through the Date of Termination, and the denominator of which is 365;
provided, that, such amount shall not be paid if duplicative of any amounts
payable under the Company's annual incentive plans, and (3) any compensation
previously deferred by the Executive (together with any accrued interest or
earnings thereon) and any unused annual vacation pay, in each case to the extent
not theretofore paid; and

                  B. an amount equal to the sum of (1) the Executive's Annual
Base Salary and (2) the lesser of (I) the Executive's Most Recent Annual Bonus
or (II) $100,000; and

                  (ii) RBMG shall provide medical, dental and vision insurance
coverage for the Executive and his current spouse and eligible dependents until
the first to occur of (A) the first anniversary of the Date of Termination or
(B) the death of the Executive and his spouse, that is comparable to the most
favorable medical, dental and vision insurance coverage provided by the Company
for the Executive (and such spouse and dependents) during the 120-day period
immediately prior to the Change of Control, with the Executive (or such spouse)
continuing to pay the employee portion of the premiums for such coverage (in the
same pro rata amount as during the 120-day period prior to the Change of
Control).

         (b) Cause; Without Good Reason. If the Executive's employment shall be
terminated for Cause during the Change of Control Period or if the Executive
voluntarily terminates employment during the Change of Control Period without
Good Reason, this Agreement shall terminate without further obligation to the
Executive other than the obligation to pay to the Executive (i) his Annual Base
Salary through the Date of Termination, and (ii) the amount of any compensation
previously deferred by the Executive.

         (c) Notwithstanding anything in this Agreement to the contrary, if it
shall be determined that any payment or distribution by the Company to or for
the benefit of the Executive (whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise) (a
"Payment") would constitute an "excess parachute payment" within the meaning of
Section 280G of the Code, then the Payments, in the aggregate, shall be reduced

                                       6
<PAGE>   7

(in a manner elected by the Executive, or by RBMG if the Executive fails to make
such an election) to the greatest amount that could be paid to the Executive
such that the receipt of Payments would not constitute an "excess parachute
payment."

         5. Non-exclusivity of Rights. Subject to the limitation set forth in
Section 4(c), nothing in this Agreement shall prevent or limit the Executive's
continuing or future participation in any pension, profit sharing, 401(k),
supplemental executive retirement or stock option plan provided by the Company
and for which the Executive may qualify, nor, subject to Section 9(f), shall
anything herein limit or otherwise affect such rights as the Executive may have
under any contract or agreement with the Company. Amounts which are vested
benefits or which the Executive is otherwise entitled to receive under any
pension, profit sharing, 401(k), supplemental executive retirement or stock
option plan or any contract or agreement with the Company at or subsequent to
the Date of Termination shall be payable in accordance with such plan or
contract or agreement except as explicitly modified by this Agreement.

         6. Full Settlement. RBMG's obligation to make the payments provided for
in this Agreement and otherwise to perform its obligations hereunder shall not
be affected by any set-off, counterclaim, recoupment, defense or other claim,
right or action which the Company may have against the Executive or others. In
no event shall the Executive be obligated to seek other employment or take any
other action by way of mitigation of the amounts payable to the Executive under
any of the provisions of this Agreement and such amounts shall not be reduced
whether or not the Executive obtains other employment. RBMG agrees to pay as
incurred, to the full extent permitted by law, all legal fees and expenses which
the Executive may reasonably incur as a result of any contest (regardless of the
outcome thereof) by RBMG, the Executive or others of the validity or
enforceability of, or liability under, any provision of this Agreement or any
guarantee of performance thereof (including as a result of any contest by the
Executive about the amount of any payment pursuant to this Agreement), plus in
each case interest on any delayed payment at the applicable Federal rate
provided for in Section 7872(f)(2)(A) of the Code ( the "AFR"). The Executive
shall repay (with interest at the AFR) any such advanced legal fees and expenses
in the event a court determines that the Executive's claim or action was in bad
faith.

         7. Confidential Information. (a) The Executive shall hold in a
fiduciary capacity for the benefit of the Company all secret or confidential
information, knowledge or data relating to the Company which shall have been
obtained by the Executive during the Executive's employment by the Company and
which shall not be or become public knowledge (other than by acts by the
Executive or representatives of the Executive in violation of this Agreement).
After termination of the Executive's employment with the Company, the Executive
shall not, without the prior written consent of RBMG or as may otherwise be
required by law or legal process, communicate or divulge any such information,
knowledge or data to anyone other than the Company and those designated by RBMG.
In no event shall an asserted violation of the provisions of this Section 7
constitute a basis for deferring or withholding any amounts otherwise payable to
the Executive under this Agreement.

         (b) The Executive agrees and acknowledges that a violation of the
covenants contained in this Section 7 will cause irreparable damage to the
Company, and that it is and will

                                       7
<PAGE>   8

be impossible to estimate or determine the damage that will be suffered by the
Company in the event of a breach by the Executive of any such covenant.
Therefore, the Executive further agrees that in the event of any violation or
threatened violation of such covenants, the Company shall be entitled as a
matter of course to an injunction issued by any court of competent jurisdiction
restraining such violation or threatened violation by the Executive, such right
to an injunction to be cumulative and in addition to whatever other remedies the
Company may have.

         8. Successors. (a) This Agreement is personal to the Executive and
without the prior written consent of RBMG shall not be assignable by the
Executive otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Executive's
legal representatives.

         (b) This Agreement shall inure to the benefit of and be binding upon
RBMG and its successors and assigns.

         (c) RBMG will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of RBMG to assume expressly and agree to perform this
Agreement in the same manner and to the same extent that RBMG would be required
to perform it if no such succession had taken place. As used in this Agreement,
"RBMG" shall mean RBMG as hereinbefore defined and any successor to its business
and/or assets as aforesaid which assumes and agrees to perform this Agreement by
operation of law, or otherwise.

         9. Miscellaneous. (a) This Agreement shall be governed by and construed
in accordance with the laws of the State of South Carolina, without reference to
principles of conflict of laws. The captions of this Agreement are not part of
the provisions hereof and shall have no force or effect. This Agreement may not
be amended or modified otherwise than by a written agreement executed by the
parties hereto or their respective successors and legal representatives.

         (b) All notices and other communications hereunder shall be in writing
and shall be given by hand delivery to the other party or by registered or
certified mail, return receipt requested, postage prepaid, addressed as follows:

         If to the Executive:

                  William M. Ross

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

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

         If to RBMG:

                  Resource Bancshares Mortgage Group, Inc.
                  7909 Parklane Road

                                       8
<PAGE>   9

                  Columbia, SC  29223
                  Attention:  Chief Executive Officer

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

         (c) The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement.

         (d) RBMG may withhold from any amounts payable under this Agreement
such Federal, state, local or foreign taxes as shall be required to be withheld
pursuant to any applicable law or regulation.

         (e) The Executive's or RBMG's failure to insist upon strict compliance
with any provision of this Agreement or the failure to assert any right the
Executive or RBMG may have hereunder, including, without limitation, the right
of the Executive to terminate employment for Good Reason pursuant to Section 2,
shall not be deemed to be a waiver of such provision or right or any other
provision or right of this Agreement.

         (f) The Executive and RBMG acknowledge that, except as may otherwise be
provided under any other written agreement between the Executive and the
Company, the employment of the Executive by the Company is "at will" and,
subject to Section 1(n), the Executive's employment may be terminated by either
the Executive or the Company at any time prior to the Effective Date, in which
case the Executive shall have no further rights under this Agreement. This
Agreement shall supersede any other agreement between the parties with respect
to the subject matter hereof.

         (g) This Agreement shall terminate and be of no further force or effect
if a Change of Control does not occur on or before October 31, 2002.

         IN WITNESS WHEREOF, the Executive has hereunto set the Executive's hand
and, pursuant to the authorization from its Board of Directors, RBMG has caused
these presents to be executed in its name on its behalf, all as of the day and
year first above written.

                                               ---------------------------------
                                                        William M. Ross

                                               RESOURCE BANCSHARES MORTGAGE
                                                 GROUP, INC.

                                       9
<PAGE>   10

                                               By_______________________________
                                                        Douglas K. Freeman
                                                        Chief Executive Officer

                                       10

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