Document:

EXECUTION COPY

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                   RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.,
                                    Company,

                           GMAC MORTGAGE CORPORATION,
                                    Servicer

                                       and

                        WELLS FARGO BANK MINNESOTA, N.A.,
                                     Trustee

                         POOLING AND SERVICING AGREEMENT

                          Dated as of October 27, 2000

                        GMACM Mortgage Loan Trust 2000-J5
                    Residential Asset Mortgage Products, Inc.
            GMACM Mortgage Pass-Through Certificates, Series 2000-J5

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<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            Page

<S>                                                                                        <C>
ARTICLE I        DEFINITIONS................................................................4

        Section 1.01. Definitions...........................................................4

        Section 1.02. Use of Words and Phrases.............................................40

ARTICLE II       CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES...........40

        Section 2.01. Conveyance of Mortgage Loans.........................................40

        Section 2.02. Acceptance by Trustee................................................47

        Section 2.03. Representations, Warranties and Covenants of the Servicer and
                      the Company..........................................................48

        Section 2.04. Representations and Warranties of the Seller.........................49

        Section 2.05. Execution and Authentication of Certificates.........................50

        Section 2.06. Negative Covenants of the Trust Fund.................................50

ARTICLE III      ADMINISTRATION AND SERVICING OF MORTGAGE LOANS............................51

        Section 3.01. Servicer to Act as Servicer..........................................51

        Section 3.02. Subservicing Agreements Between Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations................52

        Section 3.03. Successor Subservicers...............................................52

        Section 3.04. Liability of the Servicer............................................53

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders...................................................53

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee......53

        Section 3.07. Collection of Certain Mortgage Loan Payments; Deposits to
                      Custodial Account....................................................54

        Section 3.08. Subservicing Accounts; Servicing Accounts............................56

        Section 3.09. Access to Certain Documentation and Information Regarding the
                      Mortgage Loans.......................................................57

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................57

        Section 3.11. Maintenance of the Primary Insurance Policies; Collections
                      Thereunder...........................................................59

        Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity
                      Coverage.............................................................60

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and Modification
                      Agreements; Certain Assignments......................................61

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................63

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................66

<PAGE>

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............67

        Section 3.17. Periodic Filings with the Securities and Exchange Commission;
                      Additional Information...............................................68

        Section 3.18. Annual Statement as to Compliance....................................68

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............69

        Section 3.20. Rights of the Company in Respect of the Servicer.....................69

        Section 3.21. Administration of Buydown Funds......................................69

ARTICLE IV       PAYMENTS TO CERTIFICATEHOLDERS............................................70

        Section 4.01. Payment Account......................................................70

        Section 4.02. Distributions........................................................70

        Section 4.03. Statements to Certificateholders.....................................75

        Section 4.04. Distribution of Reports to the Trustee and the Company;
                      Advances by the Servicer.............................................76

        Section 4.05. Allocation of Realized Losses........................................77

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........78

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................78

ARTICLE V        THE CERTIFICATES..........................................................79

        Section 5.01. The Certificates.....................................................79

        Section 5.02. Registration of Transfer and Exchange of Certificates................80

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................85

        Section 5.04. Persons Deemed Owners................................................85

        Section 5.05. Appointment of Paying Agent..........................................86

        Section 5.06. Optional Purchase of Certificates....................................86

ARTICLE VI       THE COMPANY AND THE SERVICER..............................................87

        Section 6.01. Respective Liabilities of the Company and the Servicer...............87

        Section 6.02. Merger or Consolidation of the Company or the Servicer;
                      Assignment of Rights and Delegation of Duties by Servicer............88

        Section 6.03. Limitation on Liability of the Company, the Servicer and Others......88

        Section 6.04. Company and Servicer Not to Resign...................................89

ARTICLE VII      DEFAULT...................................................................89

        Section 7.01. Events of Default....................................................89

        Section 7.02. Trustee to Act; Appointment of Successor.............................91

        Section 7.03. Notification to Certificateholders...................................93

<PAGE>

        Section 7.04. Waiver of Events of Default..........................................93

ARTICLE VIII     CONCERNING THE TRUSTEE....................................................93

        Section 8.01. Duties of Trustee....................................................93

        Section 8.02. Certain Matters Affecting the Trustee................................95

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................96

        Section 8.04. Trustee May Own Certificates.........................................96

        Section 8.05. Servicer to Pay Trustee's Fees and Expenses; Indemnification.........96

        Section 8.06. Eligibility Requirements for Trustee.................................97

        Section 8.07. Resignation and Removal of the Trustee...............................97

        Section 8.08. Successor Trustee....................................................98

        Section 8.09. Merger or Consolidation of Trustee...................................99

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................99

        Section 8.11. Appointment of Custodians...........................................100

        Section 8.12. Appointment of Office or Agency.....................................100

ARTICLE IX       TERMINATION..............................................................101

        Section 9.01. Termination Upon Purchase by the Servicer or the Company or
                      Liquidation of All Mortgage Loans...................................101

        Section 9.02. Additional Termination Requirements.................................103

ARTICLE X        REMIC PROVISIONS.........................................................103

        Section 10.01.REMIC Administration................................................103

        Section 10.02.Servicer, REMIC Administrator and Trustee Indemnification...........107

        Section 10.03.Designation of REMIC(s).............................................107

        Section 10.04.Distributions on Uncertificated REMIC I Regular Interests and
                      REMIC II Regular Interests..........................................108

        Section 10.05.Compliance with Withholding Requirements............................108

ARTICLE XI       MISCELLANEOUS PROVISIONS.................................................109

        Section 11.01.Amendment...........................................................109

        Section 11.02.Recordation of Agreement; Counterparts..............................110

        Section 11.03.Limitation on Rights of Certificateholders..........................111

        Section 11.04.Governing Law.......................................................111

        Section 11.05.Notices.............................................................111

        Section 11.06.Required Notices to Rating Agency and Subservicer...................112

<PAGE>

        Section 11.07.Severability of Provisions..........................................113

        Section 11.08.Supplemental Provisions for Resecuritization........................113
        Section 11.09.Allocation of Voting Rights.........................................114

        Section 11.10.Non Petition........................................................114

</TABLE>

<PAGE>

                                    EXHIBITS

Exhibit A-1:...Form of Class A Certificate

Exhibit A-2:...Form of Class IO Certificate

Exhibit A-3:...Form of Class PO Certificate

Exhibit B:.....Form of Class M Certificate

Exhibit C:.....Form of Class SB Certificate

Exhibit D:.....Form of Class R Certificate

Exhibit E:.....Mortgage Loan Schedule

Exhibit F:.....Form of Request for Release

Exhibit G-1:...Form of Transfer Affidavit and Agreement

Exhibit G-2:...Form of Transferor Certificate

Exhibit H-1:...Form of Investor Representation Letter

Exhibit H-2:...Form of ERISA Representation Letter

Exhibit H-3:...Form of ERISA Legend

Exhibit I:.....Form of Transferor Representation Letter

Exhibit J:.....Form of Rule 144A Investment Representation Letter

Exhibit K:.....Form of Lender Certification for Assignment of Mortgage Loan

Exhibit L:.....[reserved]

Exhibit M:.....Information to be Included in Monthly Distribution Date Statement

Exhibit N:.....Form of Initial Certification

Exhibit O:.....Form of Final Certification

<PAGE>

        This is the Pooling  and  Servicing  Agreement,  dated as of October 27,
2000 (the "Pooling and Servicing  Agreement" or "Agreement"),  among RESIDENTIAL
ASSET  MORTGAGE  PRODUCTS,  INC.,  as the company  (together  with its permitted
successors and assigns, the "Company"),  GMAC MORTGAGE CORPORATION,  as servicer
(together with its permitted successors and assigns, the "Servicer"),  and WELLS
FARGO BANK MINNESOTA, N.A., a national banking 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 eight classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the  Mortgage  Loans  (as  defined  herein).   As  provided  herein,  the  REMIC
Administrator  will make an  election  to treat the  entire  segregated  pool of
assets relating to the Mortgage Loans, as described in the definition of REMIC I
below,  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 I." The Class R-I Certificates will represent the sole class of "residual
interests" in REMIC I for purposes of the REMIC  Provisions (as defined  herein)
under federal  income tax law. The following  table  irrevocably  sets forth the
designation,  the REMIC I Remittance Rate, the initial  Uncertificated  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 I
Regular Interests. None of the REMIC I Regular Interests will be certificated.

                             REMIC I          Initial             Latest
          Designation      Remittance      Uncertificated        Possible
              Date            Rate            Balance           Maturity(1)
         I-LT1             Variable(2)     $124,887,004.41  November 25,2030
         I-LT2             Variable(2)           $5,691.54  November 25,2030
         I-LT3                 0%                $6,799.09  November 25,2030
         I-LT4             Variable(2)           $6,799.09  November 25,2030
         I-LT5             Variable(2)           $4,932.13  November 25,2030
         I-LT6             Variable(2)           $7,559.75  November 25,2030
         I-LTIO-1          Variable(2)               $0.00  November 25,2030
         I-LTIO-2          Variable(2)               $0.00  November 25,2030
        .......
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(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 "REMIC I Remittance  Rate"
     herein.

<PAGE>

        As  provided  herein,  the REMIC  Administrator  will elect to treat the
segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC
for federal  income tax  purposes,  and such  segregated  pool of assets will be
designated  as REMIC II. The Class R-II  Certificates  will  represent  the sole
class of "residual  interests" in REMIC II for purposes of the REMIC  Provisions
under federal  income tax law. The following  table  irrevocably  sets forth the
designation,  remittance  rate (the  "REMIC II  Remittance  Rate")  and  initial
Uncertificated  Balance  for each of the  "regular  interests"  in REMIC II (the
"REMIC II Regular  Interests").  The "latest possible maturity date" (determined
solely   for    purposes   of    satisfying    Treasury    regulation    Section
1.860G-1(a)(4)(iii))  for each  REMIC II  Regular  Interest  shall be the  first
Distribution  Date that follows the stated  maturity  date for the Mortgage Loan
included  in the Trust Fund as of the Closing  Date with the  longest  remaining
term to stated maturity.

<TABLE>
<CAPTION>

                             Aggregate
                             Initial
                           Certificate                                  Moody's/
               Pass-Throu   Principal                      Maturity    Standard &       Minimum
 Designation     Rate        Balance      Features(1)        Date        Poor's     Denominations(2)

<S>     <C>                 <C>                                                        <C>
Class A-1      Variable     $42,873,121  Senior/Variable   November      Aaa/AAA       $25,000.00
                Rate(3)                       Rate         25, 2030
Class A-2      Variable     $66,464,724  Senior/Variable   November      Aaa/AAA       $25,000.00
                Rate(4)                       Rate         25, 2030
Class PO       Variable     $10,583,903  Senior/Variable   November      Aaa/AAA       $25,000.00
                Rate(5)             (6)       Rate         25, 2030
Class IO       Variable        $0.00(8)  Senior/Interest   November      Aaa/AAA          (9)
                Rate(7)                  Only/Variable     25, 2030
                                      Rate
Class R-I       7.4253%          $75.00  Senior/Residual/FiNovember      Aaa/AAA          (10)
                                              Rate         25, 2030
Class R-II      7.4253%          $75.00  Senior/Residual/FiNovember      Aaa/AAA          (10)
                                              Rate         25, 2030
Class M-1      Variable      $1,873,900    Mezzanine       November      Aa2/AA        $25,000.00
               Rate(11)                                    25, 2030
Class M-2      Variable      $1,561,500    Mezzanine       November       A2/A        $250,000.00
               Rate(11)                                    25, 2030
Class M-3      Variable      $1,467,700    Mezzanine       November     Baa2/BBB      $250,000.00
               Rate(11)                                    25, 2030
Class SB       Variable      $93,788.14   Subordinate      November        N/A             9
               Rate (12)                                   25, 2030

</TABLE>

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(1)     The Class A Certificates, Class PO Certificates and Class M Certificates
        shall be  Book-Entry  Certificates.  The Class IO,  Class SB and Class R
        Certificates shall be delivered to the Holders thereof in physical form.

(2)     The  Certificates,  other  than  the  Class  IO  Certificates,  Class SB
        Certificates  and Class R  Certificates,  shall be  issuable  in minimum
        dollar  denominations  as  indicated  above  (by  Certificate  Principal
        Balance or  Notional  Amount)  and  integral  multiples  of $1 in excess
        thereof.

(3)     With respect to the Class A-1  Certificates  and any  Distribution  Date
        occurring  in or prior to  January  2001,  a per annum rate equal to the
        weighted average of the Net Mortgage Rates of the Group I Loans, and for
        each Distribution Date thereafter, will be a per annum rate equal to the
        weighted  average of the Net  Mortgage  Rates of the Group I Loans minus
        0.625%.

(4)     With respect to the Class A-2  Certificates  and any  Distribution  Date
        occurring  in or prior  to July  2005,  a per  annum  rate  equal to the
        weighted  average of the Net Mortgage  Rates of the Group II Loans,  and
        for each Distribution Date thereafter, will be a per annum rate equal to

<PAGE>

        the least of (1) the  One-Year  U.S.  Treasury  Rate in effect as of the
        first day of the related Due Period plus 1.75%, (2) the weighted average
        of the Net Mortgage  Rates of the Group II Loans minus  0.625%,  and (3)
        12.00%.  For  purposes  of REMIC II, for  Distribution  Dates after July
        2005, the Class A-2  Certificate  shall accrue interest at the lesser of
        the  rates  stated in (1) and (3)  above.  To the  extent  that the rate
        described in (1) above  exceeds the rate  described  in (2) above,  such
        excess  may be carried  over and paid in a later  period  together  with
        interest  thereon  if money is not  available  to pay it in the  current
        period.

(5)     With respect to the Class PO Certificates and any  Distribution  Date, a
        per annum rate equal to the weighted average of the  Pass-Through  Rates
        on the Component PO-1 and Component PO-2,  weighted by their  respective
        component principal balances.  On each Distribution Date occurring on or
        prior to January 2001,  the  Component  PO-1  pass-through  rate will be
        0.00%, and for each  Distribution  Date thereafter,  will be a per annum
        rate  equal to the  weighted  average of the Net  Mortgage  Rates of the
        Group I Loans minus 0.625%.  The Pass-Through Rate on the Component PO-2
        on each  Distribution Date occurring in or prior to July 2005, will be a
        per  annum  rate  equal  to  0.00%,  and  for  each   Distribution  Date
        thereafter,  will be a per annum rate equal to the  weighted  average of
        the Net Mortgage Rates of the Group II Loans minus 0.625%.

(6)     The Certificate  Principal  Balance of the Class PO Certificates will be
        equal to the sum of (i) the Component Principal Balance of the Component
        PO-1 and (ii) the Component Principal Balance of the Component PO-2. The
        initial  Component  Principal  Balance of the Component PO-1 is equal to
        $4,475,278.  The initial  Component  Principal  Balance of the Component
        PO-2 is equal to $6,108,625.

(7)     The Class IO Certificates  will accrue interest on Notional Amount 1 and
        on Notional  Amount 2. Notional  Amount 1 will be an amount equal to the
        aggregate  Stated  Principal  Balance of the Group I Loans and  Notional
        Amount 2 will be an  amount  equal  to the  aggregate  Stated  Principal
        Balance of the Group II Loans. The Pass-Through  Rate on Notional Amount
        1 will be a per annum  rate  equal to 0.06%.  The  Pass-Through  Rate on
        Notional  Amount 2 will be a per annum rate equal to the sum of 0.01% on
        the aggregate Stated Principal Balance of Group II Loans that have their
        initial  adjustment five, seven or ten years after origination and 0.06%
        on the  aggregate  Stated  Principal  Balance of the Group II Loans that
        have their initial adjustment three years after origination.

(8)     The  Notional  Amount will be an amount  equal to the  aggregate  Stated
        Principal Balance of the Mortgage Loans.

(9)     The  Class  IO  Certificates  and the  Class  SB  Certificates  shall be
        issuable  in  minimum  denominations  of not less than a 20%  Percentage
        Interest.

(10)    The Class R Certificates  shall be issuable in minimum  denominations of
        not less than a 20% Percentage  Interest;  provided,  however,  that one
        Class  R-I and one  Class  R-II  Certificate  will be  issuable  to GMAC
        Mortgage  Corporation  as  "tax  matters  person"  pursuant  to  Section
        10.01(c)  and (e) in a minimum  denomination  representing  a Percentage
        Interest of not less than 0.04%.

(11)    The  pass-through  rate on each  class of Class M  Certificates  on each
        distribution date will be a per annum rate equal to the weighted average
        of (1) the  weighted  average of the Net  Mortgage  Rates of the Group I
        Loans minus  0.625%;  and (2) the  weighted  average of the Net Mortgage
        Rates of the Group II Loans  minus  0.625%,  weighted  by the  aggregate
        Stated  Principal  Balance of the Group I Loans and the aggregate Stated
        Principal Balance of the Group II Loans, respectively.

(12)    For purposes of the REMIC Provisions, the Class SB Certificates shall be
        comprised  of two regular  interests:  The Class SB-PO  Interest  with a
        principal  balance of $98,788  and  bearing no  interest;  and the Class
        SB-IO Interest which has no initial principal balance and bears interest
        as described in the  definition  of  "Pass-Through  Rate." To the extent
        that interest accrued on the Class SB-IO Interest is not paid currently,
        the Class SB-IO Interest in a later period may have a principal  balance
        equal  to the  excess,  if any,  of the  Certificate  Principal  Balance
        ascribed to the Class SB  Certificates  in the definition of Certificate
        Principal  Balance over the then current  principal balance of the Class
        SB-PO  Interest.  Amounts applied as payments of principal in respect of
        the Class SB Certificates  shall be deemed to first reduce the principal
        balance  ascribed  to the Class  SB-IO  Interest  until  such  principal
        balance shall have been reduced to zero and then to reduce the principal
        balance of the Class SB-PO Interest.

<PAGE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of  $124,918,786.14.  The Mortgage  Loans are comprised of two Loan Groups.
The Group I Loans consist of adjustable  rate Mortgage  Loans that adjust either
semi-annually  or annually  and do not have an initial  fixed rate  period.  The
Group II Loans consist of adjustable rate loans that adjust annually,  but after
an initial fixed period ranging from three to ten years after origination.

        In consideration of the mutual agreements herein contained, the Company,
the 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.

        Accrued  Certificate  Interest:  With respect to each Distribution Date,
(a) as to any Class of Certificates  (other than any Interest Only  Certificates
and the Class SB  Certificates),  interest  accrued during the related  Interest
Accrual Period at the related  Pass-Through  Rate on the  Certificate  Principal
Balance thereof  immediately prior to such Distribution Date and (b) in the case
of 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.  With respect to each  Distribution  Date and the Class SB Certificates,
interest  accrued during the related Interest Accrual Period at the Pass-Through
Rate for such  Certificate for such  Distribution  Date on the related  notional
amount as specified in the definition of Pass-Through Rate. In each case Accrued
Certificate  Interest on any Class of Certificates will be reduced by the amount
of:

        (i)    Prepayment  Interest  Shortfalls  on all  Mortgage  Loans (to the
               extent not offset by the 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 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 SB  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Relief Act,

<PAGE>

with all such reductions  allocated among all of the  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 the Class
SB  Certificates  or any  Class of  Class M  Certificates,  Accrued  Certificate
Interest on such Class of 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 Certificates pursuant to Section 4.05.

        Further,  with respect to the Senior Certificates in each Loan Group, on
any Distribution Date on which the aggregate  Certificate  Principal Balance and
Component  Principal Balance of such Senior  Certificates  exceeds the aggregate
Stated  Principal  Balance of the Mortgage Loans in such Loan Group, the Accrued
Certificate  Interest  for  such  Senior  Certificates  will be  limited  to the
Available Interest for such Loan Group, to be distributed pro rata in accordance
with the Accrued Certificate Interest payable on such Senior Certificates.

     Advance:  As to any  Mortgage  Loan,  any  advance  made  by the  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.

        Amount Held for Future  Distribution:  As to any Distribution  Date, 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,
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  Servicer  has  deemed  to have been  received  in the
preceding month in accordance with Section 3.07(b)),  and Principal  Prepayments
in Full received or 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, provided that if permitted by the applicable underwriting standards
of the Seller,  the Appraised Value shall be the value of the Mortgaged Property
as stated by the Mortgagor.

        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.

<PAGE>

        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 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 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, 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 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  Payment  Account
Deposit Date,  (iii) any amount  deposited in the Payment Account on the related
Payment  Account  Deposit  Date  pursuant  to the  second  paragraph  of Section
3.12(a),  (iv) any amount  deposited in the Payment Account  pursuant to Section
4.07, (v) the proceeds of any Pledged  Assets  received by the Servicer and (vi)
any amount that the  Servicer is not  permitted to withdraw  from the  Custodial
Account pursuant to Section  3.16(e),  reduced by (b) the sum as of the close of
business  on the  immediately  preceding  Determination  Date  of (w)  aggregate
Foreclosure Profits, (x) the Amount Held for Future Distribution and (y) amounts
permitted to be withdrawn by the Servicer from the Custodial  Account in respect
of the  Mortgage  Loans  pursuant  to clauses  (ii)-(x),  inclusive,  of Section
3.10(a).

        Available  Interest:  The portion of the Available  Distribution  Amount
with respect to each Distribution Date that is allocable to payments of interest
on the Mortgage Loans.

     Available Principal:  The portion of the Available Distribution Amount with
respect to each Distribution Date other than Available Interest.

        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)
$100,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05. 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  having a Loan-to-Value  Ratio at
               origination which exceeds 75% and (ii) $100,000; and

<PAGE>

                      (B) (i) if the aggregate Stated  Principal  Balance of the
               Mortgage Loans not used as a primary residence as of the Relevant
               Anniversary is less than 10% of the Stated  Principal  Balance of
               the Mortgage Loans as of the Relevant Anniversary, $0.00, or (ii)
               if the aggregate Stated  Principal  Balance of the Mortgage Loans
               not used as a primary residence as of the Relevant Anniversary is
               equal to or greater than 10% of the Stated  Principal  Balance of
               the Mortgage Loans as of the Relevant Anniversary, the sum of (I)
               the aggregate principal balance of the aggregate Stated Principal
               Balance  of the  Mortgage  Loans not used as a primary  residence
               with a  Loan-to-Value  Ratio of greater than 80.00% but less than
               or equal to  90.00%,  times  0.25%,  (II)  the  aggregate  Stated
               Principal  Balance  of the  Mortgage  Loans not used as a primary
               residence with a  Loan-to-Value  Ratio of greater than 90.00% but
               less  than or  equal  to  95.00%,  times  0.50%,  and  (III)  the
               aggregate Stated Principal Balance of the Mortgage Loans not used
               as a primary residence with a Loan-to-Value Ratio of greater than
               95.00% times 0.75%, in each case as of the Relevant Anniversary.

        The Bankruptcy Amount may be further reduced by the Servicer  (including
accelerating  the manner in which such coverage is reduced)  provided that prior
to any such reduction,  the 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  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.

        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  Servicer has notified the Trustee in writing that the
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 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.

        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
Pennsylvania,  the State of Minnesota  or the State of Maryland  (and such other
state or states in which the Custodial Account or the Payment 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 Payment Account.

<PAGE>

        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
Servicer that it has received all Insurance Proceeds,  Liquidation  Proceeds and
other  payments or cash  recoveries  which the Servicer  reasonably  and in good
faith expects to be finally recoverable with respect to such Mortgage Loan.

     Certificate:  Any Class A, Class PO, Class IO, Class M, Class SB or Class R
Certificate.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in the  Certificate  Register,  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 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 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 the Interest Only  Certificates or Class PO  Certificates),  on any date of
determination, an amount equal to:

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

        (iii)  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 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.

<PAGE>

        With respect to the Class PO Certificates on any date of  determination,
the Certificate  Principal Balance will be an amount equal to the sum of (1) the
Component  Principal  Balance  of the  Component  PO-1  and  (2)  the  Component
Principal Balance of the Component PO-2.

     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.

        Class A Certificate:  Any one of the Class A-1 Certificates or Class A-2
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar substantially in the form annexed hereto as Exhibit A-1.

        Class A-2 Interest  Shortfall  Amount:  For any Distribution  Date after
July 2005, the excess,  if any, of one month's interest on the principal balance
of the Class A-2 Certificate after giving effect to principal distributions made
and Realized Losses  allocated on the prior  Distribution  Date at the lesser of
(a) 12% per annum and (b) a per annum rate equal to the One Year  Treasury  Rate
in effect on the first day of the related Due Period plus 1.75% over one month's
interest on such principal  balance at the weighted  average of the Net Mortgage
Rates of the Group II Loans less 0.625% per annum.

        Class I-LT Principal  Reduction Amounts:  For any Distribution Date, the
amounts by which the principal  balances of the REMIC I Regular Interests I-LT1,
I-LT2,  I-LT3,  I-LT4,  I LT5 and I-LT6,  respectively,  will be reduced on such
Distribution  Date by the allocation of Realized Losses and the  distribution of
principal, determined as follows:

        The Class I-LT5 Principal  Reduction  Amount shall be that amount which,
when applied as a reduction of the Uncertificated Balance of the REMIC I Regular
Interest   I-LT5,   will  cause  such   Uncertificated   Balance  to  equal  one
ten-thousandth (0.0001) of the aggregate Stated Principal Balance of the Group I
Loans  after  giving  effect to  Realized  Losses in respect of such Loans to be
allocated  on, and principal  distributions  in respect of such Loans to be made
on, such Distribution Date.

        The Class I-LT6 Principal  Reduction  Amount shall be that amount which,
when applied as a reduction of the Uncertificated Balance of the REMIC I Regular
Interest   I-LT6,   will  cause  such   Uncertificated   Balance  to  equal  one
ten-thousandth  (0.0001) of the aggregate Stated Principal  Balance of the Group
II Loans after giving  effect to Realized  Losses in respect of such Loans to be
allocated  on, and principal  distributions  in respect of such Loans to be made
on, such Distribution Date.

        For purposes of the succeeding formulas the following symbols shall have
the meanings set forth below:

        Y1     = the  Uncertificated  Balance  of the REMIC I  Regular  Interest
               I-LT1 after distributions on the prior Distribution Date.

        Y2     = the  Uncertificated  Balance  of the REMIC I  Regular  Interest
               I-LT2 after distributions on the prior Distribution Date.

<PAGE>

        Y3     = the  Uncertificated  Balance  of the REMIC I  Regular  Interest
               I-LT3 after distributions on the prior Distribution Date.

        Y4     = the  Uncertificated  Balance  of the REMIC I  Regular  Interest
               I-LT4 after  distributions on the prior  Distribution Date (note:
               Y3 = Y4).

        DELTAY1 = the Class I-LT1 Principal Reduction Amount.

        DELTAY2 = the Class I-LT2 Principal Reduction Amount.

        DELTAY3 = the Class I-LT3 Principal Reduction Amount.

        DELTAY4 = the Class I-LT4 Principal Reduction Amount.

        P0     = the  aggregate  Uncertificated  Balance  of the REMIC I Regular
               Interests I-LT1,  I-LT2, I-LT3, and I-LT4 after distributions and
               the allocation of Realized Losses on the prior Distribution Date.

        P1     = the  aggregate  Uncertificated  Balance  of the REMIC I Regular
               Interests I-LT1,  I-LT2, I-LT3 and I-LT4 after  distributions and
               the allocation of Realized Losses to be made on such Distribution
               Date.

        DELTAP= P0 - P1 = the aggregate of the Class I-LT1,  Class I-LT2, Class
               I-LT3 and Class I-LT4 Principal Reduction Amounts.

              =the aggregate of the principal  portions of Realized Losses to be
               allocated to, and the principal  distributions to be made on, the
               Class  A  Certificates,  the  Class  PO  Certificates,   Class  M
               Certificates  and  Class SB  Certificates  due to  losses  on the
               Mortgage Loans on such Distribution Date (including distributions
               of accrued and unpaid interest on the Class SB  Certificates  due
               to such losses for prior Distribution Dates) reduced by the Class
               I-LT5  Principal  Reduction  Amount and the Class I-LT6 Principal
               Reduction Amount.

        R0     = the  weighted  average  of the Net  Mortgage  Rates  (stated as
               monthly  rates) for the  Mortgage  Loans after  giving  effect to
               amounts  distributed and Realized  Losses  allocated on the prior
               Distribution Date.

        R1     = the  weighted  average  of the Net  Mortgage  Rates  (stated as
               monthly  rates) for the  Mortgage  Loans after  giving  effect to
               amounts to be distributed  and Realized Losses to be allocated on
               such Distribution Date.

     IS   PROPORTIONAL TO =(Y2 + Y3)/P0. The initial value of IS PROPORTIONAL TO
          for  Mortgage  Loans  on  the  Closing  Date  for  use  on  the  first
          Distribution Date shall be 0.0001.

         GAMMA0= the  lesser  of (A) the sum of (i) the sum for the  Class  A-1,
               Class  A-2,  Class  PO,  Class  M-1,  Class  M-2  and  Class  M-3
               Certificates of the product of (a) the Pass-Through  Rate (stated
               as a monthly rate) for such Class in effect for  distributions to
               be  made  on  such   Distribution  Date  and  (b)  the  aggregate
               Certificate  Principal Balance or Component Principal Balance, as
               applicable, for such Class after distributions and the allocation

<PAGE>

               of Realized Losses on the prior  Distribution  Date, and (ii) the
               lesser of (c) the sum of (1) the Interest  Carry  Forward  Amount
               for the prior Distribution Date together with interest thereon at
               the  Pass-Through   Rate  for  the  Class  A-2  Certificates  for
               distributions  to be made on such  Distribution  Date (determined
               without  regard to the  limitation  of such rate by the  weighted
               average  of the Net  Mortgage  Rates of the  Group II Loans  less
               0.625% per annum) and (2) the Class A-2 Interest Shortfall Amount
               for such  Distribution  Date and (d) the Excess Interest for such
               Distribution Date, such sum of (i) and (ii) reduced by the sum of
               (iii) one  month's  interest at the  weighted  average of the Net
               Mortgage Rates for the Group I Loans applicable for distributions
               to be  made  on  such  Distribution  Date  on the  Uncertificated
               Balance of the REMIC I Regular Interest I-LT5 after distributions
               and the allocation of Realized  Losses on the prior  Distribution
               Date and (iv) one month's interest at the weighted average of the
               Net  Mortgage  Rates  for  the  Group  II  Loans  applicable  for
               distributions  to be  made  on  such  Distribution  Date  on  the
               Uncertificated  Balance  of the  REMIC I Regular  Interest  I-LT6
               after  distributions and the allocation of Realized Losses on the
               prior Distribution Date, and (B) Ro*Po.

    GAMMA1   = the  lesser  of (A) the sum of (i) the sum for the  Class  A-1,
               Class  A-2,  Class  PO,  Class  M-1,  Class  M-2  and  Class  M-3
               Certificates of the product of (a) the Pass-Through  Rate (stated
               as a monthly rate) for such Class in effect for  distributions to
               be made on the  next  succeeding  Distribution  Date  and (b) the
               aggregate  Certificate  Principal Balance or Component  Principal
               Balance,  as applicable,  for such Class after  distributions and
               the allocation of Realized Losses to be made on such Distribution
               Date,  and (ii)  the  lesser  of (c) the sum of (1) the  Interest
               Carry  Forward  Amount for such  Distribution  Date together with
               interest  thereon  at the  Pass-Through  Rate for the  Class  A-2
               Certificates for  distributions to be made on the next succeeding
               Distribution Date (determined without regard to the limitation of
               such rate by the weighted  average of the Net  Mortgage  Rates of
               the Group II Loans  less  0.625% per annum) and (2) the Class A-2
               Interest  Shortfall  Amount for the next succeeding  Distribution
               Date  and  (d)  the  Excess  Interest  for  the  next  succeeding
               Distribution Date, such sum of (i) and (ii) reduced by the sum of
               (iii) one  month's  interest at the  weighted  average of the Net
               Mortgage Rates for the Group I Loans applicable for distributions
               to be  made  on the  next  succeeding  Distribution  Date  on the
               Uncertificated  Balance  of the  REMIC I Regular  Interest  I-LT5
               after distributions and the allocation of Realized Losses on such
               Distribution  Date and (iv) one month's  interest at the weighted
               average  of the  Net  Mortgage  Rates  for  the  Group  II  Loans
               applicable for  distributions  to be made on the next  succeeding
               Distribution  Date on the  Uncertificated  Balance of the REMIC I
               Regular Interest I-LT6 after  distributions and the allocation of
               Realized Losses on such Distribution Date, and (B) R1*P1.

        Then, based on the foregoing definitions:

        DELTAY1 =    DELTAP - DELTAY2 - DELTAY3 - DELTAY4;

        DELTAY2 =    ( IS PROPORTIONAL TO /2){(GAMMA 0R1 - GAMMA1R0)/R0R1};

        DELTAY3 =     IS PROPORTIONAL TO DELTAP - DELTAY2; and

<PAGE>

        DELTAY4 =    DELTAY3.

if both DELTAY2 and  DELTAY3,  as so  determined,  are  non-negative  numbers.
Otherwise:

        (1)    If DELTAY2, as so determined, is negative, then

        DELTAY2 = 0;

     DELTAY3  =  {2  IS  PROPORTIONAL  TO  DELTAPY2R1R0  -  IS  PROPORTIONAL  TO
          2P0(GAMMA0R1  -   GAMMA1R0)}/{2   IS   PROPORTIONAL  TO  Y2R1R0  -  IS
          PROPORTIONAL TO (GAMMA0R1 - GAMMA1R0)};

        DELTAY4 = DELTAY3; and

        DELTAY1 = DELTAP - DELTAY2 - DELTAY3 - DELTAY4.

        (2)    If DELTAY3, as so determined, is negative, then

        DELTAY3 = 0;

          DELTAY2  = { IS  PROPORTIONAL  TO  2P0(GAMMA0R1  -  GAMMA1R0)}  - 2 IS
               PROPORTIONAL TO  DELTAPY2R1R0}/(2 IS PROPORTIONAL TO Y2R1R0- 2 IS
               PROPORTIONAL  TO  DELTAPR1R0  + IS  PROPORTIONAL  TO  (GAMMA0R1 -
               GAMMA1R0)};

        DELTAY4 = DELTAY3; and

        DELTAY1 = DELTAP - DELTAY2 - DELTAY3 - DELTAY4.

        Class I-LT1 Principal  Distribution  Amount:  For any Distribution Date,
the  excess,  if any,  of the Class I-LT1  Principal  Reduction  Amount for such
Distribution  Date over the principal  Realized Losses  allocated to the REMIC I
Regular Interest I-LT1 on such Distribution Date.

        Class I-LT2 Principal  Distribution  Amount:  For any Distribution Date,
the  excess,  if any,  of the Class I-LT2  Principal  Reduction  Amount for such
Distribution  Date over the principal  Realized Losses  allocated to the REMIC I
Regular Interest I-LT2 on such Distribution Date.

        Class I-LT3 Principal  Distribution  Amount:  For any Distribution Date,
the  excess,  if any,  of the Class I-LT3  Principal  Reduction  Amount for such
Distribution  Date over the principal  Realized Losses  allocated to the REMIC I
Regular Interest I-LT3 Certificates on such Distribution Date.

        Class I-LT4 Principal  Distribution  Amount:  For any Distribution Date,
the  excess,  if any,  of the Class I-LT4  Principal  Reduction  Amount for such
Distribution  Date over the principal  Realized Losses  allocated to the REMIC I
Regular Interest I-LT4 on such Distribution Date.

        Class I-LT5 Principal  Distribution  Amount:  For any Distribution Date,
the  excess,  if any,  of the Class I-LT5  Principal  Reduction  Amount for such
Distribution  Date over the principal  Realized Losses  allocated to the REMIC I
Regular Interest I-LT5 on such Distribution Date.

        Class I-LT6 Principal  Distribution  Amount:  For any Distribution Date,
the  excess,  if any,  of the Class I-LT6  Principal  Reduction  Amount for such
Distribution  Date over the principal  Realized Losses  allocated to the REMIC I
Regular Interest I-LT6 on such Distribution Date.

<PAGE>

        Class IO Certificate:  Any one of the Certificates designated as a Class
IO  Certificate,  executed by the Trustee and  authenticated  by the Certificate
Registrar substantially in the form annexed hereto as Exhibit A-2.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate, executed by the
Trustee and authenticated by the Certificate Registrar substantially in the form
annexed hereto as Exhibit B.

        Class M-1 Optimal Principal  Balance:  As of any Distribution  Date, the
aggregate  Stated  Principal  Balance of the  Mortgage  Loans after  taking into
account  distributions to be made on such Distribution Date minus the sum of (1)
the aggregate of the Certificate  Principal Balances of the Senior  Certificates
(after  taking into  account  payments to be made on such  Distribution  Date in
reduction of such  Certificate  Principal  Balances)  and (2) the greater of (a)
approximately  6.85% of the aggregate Stated  Principal  Balance of the Mortgage
Loans (after taking into account  distributions to be made on such  Distribution
Date) and (b) the Overcollateralization Floor Amount.

        Class M-2 Optimal Principal  Balance:  As of any Distribution  Date, the
aggregate  Stated  Principal  Balance of the  Mortgage  Loans after  taking into
account  distributions to be made on such Distribution Date minus the sum of (1)
the aggregate of the Certificate  Principal Balances of the Senior  Certificates
and the Class M-1 Certificates (after taking into account payments to be made on
that Distribution Date in reduction of such Certificate  Principal Balances) and
(2) the greater of (a)  approximately  4.35% of the aggregate  Stated  Principal
Balance of the Mortgage  Loans (after  taking into account  distributions  to be
made on such Distribution Date) and (b) the Overcollateralization Floor Amount.

        Class M-3 Optimal Principal  Balance:  As of any Distribution  Date, the
aggregate  Stated  Principal  Balances of the  Mortgage  Loans after taking into
account  distributions to be made on such Distribution Date minus the sum of (1)
the aggregate of the Certificate  Principal Balances of the Senior Certificates,
the Class M-1  Certificates  and the Class M-2  Certificates  (after taking into
account  payments  to be made on such  Distribution  Date in  reduction  of such
Certificate  Principal  Balances) and (2) the greater of (a) approximately 2.00%
of the aggregate  Stated  Principal  Balance of the Mortgage Loans (after taking
into account  distributions  to be made on such  Distribution  Date) and (b) the
Overcollateralization Floor Amount.

        Class PO Certificate:  Any one of the Certificates designated as a Class
PO  Certificate,  executed by the Trustee and  authenticated  by the Certificate
Registrar substantially in the form annexed hereto as Exhibit A-3.

     Class R Certificate:  Any one of the Certificates designated as a Class R-I
Certificate or Class R-II Certificate.

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

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

<PAGE>

        Closing Date:  October 27, 2000.

        Code:  The Internal Revenue Code of 1986.

        Compensating Interest:  With respect to any Distribution Date, an amount
(but not in excess of the  Servicing  Fee for such  Distribution  Date) equal to
Prepayment  Interest  Shortfalls  resulting from  Principal  Prepayments in Full
during the related Prepayment Period and resulting from Curtailments  during the
prior calendar month.

        Component  PO-1:  That  portion  of the  Class PO  Certificates  with an
initial  Component  Principal  Balance  equal to $4,475,278  and which  receives
distributions of principal and interest in respect of the Group I Loans.

        Component  PO-2:  That  portion  of the  Class PO  Certificates  with an
initial  Component  Principal  Balance  equal to $6,108,625  and which  receives
distributions of principal and interest in respect of the Group II Loans.

     Component Principal Balance: With respect to each of the Component PO-1 and
the Component PO-2, as applicable, on any date of determination, an amount equal
to:

          (i)  the  initial  Component  Principal  Balance  as set  forth in the
               definition of Component  PO-1 or Component  PO-2, as  applicable,
               minus

        (iii)  the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to Component PO-1 or Component PO-2, as
               applicable, and applied to reduce the Component Principal Balance
               thereof  pursuant to Section 4.02(a) and (y) the aggregate of all
               reductions in such  Component  Principal  Balance  deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such component pursuant to Section 4.05.

        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

<PAGE>

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  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.

        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 Wells Fargo Center,  Sixth and Marquette,  Minneapolis,
Minnesota  55479-1026,  Attention:  Corporate Trust, GMACM Mortgage Pass-Through
Certificates, Series 2000-J5.

        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  Realized Losses: As of any Distribution  Date, the amount of
Realized  Losses  incurred  in respect  of  Liquidated  Mortgage  Loans from the
Closing Date through the end of the prior calendar month.

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

<PAGE>

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07, into which the amounts set forth in Section
3.07 shall be deposited directly.

        Custodial  Agreement:  An  agreement  that may be entered into among the
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:  October 1, 2000.

        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 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: With respect to any Distribution Date, the 15th day
(or if such  15th  day is not a  Business  Day,  the  Business  Day  immediately
following such 15th day) of the month of the related Distribution Date.

        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

<PAGE>

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 related Due Period on which the Monthly Payment is due.

        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  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a federal or state chartered depository institution the accounts
of which are insured by the FDIC (to the limits established by the FDIC) and the
short-term debt ratings and the long-term  deposit ratings of which are rated in
one of the two highest rating categories by the Rating Agencies, or (ii) a trust
account or  accounts  maintained  with a federal or state  chartered  depository
institution or trust company with trust powers acting in its fiduciary capacity,
or  (iii)  in the case of the  Payment  Account,  a trust  account  or  accounts
maintained in the corporate trust division of the Trustee, or (iv) 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 Payment 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  Cashflow:  The sum of (1) the  amount,  if  any,  available  for
distribution  pursuant  to Section  4.02(a)(i)(D)  and (2) the  amount,  if any,
available for distribution pursuant to Section 4.02(a)(ii)(B)(5).

<PAGE>

     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.

        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:

                    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,  or Fannie Mae, 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.

<PAGE>

        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.

        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.

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 2.00% 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  since  the  Cut-off  Date  up to  such  date of
determination  and (Y) from the first 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) 1.00% 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 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 Servicer  (including
accelerating  the manner in which such coverage is reduced)  provided that prior
to any such reduction,  the 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  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.

        Freddie Mac: Federal Home Loan Mortgage  Corporation,  or 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.

        GMAC:  General Motors Acceptance Corporation, a Delaware corporation.

        GMAC Mortgage  Corporation:  GMAC Mortgage  Corporation,  a Pennsylvania
corporation, in its capacity as seller of the Mortgage Loans to the Company, and
any successor thereto.

        Group I Loans:  The  Mortgage  Loans  listed on Exhibit E-1 hereto.  The
Class A-1 Certificates, Component PO-1 and Notional Amount 1 relate to the Group
I Loans.

<PAGE>

        Group II Loans:  The Mortgage  Loans  listed on Exhibit E-2 hereto.  The
Class A-2 Certificates, Component PO-2 and Notional Amount 2 relate to the Group
II Loans.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates  then  outstanding  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, and Class SB Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact  independent  of the  Company,  the 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
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company, the Servicer or the Trustee as an officer, employee, promoter,
underwriter, trustee, partner, director or person performing similar functions.

        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.

        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 Preliminary Statement hereto.

        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,  to the  extent  such  proceeds  are  payable to the
mortgagee under the Mortgage,  any Subservicer,  the 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 Servicer would follow
in servicing mortgage loans held for its own account.

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

     Interest Carry Forward Amount:  With respect to any Distribution  Date, the
sum of:

        (1)    if on that  Distribution  Date the Pass-Through Rate on the Class
               A-2  Certificates  is limited to the weighted  average of the Net
               Mortgage Rates of the Group II Loans less 0.625%, the excess of:

o                 the amount of Accrued Certificate  Interest that the Class A-2
                  Certificates  would  have been  entitled  to  receive  on that
                  Distribution  Date had the applicable  Pass-Through  Rate been
                  calculated  as the lesser of (a) One-Year  U.S.  Treasury plus
                  1.75% and (b) 12%, over

o                 the amount of Accrued Certificate  Interest that the Class A-2
                  Certificates  would  have been  entitled  to  receive  on that
                  Distribution  Date had the applicable  Pass-Through  Rate been
                  calculated at the weighted  average of the Net Mortgage  Rates
                  of the Group II Loans less 0.625%; and

<PAGE>

        (2)    the Interest Carry Forward  Amount for all previous  Distribution
               Dates not previously paid (including  interest accrued thereon at
               the  applicable   Pass-Through   Rate,   without  regard  to  the
               limitation  of  such  rate  by the  weighted  average  of the Net
               Mortgage  Rates  of the  Group  II  Loans  less  0.625%,  for the
               applicable  Interest  Accrual  Period  with  respect to each such
               prior  Distribution  Date),  together with interest  thereon at a
               rate equal to the Class A-2 Pass-Through  Rate, without regard to
               the  limitation  of such rate by the weighted  average of the Net
               Mortgage  Rates  of the  Group  II Loans  less  0.625%,  for that
               Distribution Date.

     Interest Only  Certificates:  Any one of the  Certificates  designated as a
Class IO Certificate.  The Interest Only  Certificates  will have no Certificate
Principal Balance.

     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 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:  The Group I Loans or the Group II Loans, as applicable.

        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.

        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 SB, Class M-3, Class
M-2 and Class M-1 Certificates.

     Maturity  Date:  With respect to each Class of  Certificates,  November 25,
2030.

     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.

<PAGE>

     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.

        Mortgage Loan Schedule: The list or lists of the Mortgage Loans attached
hereto as Exhibit E (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)    loan number and name of the Mortgagor;

        (b)    the street address of the Mortgaged Property (or, with respect to
               a Cooperative Loan, the related Cooperative  Apartment) including
               state and zip code;

        (c)    the Loan-to-Value Ratio;

<PAGE>

        (d)    the original principal balance and date of the Mortgage Note;

        (e)    the first Due Date;

        (f)    the type of Mortgaged Property;

        (g)    the scheduled monthly payment in effect as of the Cut-off Date;

        (h)    the principal balance as of the Cut-off Date;

        (i)    the gross margin of the Mortgage Loan;

        (j)    the maximum rate of the Mortgage Loan;

        (k)    the periodic rate cap of the Mortgage Loan;

        (l)    the loan type/index of the Mortgage Loan;

        (m)    the occupancy status of the Mortgage Loan;

        (n)    the purpose of the Mortgage Loan;

        (o)    the paid-through date of the Mortgage Loan;

        (p)    the documentation type of the Mortgage Loan; and

        (q)    the code "Y"  under the  column  "BUYDOWN",  indicating  that the
               Mortgage Loan is a Buydown Mortgage Loan.

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

        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 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:  With respect to each Group I Loan and each Group II
loan that has its first  interest rate  adjustment on the third  anniversary  of
origination,  the  related  Mortgage  Rate minus  0.385%.  With  respect to each
remaining Group II Loan, the related Mortgage Rate minus 0.26%.

<PAGE>

        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  Servicer  in  respect  of a  Mortgage  Loan  (other  than a Deleted
Mortgage Loan) which, in the good faith judgment of the Servicer,  will not, or,
in the case of a proposed Advance,  would not, be ultimately  recoverable by the
Servicer  from  related  Late  Collections,   Insurance  Proceeds,   Liquidation
Proceeds,  REO  Proceeds or amounts  reimbursable  to the  Servicer  pursuant to
Section 4.02(a)  hereof.  The  determination  by the 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 and the Trustee promptly following such determination.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  The sum of Notional Amount 1 and Notional Amount 2.

        Notional Amount 1: On any date of determination,  an amount equal to the
aggregate Stated Principal Balance of the Group I Loans.

        Notional Amount 2: On any date of determination,  an amount equal to the
aggregate Stated Principal Balance of the Group II Loans.

        Notional Amount 3: On any date of determination,  an amount equal to the
aggregate Stated Principal Balance of the Group II Loans that have their initial
adjustment three years after origination.

        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,  the Secretary,  or one of
the Assistant Treasurer or Assistant Secretaries of the Company or the 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  Servicer,  who may be counsel for the Company or the  Servicer,
provided  that any  opinion of counsel  (i)  referred  to in the  definition  of
"Disqualified  Organization"  or (ii)  relating to the  qualification  of either
REMIC 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.

        Overcollateralization  Amount: As of any Distribution  Date, the amount,
if any, by which the aggregate Stated Principal Balance of the Mortgage Loans as
of the close of business on the last day of the related Collection Period, after
applying payments received in that Collection  Period,  exceeds the aggregate of
the  Certificate  Principal  Balances  of the  Class  A,  Class  PO and  Class M
Certificates on such Distribution Date, after taking into account the payment of
Available Principal for such Distribution Date.

<PAGE>

     Overcollateralization  Increase Amount:  As of any  Distribution  Date, the
amount, if any,  necessary to increase the  Overcollateralization  Amount to the
Required Overcollateralization Amount.

        Overcollateralization Floor Amount:  $624,593.93.

        Overcollateralization  Decrease Amount: For any Distribution Date, after
the  application  of  payments  applied  to the  reduction  of  the  Certificate
Principal  Balance  of the  Class A,  Class M and Class R  Certificates  on such
Distribution Date, the excess, if any, of the Overcollateralization  Amount over
the Required Overcollateralization Amount.

        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: For all Classes of Certificates other than the Class
SB Certificates, as defined in the Preliminary Statement hereto. With respect to
the Class SB Certificates or the Class SB-IO Interest and any Distribution Date,
a rate per annum equal to the sum of the following components:

        (A)    the REMIC I  Remittance  Rate for REMIC I Regular  Interest  ILT1
               minus  two  (2)  times  the  weighted  average  of  the  REMIC  I
               Remittance  Rates  for  REMIC I  Regular  Interest  ILT2 and ILT3
               applied to a notional amount equal to the Uncertificated  Balance
               of ILT1.

        (B)    the REMIC I  Remittance  Rate for REMIC I Regular  Interest  ILT2
               minus  two  (2)  times  the  weighted  average  of  the  REMIC  I
               Remittance  Rates  for REMIC I  Regular  Interests  ILT2 and ILT3
               applied to a notional amount equal to the Uncertificated  Balance
               of ILT2.

        (C)    the REMIC I  Remittance  Rate for REMIC I Regular  Interest  ILT4
               minus  four  (4)  times  the  weighted  average  of the  REMIC  I
               Remittance  Rates  for REMIC I  Regular  Interests  ILT2 and ILT3
               applied to a notional amount equal to the Uncertificated  Balance
               of ILT4.

        (D) 100% of the interest on the REMIC I Regular Interest I-LTIO-2.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

        Payment Account: The separate account or accounts created and maintained
pursuant to Section 4.01,  which shall be entitled  "Wells Fargo Bank Minnesota,
N.A.,  as trustee,  in trust for the  registered  holders of  Residential  Asset
Mortgage  Products,  Inc.,  GMACM  Mortgage  Pass-Through  Certificates,  Series
2000-J5" and which must be an Eligible Account.

     Payment Account Deposit Date: As to any Distribution Date, the Business Day
prior thereto.

<PAGE>

        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  divided  by the
aggregate Initial  Certificate  Principal Balance of all the Certificates of the
same  Class.  With  respect  to  an  Interest  Only  Certificate  or 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  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) any mutual  fund,  money  market  fund,  common trust fund or
        other  pooled  investment  vehicle,  the assets of which are  limited to
        instruments  that  otherwise  would  constitute  Permitted   Investments
        hereunder, including any such fund that is managed by the Trustee or any
        affiliate  of  the  Trustee  or  for  which  the  Trustee  or any of its
        affiliates acts as an adviser; and

<PAGE>

               (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 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,
and either A-1 by Standard & Poor's or F-1 by Moody's in the case of Moody's.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

        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.

        Pledged  Assets:  With respect to any Pledged Asset  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.

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Prepayment Assumption: A prepayment assumption of 250% 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.

<PAGE>

        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 related Prepayment
Period,  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 such Prepayment
Period to the date of such  Principal  Prepayment  in Full or (b) a  Curtailment
during the preceding  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 Prepayment in Full,
the period  commencing  of the 16th day of the month prior to that  Distribution
Date and  ending  on the 15th day of the month in which  the  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  Distribution Trigger Event: A Principal  Distribution Trigger
Event will be in effect on any  Distribution  Date on which the aggregate Stated
Principal  Balance of all  Mortgage  Loans  that are 90 days or more  delinquent
(including  Mortgage Loans in foreclosure  and all REO Property) is in excess of
the Overcollateralization Amount.

        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.

        Purchase Agreement:  The Mortgage Loan Purchase  Agreement,  dated as of
the Closing Date, between GMAC Mortgage Corporation, as seller, and the Company,
as purchaser, and all amendments thereof and supplements thereto.

        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, 2.04
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 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 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.

<PAGE>

     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 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
               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 the Seller
               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; and

          (v)  comply with each representation and warranty set forth in Section
               7.02 of the Purchase Agreement;

        Rating  Agency:  Standard  & Poor's  and  Moody's.  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 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 (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  Servicer  or  any
               Subservicer  with  respect to related  Advances or expenses as to
               which the Servicer or  Subservicer  is entitled to  reimbursement
               thereunder but which have not been previously reimbursed,

<PAGE>

        (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 Servicer has
notified  the Trustee in writing that the  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 Servicer or a Subservicer,  in either case without giving effect to
any Debt Service Reduction.

        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.

     Regular  Certificate:  Any  of  the  Certificates  other  than  a  Class  R
Certificate.

     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 collectible from the Mortgagor pursuant to the Relief Act.

        REMIC: A "real estate mortgage investment conduit" within the meaning of
Section 860D of the Code.  As used herein,  the term "the REMIC" or "the REMICs"
shall mean one or more of the REMICs created under this Agreement.

        REMIC Administrator:  Wells Fargo Bank Minnesota, N.A.; provided that if
the REMIC  Administrator  is found by a court of  competent  jurisdiction  to no
longer be able to fulfill  its  obligations  as REMIC  Administrator  under this
Agreement the Servicer or Trustee  acting as Servicer  shall appoint a successor
REMIC   Administrator,   subject  to  assumption  of  the  REMIC   Administrator
obligations under this Agreement.

     REMIC I: The  segregated  pool of  assets,  with  respect  to which a REMIC
election is made pursuant to this Agreement, consisting of:

<PAGE>

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

        (b)    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 Payment  Account and  identified  as
               belonging  to the Trust Fund,  including  the  proceeds  from the
               liquidation of Pledged Assets for any Pledged Asset Loan,

        (c)    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,

          (d)  the hazard insurance policies and Primary Insurance Policies,  if
               any, and

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

     REMIC I  Interest:  The  REMIC  I  Regular  Interests  and  the  Class  R-I
Certificates.

        REMIC I Regular  Interest:  Any of the eight  separate  non-certificated
beneficial  ownership  interests in REMIC I issued hereunder and designated as a
"regular  interest"  in REMIC I. Each  REMIC I  Regular  Interest  shall  accrue
interest at the related REMIC I Remittance 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
Balance as set forth in the preliminary  statement hereto.  The designations for
the  respective  REMIC I  Regular  Interests  are set  forth in the  Preliminary
Statement hereto.

        REMIC I Realized Losses: For any Distribution  Date,  Realized Losses on
the Mortgage Loans for the related Due Period shall be allocated as follows: The
interest  Realized Losses, if any, shall be allocated among the classes of REMIC
I Regular  Interests  pro-rata  according  to the Accrued  Certificate  Interest
thereon to the extent of such Accrued Certificate Interest in reduction thereof.
Any Interest  Realized Losses in excess of the amount allocated  pursuant to the
preceding   sentence  shall  be  treated  as  principal   Realized   Losses  not
attributable  to any  specific  Mortgage  Loan  and  allocated  pursuant  to the
succeeding  sentences.  The principal  Realized  Losses shall be allocated (i) a
pro-rata share of Realized Losses on the Group I Loans shall be allocated to the
REMIC I Regular Interest I-LT5 based on the ratio of its Uncertificated  Balance
to the  aggregate  Stated  Principal  Balance of the Group I Loans prior to such
allocation, (ii) a pro-rata share of Realized Losses on the Group II Loans shall
be  allocated  to the REMIC I Regular  Interest  I-LT6 based on the ratio of its
Uncertificated Balance to the aggregate Stated Principal Balance of the Group II
Loans prior to such  allocation,  (iii) the remainder of the Realized  Losses to
the REMIC I Regular Interests I-LT1,  I-LT2,  I-LT3 and I-LT4 pro-rata according
to their respective  Uncertificated  Balances,  provided that such allocation to
each of the REMIC I Regular  Interests  I-LT2,  I-LT3 and I-LT4 shall not exceed
their respective  Principal  Reduction Amounts for such Distribution Date, and (
iv) any Realized  Losses not  allocated to any of the REMIC I Regular  Interests
I-LT2,  I-LT3  and I-LT4  pursuant  to the  proviso  of  clause  (iii)  shall be
allocated to the REMIC I Regular Interest I-LT1.

        REMIC I Regular  Interest  I-LT1:  One of the separate  non-certificated
beneficial  ownership  interests in REMIC I issued hereunder and designated as a
Regular  Interest  in REMIC I.  REMIC I  Regular  Interest  I-LT1  shall  accrue
interest at the related REMIC I Remittance 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
Balance as set forth in the Preliminary Statement hereto.

<PAGE>

        REMIC I Regular  Interest  I-LT2:  One of the separate  non-certificated
beneficial  ownership  interests in REMIC I issued hereunder and designated as a
Regular  Interest  in REMIC I.  REMIC I  Regular  Interest  I-LT2  shall  accrue
interest at the related REMIC I Remittance 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
Balance as set forth in the Preliminary Statement hereto.

        REMIC I Regular  Interest  I-LT3:  One of the separate  non-certificated
beneficial  ownership  interests in REMIC I issued hereunder and designated as a
Regular  Interest  in REMIC I.  REMIC I  Regular  Interest  I-LT3  shall  accrue
interest at the related REMIC I Remittance 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
Balance as set forth in the Preliminary Statement hereto.

        REMIC I Regular  Interest  I-LT4:  One of the separate  non-certificated
beneficial  ownership  interests in REMIC I issued hereunder and designated as a
Regular  Interest  in REMIC I.  REMIC I  Regular  Interest  I-LT4  shall  accrue
interest at the related REMIC I Remittance 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
Balance as set forth in the Preliminary Statement hereto.

        REMIC I Regular  Interest  I-LT5:  One of the separate  non-certificated
beneficial  ownership  interests in REMIC I issued hereunder and designated as a
Regular  Interest  in REMIC I.  REMIC I  Regular  Interest  I-LT5  shall  accrue
interest at the related REMIC I Remittance 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
Balance as set forth in the Preliminary Statement hereto.

        REMIC I Regular  Interest  I-LT6:  One of the separate  non-certificated
beneficial  ownership  interests in REMIC I issued hereunder and designated as a
Regular  Interest  in REMIC I.  REMIC I  Regular  Interest  I-LT6  shall  accrue
interest at the related REMIC I Remittance 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
Balance as set forth in the Preliminary Statement hereto.

        REMIC I Regular Interest I-LTIO-1: One of the separate  non-certificated
beneficial  ownership  interests in REMIC I issued hereunder and designated as a
Regular  Interest in REMIC I. REMIC I Regular  Interest  I-LTIO-1  shall  accrue
interest at the related REMIC I Remittance Rate in effect from time to time, and
shall be entitled to no  distributions  of  principal,  subject to the terms and
conditions hereof.

        REMIC I Regular Interest I-LTIO-2: One of the separate  non-certificated
beneficial  ownership  interests in REMIC I issued hereunder and designated as a
Regular  Interest in REMIC I. REMIC I Regular  Interest  I-LTIO-2  shall  accrue
interest at the related REMIC I Remittance Rate in effect from time to time, and
shall be entitled to no  distributions  of  principal,  subject to the terms and
conditions hereof.

<PAGE>

        REMIC I Remittance Rate: With respect to REMIC I Regular Interests I-LT1
and I-LT2,  the weighted  average of Net Mortgage Rates on the then  outstanding
Mortgage Loans (including REO Property at the rate at which REO Imputed Interest
is imputed).  With respect to REMIC I Regular Interest  I-LT-3,  zero (0.00% per
annum). With respect to REMIC I Regular Interest I-LT-3, zero (0.00% per annum).
With respect to REMIC I Regular  Interests I-LT4,  twice the weighted average of
Net  Mortgage  Rates on the  then  outstanding  Mortgage  Loans  (including  REO
Property at the rate at which REO Imputed Interest is imputed).  With respect to
REMIC I Regular  Interest I-LT5,  the weighted average of the Net Mortgage Rates
on Group I Loans.  With respect to REMIC I Regular  Interest I-LT6, the weighted
average  of the Net  Mortgage  Rates on  Group II  Loans.  The  REMIC I  Regular
Interest  I-LTIO-1  will accrue  interest  on Notional  Amount 1 and on Notional
Amount 2.  Notional  Amount 1 will be an amount  equal to the  aggregate  Stated
Principal  Balance of the Group I Loans and Notional  Amount 2 will be an amount
equal to the aggregate Stated Principal  Balance of the Group II Loans. The rate
on  Notional  Amount 1 will be a per  annum  rate  equal to  0.06%.  The rate on
Notional  Amount  2 will be a per  annum  rate  equal to the sum of 0.01% on the
aggregate  Stated  Principal  Balance of Group II Loans that have their  initial
adjustment five, seven or ten years after origination and 0.06% on the aggregate
Stated  Principal  Balance  of the  Group  II  Loans  that  have  their  initial
adjustment three years after origination.  The REMIC I Regular Interest I-LTIO-2
will accrue  interest at a rate of 0.75% per annum on a notional amount equal to
the sum of Notional Amount 1 and Notional Amount 3.

        REMIC II: The segregated pool of assets consisting of all of the REMIC I
Regular  Interests,  with  respect to which a separate  REMIC  election is to be
made.

     REMIC II Certificate: Any Certificate, other than a Class R-I Certificate.

        REMIC II Regular  Certificate:  Any REMIC II  Certificate,  other than a
Class R-II Certificate.

        REMIC II  Regular  Interest:  Any of the seven  certificated  beneficial
ownership  interests  in REMIC II issued  hereunder  and the two  uncertificated
REMIC II Regular Interests defined herein, and, hereby, designated as a "regular
interest"  in  REMIC  II,  as  follows:   Class  A-I  Certificates,   Class  A-2
Certificates,   Class  PO  Certificates,   Class  IO  Certificates,   Class  M-1
Certificates,  Class M-2 Certificates,  Class M-3 Certificates, REMIC II Regular
Interest SB-PO and REMIC II Regular Interest SB-IO.

        REMIC II Regular Interest SB-PO: A separate non-certificated  beneficial
ownership  interests in REMIC II issued  hereunder  and  designated as a Regular
Interest in REMIC II. REMIC II Regular  Interest SB-PO shall have no entitlement
to interest,  and shall be entitled to distributions of principal subject to the
terms  and  conditions   hereof,  in  aggregate  amount  equal  to  the  initial
Certificate  Principal  Balance of the Class SB Certificates as set forth in the
Preliminary Statement hereto.

        REMIC II Regular Interest SB-IO: A separate non-certificated  beneficial
ownership  interests in REMIC II issued  hereunder  and  designated as a Regular
Interest in REMIC II. REMIC II Regular  Interest SB-IO shall have no entitlement
to principal,  and shall be entitled to distributions of interest subject to the
terms  and  conditions  hereof,  in  aggregate  amount  equal  to  the  interest
distributable  with respect to the Class SB  Certificates  pursuant to the terms
and conditions hereof.

<PAGE>

        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  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 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
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 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  or the related  Subservicing  Agreement  in respect of such  Mortgage
Loan.

        Required Overcollateralization Amount: As to any Distribution Date prior
to the Step-down Date, an amount equal to 1.00% of the initial  aggregate Stated
Principal  Balance of the Mortgage  Loans.  On or after the  Step-down  Date, an
amount equal to the lesser of (1) the Required  Overcollateralization  Amount as
of the initial  Distribution  Date and (2) 2.00% of the current aggregate Stated
Principal  Balance  of  the  Mortgage  Loans  (after  applying  payments  to  be
distributed   on   such   Distribution   Date),   but   not   lower   than   the
Overcollateralization  Floor Amount.  However,  any  scheduled  reduction to the
Required  Overcollateralization Amount described in the preceding sentence shall
not be made  as of any  Distribution  Date if a  Trigger  Event  or a  Principal
Distribution  Trigger  Event has occurred and is  continuing.  In addition,  the
Required  Overcollateralization  Amount  may be reduced  with the prior  written
consent of the Rating Agencies.

<PAGE>

        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.

     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, GMAC Mortgage Corporation.

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

        Senior Optimal Principal  Balance:  As of any Distribution Date prior to
the Step-down Date, zero; and with respect to each  Distribution Date thereafter
(after applying payments to be made on such Distribution  Date), an amount equal
to the aggregate  Stated  Principal  Balance of the Mortgage Loans (after taking
into account the application of payments to be made on such  Distribution  Date)
minus the greater of (1)  approximately  9.85% of the aggregate Stated Principal
Balance of the Mortgage  Loans (after  taking into  account the  application  of
payments to be made on such Distribution Date) and (2) the Overcollateralization
Floor Amount.

     Series: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

     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 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 Servicer or any  Affiliate of the 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  Servicer in respect of  servicing  compensation
that accrues at the Servicing Fee Rate.

        Servicing Fee Rate:  0.25% per annum.

        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  Servicer,  default is  reasonably  foreseeable,
pursuant to a  modification  of such Mortgage  Loan in  accordance  with Section
3.07(a).

<PAGE>

        Servicing  Officer:   Any  officer  of  the  Servicer  involved  in,  or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the Trustee by the Servicer, as such list may from time to time be amended.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$1,993,027  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 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 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.

        The  Special  Hazard  Amount  may be  further  reduced  by the  Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such reduction,  the 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  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.

        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 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.

<PAGE>

        Step-down Date:  The Distribution Date occurring in November 2003.

Subordinate Certificates: The Class M Certificates and Class SB Certificates.

     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  Servicer  has  entered  into  a
Subservicing Agreement.

        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 Servicer and any
Subservicer  relating to servicing and  administration of certain Mortgage Loans
as provided in Section 3.02.

     Subservicing  Fee: As to any Mortgage Loan, the fee payable  monthly to the
related Subservicer, if any.

        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 each  REMIC due to its  classification  as a REMIC  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 direct 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:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

        Trigger Event: A Trigger Event will be in effect if Cumulative  Realized
Losses for any  Distribution  Date occurring after October 2003 but on or before
October 2004,  exceed 0.50% of the initial aggregate Stated Principal Balance of
the Mortgage Loans, for any  Distribution  Date occurring after October 2004 but

<PAGE>

on or  before  October  2005,  exceed  0.60%  of the  initial  aggregate  Stated
Principal  Balance of the Mortgage Loans,  for any  Distribution  Date occurring
after October 2005 but on or before  October  2006,  exceed 0.70% of the initial
aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans,  and  for  any
Distribution  Date  occurring  after October  2006,  exceed 0.80% of the initial
aggregate Stated  Principal  Balance of the Mortgage Loans. A Trigger Event will
also be in  effect  on any  Distribution  Date on  which  the  aggregate  Stated
Principal  Balance of the  Mortgage  Loans  that are 60 days or more  delinquent
exceed  0.40% of the  aggregate  Certificate  Principal  Balance  of the Class M
Certificates and Class SB Certificates on that  Distribution  Date (after giving
effect to  distributions  on those  Classes of  Certificates  to be made on such
Distribution Date).

        Trust Fund: Collectively,  the assets of REMIC I and REMIC II consisting
of the segregated pool of assets, with respect to which a REMIC election is made
pursuant to this Agreement, consisting of:

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

        (b)    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 Payment  Account and  identified  as
               belonging  to the Trust Fund,  including  the  proceeds  from the
               liquidation of Pledged Assets for any Pledged Asset Loan,

        (c)    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,

          (d)  the hazard insurance policies and Primary Insurance Policies,  if
               any, and

        (e)    all proceeds of clauses (a) through (d) above.

        Uncertificated  Balance:  The  amount of any  REMIC I  Regular  Interest
outstanding  as of any  date  of  determination.  As of the  Closing  Date,  the
Uncertificated  Balance of each REMIC I Regular  Interest shall equal the amount
set forth in the  Preliminary  Statement  hereto as its  Initial  Uncertificated
Balance.  On each Distribution Date, the Uncertificated  Balance of each REMIC I
Regular  Interest shall be reduced,  first, by the allocation of Realized Losses
as provided in the  definition of REMIC I Realized  Losses and,  second,  by all
distributions  of  principal  deemed made on such REMIC I Regular  Interest,  as
applicable,   on  such   Distribution   Date  pursuant  to  Section  10.04.  The
Uncertificated Balance of each REMIC I Regular Interest shall never be less than
zero.  With respect to REMIC II Regular  Interest  SB-PO the initial  amount set
forth  with  respect  thereto  in  the  Preliminary   Statement  as  reduced  by
distributions  deemed  made in respect  thereof  pursuant  to  Section  4.02 and
Realized Losses allocated thereto pursuant to Section 4.05.

        Uncertificated  Interest:  With respect to any REMIC I Regular  Interest
for any  Distribution  Date, one month's interest at the REMIC I Remittance Rate
applicable to such REMIC I Regular Interest for such Distribution  Date, accrued
on the Uncertificated  Balance or Notional Balance thereof  immediately prior to
such  Distribution  Date.  Uncertificated  Interest  in  respect  of any REMIC I
Regular Interest I-LT1, I-LT2, I-LT3, I-LT4, I-LT5, I-LT6,  I-LTIO-1 or I-LTIO-2
shall accrue on the basis of a 360-day year  consisting of twelve 30-day months.
Uncertificated  Interest with respect to each Distribution Date, as to any REMIC
I Regular Interest,  shall be reduced by any interest shortfalls with respect to
the related  Loan Group  including  interest  that is not  collectible  from the
Mortgagor  for the  related  Due  Period  pursuant  to the Relief Act or similar
legislation  or  regulations  as in  effect  from  time to  time.  In  addition,

<PAGE>

Uncertificated  Interest with respect to each Distribution Date, as to any REMIC
I Regular  Interest  shall be reduced by  interest  portion of  Realized  Losses
(including Excess Special Hazard Losses,  Excess Fraud Losses, Excess Bankruptcy
Losses and Extraordinary  Losses) allocable to such REMIC I Regular Interest, if
any,  pursuant  to the  definition  of REMIC I Realized  Losses.  Uncertificated
Interest  on REMIC  II  Regular  Interest  SB-PO  shall be zero.  Uncertificated
Interest on the REMIC II Regular Interest SB-IO for each Distribution Date shall
equal Accrued Certificate Interest for the Class SB Certificates.

        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:  (i) A citizen or resident of the United  States,
(ii) a  corporation,  partnership  or other entity  treated as a corporation  or
partnership for United States federal income tax purposes  organized in or under
the laws of the United  States or any state  thereof or the District of Columbia
(unless, in the case of a partnership,  Treasury regulations provide otherwise),
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  indirectly  through  any  chain of  entities  no one of which is a
corporation  for United States  federal  income tax purposes are required by the
applicable operating agreement to be United States Persons,  (iii) an estate the
income of which is  includible  in gross income for United  States tax purposes,
regardless of its source, or (iv) 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  authority  to control all  substantial
decisions of the trust.  Notwithstanding the preceding  sentence,  to the extent
provided in Treasury  regulations,  certain  trusts in  existence  on August 20,
1996,  and treated as United States  persons  prior to such date,  that elect to
continue to be treated as United  States  persons  will also be a United  States
Person.

        Unpaid  Realized Loss Amounts:  Any Realized Losses applied to any Class
of Certificates as a reduction in the Certificate  Principal  Balance thereof in
lieu of a payment of principal, and not previously paid.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated to any Certificate, as designated in Section 12.09.

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.

<PAGE>

                                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  for the  benefit of the  Certificateholders
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).

(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 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 in blank, or in the
     name of the Trustee as trustee,  and signed by an authorized officer (which
     endorsement  shall  contain  either an  original  signature  or a facsimile
     signature of an authorized  officer of the Seller, and if in the form of an
     allonge,  the  allonge  shall be stapled to the  Mortgage  Note),  with all
     intervening  endorsements  showing  a  complete  chain  of  title  from the
     originator to the Seller. If the Mortgage Loan was acquired by the endorser
     in a merger, the endorsement must be by "____________,  successor by merger
     to [name of predecessor]".  If the Mortgage Loan was acquired or originated
     by the endorser while doing  business  under another name, the  endorsement
     must be by "____________ formerly known as [previous name]";

(ii)    The  original  Mortgage,  noting the presence of the MIN of the Mortgage
        Loan, if the Mortgage is registered on the MERS(R) System,  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  certified  by the public  recording  office in which such
        Mortgage has been recorded;

(iii)The  original of any  guarantee  executed in  connection  with the Mortgage
     Note, if applicable;

(iv)    Any rider or the  original  of any  modification  agreement  executed in
        connection with the related Mortgage Note or Mortgage,  with evidence of
        recording if required by applicable law;

(v)  Unless the Mortgage Loan is registered  on the  MERS(R)System,  an original
     Assignment  or  Assignments  of the  Mortgage  (which may be  included in a
     blanket  assignment  or  assignments)  from the Seller to "Wells Fargo Bank
     Minnesota,  N.A.,  as Trustee  under that  certain  Pooling  and  Servicing
     Agreement  dated as of October 27, 2000,  for GMACM  Mortgage  Pass-Through
     Certificates,  Series 2000-J5" c/o the Servicer at an address  specified by
     the Servicer,  and signed by an authorized officer,  which assignment shall
     be in form and substance acceptable for recording. If the Mortgage Loan was
     acquired  by the  assignor  in a  merger,  the  assignment  must  be by " ,
     successor by merger to [name of  predecessor]".  If the  Mortgage  Loan was
     acquired or originated by the assignor  while doing  business under another
     name, the assignment must be by " formerly known as [previous name]";

<PAGE>

(vi)    Originals of all  intervening  assignments  of mortgage,  which together
        with the Mortgage shows a complete chain of title from the originator to
        the  Seller  (or to MERS,  if the  Mortgage  Loan is  registered  on the
        MERS(R) System, and which notes the presence of a MIN), with evidence of
        recording thereon;

(vii)The original  mortgagee  policy of title  insurance,  including  riders and
     endorsements  thereto,  or if the  policy  has not yet been  issued,  (i) a
     written  commitment  or  interim  binder  for  title  issued  by the  title
     insurance  or escrow  company  dated as of the date the  Mortgage  Loan was
     funded, with a statement by the title insurance company or closing attorney
     that the  priority  of the lien of the related  Mortgage  during the period
     between the date of the funding of the related  Mortgage  Loan and the date
     of the related  title policy (which title policy shall be dated the date of
     recording of the related  Mortgage) is insured,  (ii) a  preliminary  title
     report  issued  by a title  insurer  in  anticipation  of  issuing  a title
     insurance  policy which  evidences  existing  liens and gives a preliminary
     opinion as to the  absence  of any  encumbrance  on title to the  Mortgaged
     Property, except liens to be removed on or before purchase by the Mortgagor
     or which constitute customary exceptions acceptable to lenders generally or
     (iii) other evidence of title insurance acceptable to Fannie Mae or Freddie
     Mac, in accordance with the Fannie Mae Seller/Servicer Guide or Freddie Mac
     Seller/Servicer Guide, respectively;

(viii) A certified true copy of any power of attorney, if applicable; and

(ix) Originals of any security  agreement,  chattel  mortgage or the  equivalent
     executed in connection with the Mortgage, if any.

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 Seller;

(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;

(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;

<PAGE>

(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)     An executed UCC-1 financing  statement showing the Seller as debtor, the
        Company as secured  party and the  Trustee as  assignee  and an executed
        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) .......In  the event that in  connection  with any Mortgage Loan the Company
cannot deliver (a) the original  recorded Mortgage (or evidence of submission to
the recording office),  (b) all interim recorded  assignments,  (c) the original
recorded modification agreement, if required, or (d) the original lender's title
insurance policy (together with all riders thereto)  satisfying the requirements
of clause (b)(I)(ii), (iv), (vi) or (vii) above, respectively, 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
(b)(I)(ii),  (iv) or (vi)  above,  or  because  the  title  policy  has not been
delivered to the Seller by the title  insurer in the case of clause  (b)(I)(vii)
above,  the Company  shall request the Seller to use its best efforts to deliver
to the Custodian, if any, or the Trustee, in the case of clause (b)(I)(ii), (iv)
or  (vi)  above,  such  original  Mortgage,  such  interim  assignment,  or such
modification  agreement,  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, but in no event shall any such
delivery  of  the  original  Mortgage  and  each  such  interim   assignment  or
modification  agreement or a copy thereof,  certified,  if  appropriate,  by the
relevant  recording  office, or the original lender's title policy be made later
than one (1) year following the Closing Date;  provided,  however,  in the event
the  Company is unable to deliver  by such  dates  each  Mortgage  and each such
interim assignment or modification agreement by reason of the fact that any such
documents have not been returned by the appropriate recording office, or, in the
case of each such interim  assignment  or  modification  agreement,  because the
related Mortgage has not been returned by the appropriate  recording office, the
Company shall request the Seller to deliver such documents to the Custodian,  if
any, or the Trustee as promptly as possible  upon  receipt  thereof  and, in any
event, within 540 days following the Closing Date. In lieu of the Mortgage Notes
relating to the Mortgage Loans,  each as identified in the list delivered by the
Seller to the Trustee or Custodian on the Closing Date, the Seller may deliver a
lost note affidavit from the Seller stating that the original  Mortgage Note was
lost,  misplaced  or  destroyed,  and,  if  available,  a copy of each  original
Mortgage Note; provided,  however, that in the case of Mortgage Loans which have
been prepaid in full after the Cut-off Date and prior to the Closing  Date,  the
Seller, in lieu of delivering the above documents, may deliver to the Custodian,
if any, or the  Trustee a  certification  to such  effect and shall  deposit all
amounts  paid in respect of such  Mortgage  Loan in the  Payment  Account on the
Closing Date.

<PAGE>

        In connection  with any Mortgage Loan, if the Company cannot deliver the
Mortgage, any assignment,  modification,  assumption agreement or preferred loan
agreement  (or copy  thereof  certified  by the public  recording  office)  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
Custodian, if any, or the Trustee a true and correct photocopy of such Mortgage,
assignment, modification, assumption agreement or preferred loan agreement.

(d) .......The Servicer shall forward or cause to be forwarded to the Custodian,
if any,  or the  Trustee  (a) from time to time  additional  original  documents
evidencing an assumption  or  modification  of a Mortgage Loan and (b) any other
documents required to be delivered by the Seller.

        All  original  documents  relating to the  Mortgage  Loans which are not
delivered to the Custodian,  if any, or the Trustee are and shall be held by the
Servicer in trust as agent for the Trustee on behalf of the Certificateholders.

(e)  .......Except as may otherwise  expressly be provided  herein,  none of the
Seller,  the Servicer or the Trustee shall assign,  sell, dispose of or transfer
any interest in the Trust Fund or any portion thereof,  or permit the Trust Fund
or any  portion  thereof to be subject to any lien,  claim,  mortgage,  security
interest, pledge or other encumbrance of, any other Person.

(f)  .......The  Seller  shall 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 Form UCC-3 or Form UCC-1, as applicable,  is lost or
returned  unfiled to the Servicer  because of any defect  therein,  the Servicer
shall prepare a substitute Form UCC-3 or Form UCC-1, as applicable, or cure such
defect,  and cause such Form UCC-3 or Form UCC-1, as applicable,  to be filed in
accordance with this paragraph.  The Servicer shall promptly deliver or cause to
be delivered to the Trustee or the respective  Custodian such Form UCC-3 or Form
UCC-1,  as applicable,  (or copy thereof  certified by the public filing office)
with evidence of filing  indicated  thereon upon receipt thereof from the public
filing office, but in no event shall such Form UCC-3, Form UCC-1 or a Form UCC-1
required  to be  delivered  pursuant to clause  (II)(vi)  of Section  2.01(b) be
delivered  to the  Custodian,  if any,  or the  Trustee,  later  than  540  days
following  the Closing Date.  In  connection  with its servicing of  Cooperative
Loans,  the  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.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R)  System,  the  Servicer  further  agrees  that  it  will  cause,  at the
Servicer'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  Servicer to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans

<PAGE>

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 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.

(g) .......The Seller hereby assigns to the Trustee its security interest in and
to any  Pledged  Assets,  its right to receive  amounts  due or to become due in
respect of any  Pledged  Assets.  With  respect to any Pledged  Asset Loan,  The
Seller  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.

(h) .......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 construed as a sale
by the  Company to the  Trustee  of the  Mortgage  Loans for the  benefit of the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge of the  Mortgage  Loans by the Company to the Trustee to secure a
debt or other obligation of the Company. However, if the Mortgage Loans are held
to be  property of the Company or of GMAC  Mortgage  Corporation,  or if for any
reason  this  Agreement  is held or deemed to create a security  interest in the
Mortgage Loans,  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,   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 and (C) 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 Payment
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 GMAC  Mortgage  Corporation's  right
(including the power to convey title thereto),  title and interest,  whether now
owned or hereafter  acquired,  in and to the property described in the foregoing
clauses (1)(A), (B) and (C) granted by GMAC Mortgage  Corporation to the Company
pursuant to the Purchase  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, negotiable documents, goods,
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

<PAGE>

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  (including,  without limitation,  Sections 8-106, 9-305
and 9-115 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  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.

        The Company and, at the Company's  direction,  GMAC Mortgage Corporation
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 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

<PAGE>

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,  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 GMAC  Mortgage  Corporation,  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 GMAC Mortgage
Corporation or the Company and (3) any transfer of any interest of GMAC Mortgage
Corporation or the Company in any Mortgage Loan. The Company shall file or cause
to be filed the original filing  necessary under the Uniform  Commercial Code to
perfect the Trustee's security interest in or lien on the Mortgages.

(i) .......If  GMAC no longer  controls GMAC  Mortgage  Corporation  directly or
indirectly,  or if GMAC no longer  owns a majority  of the voting  stock  and/or
outstanding equity of GMAC Mortgage  Corporation  directly or indirectly,  or if
the credit  rating of GMAC is reduced to below  "A3" by  Moody's,  the  Servicer
shall,  within  60 days of any such  event  or  reduction,  at its own  expense,
complete and submit for  recording  in the  appropriate  public  office for real
property  records the  Assignments of Mortgage for each Mortgage Loan located in
Florida or Maryland;  provided that (i) no such  recordation will be required in
any state  where,  in the opinion of counsel  acceptable  to the  Trustee,  such
recording  is not  required to protect the  Trustee's  interests in the Mortgage
Loan against the claim of any  subsequent  transferee  or any creditor of either
Seller;  and (ii) no such recordation will be required if the Trustee shall have
received written confirmation from Moody's that non-recordation will not cause a
downgrade in the then-current  rating from Moody's.  While such assignment to be
recorded is being  recorded,  the  Custodian  shall  retain a photocopy  of such
assignment.  If any  assignment is lost or returned  unrecorded to the Custodian
because  of  any  defect  therein,  the  Servicer  shall  prepare  a  substitute
assignment or cure such defect, as the case may be, and the Servicer shall cause
such assignment to be recorded in accordance with this paragraph.

(j) .......If (i) the Custodian is an Affiliate of GMAC Mortgage Corporation and
(ii) either (A) GMAC no longer  controls GMAC Mortgage  Corporation  directly or
indirectly,  or no longer owns a majority of the voting stock and/or outstanding
equity of GMAC Mortgage Corporation directly or indirectly, or (B) if the credit
rating of GMAC is reduced to below "A2" by Moody's, the Trustee shall,  promptly
upon  receipt of notice or actual  knowledge  of the events  described in clause
(ii) above, either (1) replace such Affiliated  Custodian with another Custodian
that is not an Affiliate of GMAC Mortgage  Corporation  in  accordance  with the
terms of the Custodial  Agreement,  or (2) assume the duties and  obligations of
the  Custodian;  provided  that no such  termination  shall be  required  if the
Trustee shall have received written  confirmation  from Moody's that the failure
to replace such Custodian will not cause a withdrawal or reduction of the rating
on any Class of Certificates below the then-current  ratings on the Certificates
by Moody's.  The Servicer shall promptly notify the Trustee of the occurrence of
any of the events described in clause (ii) above.

Section 2.02...       Acceptance by Trustee.

        The Trustee  acknowledges  that the  Custodian,  acting on behalf of the
Trustee,   has  received  (subject  to  any  exceptions  noted  in  the  initial
certification  described below),  the documents  referred to in Section 2.01 and
that the Trustee has  received all other assets  included in the  definition  of
"Trust Fund" and declares  that it holds or will hold the assets with respect to
any Pledged  Assets  included in the  definition  of "Trust Fund" (to the extent
delivered  or  assigned  to the  Trustee),  in trust for the  exclusive  use and
benefit of all present and future Certificateholders.

<PAGE>

        The Trustee agrees, for the benefit of the Certificateholders,  to cause
the  Custodian  to review each  Mortgage  File on or before the Closing  Date to
verify  that such  Mortgage  File  includes a Mortgage  Note and to execute  and
deliver,  or cause to be executed and delivered,  to the Seller, the Trustee and
the Servicer an initial  certification  substantially in the form annexed hereto
as Exhibit N. Pursuant to the Custodial  Agreement,  in conducting  such review,
the Custodian is required to ascertain whether all required  documents have been
executed and received,  and whether those  documents  relate,  determined on the
basis of the Mortgagor name,  original principal balance and loan number, to the
Mortgage  loans it has received.  Neither the Custodian nor the Trustee 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,  or are in recordable  form or that they are other
than what they purport to be on their face.

        Within 180 days of the Closing Date the Trustee will cause the Custodian
to  review,  for the  benefit  of the  Certificateholders,  the  Mortgage  Files
delivered  to it and will  execute and deliver to the Seller and the  Servicer a
final certification substantially in the form annexed hereto as Exhibit O.

        If, in the process of reviewing  the Mortgage  Files and  preparing  the
certifications  referred to above, the Custodian finds any document or documents
constituting  a part  of a  Mortgage  File to be  missing  or  defective  in any
material respect, the Custodian is required pursuant to the Custodial Agreement,
to notify the Trustee, the Company and the Seller, and the Trustee shall request
that the Seller cure any such  defect  within 90 days from the date on which the
Seller was notified of such defect,  and if the Seller does not cure such defect
in all material respects during such period, the Trustee shall request on behalf
of the  Certificateholders  that  the  Seller  either  (i)  substitute  for such
Mortgage Loan a Qualified  Substitute Mortgage Loan, which substitution shall be
accomplished  in the manner and subject to the  conditions  set forth in Section
2.04,  or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price  within 90 days after the date on which the Seller  was  notified  of such
defect;  provided  that if such 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,  substitution  or repurchase  must occur within 90 days from the date
such breach was  discovered.  It is understood and agreed that the obligation of
the Seller to cure a material  defect in, or  substitute  for, or  purchase  any
Mortgage  Loan as to which a material  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
Certificateholders.  The Purchase Price for the purchased Mortgage Loan shall be
deposited or caused to be  deposited  upon receipt by the Trustee in the Payment
Account, or upon receipt by the Servicer in the Custodial Account.  Upon receipt
by the Trustee of written  notification  of such  deposit  signed by a Servicing
Officer,  the  Trustee  shall  release or cause to be released to the Seller the
related Mortgage File and shall execute and deliver such instruments of transfer
or  assignment,  in each case without  recourse,  as the Seller shall require as
necessary to vest in the Seller ownership of any Mortgage Loan released pursuant
hereto and at such time the Trustee  shall have no further  responsibility  with
respect to the related Mortgage File.

        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 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.

<PAGE>

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

        The  Servicer  hereby  represents  and  warrants  to the Trustee for the
benefit of the Certificateholders that:

(a) .......The 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;

(b) .......The  execution and delivery of this Agreement by the Servicer and its
performance and compliance with the terms of this Agreement will not violate the
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 Servicer is a
party or which may be applicable to the Servicer or any of its assets;

(c) .......This Agreement, assuming due authorization, execution and delivery by
the Trustee and the Company,  constitutes a valid,  legal and binding obligation
of the  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;

(d) .......The 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
Servicer or its  properties  or might have  consequences  that would  materially
adversely affect its performance hereunder;

(e) .......No litigation is pending or, to the best of the Servicer's knowledge,
threatened  against the Servicer  which would  prohibit  its entering  into this
Agreement or performing its obligations under this Agreement;

(f) .......The  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;

(g) .......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 Servicer  will,  to the  knowledge of the  Servicer,  contain any
untrue  statement of a material fact or omit a material  fact  necessary to make
the information, certificate, statement or report not misleading; and

<PAGE>

(h) .......The 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 Custodian, if any, or the Trustee.

Section 2.04...       Representations and Warranties of the Seller.

        The  Company   hereby   assigns  to  the  Trustee  for  the  benefit  of
Certificateholders  all of its  right,  title and  interest  in  respect  of the
Purchase   Agreement   insofar  as  the  Purchase   Agreement   relates  to  the
representations  and  warranties  made by the 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 Servicer
on behalf of the Trustee and the  Certificateholders.  Upon the discovery by the
Company,  the  Servicer,  the Trustee or any Custodian of a breach of any of the
representations  and  warranties  made in the  Purchase  Agreement  (which,  for
purposes  hereof,  will be deemed to include  any other  cause  giving rise to a
repurchase  obligation under the Purchase  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 Servicer shall promptly notify the
Seller of such breach and request that the Seller either (i) cure such breach in
all material  respects within 90 days from the date the 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 Purchase  Agreement  the Seller 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 the Seller  elects to  substitute  a
Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant
to this Section 2.04, the Seller 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  Servicer  and
remitted by the Servicer to the Seller 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  the Seller  shall be  entitled  to retain all  amounts  received  in
respect of such Deleted  Mortgage  Loan. The Servicer shall amend or cause to be
amended 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 Servicer 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  and the related  Subservicing  Agreement in all  respects,  the
Seller  shall be deemed to have made the  representations  and  warranties  with
respect to the  Qualified  Substitute  Mortgage  Loan  contained in the Purchase
Agreement as of the date of substitution.

<PAGE>

        In connection with the substitution of one or more Qualified  Substitute
Mortgage  Loans  for one or more  Deleted  Mortgage  Loans,  the  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). The Servicer shall deposit the
amount of such shortfall  received for the Seller into the Custodial  Account on
the day of  substitution.  The  Servicer  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 either  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 to cure
such breach or purchase (or 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. In connection with the purchase of or substitution
for any such Mortgage Loan by the Seller, the Trustee shall assign to the Seller
all of the  right,  title and  interest  in respect  of the  Purchase  Agreement
applicable to such Mortgage Loan.

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 the  Custodian on its behalf,  subject to
any  exceptions  noted,  together with the  assignment to it of all other assets
included  in the Trust Fund  and/or the  applicable  REMIC,  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.

Section 2.06...       Negative Covenants of the Trust Fund.

        Except as otherwise  expressly  permitted by this  Agreement,  the Trust
Fund shall not:

(a)  .......sell,  transfer,  exchange or otherwise dispose of any of the assets
     of the Trust Fund;

(b)     .......dissolve or liquidate in whole or in part;

(c)  .......engage,  directly or  indirectly,  in any  business  other than that
arising out of the issue of the  Certificates,  and the actions  contemplated or
required to be performed under this Agreement;

(d)  .......incur,  create or assume any  indebtedness  for borrowed money other
than the Certificates;

(e)   .......voluntarily   file  a  petition  for  bankruptcy,   reorganization,
assignment for the benefit of creditors or similar proceeding; or

(f)     .......merge, convert or consolidate with any other Person.

<PAGE>

                                ARTICLE III....

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

Section 3.01...       Servicer to Act as Servicer.

(a)  .......The  Servicer  shall service and  administer  the Mortgage  Loans in
accordance  with the terms of this Agreement and the respective  Mortgage Loans,
shall  follow  such  practices  and  procedures  as it shall deem  necessary  or
advisable  and as shall be normal and usual in its  general  mortgage  servicing
activities,  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. The servicer shall service each Pledged Asset Loan in accordance
with the  related  documentation,  including,  but not  limited  to, the related
Assigned  Contract.  Without  limiting  the  generality  of the  foregoing,  the
Servicer in its own name or in the name of a  Subservicer  is hereby  authorized
and empowered by the Trustee when the 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 Loans and with respect
to the Mortgaged Properties. The 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 Servicer or the Subservicer, as
the case may be,  believes it  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 Servicer
in  accordance   with  Section   3.16(c),   with  no  right  of   reimbursement.
Notwithstanding  the foregoing,  subject to Section 3.07(a),  the 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  either REMIC formed under
this  Agreement to fail to qualify as a REMIC under the Code.  The Trustee shall
furnish the Servicer with any powers of attorney and other  documents  necessary
or  appropriate  to enable the Servicer to service and  administer  the Mortgage
Loans.  The Trustee  shall not be liable for any action taken by the Servicer or
any  Subservicer  pursuant  to such  powers  of  attorney.  In  connection  with
servicing and  administering  the Mortgage Loans, the Servicer and any Affiliate
of the  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.

<PAGE>

(b) .......All  costs incurred by the 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 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 Servicer of amounts received
by the  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 Servicer hereunder.

Section 3.02...  Subservicing  Agreements  Between  Servicer  and  Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations.

        The Servicer may enter into 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  Servicer in respect of
such Mortgage  Loan. Any  Subservicing  Fee shall be paid by the Servicer out of
the Servicing Fee for the related Mortgage Loans.  Unless the context  otherwise
requires,  references  in this  Agreement to actions taken or to be taken by the
Servicer in servicing the Mortgage Loans include actions taken or to be taken by
a Subservicer on behalf of the Servicer.

Section 3.03...       Successor Subservicers.

        The 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
Servicer or the  Subservicer,  the 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.

<PAGE>

Section 3.04...       Liability of the Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this Agreement relating to agreements or arrangements  between the Servicer or a
Subservicer  or reference to actions taken  through a Subservicer  or otherwise,
the  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
Servicer alone were servicing and administering the Mortgage Loans. The Servicer
shall be entitled to enter into any agreement  with a Subservicer  or Seller for
indemnification of the 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   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.

Section 3.06... Assumption or Termination of Subservicing Agreements by Trustee.

(a)  .......If  the  Servicer  shall for any  reason  no longer be the  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
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 Servicer's  interest therein and to have replaced the
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
Servicer shall not thereby be relieved of any liability or obligations under the
Subservicing Agreement.

(b) .......The Servicer shall, upon request of the Trustee but at the expense of
the 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  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 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

<PAGE>

Mortgage Note for a period not greater than 180 days;  provided,  however,  that
the 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 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  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  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 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 the  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 7.00%  per  annum and the
Servicing Fee Rate. In connection  with any  Curtailment of a Mortgage Loan, the
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).  The  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.

(b)  .......The  Servicer  shall  segregate  and hold all  funds  collected  and
received  pursuant to each  Mortgage Loan separate and apart from any of its own
funds and general assets and shall  establish and maintain one or more Custodial
Accounts held in trust, entitled "GMAC Mortgage Corporation Custodial Account in
trust  for  the   benefit  of  the  Holders  of  GMACM   Mortgage   Pass-Through
Certificates,  Series  2000-J5."  Each  Custodial  Account  shall be an Eligible
Account.  The Custodial  Account  shall be  maintained as a segregated  account,
separate  and  apart  from  trust  funds   created  for  mortgage   pass-through
certificates of other series, and the other accounts of the Servicer.

        Within two Business  Days of receipt,  except as otherwise  specifically
provided  herein,  the  Servicer  shall  deposit  or cause to be  deposited  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 due on such  Mortgage  Loans on or before the
Cut-off Date) and the following amounts required to be deposited hereunder:

<PAGE>

(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 Net  Mortgage  Rate on the
        Mortgage Loans, 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,  minus the amount of any interest
        paid by a Mortgagor in  connection  with a Principal  Prepayment in Full
        for the  calendar  month in which  such  Principal  Prepayment  is to be
        distributed pursuant to Section 4.02;

(iii)Insurance  Proceeds and Liquidation  Proceeds (net of any related  expenses
     of the Subservicer);

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.04 or 4.07 and all amounts required to be deposited in connection with
        the  substitution  of a Qualified  Substitute  Mortgage Loan pursuant to
        Section 2.04;

(v)            Any amounts required to be deposited pursuant to Section 3.07(c);

(vi) All amounts  transferred from the Payment Account to the Custodial  Account
     in accordance with Section 4.02(a); and

(vii)       Any amounts received by the 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 Servicer in the Custodial Account. In the event
any  amount  not  required  to be  deposited  in  the  Custodial  Account  is so
deposited,  the Servicer may at any time withdraw such amount from the Custodial
Account,  any  provision  herein to the contrary  notwithstanding.  The Servicer
shall  maintain  records  with  respect to all  deposits  made  pursuant to this
Section. All funds deposited in the Custodial Account shall be held in trust for
the Certificateholders until withdrawn in accordance with Section 3.10.

        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 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
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.

<PAGE>

(c)  .......The  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 Payment  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 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 Servicer out
of its own funds immediately as realized without any right of reimbursement.

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 Servicer shall cause the Subservicer,
pursuant to the  Subservicing  Agreement,  to establish and maintain one or more
Subservicing  Accounts which shall be an Eligible Account or, if such account is
not an Eligible  Account,  shall be  acceptable  to the 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 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 each Determination  Date, the Servicer shall cause
the  Subservicer,  pursuant  to the  Subservicing  Agreement,  to  remit  to the
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 Servicer.

(b) .......In  addition to the Custodial  Account and the Payment  Account,  the
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 be hold in trust,  entitled "GMAC Mortgage  Corporation
Servicing  Account  in trust  for the  benefit  of the of the  Holders  of GMACM
Mortgage  Pass-Through  Certificates,  Series  2000-J5."  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
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 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. As
part of its servicing  duties,  the 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. (c) .......The
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  Servicer  shall be required so to advance only to the extent that
such advances,  in the good faith judgment of the Servicer,  will be recoverable
by the Servicer out of Insurance Proceeds, Liquidation Proceeds or otherwise.

<PAGE>

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 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 Servicer.  The
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 Servicer.

Section 3.10...       Permitted Withdrawals from the Custodial Account.

(a)  .......The  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 Payment  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, 2.04 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;

(iii)to pay to itself or the related  Subservicer (if not previously retained by
     such  Subservicer)  out of each payment received by the 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;

<PAGE>

(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, and any amounts remitted by Subservicers as interest in respect of
     Curtailments pursuant to Section 3.08(b);

(vi)    to pay the  Seller,  with  respect  to each  Mortgage  Loan or  property
        acquired  in  respect  thereof  that has  been  purchased  or  otherwise
        transferred  pursuant to Section 2.02,  2.04,  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
        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 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;

(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  Servicer's   entitlement  thereto  is  limited  to
collections or other recoveries on the related Mortgage Loan, the 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  Servicer  shall be entitled to reimburse  itself or the related
Subservicer for any advance made in respect of a Mortgage Loan that the 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
Payment  Account Deposit Date  succeeding the date of such  determination.  Such
right of  reimbursement  in  respect  of a  Nonrecoverable  Advance  on any such
Payment  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 Servicer or the related Subservicer).

<PAGE>

Section 3.11...  Maintenance  of the  Primary  Insurance  Policies;  Collections
     Thereunder.

(a) .......The  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  Servicer or  Subservicer,
would have been covered  thereunder.  To the extent  coverage is available,  the
Servicer  shall  keep or cause to be kept in full  force  and  effect a  Primary
Insurance Policy in the case of each Mortgage Loan having a Loan-to-Value  Ratio
at origination in excess of 80%, after  application of the amount of the Pledged
Assets  to  reduce  such  Loan-to-Value  Ratio  in the case of a  Pledged  Asset
Mortgage Loan, until the principal  balance of the related Mortgage Loan secured
by a Mortgaged  Property is reduced to 80%,  after  application of the amount of
the Pledged  Assets to reduce such Loan-to  Value-Ratio in the case of a Pledged
Asset  Mortgage  Loan, or less of the  appraised  value based on the most recent
appraisal of the Mortgaged  Property  performed by a qualified  appraiser,  such
appraisal to be included in the related  servicing  file. The Servicer shall not
cancel or refuse to renew any such  Primary  Insurance  Policy  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.  In connection  with
any  assumption  or  substitution  agreement  entered into or to be entered into
pursuant to Section 3.13, the Servicer  shall promptly  notify the insurer under
the related Primary Insurance Policy, if any, of such assumption or substitution
of  liability  in  accordance  with the terms of such  policy and shall take all
actions which may be required by such insurer as a condition to the continuation
of coverage under the Primary Insurance Policy. If such Primary Insurance Policy
is terminated as a result of such assumption or  substitution of liability,  the
Servicer shall obtain a replacement Primary Insurance Policy as provided above.

(b) .......In  connection with its activities as  administrator  and servicer of
the  Mortgage  Loans,  the  Servicer  agrees to present or to cause the  related
Subservicer to present, on behalf of the 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 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  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 (i)(A)  the  greater  of the  principal
balance  owing  on such  Mortgage  Loan  and (B) the  percentage  such  that the
proceeds   thereof  shall  be  sufficient  to  prevent  the   application  of  a
co-insurance  clause; if the Mortgaged  Property is in an area identified in the

<PAGE>

Federal Register by the Federal  Emergency  Management Agency as being a special
flood hazard area that has federally-mandated flood insurance requirements,  the
Servicer  will cause to be  maintained  a flood  insurance  policy  meeting  the
requirements of the current  guidelines of the Federal Insurance  Administration
with  a  generally  acceptable  insurance  carrier,  in an  amount  representing
coverage not less than the least of (i) the outstanding principal balance of the
Mortgage Loan,  (ii) the maximum  insurable value of the  improvements  securing
such Mortgage Loan or (iii) the maximum  amount of insurance  which is available
under the Flood Disaster Protection Act of 1973, as amended; or (ii) 100 percent
of the insurable value of the improvements.  The 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
maximum  insurable value of the improvements  which are a part of such property,
liability  insurance and, to the extent  required and available  under the Flood
Disaster  Protection  Act of 1973, as amended,  flood  insurance in an amount as
provided above.  Pursuant to Section 3.07, any amounts collected by the 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  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 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 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.  All  such  policies  shall  be  endorsed  with  standard
mortgagee  clauses with loss payable to the Servicer and its  successors  and/or
assigns and shall provide for at least thirty days prior  written  notice of any
cancellation,  reduction  in the amount or  material  change in  coverage to the
Servicer.  The Servicer  shall not  interfere  with the  Mortgagor's  freedom of
choice in selecting either his insurance  carrier or agent,  provided,  however,
that the Servicer  shall not accept any such  insurance  policies from insurance
companies  unless such  companies  currently  reflect a General Policy Rating in
Best's Key Rating Guide  currently  acceptable to Fannie Mae and are licensed to
do business in the state wherein the property subject to the policy is located.

        If the  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 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 Payment Account the amount not otherwise
payable under the blanket policy  because of such  deductible  clause.  Any such
deposit by the Servicer shall be made on the Payment  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 Servicer agrees to present, on behalf of itself, the Trustee
and the Certificateholders, claims under any such blanket policy.

<PAGE>

(b) .......The 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  Servicer's
officers and  employees  and other  persons  acting on behalf of the Servicer in
connection  with its activities  under this  Agreement.  The amount of coverage,
taken  together,  shall be at least equal to the coverage that would be required
by Fannie Mae or Freddie Mac,  with respect to the Servicer if the 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  Servicer
shall obtain a comparable  replacement bond or policy from an issuer or insurer,
as the case may be, meeting the requirements set forth above.

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
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, the
Servicer is not required to exercise such rights with respect to a Mortgage Loan
if the Person to whom the related  Mortgaged  Property  has been  conveyed or is
proposed to be conveyed  satisfies  the terms and  conditions  contained  in the
Mortgage  Note and  Mortgage  related  thereto and the consent of the  mortgagee
under such  Mortgage  Note or Mortgage is not  otherwise so required  under such
Mortgage Note or Mortgage as a condition to such transfer. In the event that the
Servicer is prohibited by law from enforcing any such due-on-sale  clause, or if
coverage under any Required Insurance Policy would be adversely affected,  or if
nonenforcement  is otherwise  permitted  hereunder,  the Servicer is authorized,
subject to Section 3.13(b), to take or enter into an assumption and modification
agreement  from or with the person to whom such property has been or is about to
be  conveyed,  pursuant to which such person  becomes  liable under the Mortgage
Note and,  unless  prohibited  by applicable  state law, the  Mortgagor  remains
liable thereon, provided that the Mortgage Loan shall continue to be covered (if
so covered before the Servicer enters such agreement) by the applicable Required
Insurance Policies. The Servicer, subject to Section 3.13(b), is also authorized
with the prior approval of the insurers under any Required Insurance Policies to
enter into a substitution of liability  agreement with such Person,  pursuant to
which the  original  Mortgagor  is released  from  liability  and such Person is
substituted   as  Mortgagor  and  becomes   liable  under  the  Mortgage   Note.
Notwithstanding the foregoing, the Servicer shall not be deemed to be in default
under this  Section by reason of any transfer or  assumption  which the Servicer
reasonably  believes it is  restricted  by law from  preventing,  for any reason
whatsoever.

(b)  .......Subject to the 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 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,  that in connection  with any such

<PAGE>

assumption,  no material term of the Mortgage Note may be changed.  Upon receipt
of appropriate  instructions from the 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  Servicer.  Upon the
closing of the transactions  contemplated by such documents,  the 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 Servicer or such
related Subservicer for entering into an assumption or substitution of liability
agreement  will be retained by the Servicer or such  Subservicer  as  additional
servicing compensation.

(c) .......The 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 the applicable  REMIC 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 such REMIC as a result
thereof.  Any fee  collected  by the  Servicer  or the related  Subservicer  for
processing  such a request will be retained by the Servicer or such  Subservicer
as additional servicing compensation.

(d)  .......Subject  to any  other  applicable  terms  and  conditions  of  this
Agreement,  the Trustee and 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 Servicer with a "Lender Certification for Assignment of Mortgage
Loan"  in the  form  attached  hereto  as  Exhibit  K,  in  form  and  substance
satisfactory to the Trustee and 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 Servicer shall receive cash in an amount equal to the unpaid
principal balance of and accrued interest on such Mortgage Loan and the 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  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  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, as shall meet the
requirements of the Insurer under any Required Insurance Policy, and as shall be

<PAGE>

consistent  with the  provisions  of this  Agreement.  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 Servicer  shall ensure that the title to such REO Property  references  this
Agreement and the Trustee's capacity thereunder.  The 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 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 Servicer  pursuant to this Section 3.14(a),  the Servicer
shall be entitled to  reimbursement of such amounts pursuant to Section 3.10. If
the  Servicer  has  knowledge  that a Mortgaged  Property  which the Servicer is
contemplating  acquiring in  foreclosure  or by deed in lieu of  foreclosure  is
located within a one (1) mile radius of any site listed in the Expenditure  Plan
for the  Hazardous  Substance  Clean  Up Bond  Act of 1984 or  other  site  with
environmental or hazardous waste risks known to the Servicer, the Servicer will,
prior to acquiring  the  Mortgaged  Property,  consider such risks and only take
action in  accordance  with its  established  environmental  review  procedures.
Further,  the 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 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  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 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
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 Servicer in respect
of such Pledged  Assets shall be deposited in the Custodial  Account  subject to
withdrawal  pursuant to Section 3.10.  The Servicer  shall permit the release of
the Pledged Assets only in accordance with the terms of the Assigned Contracts.

(b) .......The Servicer shall, either itself or through an agent selected by the
Servicer,  and in accordance with the Fannie Mae guidelines,  manage,  conserve,
protect  and  operate  each 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.  Each  disposition  of REO Property shall be carried out by
the  Servicer at such price and upon such terms and  conditions  as the Servicer
deems to be in the best interest of the Certificateholders.

<PAGE>

        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 Servicer
the related  Mortgage  File and the  Trustee  shall  execute  and  deliver  such
instruments  of transfer or assignment  prepared by the  Servicer,  in each case
without recourse, as shall be necessary to vest in the 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 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 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 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.

(c) .......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.  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 Curtailment of the related Mortgage Loan.

(d) .......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
Servicer on behalf of the Trust Fund shall  dispose of such REO Property  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 the applicable  REMIC as a
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  Servicer  (subject to Section  10.01(f))  obtains for the Trustee an
Opinion of Counsel,  addressed  to the Trustee and the  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 the applicable  REMIC 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

<PAGE>

Trust Fund may  continue to hold such REO  Property  (subject to any  conditions
contained  in such Opinion of  Counsel).  The  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  Servicer has agreed to  indemnify  and hold  harmless the Trust Fund
with respect to the imposition of any such taxes.

(e) .......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 Servicer or the related  Subservicer in accordance with
Section 3.10(a)(ii); second, to all Servicing Fees and Subservicing Fees payable
therefrom  (and the  Servicer and the  Subservicer  shall have no claims for any
deficiencies  with  respect  to  such  fees  which  result  from  the  foregoing
allocation);  third,  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;  fourth,  to the  Certificateholders  as a
recovery of principal on the Mortgage Loan (or REO  Property)(provided  that, if
such  recovery is of an amount  previously  allocated  to one or more Classes of
Certificates  as a Realized Loss,  such recovery  shall be allocated  among such
Classes in the same  proportions as the allocation of such Realized  Losses and,
if any such Class of  Certificates  to which such Realized Loss was allocated is
no longer  outstanding,  such  subsequent  recovery  shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
and fifth, to Foreclosure Profits.

(f)  .......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 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.

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 Servicer of a notification  that payment in full will be
escrowed in a manner customary for such purposes,  the Servicer will immediately
notify the Custodian,  if any, or the Trustee (if it holds the related  Mortgage
File) by delivery of a Request  for  Release  substantially  in one of the forms
attached hereto as Exhibit F requesting delivery to it of the Mortgage File. The
Servicer is  authorized  to execute and deliver to the Mortgagor the request for
reconveyance,  deed of  reconveyance  or release or  satisfaction of mortgage or

<PAGE>

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 Payment Account.

(b) .......From  time to time as is appropriate for the servicing or foreclosure
of any Mortgage  Loan,  the Servicer  shall deliver a Request for Release to the
Custodian,  if any,  or the  Trustee  (if it holds the  related  Mortgage  File)
requesting  that  possession of all, or any document  constituting  part of, the
Mortgage  File be released to the 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 (if it holds the related  Mortgage
File) or the Custodian  shall deliver the Mortgage File or any document  therein
to the  Servicer.  The 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 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 Servicer has delivered directly or through a Subservicer
to the Trustee and the Custodian 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 any such Mortgage  Loan, the Custodian,  if any, or
the Trustee  shall  deliver the Request for Release with respect  thereto to the
Servicer  upon  deposit of the related  Liquidation  Proceeds  in the  Custodial
Account.

(c) .......The Servicer on the Trustee's behalf shall execute and deliver to the
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 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 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.

(d)  .......Notwithstanding any other provisions of this Agreement, the Servicer
shall  transmit  to the  Custodian,  if any,  or the Trustee as required by this
Agreement  all documents  and  instruments  in respect of a Mortgage Loan coming
into the possession of the Servicer from time to time and shall account fully to
the  Trustee  for any funds  received by the  Servicer  or which  otherwise  are
collected  by the  Servicer as  Liquidation  Proceeds or  Insurance  Proceeds in
respect of any related  Mortgage Loan. All Mortgage Files and funds collected or
held by, or under the control of, the Servicer in respect of any Mortgage Loans,

<PAGE>

Liquidation Proceeds,  including but not limited to, any funds on deposit in the
Custodial  Account(s),  shall be held by the  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. The Servicer also agrees
that it shall not create,  incur or subject any Mortgage  File or any funds that
are deposited in the Custodial Account, Payment Account or any related Servicing
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 the Servicer shall be entitled to set off against and deduct from
any such funds any amounts  that are  properly  due and payable to the  Servicer
under this Agreement.

Section 3.16...       Servicing and Other Compensation; Compensating Interest.

(a) .......The 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
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  otherwise  shall  be  retained  by the  Servicer  or the
Subservicer to the extent provided herein, subject to clause (e) below.

(c)  .......The  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,
certain  expenses of the Trustee as provided in Section  8.05,  and the fees and
expenses of any Custodian) and shall not be entitled to  reimbursement  therefor
except as specifically provided in Sections 3.10 and 3.14.

(d) .......The  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 Servicer under this Agreement.

(e)  .......Notwithstanding  any  other  provision  herein,  the  amount  of the
Servicing Fee that the 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. In making such reduction, the Servicer 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).

<PAGE>

Section 3.17...  Periodic  Filings with the Securities and Exchange  Commission;
     Additional Information.

        Within 15 days after each  Distribution  Date,  the  Trustee  shall,  in
accordance  with  industry  standards,  file with the  Securities  and  Exchange
Commission  (the  "Commission")  via the Electronic Data Gathering and Retrieval
System   (EDGAR),   a  Form   8-K   with  a  copy  of  the   statement   to  the
Certificateholders  for such Distribution  Date as an exhibit thereto.  Prior to
January 30, 2001, the Trustee shall, in accordance with industry standards, file
a Form 15 Suspension Notification with respect to the Trust Fund, if applicable.
Prior to March 30,  2001,  the  Trustee  shall  file a Form 10-K,  in  substance
conforming to industry  standards,  with respect to the Trust Fund.  The Company
hereby  grants to the  Trustee a limited  power of  attorney to execute and file
each such  document  on behalf of the  Company.  Such  power of  attorney  shall
continue until either the earlier of (i) receipt by the Trustee from the Company
of written termination of such power of attorney and (ii) the termination of the
Trust Fund. The Company agrees to promptly furnish to the Trustee,  from time to
time upon request,  such further information,  reports, and financial statements
within its  control  related to this  Agreement  and the  Mortgage  Loans as the
Trustee  reasonably deems  appropriate to prepare and file all necessary reports
with the Commission.  The Trustee shall have no responsibility to file any items
other than those specified in this section.

Section 3.18...       Annual Statement as to Compliance.
                      ---------------------------------

        The Servicer  shall  deliver to the Seller,  the Trustee and each Rating
Agency  on or  before  90 days  after  the end of the  Servicer's  fiscal  year,
commencing in its fiscal year ending December 31, 2001, an Officer's Certificate
stating,  as to the signer  thereof,  that (i) a review of the activities of the
Servicer  during  the  preceding  calendar  year and of the  performance  of the
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, the Servicer
has fulfilled all its obligations under this Agreement throughout such year, or,
if  there  has  been a  default  in the  fulfillment  of  any  such  obligation,
specifying  each such  default  known to such  officer and the nature and status
thereof  except  for such  defaults  as such  officer  in his or her good  faith
judgment believes to be immaterial.

Section 3.19...       Annual Independent Public Accountants' Servicing Report.

        On or  before  90 days  after  the end of the  Servicer's  fiscal  year,
commencing  in its 2001 fiscal year,  the Servicer at its expense  shall cause a
firm of independent  public  accountants  (who may also render other services to
the  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  Seller  to the  effect  that such  firm has  examined  certain
documents and records relating to the Servicer's  servicing of mortgage loans of
the  same  type  as  the  Mortgage  Loans   pursuant  to  servicing   agreements
substantially  similar to this  Agreement,  which  agreements  may include  this
Agreement,   and  that,  on  the  basis  of  such  an   examination,   conducted
substantially  in compliance  with the Uniform  Single  Attestation  Program for
Mortgage Bankers,  such firm is of the opinion that the Servicer's servicing has
been  conducted in  compliance  with the  agreements  examined  pursuant to this
Section,  except  for (i) such  exceptions  as such  firm  shall  believe  to be
immaterial,  and (ii)  such  other  exceptions  as  shall  be set  forth in such
statement.  Copies of such  statement  shall be  provided  by the Trustee to any
Certificateholder  upon  request  at  the  Servicer's  expense,   provided  such
statement is delivered by the Servicer to the Trustee.

<PAGE>

Section 3.20...       Rights of the Company in Respect of the Servicer.

        The Servicer shall afford the Seller 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 the Servicer.

Section 3.21...       Administration of Buydown Funds.

(a) .......With respect to any Buydown Mortgage Loan, the Servicer will withdraw
from the account that satisfies the requirements for a Subservicing Account (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 deposit
that amount in the Custodial  Account  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  Servicer  shall
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  Mortgage  Loan  during the  Buydown  Period and the  property
securing such Buydown  Mortgage Loan is sold in the liquidation  thereof (either
by the Servicer or the insurer under any related Primary Insurance Policy),  the
Servicer  shall  withdraw  from the Buydown  Account the Buydown  Funds for such
Buydown  Mortgage Loan still held in the Buydown Account and deposit the same in
the Custodial Account or, 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...       Payment Account.

(a) .......The  Trustee shall  establish and maintain a Payment Account in which
the  Servicer  shall cause to be deposited on behalf of the Trustee on or before
2:00 P.M. New York time on each Payment 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 Payment Account pursuant to Section  3.12(a),  (iii) any amount
required to be deposited in the Payment  Account  pursuant to 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.

<PAGE>

(b)  .......The  Trustee  may invest or cause the  institution  maintaining  the
Payment  Account  to  invest  the  funds in the  Payment  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  Payment  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  Payment  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.  All  income  and gain  realized  from any such
investment  shall be for the  benefit of the Trustee 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 Payment Account by the
Trustee  out of its own  funds  immediately  as  realized  without  any right of
reimbursement.

Section 4.02...       Distributions.

(a)  .......On  each  Distribution  Date (x) the Trustee or (y) the Paying Agent
appointed by the Trustee,  shall distribute  first, to the Trustee,  payment for
any servicing transfer expenses  reimbursable to the Trustee pursuant to Section
7.02(a),  and that  have not  been  paid or  reimbursed  to the  Trustee  by the
Servicer and second, to each  Certificateholder  of record on the next preceding
Record  Date  (other  than as  provided  in Section  9.01  respecting  the final
distribution)  either  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  Trustee  or the  Paying  Agent,  as the case may be,  or, if such
Certificateholder  has not so notified  the  Trustee 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 with respect to each Class of  Certificates,  shall be based on the
aggregate  of  the  Percentage  Interests  represented  by  Certificates  of the
applicable Class held by such Holder 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:

(i)  Available Interest will be distributed in the following order of priority:

(A)            first:

(1)                   to pay on a pro rata basis to the Holders of the Class A-1
                      Certificates,  Class  IO  Certificates  (with  respect  to
                      Notional Amount 1) and, after January 2001, to the Holders
                      of  the  Class  PO  Certificates   (with  respect  to  the
                      Component  PO-1),  from Available  Interest related to the
                      Group  I  Loans,  Accrued  Certificate  Interest  on  such
                      Classes  (with  respect to the Class IO  Certificates,  on
                      Notional  Amount  1  only)  and  any  Accrued  Certificate
                      Interest from prior Distribution Dates remaining unpaid on
                      those Classes (with respect to the Class IO  Certificates,
                      on Notional Amount 1 only); and

<PAGE>

(2)                   to pay on a pro rata basis to the Holders of the Class A-2
                      Certificates,  Class  IO  Certificates  (with  respect  to
                      Notional Amount 2) and, after July 2005, to the Holders of
                      the Class PO  Certificates  (with respect to the Component
                      PO-2),  from  Available  Interest  related to the Group II
                      Loans,  Accrued Certificate Interest on such Classes (with
                      respect to the Class IO Certificates, on Notional Amount 2
                      only)and  any  Accrued  Certificate  Interest  from  prior
                      Distribution Dates remaining unpaid on those Classes (with
                      respect to the Class IO Certificates, on Notional Amount 2
                      only);

(B)            second:

(1)                   to pay on a pro rata basis to the Holders of the Class A-1
                      Certificates,  Class  IO  Certificates  (with  respect  to
                      Notional Amount 1) and, after January 2001, to the Holders
                      of  the  Class  PO  Certificates   (with  respect  to  the
                      Component PO-1), from remaining Available Interest related
                      to the Group II Loans,  Accrued  Certificate  Interest  on
                      such Classes not paid pursuant to clause first above (with
                      respect to the Class IO Certificates, on Notional Amount 1
                      only) and any  Accrued  Certificate  Interest  from  prior
                      Distribution  Dates  remaining  unpaid on such Classes not
                      paid  pursuant to clause first above (with  respect to the
                      Class IO Certificates, on Notional Amount 1 only);

(2)                   to pay on a pro rata basis to the Holders of the Class A-2
                      Certificates,  Class  IO  Certificates  (with  respect  to
                      Notional Amount 2) and, after July 2005, to the Holders of
                      the  Component  PO  Certificates   (with  respect  to  the
                      Component PO-2), from remaining Available Interest related
                      to the Group I Loans, Accrued Certificate Interest on such
                      Classes  not paid  pursuant  to clause  first  above (with
                      respect to the Class IO Certificates, on Notional Amount 2
                      only) and any  Accrued  Certificate  Interest  from  prior
                      Distribution  Dates remaining  unpaid on those Classes not
                      paid  pursuant to clause first above (with  respect to the
                      Class IO Certificates, on Notional Amount 2 only);

(C)            third, to pay Accrued Certificate  Interest to the Holders of the
               Class M-1, Class M-2 and Class M-3 Certificates,  sequentially in
               the order of their numerical Class  designations,  beginning with
               the Class M-1 Certificates; and

(D)            fourth,  any remaining  Available  Interest  will be  distributed
               pursuant to Section 4.02(a)(iii) hereof.

(ii) Available Principal will be distributed in the following order of priority:

(A)            for each Distribution Date (x) prior to the Step-down Date or (y)
               on or after the  Step-down  Date, if a Trigger Event is in effect
               on that  Distribution  Date,  Available  Principal  will first be
               distributed   sequentially   in  the  order  of  their  numerical
               designations,  to the Holders of the Class R -I Certificates  and
               R-II  Certificates,  until  the  Certificate  Principal  Balances
               thereof  have been  reduced  to zero,  and then in the  following
               order of priority:

<PAGE>

(1)                   first,  Available  Principal  received  in  respect of the
                      Group I Loans, to the Class A-1  Certificates and Class PO
                      Certificates  (with  respect to the Component  PO-1),  pro
                      rata, as a reduction of the Certificate  Principal Balance
                      and Component  Principal Balance,  as applicable,  of such
                      Classes,  until  the  Certificate  Principal  Balance  and
                      Component  Principal  Balance thereof have been reduced to
                      zero, and thereafter,  to the Class A-2  Certificates  and
                      Class  PO  Certificates  (with  respect  to the  Component
                      PO-2),  pro  rata,  as  a  reduction  in  the  Certificate
                      Principal  Balance and  Component  Principal  Balance,  as
                      applicable,   of  such  Classes,   until  the  Certificate
                      Principal Balance and Component  Principal Balance thereof
                      have  been  reduced  to  zero;  and  Available   Principal
                      received  in respect  of the Group II Loans,  to the Class
                      A-2 Certificates  and Class PO Certificates  (with respect
                      to the  Component  PO-2),  pro rata, as a reduction in the
                      Certificate  Principal  Balance  and  Component  Principal
                      Balance,  as  applicable,   of  such  Classes,  until  the
                      Certificate  Principal  Balance  and  Component  Principal
                      Balance  thereof have been reduced to zero, and thereafter
                      to the Class A-1  Certificates  and Class PO  Certificates
                      (with  respect  to the  Component  PO-1),  pro rata,  as a
                      reduction  in  the  Certificate   Principal   Balance  and
                      Component  Principal  Balance,  as  applicable,   of  such
                      Classes,  until  the  Certificate  Principal  Balance  and
                      Component  Principal  Balance thereof have been reduced to
                      zero; and

(2)                   second,  to the  Holders of the Class  M-1,  Class M-2 and
                      Class M-3 Certificates, sequentially in the order of their
                      numerical Class designations, beginning with the Class M-1
                      Certificates,  as a reduction of the Certificate Principal
                      Balances of such Classes,  until the Certificate Principal
                      Balances thereof have been reduced to zero;

(B)            for each  Distribution  Date on or after the  Step-down  Date, so
               long as a Trigger Event is not in effect:

(1)                   first, to pay from Available Principal,  to the Holders of
                      the Senior  Certificates,  principal  sufficient to reduce
                      the  aggregate  Certificate  Principal  Balances  of  such
                      Classes to the Senior Optimal Principal Balance;

(2)                   second, to pay from Available Principal, to the Holders of
                      the  Class  M-1   Certificates   as  a  reduction  of  the
                      Certificate  Principal Balance thereof until the aggregate
                      Certificate  Principal  Balance  of such  Class  has  been
                      reduced to the Class M-1 Optimal Principal Balance;

(3)                   third, to pay from Available Principal,  to the Holders of
                      the  Class  M-2   Certificates   as  a  reduction  of  the
                      Certificate  Principal Balance thereof until the aggregate
                      Certificate  Principal  Balance  of such  Class  has  been
                      reduced to the Class M-2 Optimal Principal Balance;

<PAGE>

(4)                   fourth, to pay from Available Principal, to the Holders of
                      the  Class  M-3   Certificates   as  a  reduction  of  the
                      Certificate  Principal Balance thereof until the aggregate
                      Certificate  Principal  Balance  of such  Class  has  been
                      reduced to the Class M-3 Optimal  Principal Balance or, if
                      a Principal  Distribution  Trigger  Event is in effect and
                      continuing,   all  remaining   Available  Principal  as  a
                      reduction  of the  Certificate  Principal  Balance  of the
                      Class M-3 Certificates; and

(5)  fifth, any remaining  Available  Principal will be distributed  pursuant to
     Section 4.02(a)(iii) hereof.

        Payments made on the Senior  Certificates on each Distribution Date with
respect to Available  Principal and the  Overcollateralization  Increase  Amount
will be distributed  concurrently to each Class of Senior Certificates,  in each
case  allocated in proportion to the percentage of Available  Principal  derived
from the related Loan Group for that  Distribution  Date,  until the Certificate
Principal Balances of the Class A-1 Certificates and Class PO Certificates (with
respect to the Component  PO-1) in the  aggregate or the Class A-2  Certificates
and Class PO Certificates (with respect to the Component PO-2) in the aggregate,
have been reduced to zero.

(iii) Excess Cashflow will be distributed in the following order of priority:

(A)  first,  to pay to the  Holders of the Senior  Certificates,  pro rata,  any
     unpaid Accrued Certificate Interest,  provided, however, that payments from
     Excess  Cashflow  related to the Group I Loans for that  Distribution  Date
     will  first be  distributed  to the  Class  A-1  Certificates  and Class PO
     Certificates  (with respect to the Component  PO-1),  pro rata, and then to
     the Class A-2 Certificates  and Class PO Certificates  (with respect to the
     Component PO-2), pro rata, and payments from Excess Cashflow related to the
     Group II Loans for that  Distribution Date will first be distributed to the
     Class A-2  Certificates  and Class PO  Certificates  (with  respect  to the
     Component PO-2), pro rata, and then to the Class A-1 Certificates and Class
     PO Certificates (with respect to the Component PO-1), pro rata;

(B)            second,  to pay to the  Holders  of the Class  M-1  Certificates,
               Class M-2 Certificates and Class M-3 Certificates, in that order,
               any unpaid Accrued Certificate Interest;

(C)  third,  to pay to the  Holders of the Senior  Certificates,  pro rata,  any
     Unpaid  Realized  Loss  Amounts  allocated  to  the  Senior   Certificates,
     provided,  however, that payments from Excess Cashflow related to the Group
     I Loans for that  Distribution  Date will first be distributed to the Class
     A-1 Certificates  and Class PO Certificates  (with respect to the Component
     PO-1),  pro  rata,  and then to the  Class  A-2  Certificates  and Class PO
     Certificates  (with respect to the Component  PO-2), pro rata, and payments
     from Excess  Cashflow  related to the Group II Loans for that  Distribution
     Date will first be distributed to the Class A-2  Certificates  and Class PO
     Certificates  (with respect to the Component  PO-2),  pro rata, and then to
     the Class A-1 Certificates  and Class PO Certificates  (with respect to the
     Component PO-1), pro rata;

<PAGE>

(D)            fourth,  to pay to the  Holders  of the Class  M-1  Certificates,
               Class M-2 Certificates and Class M-3 Certificates, in that order,
               any  Unpaid  Realized  Loss  Amounts  allocated  to the Class M-1
               Certificates,  the  Class  M-2  Certificates  or  the  Class  M-3
               Certificates, respectively;

(E)  fifth,   to   pay   to   the   Holders   of   Senior   Certificates,    the
     Overcollateralization  Increase  Amount as a payment  in  reduction  of the
     Certificate    Principal    Balances    thereof,    until   the    Required
     Overcollateralization  Amount has been satisfied,  provided,  however, that
     payments  from  Excess  Cashflow  related  to the  Group I Loans  for  that
     Distribution  Date will first be distributed to the Class A-1  Certificates
     and Class PO Certificates  (with respect to the Component  PO-1), pro rata,
     and then to the Class A-2  Certificates  and  Class PO  Certificates  (with
     respect to the Component PO-2), pro rata, and payments from Excess Cashflow
     related  to the Group II Loans  for that  Distribution  Date will  first be
     distributed to the Class A-2 Certificates  and Class PO Certificates  (with
     respect  to the  Component  PO-2),  pro  rata,  and then to the  Class  A-1
     Certificates  and Class PO  Certificates  (with  respect  to the  Component
     PO-1), pro rata;

(F)  sixth, on and after the Distribution Date when the Senior Certificates have
     been  reduced to zero,  to pay the  Holders of the Class M-1  Certificates,
     Class M-2 Certificates and Class M-3  Certificates,  in that order, in each
     case until their respective  Certificate Principal Balance has been reduced
     to  zero,  the  Overcollateralization  Increase  Amount  as  a  payment  in
     reduction  of  the   Certificate   Principal   Balance  of  the  Class  M-1
     Certificates, the Class M-2 Certificates and the Class M-3 Certificates, as
     applicable,  until  the  Required  Overcollateralization  Amount  has  been
     satisfied;

(G)            seventh,  to  the  Holders  of the  Class  SB  Certificates,  any
               Overcollateralization  Decrease  Amount in reduction of the Class
               SB  Principal  Balance  applied  as set forth in the  Preliminary
               Statement;

(H)            eighth,  to  the  Holders  of the  Class  A-2  Certificates,  any
               Interest   Carry  Forward   Amount   remaining   unpaid  on  that
               Distribution Date; and

(I)            ninth,  to the  Trustee,  any fees  and/or  expenses  payable  or
               reimbursable by the Servicer  pursuant to Section 8.05 hereof, to
               the extent not paid by the Servicer;

(J)  tenth,  to the Holders of the Class SB  Certificates,  Accrued  Certificate
     Interest on the Class SB Certificates; and

(K) eleventh, all remaining amounts to the Class R-I Certificates.

(b) .......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
Servicer shall have any responsibility therefor.

<PAGE>

(c)  .......Except  as  otherwise  provided  in Section  9.01,  if the  Servicer
anticipates that a final  distribution with respect to any Class of Certificates
will be made on the next  Distribution  Date, the 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 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 Payment
Account  and  credited  to a separate  escrow  account  for the  benefit of such
Certificateholders as provided in Section 9.01(d).

Section 4.03...       Statements to Certificateholders.

(a)  .......Concurrently  with each distribution  charged to the Payment Account
and with respect to each Distribution  Date, the Trustee shall make available to
Certificateholders  and  other  parties  to this  Agreement  via  the  Trustee's
internet  website service a statement as to each Class of  Certificates  and the
Mortgage  Pool that  includes  the  information  set forth in Exhibit M attached
hereto.

(b)  .......The  Trustee's  internet  website  shall  initially  be  located  at
"www.ctslink.com."  Assistance  in using the website  service can be obtained by
calling the Trustee's customer service desk at (301) 815-6600.  Parties that are
unable to use the website  are  entitled to have a paper copy mailed to them via
first class mail by calling the customer  service desk and indicating  such. The
Trustee shall have the right to change the way Distribution  Date statements are
distributed  in order to make such  distribution  more  convenient  and/or  more
accessible  to the above  parties  and the  Trustee  shall  provide  timely  and
adequate notification to all above parties regarding any such changes.

(c)  .......Within  a reasonable  period of time after the end of each  calendar
year, the Trustee 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 subsection (a)
above  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.

(d)  .......Within  a reasonable  period of time after the end of each  calendar
year, the Trustee 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 Trustee shall be
deemed  to have been  satisfied  to the  extent  that  substantially  comparable
information  shall be provided by the Servicer  pursuant to any  requirements of
the Code.

<PAGE>

(e) .......Upon the written request of any  Certificateholder,  the Trustee,  as
soon as reasonably practicable,  shall provide the requesting  Certificateholder
with such  information  as is necessary and  appropriate,  in the Trustee's sole
discretion,  for purposes of satisfying applicable reporting  requirements under
Rule 144A.

Section 4.04... Distribution of Reports to the Trustee and the Company; Advances
     by the Servicer.

(a)  .......Prior  to the close of business on the Business Day next  succeeding
each  Determination  Date, the Servicer shall furnish a report (the  "Remittance
Report")  to the Trustee in a mutually  agreed  upon form of an  electromagnetic
tape  or  disk  and  hard  copy.  The  Remittance  Report  and  any  information
supplemental thereto shall include such information with respect to the Mortgage
Loans that is required by the  Trustee for  purposes of making the  calculations
described in Section 4.02 and preparing the statement described in Section 4.03,
as set forth in written specifications or guidelines issued by the Seller or the
Trustee  from time to time.  The Trustee  shall be protected in relying upon the
information set forth in the Remittance  Report without any independent check or
verification.

(b) .......On or before 2:00 P.M. New York time on each Payment  Account Deposit
Date, the Servicer shall either (i) deposit in the Payment  Account from its own
funds, or funds received therefor from the Subservicers,  an amount equal to the
Advances to be made by the 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 Relief Act, 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  Payment  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  Servicer by deposit in the Payment  Account on
or before 11:00 A.M. New York time on any future Payment Account Deposit Date to
the extent that funds  attributable  to the Mortgage Loans that are available in
the Custodial Account for deposit in the Payment Account on such Payment Account
Deposit Date shall be less than  payments to  Certificateholders  required to be
made on the following  Distribution  Date. The 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 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 Servicer from recoveries on related Mortgage Loans pursuant
to Section 3.10.

<PAGE>

        The  determination  by the  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  Servicer
delivered to the Company and the Trustee.

        If the Servicer  determines as of the Business Day preceding any Payment
Account Deposit Date that it will be unable to deposit in the Payment 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
Payment 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 Servicer  shall have  directly or  indirectly  deposited in the Payment
Account such portion of the amount of the Advance as to which the 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  Servicer  under this
Agreement  in  accordance  with  Section  7.01 and (b)  assume  the  rights  and
obligations  of the Servicer  hereunder,  including the obligation to deposit in
the  Payment  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 Payment Account.

Section 4.05...       Allocation of Realized Losses.

        Prior to each Distribution  Date, the 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 calendar  month  preceding  the month of
distribution  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 SB Certificates until the Certificate
Principal  Balance  thereof has been reduced to zero;  second,  to the Class M-3
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  third,  to the Class M-2  Certificates  until the  Certificate  Principal
Balance thereof has been reduced to zero;  fourth, to the Class M-1 Certificates
until the  Certificate  Principal  Balance  thereof has been reduced to zero and
thereafter  Realized Losses shall be allocated among the Class A-1  Certificates
and  Component  PO-1 pro rata  with  respect  to the Group I Loans and among the
Class A-2  Certificates and Component PO-2 pro rata with respect to the Group II
Loans.

        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

<PAGE>

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;  provided
that for purposes of  determining  "pro rata." Any  allocation  of the principal
portion of Realized  Losses (other than Debt Service  Reductions) to the Class M
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.

Section 4.06... Reports of Foreclosures and Abandonment of Mortgaged Property.

        The 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 Servicer may, upon the written  request of and with funds provided by
the Junior  Certificateholder,  purchase  such Mortgage Loan from the Trustee at
the Purchase Price therefor.  If at any time the Servicer makes a payment to the
Payment  Account  covering the amount of the Purchase  Price for such a Mortgage
Loan,  and the  Servicer  provides  to the Trustee a  certification  signed by a
Servicing  Officer stating that the amount of such payment has been deposited in
the Payment  Account,  then the Trustee  shall  execute the  assignment  of such
Mortgage  Loan at the  request of the  Servicer  without  recourse to the Junior
Certificateholder,  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 Junior  Certificateholder  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.

<PAGE>

                                ARTICLE V......

                                THE CERTIFICATES

Section 5.01...       The Certificates.

(a)  .......The  Senior,  Class M,  Class SB 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.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an  authorized  signatory  of the  Trustee.  Certificates  bearing the
manual or facsimile  signatures of  individuals  who were at any time the proper
authorized  signatories  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 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  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.

<PAGE>

        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 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 Servicer  shall  recognize  the Holders of the  Definitive  Certificates  as
Certificateholders hereunder.

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.

(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 SB 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 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 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 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  SB
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 SB
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,

<PAGE>

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  Servicer  (except
that,  if such  transfer is made by the Company or the Servicer or any Affiliate
thereof,  the Company or the 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-1 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  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
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 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 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 M,  Class SB 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 Servicer to the effect that the
purchase  or  holding  of such  Class  M,  Class SB 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  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 Servicer or (B) the
prospective Transferee shall be required to provide the Trustee, the Company and
the Servicer  with a  certification  to the effect set forth in paragraph six of
Exhibit  H-1 (with  respect  to any  Class SB  Certificate),  Exhibit  H-2 (with
respect to any Class M 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

<PAGE>

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 M or  Class  SB  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)  Notwithstanding  the  foregoing,  an  Opinion of Counsel or
certification  will not be required  with respect to the transfer of any Class M
Certificate to a Depository, or for any subsequent transfer of any interest in a
Class M Certificate for so long as such Certificate is a Book-Entry  Certificate
(each such Class M  Certificate,  a  "Book-Entry  Mezzanine  Certificate").  Any
Transferee  of a  Book-Entry  Mezzanine  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 or (b)
such Transferee is a Complying Insurance Company.

               (iii) (A) If any Class M Certificate (or any interest therein) is
acquired or held in violation of the provisions of Section (ii) above,  then the
last  preceding  Transferee  that either (i) is not a Plan Investor or (ii) 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  Book-Entry  Mezzanine  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 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.

(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:

               (ii) 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.

<PAGE>

               (iii) 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 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 Servicer,  representing and warranting,  among other things,
that no  purpose  of the  proposed  Transfer  is to  impede  the  assessment  or
collection of tax.

               (iv)  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.

               (v) 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.

               (vi) 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."

               (vii) 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.

               (viii) 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

<PAGE>

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.

               (ix) 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 Servicer shall have the right, without notice
to the  holder or any prior  holder of such  Class R  Certificate,  to sell such
Class R Certificate to a purchaser selected by the Servicer on such terms as the
Servicer  may choose.  Such  purported  Transferee  shall  promptly  endorse and
deliver the Class R  Certificates  in accordance  with the  instructions  of the
Servicer.  Such  purchaser  may be the Servicer  itself or any  Affiliate of the
Servicer.  The proceeds of such sale, net of the commissions  (which may include
commissions payable to the Servicer or its Affiliates),  expenses and taxes due,
if any, will be remitted by the 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 Servicer,  and the 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.

               (x) The Trustee shall make  available,  upon written request from
the  Internal  Revenue  Service  and  any  potentially   affected  Person,   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
Trustee before it will provide such information to any such potentially affected
Person.
               (xi) 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 SB  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 Servicer stating that the Servicer has received an Opinion
               of Counsel,  in form and substance  satisfactory to the Servicer,
               to the effect that such  modification,  addition to or absence of
               such  provisions  will not cause any  portion  of the  applicable
               REMIC to cease to  qualify  as a REMIC and will not cause (x) any
               portion of the applicable  REMIC to be subject to an entity-level

<PAGE>

               tax caused by the Transfer of any Class R Certificate to a Person
               that is a 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.

(i) .......The  provisions contained in Section 5.02(e) shall no longer apply to
the Class M Certificates if the Company or the Servicer  delivers to the Trustee
an Officer's  Certificate  stating that amendments proposed by the United States
Department of Labor (the "DOL") to be made to Prohibited  Transaction  Exemption
94-29,  59 Fed. Reg.  14674 (March 29, 1994),  as amended by PTE 97-34,  62 Fed.
Reg. 39021 (July 21, 1997) and similar  exemptions  have been published in final
form substantially as proposed in the DOL Exemption  Application No. D-10809, 65
Fed. Reg. 51454 (August 23, 2000).

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 Servicer,  the Trustee, the Certificate Registrar and any agent
of the Company, the Servicer, the Trustee 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 Servicer,
the  Trustee,  the  Certificate  Registrar  nor any  agent of the  Company,  the
Servicer,  the Trustee or the Certificate  Registrar shall be affected by notice
to the contrary except as provided in Section 5.02(f).

<PAGE>

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 Trustee shall
deposit or cause to be deposited  with the Paying Agent a sum sufficient to make
the payments to the Certificateholders in the 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.

Section 5.06...       Optional Purchase of Certificates.

(a) .......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,  the  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.

(b)  .......The  Servicer  shall give the  Trustee  not less than 60 days' prior
notice of the Distribution  Date on which the Servicer  anticipates that it will
purchase  the  Certificates  pursuant  to  Section  5.06(a).  Notice of any such
purchase,  specifying the Distribution Date upon which the Holders may surrender
their  Certificates  to the Trustee for payment in accordance  with this Section
5.06,  shall be given  promptly by the Servicer by letter to  Certificateholders
(with a copy to the  Certificate  Registrar and each Rating  Agency)  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  Distribution  Date  upon  which  purchase  of the  Certificates  is
        anticipated  to  be  made  upon   presentation  and  surrender  of  such
        Certificates at the office or agency of the Trustee therein designated,

(ii)           the purchase price therefor, if known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable, payments being made only upon presentation and surrender
        of the  Certificates  at the  office or agency  of the  Trustee  therein
        specified.

If the Servicer gives the notice  specified above, the Servicer shall deposit in
the Payment Account before the Distribution  Date on which the purchase pursuant
to Section  5.06(a) is to be made, in  immediately  available  funds,  an amount
equal to the purchase price for the Certificates computed as provided above.

<PAGE>

(c) .......Upon  presentation  and surrender of the Certificates to be purchased
pursuant to Section 5.06(a) by the Holders thereof, the Trustee shall distribute
to such Holders an amount equal to the outstanding Certificate Principal Balance
thereof  plus the sum of Accrued  Certificate  Interest  thereon for the related
Interest Accrual Period and any previously unpaid Accrued  Certificate  Interest
with respect thereto.

(d) .......If any  Certificateholders  do not surrender their Certificates on or
before the Distribution  Date on which a purchase  pursuant to this Section 5.06
is to be made,  the  Trustee  shall on such date cause all funds in the  Payment
Account  deposited  therein by the  Servicer  pursuant to Section  5.06(b) to be
withdrawn  therefrom and deposited in a separate  escrow account for the benefit
of such Certificateholders,  and the 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  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 5.06, the Trustee
shall pay to the Servicer all amounts  distributable  to the Holders thereof and
the 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  Servicer  as a  result  of such
Certificateholder's  failure to  surrender  its  Certificate(s)  for  payment in
accordance  with this Section 5.06. Any  Certificate  that is not surrendered on
the Distribution  Date on which a purchase  pursuant to this Section 5.06 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.  The Servicer shall be for all purposes the Holder thereof as of such
date.

                                ARTICLE VI.....

                          THE COMPANY AND THE SERVICER

Section 6.01...       Respective Liabilities of the Company and the Servicer.

        The Company and the 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 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 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.

<PAGE>

Section  6.02...  Merger  or  Consolidation  of the  Company  or  the  Servicer;
     Assignment of Rights and Delegation of Duties by Servicer.

(a)  .......The  Company  and the  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  Servicer may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which the Company or the Servicer shall be a party, or any Person  succeeding to
the  business  of the Company or the  Servicer,  shall be the  successor  of the
Company or the 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  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 SB
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 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
Servicer under this Agreement; provided further that each Rating Agency's 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  Servicer  shall be released  from its  obligations  under this
Agreement,  except that the Servicer shall remain liable for all liabilities and
obligations  incurred by it as 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 Servicer and Others.

        Neither the Company,  the Servicer nor any of the  directors,  officers,
employees or agents of the Company or the 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  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 Servicer and any director,
officer, employee or agent of the Company or the Servicer may rely in good faith

<PAGE>

on any document of any kind prima facie  properly  executed and submitted by any
Person respecting any matters arising hereunder.  The Company,  the Servicer and
any director, officer, employee or agent of the Company or the 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 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  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
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.

Section 6.04...       Company and Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
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 Servicer  shall be evidenced by an Opinion of
Counsel to such effect  delivered to the  Trustee.  No such  resignation  by the
Servicer shall become effective until the Trustee or a successor  servicer shall
have assumed the 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):

(a) .......the  Servicer shall fail to deposit or cause to be deposited into the
Payment  Account any amounts  required  to be so  deposited  therein at the time
required pursuant to Section 4.01 or otherwise, 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  Servicer  by the  Trustee  or the  Company  or to the
Servicer,  the Company and the  Trustee by the Holders of  Certificates  of such
Class evidencing Percentage Interests aggregating not less than 25%; or

<PAGE>

(b) .......the Servicer shall fail to observe or perform in any material respect
any other of the covenants or  agreements on the part of the 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 Servicer by the
Trustee or the Company,  or to the 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

(c)  .......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,  shall have been entered  against the
Servicer and such decree or order shall have remained in force  undischarged  or
unstayed for a period of 60 days; or

(d)  .......the  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 Servicer
or of, or relating to, all or substantially all of the property of the Servicer;
or

(e)  .......the  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

(f)  .......the  Servicer shall notify the Trustee  pursuant to Section  4.04(b)
that it is unable to  deposit  in the  Payment  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,  the Company 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 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 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  Servicer  and the
Company, immediately terminate all of the rights and obligations of the 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  Servicer of such written  notice,  all
authority and power of the Servicer under this  Agreement,  whether with respect
to the  Certificates  (other than as a Holder  thereof) or the Mortgage Loans or

<PAGE>

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 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 Servicer agrees to
cooperate  with the  Trustee in  effecting  the  termination  of the  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
Payment Account or thereafter be received with respect to the Mortgage Loans. No
such  termination  shall  release the Servicer for any  liability  that it would
otherwise  have hereunder for any act or omission prior to the effective time of
such termination.

        Notwithstanding  any  termination  of the  activities  of GMAC  Mortgage
Corporation  in its capacity as Servicer  hereunder,  GMAC Mortgage  Corporation
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  GMAC  Mortgage
Corporation's  rights and  obligations as Servicer  hereunder and received after
such notice,  that portion to which GMAC  Mortgage  Corporation  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 GMAC Mortgage
Corporation hereunder the entitlement to which arose prior to the termination of
its activities hereunder.

Section 7.02...       Trustee to Act; Appointment of Successor.

(a)  .......Within  90 days of the time the Servicer resigns pursuant to Section
6.04 or receives a notice of  termination  pursuant to Section 7.01, the Trustee
or a  successor  Servicer  appointed  by  the  Trustee  hereunder  shall  be the
successor in all respects to the Servicer in its capacity as Servicer under this
Agreement  and the  transactions  set forth or provided  for herein and shall be
subject  thereafter  to  all  the  responsibilities,   duties,  liabilities  and
limitations on liabilities  relating  thereto placed on the Servicer,  including
the  obligation to make Monthly  Advances which have been or will be required to
be made, but excluding the  representations of the Servicer contained in Section
2.03, by the terms and provisions  hereof;  provided that any failure to perform
such duties or responsibilities  caused by the predecessor Servicer's failure to
provide  information  required by Section 4.02 or 4.03 shall not be considered a
default by the Trustee as successor  Servicer  hereunder;  and provided  further
that the  Trustee  shall  have no  obligation  whatsoever  with  respect  to any
liability  (other than Monthly  Advances  deemed  recoverable and not previously
made) incurred by the predecessor Servicer at or prior to the time of receipt by
such Servicer of the notice of  termination  pursuant to Section 7.01 or receipt
by the  Trustee of the  Opinion  of Counsel  referred  to in  Section  6.04.  As
compensation  therefor,  the Trustee  shall be entitled to the Servicing Fee and
all funds  relating to the  Mortgage  Loans which the  Servicer  would have been
entitled to charge to the Custodial Account if the Servicer had continued to act
hereunder,  except for amounts  that the  Servicer  shall be entitled to receive
pursuant  to Section  7.01.  If the  Trustee  has become  the  successor  to the
Servicer  in  accordance   with  Section  6.04  or  this  Section   7.02,   then
notwithstanding the above, if the Trustee shall be unwilling to so act, or shall
be unable to so act, the Trustee may  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  Servicer   hereunder  in  the   assumption  of  all  or  any  part  of  the
responsibilities,  duties or  liabilities  of the  Servicer  hereunder.  Pending
appointment of a successor to the Servicer  hereunder,  the Trustee shall act in
such capacity as herein above 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  Servicer  hereunder.  Each of the  Seller,  the Trustee and such
successor shall take such action,  consistent  with this Agreement,  as shall be
necessary to effectuate any such succession.

<PAGE>

        If the Trustee  becomes the  successor  to the Servicer  hereunder,  the
Trustee shall be entitled to be  reimbursed  by the Servicer for all  reasonable
costs  associated  with the transfer of the servicing of the Mortgage Loans (but
in no event more than $200,000 per calendar year) to the Trustee,  including any
costs or expenses  associated  with the complete  transfer of all servicing data
and the completion,  correction or manipulation of such servicing data as may be
required  by the  Trustee  to  correct  any  errors  or  insufficiencies  in the
servicing  data or otherwise to enable the Trustee to service the Mortgage Loans
in  accordance  with  this  Agreement.  To the  extent  that any such  costs and
expenses of the Trustee  resulting from the termination of the Servicer pursuant
to this Section 7.02 are not reimbursed by the terminated Servicer,  the Trustee
shall be entitled to  reimbursement  of such costs and expenses from the Payment
Account.

        Any successor,  including the Trustee, to the Servicer shall maintain in
force  during its term as Servicer  hereunder  insurance  policies  and fidelity
bonds as may be required to be  maintained  by the Servicer  pursuant to Section
3.12.

        If the Trustee  shall succeed to any duties of the Servicer with respect
to the Mortgage Loans as provided herein,  it shall do so in a separate capacity
and not in its capacity as Trustee and,  accordingly,  the provisions of Article
VIII shall be inapplicable to the Trustee in its duties as successor Servicer in
the servicing of the Mortgage Loans (although such provisions  shall continue to
apply to the Trustee in its capacity as trustee); the provisions of Article III,
however, shall apply to the Trustee in its capacity as successor Servicer.

(b) .......In  connection  with the  termination  or resignation of the 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 (b). The successor  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.

<PAGE>

Section 7.03...       Notification to Certificateholders.

(a)  .......Upon  any such  termination  or  appointment  of a successor  to the
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  12.01(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.

                                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, 7.03 and 10.01. The Trustee shall furnish in a timely
fashion to the Servicer such information as the Servicer may reasonably  request
from time to time for the  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

<PAGE>

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 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
        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.

<PAGE>

(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:

(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  Servicer,  if an Event of Default  shall
     have occurred and is  continuing,  and  otherwise by the  Certificateholder
     requesting the investigation;

<PAGE>

(b)  .......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

(c)  .......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 Servicer in a
timely manner any Tax Returns  prepared by or on behalf of the Servicer that the
Trustee is required to sign as determined by the Servicer pursuant to applicable
federal, state or local tax laws, provided that the Servicer shall indemnify the
Trustee for signing any such Tax Returns that contain errors or omissions.

(d)  .......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,
which shall not be a cost of the  Trustee or the Trust Fund,  to the effect that
such contribution will not (i) cause any portion of the applicable REMIC 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 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 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  Servicer in respect of
the Mortgage  Loans or deposited in or withdrawn  from the Custodial  Account or
the Payment Account by the Company or the 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... Servicer to Pay Trustee's Fees and Expenses; Indemnification.

(a) .......The Servicer shall pay the Trustee's fees hereunder pursuant to a fee
agreement to be entered into between the Servicer and the Trustee.

<PAGE>

(b)  .......The  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 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 Servicer in preparing such defense; and

(iii)   notwithstanding anything in this Agreement to the contrary, the Servicer
        shall not be liable for  settlement of any claim by the Trustee  entered
        into without the prior  consent of the 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  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
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 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.

<PAGE>

(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 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.

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 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.

<PAGE>

(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
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
8.10, such powers,  duties,  obligations,  rights and trusts as the Servicer and
the Trustee may consider necessary or desirable.  If the 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 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.

<PAGE>

(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  Servicer  and the  Company,
appoint one or more  Custodians  who,  except for Escrow Bank USA, an industrial
loan  corporation  organized  under  the  laws of the  State  of  Utah,  are not
Affiliates  of the Company,  the Servicer or the Seller to hold all or a portion
of the  Mortgage  Files as agent for the Trustee,  by entering  into a Custodial
Agreement;  provided,  however, that the Trustee may appoint a Custodian that is
an Affiliate of the Company,  the Servicer or the Seller if the Trustee receives
written  confirmation  from each Rating  Agency that such  appointment  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.  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 and shall be
qualified  to do business  in the  jurisdiction  in which it holds any  Mortgage
File. Each Custodian (other than the Custodian appointed as of the Closing Date)
shall  have a  combined  capital  and  surplus  of at  least  $10,000,000.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  12.01.  The
Trustee shall notify the  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 Minneapolis
where  Certificates may be surrendered for registration of transfer or exchange.
The Trustee  initially  designates  its offices  located at Wells Fargo  Center,
Sixth and  Marquette,  Minneapolis,  Minnesota  55479-1026  for the  purposes of
keeping the Certificate Register. The Trustee will maintain an office at each of
the  addresses  stated in Section  12.05 hereof where  notices and demands to or
upon the Trustee in respect of this Agreement may be served.

<PAGE>

ARTICLE IX.....

                                   TERMINATION

Section 9.01...  Termination  Upon  Purchase  by the  Servicer or the Company or
     Liquidation of All Mortgage Loans.

(a)   .......Subject   to  Section  9.02,   the   respective   obligations   and
responsibilities of the Company,  the 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  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,  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  plus any Interest  Carry Forward  Amount,  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 Servicer, to avoid  disqualification
     of any portion of either REMIC as a REMIC.

        The right of the  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 Servicer,  the 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 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 Servicer, as applicable, the Mortgage Files pertaining to the Mortgage Loans
being purchased.

(b)  .......The  Servicer  shall give the  Trustee  not less than 60 days' prior
notice of the Distribution Date on which the Servicer anticipates that the final
distribution  will be made to  Certificateholders  (whether  as a result  of the
exercise by the  Servicer of its right to purchase  the assets of the Trust Fund
or  otherwise).  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

<PAGE>

Trustee  (if  so  required  by the  terms  hereof)  for  payment  of  the  final
distribution and cancellation, shall be given promptly by the Servicer (if it is
exercising  its right to  purchase  the  assets of the  Trust  Fund),  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,

(ii)           the amount of any such final payment, if known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates and Class M
        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 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.  In the  event  such  notice  is given by the
Servicer,  the Servicer  shall deposit in the Payment  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 above provided.

(c) .......In  the case of the Senior,  Class M or Class SB  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Servicer's  election  to  repurchase,  or (ii)  if the  Servicer  elected  to so
repurchase,   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) plus, with respect to the Class A-2  Certificates,  any
Interest   Carry  Forward  Amount  ,  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).

(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 Payment 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 the 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  Servicer  to  contact  the  remaining  Certificateholders
concerning   surrender  of  their  Certificates.   The  costs  and  expenses  of

<PAGE>

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 Servicer all amounts distributable to
the holders  thereof and the 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 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.

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  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 either REMIC to comply with the  requirements of this
Section 9.02 will not (i) result in the imposition on the Trust Fund of taxes on
"prohibited  transactions,"  as described  in Section 860F of the Code,  or (ii)
cause  either  REMIC  to fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding:

(i)     The Servicer shall establish a 90-day  liquidation period for 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 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 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  Servicer is  exercising  its right to purchase the assets of the
        Trust Fund, the 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 Servicer as its  attorney-in-fact  to adopt a plan of
complete  liquidation  for  such  REMIC  at the  expense  of the  Trust  Fund in
accordance with the terms and conditions of this Agreement.

                                ARTICLE X......

                                REMIC PROVISIONS

Section 10.01..       REMIC Administration.

(a)  .......The  REMIC  Administrator  shall make an election to treat the Trust
Fund as two REMICs under the Code and, if necessary, under applicable state law.
The assets of each REMIC are set forth in this Agreement.  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 the REMIC  elections in respect of the Trust Fund,
Certificates  and interests to be designated as the "regular  interests" and the
sole class of  "residual  interests"  in each REMIC will be set forth in Section
10.03. The REMIC  Administrator and the Trustee shall not permit the creation of
any  "interests"  (within the meaning of Section 860G of the Code) in each REMIC
elected in respect of the Trust  Fund  other than the  "regular  interests"  and
"residual interests" so designated.

<PAGE>

(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)  .......GMAC   Mortgage   Corporation  shall  hold  a  Class  R  Certificate
representing  a  0.04%  Percentage  Interest  in  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.

(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  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  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 Servicer's or the REMIC Administrator's  control and the scope of its
duties more  specifically set 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 Servicer  and the REMIC  Administrator,  to the extent
reasonably  requested by the Servicer and the REMIC Administrator to do so). The
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 either REMIC as a REMIC or (ii) result in
the imposition of a tax upon either REMIC  (including but not limited to the tax

<PAGE>

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 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 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 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  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 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 either REMIC
created hereunder or any related assets thereof, or causing either REMIC to take
any action,  which is not expressly permitted under the terms of this Agreement,
the  Trustee  will  consult  with the  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 either  REMIC,  and
the  Trustee  shall not take any such action or cause  either  REMIC to take any
such action as to which the Servicer or the REMIC Administrator,  as applicable,
has advised it in writing that an Adverse REMIC Event could occur.  The 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  Servicer  or the  REMIC  Administrator.  At all times as may be
required by the Code, the 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.

(g) .......In the event that any tax is imposed on "prohibited  transactions" of
either REMIC created hereunder as defined in Section  860F(a)(2) of the Code, on
"net income from  foreclosure  property"  of either  REMIC as defined in Section
860G(c) of the Code, on any  contributions to either 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  Servicer,  if such tax  arises out of or results  from a
breach by the  Servicer of any of its  obligations  under this  Agreement or the
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.

<PAGE>

(h) .......The  Trustee and the 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 Servicer nor the Trustee shall
accept any  contributions  of assets to either REMIC  created  hereunder  unless
(subject to Section  10.01(f))  the 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  either  REMIC to fail to  qualify  as a REMIC  at any time  that any
Certificates  are outstanding or subject either REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

(j)  .......Neither  the  Servicer  nor the  Trustee  shall  (subject to Section
10.01(f))  enter into any  arrangement  by which either REMIC created  hereunder
will receive a fee or other compensation for services nor permit either 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
Class IO  Certificates)  representing a regular interest in the applicable REMIC
and the  rights  to the  Class  IO  Certificates  represented  by the  Class  IO
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.

(m)  .......Neither  the Trustee  nor the  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 either REMIC  created  hereunder,
(iii) the  termination  of the  applicable  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 either REMIC,  nor sell or dispose of
any  investments  in the Custodial  Account or the Payment  Account for gain nor
accept any  contributions  to either  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 either REMIC as a REMIC
or (b) unless the Servicer has  determined  in its sole  discretion to indemnify
the Trust Fund  against  such tax,  cause either REMIC to be subject to a tax on
"prohibited transactions" or "contributions" pursuant to the REMIC Provisions.

<PAGE>

(n) .......The Trustee will apply for an employer identification number from the
Internal Revenue Service on a Form SS-4 or any other  acceptable  method for all
tax entities.

Section 10.02..       Servicer, REMIC Administrator and Trustee Indemnification.

(a)  .......The  Trustee  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the 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  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  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  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
Servicer in which case Section 10.02(c) will apply.

(c) .......The  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 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 Servicer that contain errors or omissions.

Section 10.03..       Designation of REMIC(s).

        The REMIC  Administrator  will  make an  election  to treat  the  entire
segregated pool of assets described in the definition of Trust Fund, and subject
to this Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") and will
make and election to treat the pool of assets  comprised  of the  uncertificated
REMIC I  Regular  Interests  as a REMIC  ("REMIC  II") for  federal  income  tax
purposes.

        The 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)  under the
federal income tax law.

        The Class A-1,  Class A-2, Class PO, Class IO, Class M-1, Class M-2, and
Class M-3  Certificates and REMIC II Regular Interest SB-PO and REMIC II Regular
Interest  SB-IO,  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 (as defined herein) under federal income tax law.

<PAGE>

Section 10.04..  Distributions on  Uncertificated  REMIC I Regular Interests and
     REMIC II Regular Interests.

        On each  Distribution  Date,  the  following  amounts from the Available
Distribution Amount, in the following order of priority, shall be deemed to have
been  distributed  by REMIC I to  REMIC II on  account  of the  REMIC I  Regular
Interests or shall be withdrawn  from the Custodial  Account and  distributed to
the holders of the Class R-I Certificates, as the case may be:

(i)     to the Holders of REMIC I Regular Interests I-LT1,  I-LT2, I-LT3, I-LT4,
        I-LT5,  I-LT6,  I-LTIO-1  and  I-LTIO-2,  in an amount  equal to (A) the
        Uncertificated  Interest  on such  REMIC I  Regular  Interests  for such
        Distribution  Date,  plus (B) any amounts in respect  thereof  remaining
        unpaid from previous Distribution Dates; and

(ii)    on each  Distribution  Date, to the Holders of REMIC I Regular Interests
        I-LT1,  I-LT2,  I-LT3, I-LT4, I-LT5 and I-LT6, in an amount equal to the
        remainder of the  Available  Distribution  Amount for such  Distribution
        Date  after  the  distributions  made  pursuant  to  clause  (i)  above,
        allocated as follows (except as provided below):

(A)  first,  to the  Holders  of the REMIC I Regular  Interests  I-LT2,  REMIC I
     Regular Interests I-LT3,  REMIC I Regular Interests I-LT4,  REMIC I Regular
     Interests  I-LT5 and REMIC I Regular  Interests  I-LT6,  respectively,  the
     Class  I-LT2  Principal  Distribution  Amount,  the Class  I-LT3  Principal
     Distribution  Amount,  the Class I-LT4 Principal  Distribution  Amount, the
     Class I-LT5  Principal  Distribution  Amount and the Class I-LT6  Principal
     Distribution Amount from such remainder;

(B)            second,  to the Holders of the REMIC I Regular  Interests  I-LT1,
               any remaining portion of such remainder, until the Uncertificated
               Balance of such REMIC I Regular  Interest  I-LT-1 shall have been
               reduced to zero;

(C)            third, any remaining  portion of such remainder,  pro-rata to the
               Holders of the REMIC I Regular Interests I-LT-2,  I-LT-3, I-LT-4,
               I-LT-5 and  I-LT-6,  until the  Uncertificated  Balances  of such
               REMIC I Regular Interests shall have been reduced to zero; and

(D)            fourth,  any remaining portion of such remainder,  to the Holders
               of the Class R-I Certificates.

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  issue  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.

<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 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 Payment Account or to change the name in which the Custodial Account
     is maintained,  provided that (A) the Payment 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 the  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,

(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

<PAGE>

(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  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 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  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 the REMIC 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 12.01 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.

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
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.

<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  12.03,  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.

        All  demands  and  notices  hereunder  shall be in writing  and shall be
deemed to have been duly given if sent by facsimile or 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
Servicer, the Trustee and the Company, as applicable:

<PAGE>

             Recipient                               Address
             Company              8400 Normandale Lake Boulevard
                                  Suite 600, Minneapolis, Minnesota 55437,
                                  Attention:  President
             Servicer             100 Witmer Road
                                  Horsham, Pennsylvania 19044,
                                  Attention:  President
             Trustee              11000 Broken Land Parkway
                                  Columbia, Maryland 21044
                                  with a copy to:
                                  Wells Fargo Center
                                  Sixth and Marquette
                                  Minneapolis, Minnesota 55479-1026
                                  Attention:  Corporate Trust, GMACM Mortgage
                                  Pass-Through Certificates, Series 2000-J5
             Moody's              99 Church Street
                                  New York, New York 10007
             Standard & Poor's    55 Water Street
                                  New York, New York 10041

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  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 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,

<PAGE>

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

(d) .......the  filing of any claim under the 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,  which  statements shall be mailed to
each Rating Agency via first class mail,

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

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

(h)     .......the occurrence of the Final Distribution Date,

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

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 Servicer and the Trustee;  provided,  that neither the 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

<PAGE>

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.

        Ninety-seven  percent  (97%)  of all  of  the  Voting  Rights  shall  be
allocated among Holders of  Certificates,  other than the Class IO, Class SB and
Class R  Certificates,  in proportion to the outstanding  Certificate  Principal
Balances of their  respective  Certificates;  1% of all Voting  Rights  shall be
allocated  among the Holders of the Class IO  Certificates,  in accordance  with
their  respective  Percentage  Interests;  1% of  all  Voting  Rights  shall  be
allocated  among the Holders of the Class SB  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.

Section 11.10..       Non Petition.

        The Company,  the Seller, the Servicer and the Trustee, by entering into
this Agreement, and each Certificateholder,  by accepting a Certificate,  hereby
covenant  and agree that they will not at any time  institute  against the Trust
Fund,  or join in any  institution  against  the Trust Fund of,  any  bankruptcy
proceedings  under any United States federal or state  bankruptcy or similar law
in  connection  with any  obligation  with respect to the  Certificates  or this
Agreement.

<PAGE>

        IN WITNESS  WHEREOF,  the  Company,  the  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.

                                            RESIDENTIAL ASSET MORTGAGE
                                                   PRODUCTS, INC.

[Seal]

                                            By:    /s/ Patricia C. Taylor
                                                 ------------------------
                                                   Name:  Patricia C. Taylor
                                                   Title:    Vice President

Attest:        /s/ Laura Reichel
        Name:  Laura Reichel
        Title:.Vice President

                                            GMAC MORTGAGE CORPORATION

[Seal]

                                            By:    /s/ Thomas J. O'Hara
                                                   Name: Thomas J. O'Hara
                                                   Title:    Vice President

Attest:        /s/ Laura Reichel
        Name:  Laura Reichel
        Title:.Vice President

                                            WELLS FARGO BANK MINNESOTA, N.A.,
                                                   as Trustee

[Seal]

                                            By:    /s/ Peter A. Gobell
                                                   Name:  Peter A. Gobell
                                             Title:    Assistant Vice President

Attest:        /s/ Peter J. Masterman
        Name:  Peter J. Masterman
        Title:.Vice President

<PAGE>

                                   EXHIBIT A-1

                           FORM OF CLASS A 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.

Certificate No. 1                   Variable Pass-Through Rate

Class A-     Senior                 Aggregate Initial Certificate Principal
        ----
                                    Balance of the Class A-     Certificates:
                                                           ----

Date of Pooling and Servicing      Initial Certificate Principal Balance of this
Agreement :                         Certificate: $
October 27, 2000
                                      CUSIP _________-
Cut-off Date:
October 1, 2000

First Distribution Date:
November 27, 2000

Servicer:
GMAC Mortgage Corporation

Assumed Final Distribution Date:
November 25, 2030

<PAGE>

                     GMACM MORTGAGE PASS-THROUGH CERTIFICATE
                                 SERIES 2000-J5

               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 ASSET MORTGAGE PRODUCTS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in  Residential  Asset  Mortgage
Products,  Inc.,  the 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  Asset  Mortgage  Products,  Inc.,  the
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the 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 CEDE & CO. 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 A- , 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
Asset Mortgage  Products,  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  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the  Company,  the Servicer and Wells
Fargo Bank Minnesota,  N.A., 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.

               Distributions  on this  Certificate  will be made  either  by 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

                                        A-2

<PAGE>

thereto if such Person shall have so notified the Trustee 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 of  Minneapolis,
Minnesota.  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.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates issued in several Classes designated as GMACM 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 Servicer funds
are advanced with respect to any Mortgage Loan,  such advance is reimbursable to
the 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 Payment Account created for the benefit of Certificateholders
may be  made  by the  Servicer  from  time  to  time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement to the Servicer of advances made, or certain expenses incurred, by
it.

               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 Servicer and the Trustee and the rights of the
Certificateholders  under the Agreement at any time by the Company, the 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 of
Minneapolis, Minnesota, 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

                                        A-3

<PAGE>

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  Servicer,  the  Trustee  and the  Certificate
Registrar  and any  agent of the  Company,  the  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
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 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 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.

                                        A-4
<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:  October 27, 2000       WELLS FARGO BANK MINNESOTA, N.A.,
                            Not in its individual capacity but solely as Trustee

                                            By:
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

     This  is  one  of  the  Class  A-____  Certificates   referred  to  in  the
within-mentioned Agreement.

                              WELLS FARGO BANK MINNESOTA, N.A.,
                              Not in its individual capacity but solely as
                              Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        A-5
<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  GMACM
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 A-2

                          FORM OF CLASS IO 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.

Certificate No. 1                 Pass-Through Rate: 0.06% on Notional Amount 1
                                  and 0.01% on Notional Amount 2
Class IO Senior
                                  [Percentage Interest:       %]
                                                        ------
Date of Pooling and Servicing
Agreement :                       CUSIP:  36185N FK 1
October 27, 2000

Cut-off Date:
October 1, 2000

First Distribution Date:
November 27, 2000

Servicer:
GMAC Mortgage Corporation

Assumed Final Distribution Date:
November 25, 2030

<PAGE>

                     GMACM MORTGAGE PASS-THROUGH CERTIFICATE
                                 SERIES 2000-J5

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  IO  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 ASSET MORTGAGE PRODUCTS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in  Residential  Asset  Mortgage
Products,  Inc.,  the 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  Asset  Mortgage  Products,  Inc.,  the
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the 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 GMAC MORTGAGE  CORPORATION is the registered
owner of the Percentage  Interest  evidenced by this  Certificate  (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 Asset Mortgage  Products,  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 Pooling and Servicing  Agreement dated
as specified above (the "Agreement")  among the Company,  the Servicer and Wells
Fargo Bank Minnesota,  N.A., 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
required  to be  distributed  to  Holders  of  Class  IO  Certificates  on  such
Distribution  Date. The Notional Amount as of any date of determination is equal
to the Stated Principal Balance of the Mortgage Loans. The Class IO Certificates
have no Certificate Principal Balance.

               Distributions  on this  Certificate  will be made  either  by the
Trustee or by a Paying Agent  appointed by the Trustee in immediately  available

                                        A-2

<PAGE>

funds (by wire  transfer or  otherwise)  for the account of the Person  entitled
thereto if such Person shall have so notified the Trustee 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 of  Minneapolis,
Minnesota. The Class IO Notional Amount of this Certificate is set forth above.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates issued in several Classes designated as GMACM 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 Servicer funds
are advanced with respect to any Mortgage Loan,  such advance is reimbursable to
the 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 Payment Account created for the benefit of Certificateholders
may be  made  by the  Servicer  from  time  to  time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement to the Servicer of advances made, or certain expenses incurred, by
it.

               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 Servicer and the Trustee and the rights of the
Certificateholders  under the Agreement at any time by the Company, the 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 of
Minneapolis, Minnesota, 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.

                                        A-3

<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  Servicer,  the  Trustee  and the  Certificate
Registrar  and any  agent of the  Company,  the  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
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 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 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.

                                        A-4

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:  October 27, 2000     WELLS FARGO BANK MINNESOTA, N.A.,
                            Not in its individual capacity but solely as Trustee

                                            By:
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  IO  Certificates  referred  to in the
within-mentioned Agreement.

                             WELLS FARGO BANK MINNESOTA, N.A.,
                             Not in its individual capacity but solely as
                              Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        A-5

<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  GMACM
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

                       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 A-3

                          FORM OF CLASS PO 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.

Certificate No. 1                  Variable Pass-Through Rate

Class PO Senior                    Aggregate Initial Certificate Principal
                                   Balance of the Class PO Certificates: $[  ]
Date of Pooling and Servicing
Agreement :                        Initial Certificate Principal
October 27, 2000                   Balance of this Certificate:
                                   $[                  ]
Cut-off Date:
October 1, 2000                    CUSIP:  36185N FG 0

First Distribution Date:
November 27, 2000

Servicer:
GMAC Mortgage Corporation

Assumed Final Distribution Date:
November 25, 2030

<PAGE>

                     GMACM MORTGAGE PASS-THROUGH CERTIFICATE
                                 SERIES 2000-J5

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  PO  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 ASSET MORTGAGE PRODUCTS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in  Residential  Asset  Mortgage
Products,  Inc.,  the 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  Asset  Mortgage  Products,  Inc.,  the
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the 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 CEDE & CO. 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 PO, 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
Asset Mortgage  Products,  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  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the  Company,  the Servicer and Wells
Fargo Bank Minnesota,  N.A., 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 PO Certificates
on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by 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

                                        A-2

<PAGE>

thereto if such Person shall have so notified the Trustee 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 of  Minneapolis,
Minnesota.  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.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates issued in several Classes designated as GMACM 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 Servicer funds
are advanced with respect to any Mortgage Loan,  such advance is reimbursable to
the 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 Payment Account created for the benefit of Certificateholders
may be  made  by the  Servicer  from  time  to  time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement to the Servicer of advances made, or certain expenses incurred, by
it.

               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 Servicer and the Trustee and the rights of the
Certificateholders  under the Agreement at any time by the Company, the 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 of
Minneapolis, Minnesota, 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

                                        A-3

<PAGE>

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  Servicer,  the  Trustee  and the  Certificate
Registrar  and any  agent of the  Company,  the  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
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 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 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.

                                        A-4

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:  October 27, 2000     WELLS FARGO BANK MINNESOTA, N.A.,
                            Not in its individual capacity but solely as Trustee

                                            By:
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  PO  Certificates  referred  to in the
within-mentioned Agreement.

                              WELLS FARGO BANK MINNESOTA, N.A.,
                              Not in its individual capacity but solely as
                              Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        A-5

<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  GMACM
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.

        No transfer of this Class M Certificate  will be made unless the Trustee
has received AN OFFICER'S  CERTIFICATE TO THE EFFECT THAT SUCH  RESTRICTIONS  NO
LONGER APPLY, OR either (A) an opinion of counsel  acceptable to and in form and
substance satisfactory to the Trustee, the Company and the Servicer with respect
to the  permissibility  of such transfer  under the Employee  Retirement  Income
Security  Act of 1974,  as amended  ("ERISA")  and Section  4975 of the Code and
stating,  among  other  things,  that  the  transferee's   acquisition  of  THIS
Certificate will not constitute or result in a non-exempt prohibited transaction
under  Section 406 of ERISA or Section 4975 of the Code or (B) a  representation
letter,  in the  form  described  IN 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 (a "plan investor"),  or stating that
(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  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").

<PAGE>

        NOTWITHSTANDING THE ABOVE, UNLESS AN OFFICER'S CERTIFICATE TO THE EFFECT
THAT SUCH  RESTRICTIONS  NO LONGER  APPLY HAS BEEN  DELIVERED  TO THE TRUSTEE IN
ACCORDANCE  WITH THE  POOLING  AND  SERVICING  AGREEMENT,  WITH  RESPECT  TO THE
TRANSFER OF THIS  CERTIFICATE TO A DEPOSITORY OR ANY SUBSEQUENT  TRANSFER OF ANY
INTEREST  IN THIS  CERTIFICATE  FOR SO LONG  AS  THIS  CERTIFICATE  IS HELD BY A
DEPOSITORY,  (I)  NEITHER AN OPINION OF  COUNSEL  NOR A  CERTIFICATION,  EACH AS
DESCRIBED IN THE FOREGOING PARAGRAPH,  SHALL BE REQUIRED, AND (II) THE FOLLOWING
CONDITIONS SHALL APPLY:

               1. 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
        or (b) SUCH TRANSFEREE IS a Complying Insurance Company; and

               2. 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 or (ii)
        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 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.

                                        B-2

<PAGE>

Certificate No. 1                           Variable Pass-Through Rate

Class M-    Subordinate                     Aggregate Certificate
                                            Principal Balance
Date of Pooling and Servicing               of the Class M-[  ] Certificates:
Agreement: October 27, 2000                 $[                              ]
                                              -------------------------------

Cut-off Date:                               Initial Certificate Principal
October 1, 2000                             Balance of this Certificate:
                                            $[                              ]
First Distribution Date:
November 27, 2000                           CUSIP: ________-

Servicer:
GMAC Mortgage Corporation

Assumed Final Distribution Date:
November 25, 2030

                                   GMACM MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-J5

        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  ASSET MORTGAGE
        PRODUCTS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in  Residential  Asset  Mortgage
Products,  Inc.,  the 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  Asset  Mortgage  Products,  Inc.,  the
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the 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 CEDE & CO. 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  Asset Mortgage
Products,  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 Pooling and Servicing  Agreement dated as specified above
(the  "Agreement")  among  the  Company,  the  Servicer  and  Wells  Fargo  Bank
Minnesota,  N.A.,  as  trustee  (the  "Trustee"),  a summary  of  certain of the

                                        B-3

<PAGE>

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
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 Trustee 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 of  Minneapolis,
Minnesota.  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, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  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  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 GMACM 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

                                        B-4

<PAGE>

specifically set forth herein and in the Agreement.  In the event Servicer funds
are advanced with respect to any Mortgage Loan,  such advance is reimbursable to
the 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 Payment Account created for the benefit of Certificateholders
may be  made  by the  Servicer  from  time  to  time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement to the Servicer of advances made, or certain expenses incurred, by
it.

               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 Servicer and the Trustee and the rights of the
Certificateholders  under the Agreement at any time by the Company, the 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 of
Minneapolis, Minnesota, 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  Servicer,  the  Trustee  and the  Certificate
Registrar  and any  agent of the  Company,  the  Servicer,  the  Trustee  or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is

                                        B-5

<PAGE>

registered  as the owner hereof for all purposes,  and neither the Company,  the
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 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 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.

                                        B-6

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:  October 27, 2000     WELLS FARGO BANK MINNESOTA, N.A.,
                            Not in its individual capacity but solely as Trustee

                                            By:
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                              WELLS FARGO BANK MINNESOTA, N.A.,
                              Not in its individual capacity but solely as
                              Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                         B-7

<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  GMACM
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 SB CERTIFICATE

THIS  CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-1 AND CLASS
A-2 CERTIFICATES, TO THE EXTENT 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, AS AMENDED (THE "CODE").

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 POOLING AND  SERVICING  AGREEMENT  (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 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 SERVICER,  THE COMPANY OR THE TRUSTEE TO ANY OBLIGATION
OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

<PAGE>

Class SB Subordinate                  Certificate No. 1

Date of Pooling and Servicing         Percentage Interest:  [  ]%
Agreement:  October 27, 2000
                                      Aggregate Initial Certificate Principal
Cut-off Date:  October 1, 2000        Balance
                                      of the Class Certificates:  $[__________]
First Distribution Date:           Initial Certificate Principal Balance of this
November 27, 2000                     Certificate:
                                      $[----------]
Servicer:
GMAC Mortgage Corporation
Assumed Final Distribution Date:
November 25, 2030

                 MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES 2000-J5

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  SB  Certificates  with  respect  to a  Trust  Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed and fixed interest rate,  first mortgage loans
               formed and sold by RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in  Residential  Asset  Mortgage
Products,  Inc.,  the 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  Asset  Mortgage  Products,  Inc.,  the
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the 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 Passive Asset  Transactions,  Inc. is the registered
owner of the Percentage  Interest  evidenced by this  Certificate  (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 and
fixed interest rate,  first  mortgage loans (the "Mortgage  Loans"),  formed and
sold by  Residential  Asset  Mortgage  Products,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred

                                        C-2

<PAGE>

Agreement  dated as specified  above (the  "Agreement")  among the Company,  the
Servicer and Wells Fargo Bank  Minnesota,  N.A., 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 related 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
SB Certificates on such Distribution Date.

        Distributions  on this  Certificate  will be made by 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 Trustee 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
Notional  Amount of this  Certificate  is set forth above.  The Notional  Amount
hereof will be reduced to the extent of payments of  principal  on the  Mortgage
Loans and any Realized Losses incurred in respect thereof.

        No  transfer  of this  Class SB  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 the  Agreement.  The Holder hereof  desiring to effect
such  transfer  shall,  and does hereby agree to,  indemnify  the  Trustee,  the
Company,  the 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.

        No  transfer  of this  Class  SB  Certificate  will be made  unless  the
transferee  provides  a  certification   pursuant  to  Section  5.02(e)  of  the
Agreement.  No transfer of this Certificate or any interest herein shall be made
to any Plan  subject to ERISA or Section  4975 of the Code,  any Person  acting,
directly or indirectly,  on behalf of any such Plan or any Person acquiring such
Certificates  with "plan assets" of a Plan within the meaning of the  Department

                                        C-3

<PAGE>

of Labor  regulation  promulgated  at 29 C.F.R.  ss.2510.3-101  ("Plan  Assets")
unless the Company,  the Trustee and the  Servicers are provided with an Opinion
of Counsel which establishes to the satisfaction of the Company, the Trustee and
the  Servicers  that the  purchase  of this  Certificate  is  permissible  under
applicable  law,  will not  constitute or result in any  prohibited  transaction
under ERISA or Section  4975 of the Code and will not subject the  Company,  the
Servicers,  the  Trustee  or the  Trust  Fund  to any  obligation  or  liability
(including  obligations or liabilities  under ERISA or Section 4975 of the Code)
in addition to those undertaken in the Agreement, which Opinion of Counsel shall
not be an expense of the Company, the Servicers,  the Trustee or the Trust Fund.
In lieu of such  Opinion of  Counsel,  a Plan,  any Person  acting,  directly or
indirectly,  on behalf of any such Plan or any Person acquiring this Certificate
with Plan Assets of a Plan may provide a certification  in the form of Exhibit G
to the  Agreement,  which the Trustee may rely upon without  further  inquiry or
investigation.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several  Classes  designated  as  Mortgage  Asset-Backed  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  Servicer  funds are  advanced  with
respect to any Mortgage Loan, such advance is  reimbursable to the 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 Servicer from time to time for purposes other than  distributions
to Certificateholders,  such purposes including without limitation reimbursement
to the Company and the 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   Servicer   and  the   Trustee   and  the  rights  of  the
Certificateholders  under the  Agreement  from time to time by the Company,  the
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

                                        C-4

<PAGE>

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 Servicer,  the Trustee,  the Certificate  Registrar and
any agent of the Company, the 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 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 Servicer or the
Company  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 related  Certificates.  The Agreement permits,  but does not require, the
Servicer or the Company (i) to 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) to purchase in whole,  but not in part,  all of the
Class A-1  Certificates  or Class A-2  Certificates  from the  Holders  thereof;
provided,  that any such option may only be  exercised if the  aggregate  Stated
Principal  Balance of the Mortgage Loans, as applicable,  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,  as
applicable.

        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.

                                        C-5

<PAGE>

        IN WITNESS  WHEREOF,  the Trustee has caused this Certificate to be duly
executed.

                                            WELLS FARGO BANK MINNESOTA, N.A.,
                                   as Trustee

                                            By:
                                                          Authorized Signatory
Dated: October 27, 2000

                          Certificate of Authentication

        This  is  one  of  the  Class  SB   Certificates   referred  to  in  the
within-mentioned Agreement.

                                            WELLS FARGO BANK MINNESOTA, N.A.,
                                                 as Certificate Registrar

                                            By:
                                                          Authorized Signatory

                                        C-6

<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  GMACM
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 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 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 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 THE FHLMC,  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

<PAGE>

PROPOSED  TRANSFEREE.   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.

Certificate No. 1                     7.4253% Pass-Through Rate

Class R-__ Senior                     Aggregate Initial Certificate Principal
                                      Balance of the Class R-__ Certificates:
Date of Pooling and Servicing         $75.00
Agreement and Cut-off Date:
October 27, 2000                      Initial Certificate Principal
                                      Balance of this Certificate:
First Distribution Date:              $[                              ]
                                        -------------------------------
November 27, 2000
                                      Percentage Interest:
Servicer:                                           %
                                      --------------
GMAC Mortgage Corporation
                                      CUSIP
Assumed Final Distribution Date:
November 25, 2030

                    GMACM MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2000-J5

        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  ASSET MORTGAGE
        PRODUCTS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in  Residential  Asset  Mortgage
Products,  Inc.,  the 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  Asset  Mortgage  Products,  Inc.,  the
Servicer,  the Trustee or GMAC Mortgage Group,  Inc. or any of their affiliates.
None of the Company,  the 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.

                                        D-2

<PAGE>

               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
Asset Mortgage  Products,  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  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the  Company,  the Servicer and Wells
Fargo Bank Minnesota,  N.A., 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 of  Minneapolis,
Minnesota.  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

                                        D-3

<PAGE>

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 Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  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 GMACM 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 Servicer funds
are advanced with respect to any Mortgage Loan,  such advance is reimbursable to
the 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 Payment Account created for the benefit of Certificateholders
may be  made  by the  Servicer  from  time  to  time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement to the Servicer of advances made, or certain expenses incurred, by
it.

               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 Servicer and the Trustee and the rights of the
Certificateholders  under the Agreement at any time by the Company, the 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.

                                        D-4

<PAGE>

               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 of
Minneapolis, Minnesota, 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  Servicer,  the  Trustee  and the  Certificate
Registrar  and any  agent of the  Company,  the  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
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 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 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.

                                        D-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:  October 27, 2000       WELLS FARGO BANK MINNESOTA, N.A.,
                            Not in its individual capacity but solely as Trustee

                                            By:
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This is one of the Class  R-__  Certificates  referred  to in the
within-mentioned Agreement.

                              WELLS FARGO BANK MINNESOTA, N.A.,
                              Not in its individual capacity but solely as
                              Certificate Registrar

                                            By:
                                                 Authorized Signatory

                                        D-6

<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  GMACM
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

                             MORTGAGE LOAN SCHEDULE

<TABLE>
<CAPTION>

                                                            2000-J5

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible

<S>                              <C>          <C>                  <C>                 <C>                 <C>   <C>
 12020970                        7.125        $359,900.00          $355,393.79         $355,393.79         08/01/1999
 WU, JAMES J                                  06/25/1999           360                 Primary Residence   Purchase
 365 SOUTH MAIN STREET                        Standard             N                   09/01/1900          79.9956
 ANDOVER                    MA   01810-0000   $2,424.72            07/01/2029          OCT2000-00          $4.84
                                              $7.13                $12.13              $2.75               $38,899.00
                                              $1.00                Single Family       N

 12052090                        6.625        $395,000.00          $388,806.47         $388,806.47         06/01/1999
 GENSLER, DOUGLAS C                           04/30/1999           360                 Primary Residence   Purchase
 50 YALE STREET                               Standard             N                   09/01/1900          56.8345
 WINCHESTER                 MA   01890-0000   $2,529.23            05/01/2029          OCT2000-00          ($0.01)
                                              $6.63                $11.63              $2.75               $38,838.00
                                              $1.00                Single Family       N
 12076240                        8.250        $152,350.00          $150,296.32         $150,296.32         07/01/1999
 HUSSAN, DAN A                                05/28/1999           360                 Primary Residence   Purchase
 4455 WILLOW VIEW COURT                       Standard             N                   09/01/1900          94.9813
 HOWELL                     MI   48843-0000   $1,141.40            06/01/2029          OCT2000-00          $466.49
                                              $6.25                $12.25              $2.88               $36,861.00
                                              $1.00                Condominium         N
 12085160                        7.750        $250,850.00          $245,343.77         $245,343.77         09/01/1999
 MCGOWAN, GREGORY E                           07/09/1999           360                 Primary Residence   Purchase
 18501 ALEXIS CT                              Standard             N                   10/01/1900          74.9995
 HAZEL CREST                IL   60429-0000   $1,797.13            08/01/2029          OCT2000-00          $2,901.89
                                              $7.75                $13.75              $2.75               $37,469.00
                                              $1.00                Single Family       N

 12109630                        7.625        $355,500.00          $349,703.47         $349,703.47         07/01/1999
 COOK, RUSTY S                                05/06/1999           360                 Primary Residence   Refinance
 830 LOUISIANA AVENUE                         Standard             N                   09/01/1900          90
 NEW ORLEANS                LA   70115-0000   $2,505.63            06/01/2029          OCT2000-00          $1,644.67
                                              $5.63                $11.63              $2.88               $37,043.00
                                              $1.00                Single Family       N
 12146520                        7.250        $350,000.00          $347,194.17         $347,194.17         01/01/2000
 MCDEVITT, KEVIN P                            11/04/1999           360                 Primary Residence   Purchase
 5 KITTERY LANDING CONDOMINIUM                Select               N                   10/01/1900          79.7267
 KITTERY                    ME   03904-0000   $2,387.62            12/01/2029          OCT2000-00          $0.02
                                              $7.25                $13.25              $2.88               $36,861.00
                                              $1.00                Condominium         N
 12154190                        6.875        $285,600.00          $270,057.50         $270,057.50         07/01/1999
 DOLCIMASCOLO, FELICE                         05/18/1999           180                 Primary Residence   Refinance
 27 ORCHARD DRIVE                             Stated Income        N                   09/01/1900          68.8193
 REDDING                    CT   06896-2911   $2,547.14            06/01/2014          OCT2000-00          $323.11
                                              $6.88                $11.88              $2.75               $38,869.00
                                              $1.00                Single Family       N

 12165210                        8.125        $380,000.00          $376,990.93         $376,990.93         05/01/2000
 SCHUMACHER, STEVEN D                         03/31/2000           360                 Primary Residence   Refinance
 14803 TWIN PONDS CURVE                       Standard             N                   10/01/1900          76
 SAVAGE                     MN   55378-0000   $2,821.49            04/01/2030          OCT2000-00          $0.00
                                              $8.13                $13.13              $2.75               $38,443.00
                                              $1.00                Single Family       N
 12170240                        7.625        $521,500.00          $513,586.03         $513,586.03         07/01/1999
 HERBERT, JAMES K                             05/24/1999           360                 Primary Residence   Purchase
 572 OJAI ST.                                 Standard             N                   09/01/1900          70
 FILLMORE                   CA   93015-0000   $3,679.84            06/01/2029          OCT2000-00          $1,756.90
                                              $5.63                $11.63              $2.88               $36,861.00
                                              $1.00                Single Family       N
 12197500                        5.625        $445,500.00          $438,625.23         $438,625.23         09/01/1999
 DIERKES, WILLIAM G                           07/15/1999           360                 Primary Residence   Purchase
 1469 OLYMPIA                                 Relocation           N                   09/01/1900          90
 ROCHESTER HILLS            MI   48306-0000   $2,564.55            08/01/2029          OCT2000-00          ($0.01)
                                              $5.63                $10.63              $2.75               $38,200.00
                                              $1.00                Single Family       N

 12220720                        7.750        $179,000.00          $177,922.92         $177,922.92         04/01/2000
 BLACK, DOUGLAS R                             02/25/2000           360                 Primary Residence   Purchase
 17908 CRESCENT LAKE PLACE                    Standard             N                   09/01/1900          75.0949
 MACOMB TOWNSHIP            MI   48042-0000   $1,281.15            03/01/2030          OCT2000-00          $182.99
                                              $6.75                $12.75              $3.13               $36,951.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 12224600                        8.125        $272,000.00          $268,156.38         $268,156.38         08/01/1999
 ELIAS, GEORGE                                06/17/1999           360                 Primary Residence   Refinance
 28514 SCHROEDER                              Standard             N                   09/01/1900          80
 FARMINGTON HILLS           MI   48331-0000   $2,011.76            07/01/2029          OCT2000-00          $1,159.82
                                              $6.13                $12.13              $2.88               $37,073.00
                                              $1.00                Single Family       N

 12241460                        6.625        $419,600.00          $413,827.07         $413,827.07         08/01/1999
 ANDERSSON, HAKAN                             06/04/1999           360                 Primary Residence   Purchase
 294 SURREY CROSSING                          Standard             N                   09/01/1900          100
 RIDGELAND                  MS   39157-0000   $2,686.75            07/01/2029          OCT2000-00          ($0.02)
                                              $6.63                $11.63              $2.88               $38,169.00
                                              $1.00                Single Family       N
 12243850                        6.500        $312,000.00          $307,603.51         $307,603.51         08/01/1999
 THOMPSON, MATT L                             06/23/1999           360                 Primary Residence   Purchase
 12523 LONG COVE DRIVE                        Standard             N                   09/01/1900          80
 CHARLOTTE                  NC   28277-0000   $1,972.06            07/01/2029          OCT2000-00          $1.33
                                              $6.50                $11.50              $2.75               $38,899.00
                                              $1.00                Single Family       N
 12246810                        6.750        $275,000.00          $271,561.17         $271,561.17         09/01/1999
 HARRISON, BRUCE R                            07/29/1999           360                 Primary Residence   Purchase
 498 BARRINGTON                               Standard             N                   10/01/1900          72.8477
 GROSSE POINTE PARK         MI   48230-0000   $1,783.65            08/01/2029          OCT2000-00          $0.01
                                              $6.75                $11.75              $2.75               $38,930.00
                                              $1.00                Single Family       N

 12254680                        8.500        $810,000.00          $627,465.77         $627,465.77         09/01/1999
 NICOLAI, JOSEPH PASQUALE                     07/20/1999           360                 Second Home         Refinance
 1610 MOKULUA DRIVE                           Select               N                   09/01/1900          40.4192
 KAILUA                     HI   96734-0000   $5,171.79            08/01/2029          OCT2000-00          $189,487.15
                                              $6.50                $12.50              $2.88               $37,104.00
                                              $1.00                Single Family       N
 12272100                        6.875        $456,900.00          $450,905.45         $450,905.45         08/01/1999
 WARD, MICHAEL J                              06/23/1999           360                 Primary Residence   Purchase
 2221 FORESTVIEW ROAD                         Standard             N                   09/01/1900          100
 EVANSTON                   IL   60201-0000   $3,001.51            07/01/2029          OCT2000-00          ($0.01)
                                              $6.88                $11.88              $2.88               $38,169.00
                                              $1.00                Single Family       N
 12306900                        8.000        $320,000.00          $309,077.83         $309,077.83         08/01/1999
 ARANDA, LUISA M                              06/30/1999           360                 Primary Residence   Refinance
 4462 BUSH CIRCLE                             Standard             N                   09/01/1900          100
 FREMONT                    CA   94538-0000   $2,292.09            07/01/2029          OCT2000-00          $8,370.61
                                              $6.00                $12.00              $2.88               $37,073.00
                                              $1.00                Single Family       N

 12310180                        6.250        $425,000.00          $419,159.21         $419,159.21         09/01/1999
 RAGUCCI, SALVATORE J                         07/23/1999           360                 Primary Residence   Purchase
 742 BROWN SAGE DRIVE                         Standard             N                   09/01/1900          100
 GLENDORA                   CA   91741-0000   $2,616.80            08/01/2029          OCT2000-00          $0.01
                                              $6.25                $12.25              $2.88               $37,469.00
                                              $1.00                Single Family       N
 12321520                        7.000        $370,400.00          $365,984.28         $365,984.28         09/01/1999
 WOOD, JANET G                                07/16/1999           360                 Primary Residence   Purchase
 10 NEW MEADOWS ROAD                          Standard             N                   09/01/1900          80
 WINCHESTER                 MA   01890-0000   $2,464.29            08/01/2029          OCT2000-00          $0.00
                                              $7.00                $12.00              $2.75               $38,930.00
                                              $1.00                Single Family       N
 12323110                        6.375        $300,000.00          $295,972.73         $295,972.73         09/01/1999
 PAPPAL, RANDALL L                            07/19/1999           360                 Primary Residence   Purchase
 1627 STANLEY                                 Relocation           N                   10/01/1900          62.6305
 BIRMINGHAM                 MI   48009-0000   $1,871.61            08/01/2029          OCT2000-00          $0.01
                                              $6.38                $11.38              $2.75               $38,930.00
                                              $1.00                Single Family       N

 12325260                        6.375        $371,250.00          $366,266.23         $366,266.23         09/01/1999
 CAMERON, KENNETH D                           07/21/1999           360                 Primary Residence   Purchase
 23315 MYSTIC FOREST                          Relocation           N                   09/01/1900          90
 NOVI                       MI   48375-0000   $2,316.12            08/01/2029          OCT2000-00          $0.00
                                              $6.38                $11.38              $2.75               $38,930.00
                                              $1.00                Single Family       N
 12329280                        6.750        $319,200.00          $315,208.47         $315,208.47         09/01/1999
 WIENCKE, BENT                                07/07/1999           360                 Primary Residence   Purchase
 3602 AVENITA DEL SOL                         Relocation           N                   09/01/1900          80
 STUDIO CITY                CA   91604-0000   $2,070.33            08/01/2029          OCT2000-00          $0.02
                                              $6.75                $11.75              $2.75               $38,930.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 12340610                        7.250        $270,000.00          $266,932.53         $266,932.53         09/01/1999
 MILLER, ZACHARY D                            07/09/1999           360                 Primary Residence   Purchase
 2034 ALTON ROAD                              Standard             N                   10/01/1900          100
 MIAMI BEACH                FL   33140-0000   $1,841.88            08/01/2029          OCT2000-00          $0.00
                                              $7.25                $12.25              $2.88               $38,200.00
                                              $1.00                Single Family       N

 12361730                        6.625        $346,500.00          $342,063.02         $342,063.02         09/01/1999
 BURTON, SPENCER                              07/26/1999           360                 Primary Residence   Purchase
 2 E WEDGEWOOD GLEN                           Relocation           N                   09/01/1900          90
 THE WOODLANDS              TX   77738-0000   $2,218.68            08/01/2029          OCT2000-00          ($0.01)
                                              $6.63                $11.63              $2.75               $38,930.00
                                              $1.00                Single Family       N
 12378250                        7.750        $420,000.00          $415,671.05         $415,671.05         09/01/1999
 BLATT, JEFFREY                               07/23/1999           360                 Primary Residence   Purchase
 2300 ALTON                                   Standard             N                   10/01/1900          100
 MIAMI BEACH                FL   33140-0000   $3,008.94            08/01/2029          OCT2000-00          ($0.02)
                                              $7.75                $12.75              $2.88               $38,200.00
                                              $1.00                Single Family       N
 12383440                        6.625        $268,000.00          $255,016.62         $255,016.62         12/01/1999
 HYNDMAN, PETER C                             10/19/1999           360                 Primary Residence   Purchase
 8015 SHUMAN DR                               Select               N                   09/01/1900          72.4324
 GOODRICH                   MI   48438-0000   $1,716.04            11/01/2029          OCT2000-00          $10,252.76
                                              $6.63                $12.63              $2.75               $37,561.00
                                              $1.00                Single Family       N

 12385640                        7.250        $321,500.00          $319,972.27         $319,972.27         05/01/2000
 SNIPES, RONALD A                             03/20/2000           360                 Primary Residence   Purchase
 1920 CATLIN DR                               Select               N                   09/01/1900          69.9922
 ROCHESTER                  MI   48306-0000   $2,193.20            04/01/2030          OCT2000-00          ($0.01)
                                              $7.25                $12.25              $2.75               $38,443.00
                                              $1.00                Single Family       N
 12390000                        7.250        $590,000.00          $583,296.98         $583,296.98         09/01/1999
 GUPTA, SHALINI                               07/23/1999           360                 Primary Residence   Purchase
 14693 NE 16TH STREET                         Standard             N                   09/01/1900          100
 BELLEVUE                   WA   98007-0000   $4,024.85            08/01/2029          OCT2000-00          $0.01
                                              $7.25                $12.25              $2.88               $38,200.00
                                              $1.00                Single Family       N
 12390220                        7.250        $254,000.00          $240,881.15         $240,881.15         09/01/1999
 NOEL, RICHARD F                              07/21/1999           180                 Primary Residence   Purchase
 42247 METALINE                               Standard             N                   10/01/1900          100
 CANTON                     MI   48187-0000   $2,302.43            08/01/2014          OCT2000-00          $1,924.84
                                              $5.25                $11.25              $2.88               $37,104.00
                                              $1.00                Single Family       N

 12461070                        7.875        $490,000.00          $485,357.22         $485,357.22         10/01/1999
 MOSTOWFIPOUR, ANOOSHIRAVAN                   08/18/1999           360                 Primary Residence   Purchase
 1831 MANZANITA DRIVE                         Standard             N                   10/01/1900          98.9899
 OAKLAND                    CA   94611-0000   $3,552.85            09/01/2029          OCT2000-00          $81.48
                                              $7.88                $13.88              $2.75               $37,500.00
                                              $1.00                Single Family       N
 12470070                        7.250        $280,650.00          $279,542.00         $279,542.00         06/01/2000
 BARATIAN, MARCUS A                           04/06/2000           360                 Primary Residence   Purchase
 216 RUBY LANE                                Standard             N                   09/01/1900          94.9875
 STREETBORO                 OH   44241-0000   $1,914.53            05/01/2030          OCT2000-00          $0.01
                                              $7.25                $13.25              $2.88               $37,012.00
                                              $1.00                Single Family       N
 12480070                        6.875        $433,500.00          $431,283.29         $431,283.29         05/01/2000
 BRIDGES, MARLYN L                            03/15/2000           360                 Primary Residence   Purchase
 2804 YUROK COURT                             Select               N                   10/01/1900          79.982
 SIMI VALLEY                CA   93063-0000   $2,847.79            04/01/2030          OCT2000-00          ($0.01)
                                              $6.88                $11.88              $2.75               $38,443.00
                                              $1.00                Single Family       N

 12489260                        7.750        $380,000.00          $376,654.16         $376,654.16         11/01/1999
 BRAUN, GWEN V                                09/01/1999           360                 Primary Residence   Purchase
 9 MADERA AVENUE                              Standard             N                   10/01/1900          95
 SAN ANSELMO                CA   94960-0000   $2,722.37            10/01/2029          OCT2000-00          $10.51
                                              $7.75                $13.75              $2.88               $37,530.00
                                              $1.00                Single Family       N
 12489490                        7.875        $564,400.00          $559,566.95         $559,566.95         11/01/1999
 PATIL, VIJAY M                               09/23/1999           360                 Primary Residence   Purchase
 33 GAITWAY DRIVE                             Standard             N                   09/01/1900          99.9933
 SKILLMAN                   NJ   08558-0000   $4,092.30            10/01/2029          OCT2000-00          ($0.02)
                                              $7.88                $12.88              $2.88               $38,261.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 12521890                        8.125        $292,000.00          $291,684.63         $291,684.63         11/01/1999
 ROSENBERG, ALAN D                            09/22/1999           360                 Primary Residence   Refinance
 13072 MAXELLA AVENUE UNIT 2                  Standard             N                   09/01/1900          80
 MARINA DEL REY             CA   90292-0000   $1,974.95            10/01/2029          OCT2000-00          $339.65
                                              $8.13                $13.13              $2.75               $40,087.00
                                              $1.00                Condominium         N

 12549110                        7.750        $283,500.00          $280,889.67         $280,889.67         11/01/1999
 TANG, GEORGE                                 09/24/1999           360                 Primary Residence   Purchase
 228 BULLOCK DRIVE                            Standard             N                   09/01/1900          90
 PRINCETON                  NJ   08540-0000   $2,031.03            10/01/2029          OCT2000-00          $121.28
                                              $7.75                $12.75              $2.88               $38,261.00
                                              $1.00                Single Family       N
 12579330                        7.875        $315,000.00          $312,302.61         $312,302.61         11/01/1999
 HINDS, CATHERINE E                           09/24/1999           360                 Primary Residence   Refinance
 35 GRANDVIEW AVENUE                          Standard             N                   09/01/1900          75
 MEDFORD                    MA   02155-2932   $2,283.97            10/01/2029          OCT2000-00          $0.02
                                              $7.88                $13.88              $2.75               $37,530.00
                                              $2.00                Single Family       N
 12617390                        8.500        $320,000.00          $319,610.90         $319,610.90         09/01/2000
 LYNCH, KEVIN C                               07/14/2000           360                 Primary Residence   Purchase
 1369 LANDIS DRIVE                            Standard             N                   09/01/1900          70.7494
 NORTH WALES                PA   19454-0000   $2,460.53            08/01/2030          OCT2000-00          $0.00
                                              $8.50                $13.50              $2.75               $38,565.00
                                              $1.00                Single Family       N

 12642940                        7.375        $420,000.00          $398,422.98         $398,422.98         01/01/2000
 GEORGE, VARGHESE R                           11/16/1999           360                 Primary Residence   Refinance
 12812 CIRCLE DRIVE                           Standard             N                   09/01/1900          64.6154
 ROCKVILLE                  MD   20850-3715   $2,900.84            12/01/2029          OCT2000-00          $18,179.54
                                              $7.38                $13.38              $2.88               $36,861.00
                                              $1.00                Single Family       Y
 12649270                        6.750        $476,000.00          $471,362.91         $471,362.91         12/01/1999
 NICKERSON, LEWIS CARL                        10/27/1999           360                 Primary Residence   Refinance
 19470 S BAKERS FERRY ROAD                    Select               N                   09/01/1900          77.3984
 OREGON CITY                OR   97045-0000   $3,087.33            11/01/2029          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $37,196.00
                                              $1.00                Single Family       N
 12652700                        7.000        $542,000.00          $537,906.97         $537,906.97         02/01/2000
 BERENS, HENRY J                              12/27/1999           360                 Primary Residence   Purchase
 2894 RANCHO PANCHO                           Standard             N                   09/01/1900          99.9961
 CARLSBAD                   CA   92009-0000   $3,605.94            01/01/2030          OCT2000-00          $0.00
                                              $7.00                $12.00              $2.88               $38,353.00
                                              $1.00                Single Family       N

 12652820                        7.750        $282,600.00          $280,546.37         $280,546.37         01/01/2000
 NICHOLS, VERLE D                             11/17/1999           360                 Primary Residence   Refinance
 7380 VERDE WAY                               Standard             N                   10/01/1900          86.422
 LAS VEGAS                  NV   89129-0000   $2,024.59            12/01/2029          OCT2000-00          $0.00
                                              $7.75                $13.75              $2.75               $37,591.00
                                              $1.00                Single Family       N
 12668220                        7.125        $400,000.00          $396,374.97         $396,374.97         12/01/1999
 BAKER, BILL R                                10/07/1999           360                 Primary Residence   Purchase
 62 MILANO COURT                              VIP Relocation       Y                   09/01/1900          75.8294
 DANVILLE                   CA   94526-0000   $2,694.88            11/01/2029          OCT2000-00          $0.00
                                              $7.13                $12.13              $2.75               $38,292.00
                                              $1.00                Single Family       N
 12681040                        7.625        $278,000.00          $276,354.05         $276,354.05         03/01/2000
 ROSS, NICHOLAS G                             01/14/2000           360                 Primary Residence   Purchase
 19-20 FAIRFIELD STREET UNIT 3                Standard             N                   10/01/1900          100
 CAMBRIDGE                  MA   02140-0000   $1,967.67            02/01/2030          OCT2000-00          $0.00
                                              $7.63                $12.63              $2.88               $38,384.00
                                              $1.00                Condominium         N

 12681460                        8.125        $336,000.00          $334,658.67         $334,658.67         05/01/2000
 SHIKANY, WILLIAM G                           03/31/2000           360                 Primary Residence   Purchase
 10596 HICKORY KNOLL CT                       Select               N                   10/01/1900          80
 BRIGHTON                   MI   48114-9297   $2,494.80            04/01/2030          OCT2000-00          $0.01
                                              $8.13                $13.13              $2.75               $38,443.00
                                              $1.00                Single Family       N
 12721510                        7.000        $275,000.00          $273,702.99         $273,702.99         02/01/2000
 FICK, CHARLES G                              12/02/1999           360                 Primary Residence   Purchase
 6849 WOODCREST RIDGE                         Select               N                   10/01/1900          74.3243
 CLARKSTON                  MI   48346-0000   $1,597.78            01/01/2030          OCT2000-00          $1,347.99
                                              $7.00                $12.00              $2.75               $40,179.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 12725130                        8.125        $378,050.00          $375,763.01         $375,763.01         02/01/2000
 GRAZER, JOHN P                               12/17/1999           360                 Second Home         Purchase
 80-202 MERION                                Standard             N                   09/01/1900          99.987
 LA QUINTA                  CA   92253-0000   $2,807.02            01/01/2030          OCT2000-00          ($0.01)
                                              $8.13                $13.13              $2.88               $38,353.00
                                              $1.00                Condominium         N

 12727480                        6.750        $386,000.00          $382,591.20         $382,591.20         01/01/2000
 GATTENIO, KENNETH S.                         11/12/1999           360                 Primary Residence   Refinance
 16637 MARTINCOIT ROAD                        Standard             N                   09/01/1900          78.7755
 POWAY                      CA   92064-0000   $2,503.59            12/01/2029          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       Y
 12732730                        8.625        $336,000.00          $335,400.57         $335,400.57         08/01/2000
 SOSS, ROBIN R                                06/19/2000           360                 Primary Residence   Purchase
 1377 PERRY CIRCLE                            Standard             N                   10/01/1900          79.8327
 NORTH WALES                PA   19454-0000   $2,613.38            07/01/2030          OCT2000-00          $0.00
                                              $8.63                $13.63              $2.75               $38,534.00
                                              $1.00                Single Family       N
 12737440                        7.500        $287,500.00          $245,274.68         $245,274.68         01/01/2000
 KELLS, KRISTIN L                             11/19/1999           360                 Second Home         Purchase
 1220 CENTRAL AVENUE                          Standard             N                   10/01/1900          100
 SHIP BOTTOM                NJ   08008-0000   $2,010.25            12/01/2029          OCT2000-00          $39,781.91
                                              $7.50                $12.50              $2.88               $38,322.00
                                              $1.00                Single Family       N

 12740390                        7.750        $318,600.00          $316,613.17         $316,613.17         05/01/2000
 KORKOWSKI, MICHAEL T                         03/23/2000           360                 Primary Residence   Purchase
 464 TOWER HILL AVENUE                        Standard             N                   10/01/1900          79.9904
 SAN JOSE                   CA   95136-0000   $2,282.49            04/01/2030          OCT2000-00          $611.72
                                              $7.75                $12.75              $2.75               $38,443.00
                                              $1.00                Condominium         N
 12764320                        7.500        $320,800.00          $319,348.95         $319,348.95         05/01/2000
 MALL, NATALIE J                              03/24/2000           360                 Primary Residence   Purchase
 12143 SE 15TH STREET                         Standard             N                   09/01/1900          80
 BELLEVUE                   WA   98005-0000   $2,243.09            04/01/2030          OCT2000-00          $0.01
                                              $7.50                $12.50              $2.75               $38,443.00
                                              $1.00                Single Family       N
 12768610                        7.375        $324,000.00          $321,984.73         $321,984.73         03/01/2000
 GREENBERG, NOAH                              01/21/2000           360                 Primary Residence   Purchase
 334 QUINCE STREET                            Standard             N                   09/01/1900          80
 PHILADELPHIA               PA   19147-0000   $2,237.79            02/01/2030          OCT2000-00          $0.00
                                              $7.38                $12.38              $2.75               $39,114.00
                                              $1.00                Single Family       N

 16674060                        6.750        $600,000.00          $589,671.68         $589,671.68         04/01/1999
 TAMBOLI, SATISH                              03/03/1999           360                 Primary Residence   Refinance
 15 LARKMEADE COURT                           Standard             N                   09/01/1900          96
 POTOMAC                    MD   20854-0000   $3,891.59            03/01/2029          OCT2000-00          $0.02
                                              $6.75                $12.75              $2.88               $37,316.00
                                              $1.00                Single Family       N
 16674590                        6.000        $184,000.00          $180,558.80         $180,558.80         05/01/1999
 SRUR, JIMMY S                                03/01/1999           360                 Primary Residence   Purchase
 1646 PROSPECT STREET                         Pledge Select        N                   09/01/1900          100
 SARASOTA                   FL   34236-0000   $1,103.18            04/01/2029          OCT2000-00          $0.02
                                              $6.00                $12.00              $2.88               $37,347.00
                                              $1.00                Single Family       N
 16705270                        6.875        $650,000.00          $643,527.09         $643,527.09         12/01/1999
 DREZNER, HAROLD E                            03/24/1999           353                 Primary Residence   Construction-Perm
 9521 TOURNAMENT CANYON DRIVE                 Select               N                   09/01/1900          72.3026
 LAS VEGAS                  NV   89134-0000   $4,295.74            04/01/2029          OCT2000-00          $0.01
                                              $6.88                $12.88              $2.75               $37,347.00
                                              $1.00                Single Family       N

 16825610                        6.375        $299,950.00          $291,891.88         $291,891.88         06/01/1999
 RASSIN, BRIAN M                              04/19/1999           360                 Primary Residence   Purchase
 569 BELVEDERE CT                             Relocation           N                   09/01/1900          89.9899
 CANTON                     MI   48188-0000   $1,871.30            05/01/2029          OCT2000-00          $3,112.56
                                              $6.38                $11.38              $2.75               $38,838.00
                                              $1.00                Single Family       N
 16919150                        6.125        $155,250.00          $152,903.85         $152,903.85         08/01/1999
 MINNIS, TIMOTHY E                            06/30/1999           360                 Primary Residence   Purchase
 29623 EAGLE STATION DR                       Standard             N                   10/01/1900          89.9724
 WESLEY CHAPEL              FL   33543-6702   $943.32              07/01/2029          OCT2000-00          ($0.01)
                                              $6.13                $11.13              $2.75               $38,899.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 16946570                        6.500        $294,000.00          $289,280.20         $289,280.20         06/01/1999
 BAKER, STEVEN D                              04/30/1999           360                 Primary Residence   Purchase
 2846 NORTH HALSTED 2N                        Standard             N                   09/01/1900          100
 CHICAGO                    IL   60614-0000   $1,858.29            05/01/2029          OCT2000-00          $0.16
                                              $6.50                $11.50              $2.88               $38,108.00
                                              $1.00                Condominium         N

 41150978                        7.625        $355,500.00          $351,745.12         $351,745.12         09/01/1999
 KILLINGSWORTH, DAVID A                       07/23/1999           360                 Primary Residence   Refinance
 4655 YOUNG DEER DR                           Standard             N                   09/01/1900          90
 CUMMING                    GA   30041-0000   $2,516.21            08/01/2029          OCT2000-00          $0.00
                                              $7.63                $13.63              $2.75               $37,469.00
                                              $1.00                Single Family       N
 41153473                        7.750        $312,800.00          $308,562.98         $308,562.98         09/01/1999
 RUSSELL, MICHAEL J                           07/22/1999           360                 Primary Residence   Purchase
 2302 CLIFF'S EDGE DRIVE                      Standard             N                   10/01/1900          80
 AUSTIN                     TX   78733-0000   $1,994.75            08/01/2029          OCT2000-00          $4,278.60
                                              $7.75                $12.75              $2.75               $40,026.00
                                              $1.00                PUD                 N
 41178655                        9.000        $411,200.00          $410,600.00         $410,600.00         05/01/2000
 FLORENCE, DAVID A                            02/23/2000           360                 Primary Residence   Purchase
 29935 TRAIL CREEK DRIVE                      Standard             N                   09/01/1900          80
 AGOURA HILLS               CA   91301-0000   $3,079.50            04/01/2030          OCT2000-00          $622.84
                                              $9.00                $14.00              $2.75               $40,269.00
                                              $1.00                Single Family       N

 43479160                        7.250        $333,300.00          $331,175.40         $331,175.40         03/01/2000
 RAYMOND, DAVID W                             01/27/2000           360                 Primary Residence   Purchase
 2100 RIDGE DRIVE                             Select               N                   10/01/1900          79.9989
 PINETOP                    AZ   85935-0000   $2,273.70            02/01/2030          OCT2000-00          ($0.02)
                                              $7.25                $13.25              $2.75               $37,653.00
                                              $1.00                Single Family       N
 49541040                        5.250        $645,000.00          $627,268.95         $627,268.95         12/01/1998
 VENETOS, TINA C                              10/07/1998           360                 Primary Residence   Refinance
 1451 N GREEN BAY ROAD                        Standard             N                   09/01/1900          75.8824
 LAKE FOREST                IL   60045-0000   $3,562.46            11/01/2028          OCT2000-00          ($147.15)
                                              $6.13                $12.13              $0.00               $37,196.00
                                              $1.00                Single Family       N
 49692570                        8.000        $597,000.00          $594,556.11         $594,556.11         05/01/2000
 FORRESTER, JOSEPH M                          03/24/2000           360                 Second Home         Refinance
 125 OPAL ROAD                                Standard             N                   09/01/1900          55.5349
 SILVERTHORNE               CO   80498-0000   $4,380.58            04/01/2030          OCT2000-00          $0.00
                                              $8.00                $13.00              $2.75               $38,443.00
                                              $1.00                Single Family       N

 49901870                        7.625        $120,000.00          $118,578.51         $118,578.51         08/01/1999
 PETRUNTI, COSMO E                            12/09/1998           354                 Primary Residence   Construction-Perm
 3 TREVOR LANE                                Stated Income        N                   09/01/1900          62.31
 EAST GRANBY                CT   06026-0000   $853.12              01/01/2029          OCT2000-00          $0.04
                                              $7.63                $13.63              $2.75               $37,257.00
                                              $1.00                Single Family       N
 50000280                        7.000        $640,000.00          $634,614.04         $634,614.04         01/01/2000
 RAMEY, PETER M                               11/15/1999           360                 Primary Residence   Refinance
 10 BELLERIVE COUNTRY CLUB GROUNDS            Select               N                   09/01/1900          80
 ST LOUIS                   MO   63141-0000   $4,257.94            12/01/2029          OCT2000-00          $0.02
                                              $7.00                $13.00              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50001580                        7.125        $650,000.00          $538,637.10         $538,637.10         01/01/2000
 MCDERMOTT, DAVID                             11/22/1999           360                 Primary Residence   Refinance
 357 RIVER ROAD                               Select               N                   09/01/1900          34.2105
 DEEP RIVER                 CT   06426-0000   $4,379.18            12/01/2029          OCT2000-00          $105,397.94
                                              $7.13                $13.13              $2.88               $36,861.00
                                              $1.00                Single Family       N

 50004890                        7.750        $315,000.00          $313,180.67         $313,180.67         03/01/2000
 WRIGHT, GENE G                               01/25/2000           360                 Primary Residence   Purchase
 721 ONTARIO UNIT 202                         Standard             N                   10/01/1900          100
 OAK PARK                   IL   60302-0000   $2,256.70            02/01/2030          OCT2000-00          $0.00
                                              $7.75                $13.75              $2.88               $37,653.00
                                              $1.00                Condominium         N
 50006270                        7.750        $435,815.00          $430,900.42         $430,900.42         05/01/2000
 KOLKO, MICHAEL G                             03/22/2000           360                 Primary Residence   Purchase
 1279 RIDGEMARK DRIVE                         Select               N                   09/01/1900          79.9999
 HOLLISTER                  CA   95023-6275   $3,122.24            04/01/2030          OCT2000-00          $3,019.42
                                              $7.75                $12.75              $2.75               $38,443.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50032360                        7.250        $276,900.00          $275,584.05         $275,584.05         05/01/2000
 ANNADI, HARI P                               03/29/2000           360                 Primary Residence   Purchase
 2794 LONG MEADOW LANE                        Standard             N                   09/01/1900          94.9963
 ROCHESTER HILLS            MI   48307-5929   $1,888.95            04/01/2030          OCT2000-00          $0.14
                                              $7.25                $12.25              $2.75               $38,443.00
                                              $1.00                Single Family       N

 50039900                        6.625        $250,200.00          $248,168.83         $248,168.83         02/01/2000
 TREECE, SCOTT A                              12/09/1999           360                 Primary Residence   Purchase
 12305 MELCROFT PLACE                         Relocation           N                   09/01/1900          90
 GLEN ALLEN                 VA   23059-6983   $1,602.06            01/01/2030          OCT2000-00          $0.00
                                              $6.63                $12.63              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50042610                        6.750        $270,300.00          $269,361.19         $269,361.19         07/01/2000
 TASKER, DONALD R                             05/03/2000           360                 Primary Residence   Purchase
 3982 RED ROOT RD                             Select               N                   09/01/1900          79.9964
 LAKE ORION                 MI   48360-2625   $1,753.17            06/01/2030          OCT2000-00          $0.00
                                              $6.75                $11.75              $2.75               $38,504.00
                                              $1.00                Single Family       N
 50055850                        7.375        $368,000.00          $365,416.95         $365,416.95         02/01/2000
 KIRKLAND, JOHN D                             12/06/1999           360                 Primary Residence   Purchase
 4922 POST OAK TIMBER                         Standard             N                   10/01/1900          80
 HOUSTON                    TX   77056-0000   $2,541.69            01/01/2030          OCT2000-00          ($0.01)
                                              $7.38                $13.38              $2.88               $36,892.00
                                              $1.00                Single Family       N

 50062120                        7.750        $348,000.00          $345,731.45         $345,731.45         02/01/2000
 PATTERSON, MARK A                            12/29/1999           360                 Primary Residence   Purchase
 14 RIDGECREEK STREET                         Standard             N                   09/01/1900          80
 SAINT LOUIS                MO   63141-8042   $2,493.12            01/01/2030          OCT2000-00          $0.00
                                              $7.75                $13.75              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50074410                        7.625        $650,000.00          $646,151.62         $646,151.62         03/01/2000
 MISCOVICH, SCOTT J                           01/07/2000           360                 Primary Residence   Purchase
 150 KAILUANA PLACE                           Standard             N                   09/01/1900          90.9091
 KAILUA                     HI   96734-0000   $4,600.66            02/01/2030          OCT2000-00          ($0.01)
                                              $7.63                $12.63              $2.88               $38,384.00
                                              $1.00                Single Family       N
 50085580                        7.375        $375,000.00          $372,367.77         $372,367.77         02/01/2000
 MUNGUIA, JUAN A                              12/17/1999           360                 Primary Residence   Purchase
 153 GRAYLYN DRIVE                            Standard             N                   10/01/1900          98.2074
 CHAPEL HILL                NC   27516-0000   $2,590.04            01/01/2030          OCT2000-00          $0.01
                                              $7.38                $12.38              $2.88               $38,353.00
                                              $1.00                Single Family       N

 50089420                        8.000        $300,400.00          $300,400.00         $300,400.00         05/01/2000
 SANTA MARIA, PHILLIP L                       03/30/2000           360                 Primary Residence   Purchase
 6424 E VIA CORRAL                            Standard             N                   10/01/1900          80
 ANAHEIM                    CA   92807-0000   $2,002.67            04/01/2030          OCT2000-00          ($0.02)
                                              $8.00                $13.00              $2.75               $40,269.00
                                              $1.00                Single Family       N
 50105680                        7.625        $432,000.00          $430,093.86         $430,093.86         05/01/2000
 SLAWEK, STEPHEN A                            03/09/2000           360                 Primary Residence   Purchase
 2024 HARTS LANE                              Standard             N                   09/01/1900          80
 CONSHOHOKEN                PA   19428-0000   $3,057.67            04/01/2030          OCT2000-00          $0.07
                                              $7.63                $12.63              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50109200                        7.625        $370,000.00          $367,809.35         $367,809.35         03/01/2000
 KLINE, WILLIAM F                             01/21/2000           360                 Primary Residence   Purchase
 300 CORTE GABRIEL                            Standard             N                   10/01/1900          100
 MORAGA                     CA   94556-0000   $2,618.84            02/01/2030          OCT2000-00          $0.01
                                              $7.63                $12.63              $2.88               $38,384.00
                                              $1.00                Condominium         N

 50116090                        8.625        $319,400.00          $317,470.66         $317,470.66         03/01/2000
 BOWNES, FABIEN                               01/14/2000           360                 Primary Residence   Purchase
 18451 CARRINGTON COURT                       Standard             N                   09/01/1900          89.9972
 HAZEL CREST                IL   60429-0000   $2,484.27            02/01/2030          OCT2000-00          $379.45
                                              $8.63                $14.63              $2.75               $37,653.00
                                              $1.00                Single Family       N
 50116130                        7.250        $280,800.00          $279,691.40         $279,691.40         06/01/2000
 JACKSON, MICHAEL D                           04/11/2000           360                 Primary Residence   Purchase
 8211 GOLDEN OAK CIRCLE                       Standard             N                   09/01/1900          79.9915
 CLARENCE                   NY   14221-8505   $1,915.56            05/01/2030          OCT2000-00          ($0.01)
                                              $7.25                $12.25              $2.75               $38,473.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50120260                        7.750        $416,500.00          $414,401.96         $414,401.96         04/01/2000
 MCGONIGLE, MICHAEL P                         02/08/2000           360                 Primary Residence   Purchase
 65 EAST INDIA ROW UNIT 14G                   Standard             N                   10/01/1900          100
 BOSTON                     MA   02110-0000   $2,983.86            03/01/2030          OCT2000-00          ($0.01)
                                              $7.75                $12.75              $2.88               $38,412.00
                                              $1.00                Condominium         N

 50121690                        7.750        $390,490.00          $388,967.96         $388,967.96         07/01/2000
 CHEW, ALVIN B                                05/24/2000           360                 Primary Residence   Purchase
 973 MORO COURT                               Select               N                   09/01/1900          79.6109
 GILROY                     CA   95020-0000   $2,797.52            06/01/2030          OCT2000-00          $406.27
                                              $7.75                $12.75              $2.75               $38,504.00
                                              $1.00                Single Family       N
 50128130                        8.500        $140,000.00          $140,000.00         $140,000.00         05/01/2000
 MCKEE, DAVID                                 03/16/2000           360                 Second Home         Purchase
 8 COOLIDGE AVENUE                            Standard             N                   10/01/1900          70
 DOVER TOWNSHIP             NJ   08753-0000   $991.67              04/01/2030          OCT2000-00          ($0.02)
                                              $8.50                $13.50              $2.75               $40,269.00
                                              $1.00                Single Family       N
 50128530                        8.125        $320,700.00          $319,419.82         $319,419.82         05/01/2000
 ROULS, DAVID M                               03/30/2000           360                 Primary Residence   Purchase
 1376 TULBERRY COURT                          Standard             N                   10/01/1900          79.9859
 ROCHESTER                  MI   48306-0000   $2,381.19            04/01/2030          OCT2000-00          ($0.02)
                                              $8.13                $13.13              $2.75               $38,443.00
                                              $1.00                Single Family       N

 50128950                        8.000        $290,000.00          $289,412.34         $289,412.34         08/01/2000
 MCMANUS, GREGORY J                           06/15/2000           360                 Primary Residence   Purchase
 5462 WINDTREE DRIVE                          Select               N                   10/01/1900          77.7163
 DOYLESTOWN                 PA   18901-0000   $2,127.92            07/01/2030          OCT2000-00          $0.00
                                              $8.00                $13.00              $2.75               $38,534.00
                                              $1.00                Single Family       N
 50130370                        7.750        $480,000.00          $477,582.09         $477,582.09         04/01/2000
 JENSEN, BLAKE C                              02/15/2000           360                 Primary Residence   Purchase
 25 SOUTH STREET                              Standard             N                   09/01/1900          98.9691
 BURLINGTON                 VT   05401-0000   $3,438.78            03/01/2030          OCT2000-00          $0.01
                                              $7.75                $12.75              $2.88               $38,412.00
                                              $1.00                Single Family       N
 50131880                        7.875        $350,000.00          $349,516.67         $349,516.67         09/01/2000
 STECEWICZ, SUSAN T                           07/11/2000           360                 Primary Residence   Purchase
 75 COVENTRY WAY                              Standard             N                   09/01/1900          70.8502
 RINGWOOD                   NJ   07456-0000   $2,537.75            08/01/2030          OCT2000-00          ($0.01)
                                              $7.88                $12.88              $2.75               $38,565.00
                                              $1.00                Single Family       N

 50132250                        6.875        $559,000.00          $556,141.52         $556,141.52         05/01/2000
 SKIDMORE, JONATHAN C                         03/25/2000           360                 Primary Residence   Purchase
 3301 NE 39TH STREET                          Select               N                   09/01/1900          79.9714
 FORT LAUDERDALE            FL   33308-0000   $3,672.24            04/01/2030          OCT2000-00          $0.00
                                              $6.88                $11.88              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50134140                        7.500        $425,000.00          $423,077.66         $423,077.66         05/01/2000
 STOKEL, BARBARA J                            03/09/2000           360                 Primary Residence   Purchase
 365 GLENWOOD ROAD                            Super Select         N                   09/01/1900          68.109
 RIDGEWOOD                  NJ   07450-0000   $2,971.67            04/01/2030          OCT2000-00          $0.00
                                              $7.50                $12.50              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50139860                        8.000        $271,200.00          $269,676.08         $269,676.08         05/01/2000
 DORIA, THOMAS E                              03/15/2000           360                 Primary Residence   Purchase
 3507 WOODRIDGE PARKWAY                       Standard             N                   09/01/1900          80
 PALM HARBOR                FL   34684-1777   $1,989.97            04/01/2030          OCT2000-00          $411.00
                                              $8.00                $13.00              $2.75               $38,443.00
                                              $1.00                Single Family       N

 50140490                        7.500        $295,700.00          $294,813.91         $294,813.91         07/01/2000
 HOAG, DARRICK G                              05/24/2000           360                 Primary Residence   Purchase
 1529 OWLS RETREAT DRIVE                      Relocation           N                   10/01/1900          79.9872
 TARPON SPRINGS             FL   34689-0000   $2,067.58            06/01/2030          OCT2000-00          $0.01
                                              $7.50                $12.50              $2.75               $38,504.00
                                              $1.00                Single Family       N
 50147270                        8.000        $273,900.00          $272,778.55         $272,778.55         05/01/2000
 REIMER, CURTIS A                             03/23/2000           360                 Primary Residence   Purchase
 5374 GATESWORTH LANE                         Relocation           N                   09/01/1900          79.986
 DALLAS                     TX   75287-0000   $2,009.79            04/01/2030          OCT2000-00          $0.17
                                              $8.00                $13.00              $2.75               $38,443.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50147320                        8.000        $400,000.00          $397,802.09         $397,802.09         03/01/2000
 MARSHALL, JAMES F                            01/28/2000           360                 Primary Residence   Purchase
 1107 NEPTUNE PLACE                           Standard             N                   09/01/1900          96.3855
 ANNAPOLIS                  MD   21401-0000   $2,935.06            02/01/2030          OCT2000-00          ($0.01)
                                              $8.00                $13.00              $2.88               $38,384.00
                                              $1.00                Single Family       N

 50148800                        8.500        $277,500.00          $276,473.27         $276,473.27         05/01/2000
 WEISBESKI, JAMES F                           03/22/2000           360                 Primary Residence   Refinance
 5253 FAIRMONT HILL CT.                       Select               N                   10/01/1900          75
 BLOOMFIELD                 MI   48302-2619   $2,133.74            04/01/2030          OCT2000-00          $0.01
                                              $8.50                $13.50              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50150330                        7.875        $278,500.00          $277,131.65         $277,131.65         04/01/2000
 KELLY, STEPHEN D                             02/15/2000           360                 Primary Residence   Purchase
 40 COLLEGE STREET #705                       Standard             N                   09/01/1900          100
 BURLINGTON                 VT   05401-0000   $2,019.32            03/01/2030          OCT2000-00          ($0.01)
                                              $7.88                $12.88              $2.88               $38,412.00
                                              $1.00                Condominium         N
 50151050                        8.250        $335,000.00          $333,917.10         $333,917.10         06/01/2000
 COLAMEO, THOMAS I                            04/20/2000           360                 Primary Residence   Purchase
 7 WOODOAK PLACE                              Standard             N                   09/01/1900          74.4444
 GARDEN CITY                NY   11530-0000   $2,516.75            05/01/2030          OCT2000-00          ($0.01)
                                              $8.25                $13.25              $2.75               $38,473.00
                                              $1.00                Single Family       N

 50152360                        7.750        $336,050.00          $334,357.17         $334,357.17         04/01/2000
 CHARETTE, DAVID W                            03/01/2000           360                 Primary Residence   Refinance
 25032 MESA ESTATES ROAD                      Standard             N                   09/01/1900          79.0706
 RAMONA                     CA   92065-0000   $2,407.51            03/01/2030          OCT2000-00          $0.00
                                              $7.75                $12.75              $2.75               $38,412.00
                                              $1.00                Single Family       N
 50153470                        7.750        $306,800.00          $302,939.43         $302,939.43         04/01/2000
 MORGAN, LILLIE GUINELL                       02/23/2000           360                 Primary Residence   Refinance
 1257 PEBBLE POINTE DRIVE                     Select               N                   09/01/1900          60.7525
 ROCHESTER                  MI   48307-1768   $2,188.58            03/01/2030          OCT2000-00          $2,366.74
                                              $6.75                $12.75              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50168060                        7.625        $312,400.00          $310,786.75         $310,786.75         04/01/2000
 HEINRICY, JOHN W                             02/14/2000           360                 Primary Residence   Refinance
 8850 TIPSICO LAKE ROAD                       Select               N                   09/01/1900          51.2131
 HOLLY                      MI   48442-8946   $2,211.15            03/01/2030          OCT2000-00          $0.00
                                              $7.63                $12.63              $2.75               $38,412.00
                                              $1.00                Single Family       N

 50168230                        8.000        $292,000.00          $290,339.03         $290,339.03         04/01/2000
 ULLE, WILLIAM F                              02/29/2000           360                 Primary Residence   Purchase
 45555 ADDINGTON                              Standard             N                   09/01/1900          80
 NOVI                       MI   48375-0000   $2,140.67            03/01/2030          OCT2000-00          $273.66
                                              $7.00                $13.00              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50169010                        5.875        $389,000.00          $386,100.85         $386,100.85         05/01/2000
 CONSTANTINE, KEITH E                         03/31/2000           360                 Primary Residence   Purchase
 1680 CROSSBOW CT                             Select               N                   10/01/1900          59.9384
 ROCHESTER HILLS            MI   48306-0000   $2,298.17            04/01/2030          OCT2000-00          $0.00
                                              $4.88                $10.88              $2.88               $36,982.00
                                              $1.00                Single Family       N
 50172160                        8.125        $267,550.00          $266,299.67         $266,299.67         04/01/2000
 FAYS, MICHAEL P                              02/25/2000           360                 Primary Residence   Purchase
 48 PIEDMONT AVENUE                           Standard             N                   09/01/1900          100
 WALTHAM                    MA   02453-0000   $1,986.56            03/01/2030          OCT2000-00          ($0.01)
                                              $8.13                $13.13              $2.88               $38,412.00
                                              $1.00                Single Family       N

 50173180                        8.250        $319,675.00          $319,052.59         $319,052.59         08/01/2000
 SCHOLZ, PATRICK M                            06/15/2000           360                 Primary Residence   Purchase
 330 E SHERIDAN PLACE                         Standard             N                   10/01/1900          95
 LAKE BLUFF                 IL   60044-0000   $2,401.62            07/01/2030          OCT2000-00          $6.59
                                              $8.25                $13.25              $2.75               $38,534.00
                                              $1.00                Single Family       N
 50175020                        7.375        $308,200.00          $306,527.75         $306,527.75         04/01/2000
 SHETH, JAY S                                 02/10/2000           360                 Primary Residence   Refinance
 605 DALMORE DRIVE                            Select               N                   09/01/1900          52.2373
 DULUTH                     GA   30097-0000   $2,128.67            03/01/2030          OCT2000-00          $0.00
                                              $7.38                $13.38              $2.75               $37,681.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50177640                        8.250        $372,000.00          $371,603.69         $371,603.69         05/01/2000
 MINIGIELLO, JOHN A                           03/17/2000           360                 Primary Residence   Purchase
 8 ABBOT COURT                                Standard             N                   09/01/1900          80
 MARBLEHEAD                 MA   01945-0000   $2,554.78            04/01/2030          OCT2000-00          $410.10
                                              $8.25                $13.25              $2.75               $40,269.00
                                              $1.00                Single Family       N

 50178450                        8.250        $260,800.00          $260,800.00         $260,800.00         05/01/2000
 KILLORIN, JOHN D                             04/06/2000           360                 Primary Residence   Purchase
 7519 135TH AVENUE SE                         Standard             N                   09/01/1900          80
 NEWCASTLE                  WA   98059-0000   $1,793.00            04/01/2030          OCT2000-00          $0.00
                                              $8.25                $13.25              $2.75               $40,269.00
                                              $1.00                Single Family       N
 50181190                        7.875        $336,000.00          $334,763.93         $334,763.93         06/01/2000
 KIL, DAVID H                                 04/03/2000           360                 Primary Residence   Purchase
 621 EDEN STREET                              Standard             N                   09/01/1900          100
 GILROY                     CA   95020-0000   $2,436.24            05/01/2030          OCT2000-00          $64.18
                                              $7.88                $12.88              $2.88               $38,473.00
                                              $1.00                Single Family       N
 50181270                        7.250        $400,800.00          $398,895.42         $398,895.42         05/01/2000
 JARVIS, DAVID E                              03/10/2000           360                 Primary Residence   Purchase
 50226 NORTH RIDGE DRIVE                      Select               N                   09/01/1900          79.7977
 PLYMOUTH                   MI   48170-0000   $2,734.17            04/01/2030          OCT2000-00          $0.00
                                              $7.25                $12.25              $2.75               $38,443.00
                                              $1.00                Single Family       N

 50181450                        7.625        $393,900.00          $393,900.00         $393,900.00         06/01/2000
 STEWART, PAUL C                              04/11/2000           360                 Primary Residence   Purchase
 8085 E VILLA CASSANDRA DRIVE                 Select               N                   09/01/1900          79.9929
 SCOTTSDALE                 AZ   85262-0000   $2,502.91            05/01/2030          OCT2000-00          ($0.02)
                                              $7.63                $12.63              $2.75               $40,299.00
                                              $1.00                Single Family       N
 50181510                        7.875        $398,400.00          $397,010.99         $397,010.99         06/01/2000
 SCEARCE, MICHAEL A                           04/20/2000           360                 Primary Residence   Purchase
 9042 SUMMER ESTATES DRIVE                    Standard             N                   09/01/1900          80
 INDIANAPOLIS               IN   46256-0000   $2,888.68            05/01/2030          OCT2000-00          $0.00
                                              $7.88                $12.88              $2.75               $38,473.00
                                              $1.00                Single Family       N
 50181630                        8.375        $252,700.00          $252,298.59         $252,298.59         05/01/2000
 FASSA, STEVEN A                              03/16/2000           360                 Primary Residence   Refinance
 29395 CASTLE RD                              Standard             N                   09/01/1900          72.2
 LAGUNA NIGUEL              CA   92677-7806   $1,760.83            04/01/2030          OCT2000-00          $415.63
                                              $8.38                $13.38              $2.75               $40,269.00
                                              $1.00                Single Family       N

 50184100                        7.875        $361,000.00          $359,484.64         $359,484.64         05/01/2000
 MELCHER, WALTER H                            03/31/2000           360                 Primary Residence   Purchase
 641 W WILLOW #129                            Standard             N                   10/01/1900          95
 CHICAGO                    IL   60614-5171   $2,617.51            04/01/2030          OCT2000-00          $0.00
                                              $7.88                $12.88              $2.88               $38,443.00
                                              $1.00                Condominium         N
 50184530                        6.750        $187,850.00          $186,865.80         $186,865.80         05/01/2000
 BAIRD, SCOTT PARKS                           03/01/2000           360                 Primary Residence   Purchase
 11043 S CONESTOGA DRIVE COVERED              Stated Income        N                   09/01/1900          66.4956
 SPANISH FORK               UT   84660-0000   $1,218.40            04/01/2030          OCT2000-00          ($0.01)
                                              $6.75                $12.75              $2.88               $36,982.00
                                              $1.00                Single Family       N
 50187500                        6.625        $240,000.00          $238,711.83         $238,711.83         05/01/2000
 BORRA, GOVARDHAN R                           03/20/2000           360                 Primary Residence   Purchase
 46525 CROSSWICK DR                           Standard             N                   09/01/1900          79.9867
 CANTON                     MI   48187-4671   $1,536.75            04/01/2030          OCT2000-00          $0.00
                                              $6.63                $12.63              $2.88               $36,982.00
                                              $1.00                Single Family       N

 50187790                        7.250        $308,000.00          $305,974.69         $305,974.69         04/01/2000
 VENEZIA, KARIN                               02/18/2000           360                 Primary Residence   Refinance
 6 ORCHARD DRIVE                              Standard             N                   10/01/1900          79.3814
 CHESTERFIELD               NJ   08505-0000   $2,098.96            03/01/2030          OCT2000-00          $325.94
                                              $6.25                $12.25              $3.13               $36,951.00
                                              $1.00                Single Family       N
 50190760                        6.125        $400,000.00          $397,637.33         $397,637.33         05/01/2000
 BRANCA, DESIREE                              03/31/2000           360                 Primary Residence   Purchase
 41 ASPEN WAY                                 Standard             N                   09/01/1900          64
 UPPER SADDLE RIVER         NJ   07458-0000   $2,430.45            04/01/2030          OCT2000-00          $0.00
                                              $6.13                $12.13              $3.13               $36,982.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50192640                        7.875        $456,000.00          $401,197.70         $401,197.70         05/01/2000
 FEGYVERESI, THOMAS B                         03/27/2000           360                 Primary Residence   Purchase
 19850 BEACH ROAD #8-D                        Standard             N                   09/01/1900          60
 TEQUESTA                   FL   33469-0000   $3,306.32            04/01/2030          OCT2000-00          $52,543.40
                                              $7.88                $13.88              $2.75               $37,712.00
                                              $1.00                Condominium         N

 50193140                        7.750        $257,100.00          $255,564.57         $255,564.57         04/01/2000
 INAMURA, KUNIO                               02/28/2000           360                 Primary Residence   Purchase
 407 VINWOOD LANE                             Standard             N                   09/01/1900          78.9862
 POWELL                     OH   43065-0000   $1,840.17            03/01/2030          OCT2000-00          $251.04
                                              $6.75                $12.75              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50194350                        8.250        $340,000.00          $338,676.58         $338,676.58         05/01/2000
 BARCROFT, RONALD J                           03/21/2000           360                 Second Home         Purchase
 201 ZEPHYR WAY #R302                         Standard             N                   09/01/1900          77.2903
 WINTER PARK                CO   80482-0000   $2,554.31            04/01/2030          OCT2000-00          ($0.01)
                                              $8.25                $13.25              $2.75               $38,443.00
                                              $1.00                Condominium         N
 50194790                        7.250        $325,500.00          $323,359.62         $323,359.62         04/01/2000
 MEISNER, ROBERT M                            02/22/2000           360                 Primary Residence   Refinance
 4823 CLIFFSIDE DRIVE                         Standard             N                   09/01/1900          65.1
 WEST BLOOMFIELD            MI   48322-0000   $2,218.22            03/01/2030          OCT2000-00          $344.44
                                              $6.25                $12.25              $3.13               $36,951.00
                                              $1.00                Condominium         Y

 50196410                        8.375        $333,933.00          $332,665.68         $332,665.68         05/01/2000
 TUTTLE, CHARLES W                            03/27/2000           360                 Primary Residence   Purchase
 1006 ALMADEN COURT                           Standard             N                   10/01/1900          79.9999
 FAIRFIELD                  CA   94585-0000   $2,538.14            04/01/2030          OCT2000-00          ($0.01)
                                              $8.38                $13.38              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50196910                        7.875        $486,000.00          $484,305.59         $484,305.59         06/01/2000
 LEDDY, PETER M                               04/03/2000           360                 Primary Residence   Purchase
 8831 CHALK KNOLL                             Relocation           N                   09/01/1900          66.0326
 AUSTIN                     TX   78735-0000   $3,523.84            05/01/2030          OCT2000-00          ($0.01)
                                              $7.88                $12.88              $2.75               $38,473.00
                                              $1.00                Single Family       N
 50202790                        6.625        $60,000.00           $56,547.52          $56,547.52          05/01/2000
 PEDERSEN, KNUD G                             03/02/2000           360                 Primary Residence   Refinance
 48169 WADEBRIDGE                             Select               N                   09/01/1900          16.6667
 CANTON                     MI   48187-0000   $384.19              04/01/2030          OCT2000-00          $3,113.23
                                              $6.63                $12.63              $2.88               $36,982.00
                                              $1.00                Single Family       N

 50203290                        6.750        $252,700.00          $252,043.60         $252,043.60         08/01/2000
 FRIEBORN, DENNIS M                           06/13/2000           360                 Second Home         Purchase
 11790 E BIG COTTONWOOD CANYON ROAD           Standard             N                   10/01/1900          74.1273
 SALT LAKE CITY             UT   84121-0000   $1,639.01            07/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Condominium         N
 50203450                        6.750        $248,700.00          $247,836.21         $247,836.21         07/01/2000
 MCPARTLIN, JENNIFER M                        06/01/2000           360                 Primary Residence   Refinance
 25755 YORK ROAD                              Standard             N                   10/01/1900          75.3636
 ROYAL OAK                  MI   48067-0000   $1,613.07            06/01/2030          OCT2000-00          $0.01
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50204000                        8.500        $442,500.00          $288,999.98         $288,999.98         06/01/2000
 SAX, DANIEL                                  04/20/2000           360                 Primary Residence   Purchase
 51-53 BEACONSFIELD ROAD                      Standard             N                   09/01/1900          75
 BROOKLINE                  MA   02146-0000   $2,047.08            05/01/2030          OCT2000-00          $157,895.63
                                              $8.50                $13.50              $2.75               $40,299.00
                                              $2.00                2-4 Family          N

 50204080                        7.750        $147,200.00          $146,549.24         $146,549.24         05/01/2000
 BUONANNI, HENRY E                            03/24/2000           360                 Primary Residence   Purchase
 1500 ASHLEY ROAD                             Standard             N                   09/01/1900          80
 HOFFMAN ESTATES            IL   60195-3420   $1,054.56            04/01/2030          OCT2000-00          $17.14
                                              $7.75                $12.75              $3.13               $38,443.00
                                              $1.00                Single Family       N
 50204090                        8.625        $236,000.00          $236,000.00         $236,000.00         06/01/2000
 ADAMS, ROGER W                               04/06/2000           360                 Primary Residence   Purchase
 333 HUBBARD W 3N                             Select               N                   09/01/1900          80
 CHICAGO                    IL   60610-0000   $1,696.25            05/01/2030          OCT2000-00          $0.00
                                              $8.63                $13.63              $2.75               $40,299.00
                                              $1.00                Condominium         N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50207640                        7.875        $420,000.00          $419,420.00         $419,420.00         09/01/2000
 BLAIR, KELLY B                               07/12/2000           360                 Primary Residence   Purchase
 909 CLOVER LANE                              Select               N                   10/01/1900          71.711
 LEBANON                    OH   45036-0000   $3,045.30            08/01/2030          OCT2000-00          $0.00
                                              $7.88                $13.88              $2.75               $37,834.00
                                              $1.00                Single Family       N

 50209720                        8.125        $460,000.00          $458,392.55         $458,392.55         06/01/2000
 NEVILLE, KEVIN P                             04/28/2000           360                 Primary Residence   Purchase
 57 VALLEY VIEW  TERR                         Standard             N                   10/01/1900          80
 MONTVALE                   NJ   07675-0000   $3,415.49            05/01/2030          OCT2000-00          $65.70
                                              $8.13                $13.13              $2.75               $38,473.00
                                              $1.00                Single Family       N
 50209810                        7.750        $207,300.00          $206,061.97         $206,061.97         04/01/2000
 CHOUINARD, BRIAN R                           03/02/2000           360                 Primary Residence   Refinance
 2375 CLOVERLAWN                              Standard             N                   09/01/1900          72.7368
 BLOOMFIELD TWP             MI   48302-0000   $1,483.73            03/01/2030          OCT2000-00          $202.43
                                              $6.75                $12.75              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50209980                        7.250        $269,600.00          $267,499.93         $267,499.93         05/01/2000
 SCHAEPER, JEFFREY A                          03/08/2000           360                 Primary Residence   Purchase
 2897 SANTIA DRIVE                            Select               N                   09/01/1900          80
 TROY                       MI   48098-0000   $1,839.15            04/01/2030          OCT2000-00          $814.03
                                              $7.25                $12.25              $2.75               $38,443.00
                                              $1.00                Single Family       N

 50210660                        8.250        $407,600.00          $406,013.42         $406,013.42         05/01/2000
 GORDON, DEBRA                                03/08/2000           360                 Primary Residence   Purchase
 718 36TH AVENUE                              Standard             N                   10/01/1900          53.6669
 SEATTLE                    WA   98122-0000   $3,062.17            04/01/2030          OCT2000-00          $0.01
                                              $8.25                $13.25              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50210760                        8.250        $271,950.00          $270,431.76         $270,431.76         05/01/2000
 CARTWRIGHT, MICHAEL A                        03/13/2000           360                 Primary Residence   Purchase
 17509 NE 4TH PLACE                           Standard             N                   09/01/1900          79.9971
 BELLEVUE                   WA   98008-0000   $2,043.07            04/01/2030          OCT2000-00          $456.57
                                              $8.25                $13.25              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50212470                        7.875        $443,000.00          $441,140.50         $441,140.50         05/01/2000
 FERRERO, MAURO                               03/20/2000           360                 Primary Residence   Purchase
 7831 E STEWART AVE                           Standard             N                   09/01/1900          100
 LOS ANGELES                CA   90045-0000   $3,212.06            04/01/2030          OCT2000-00          ($0.01)
                                              $7.88                $12.88              $2.88               $38,443.00
                                              $1.00                Single Family       N

 50212610                        7.750        $262,000.00          $261,063.35         $261,063.35         06/01/2000
 MAZZARA, CRAIG A                             03/29/2000           360                 Primary Residence   Purchase
 3021 EAST CHAPEL HILL                        Standard             N                   09/01/1900          80
 ORANGE                     CA   92689-0000   $1,877.01            05/01/2030          OCT2000-00          $0.00
                                              $7.75                $12.75              $2.75               $38,473.00
                                              $1.00                Single Family       N
 50212630                        8.125        $400,360.00          $398,761.76         $398,761.76         05/01/2000
 ZAHN, GEORGE A                               03/13/2000           360                 Second Home         Purchase
 201 ZEPHYR WAY #2515                         Standard             N                   09/01/1900          72.2802
 WINTER PARK                CO   80482-0000   $2,972.67            04/01/2030          OCT2000-00          $0.00
                                              $8.13                $13.13              $2.75               $38,443.00
                                              $1.00                Condominium         N
 50212880                        7.500        $334,400.00          $332,887.47         $332,887.47         05/01/2000
 KETTERER, CHRISTOPHER B                      03/16/2000           360                 Primary Residence   Purchase
 9507 PINE STREET                             Standard             N                   09/01/1900          95
 LENEXA                     KS   66220-0000   $2,338.18            04/01/2030          OCT2000-00          ($0.01)
                                              $7.50                $12.50              $2.75               $38,443.00
                                              $1.00                Single Family       N

 50214130                        6.750        $180,000.00          $179,216.33         $179,216.33         06/01/2000
 BALDINI, DAVID J                             04/28/2000           360                 Primary Residence   Purchase
 42868 CLAY CT                                Standard             N                   09/01/1900          56.25
 NOVI                       MI   48377-0000   $1,167.48            05/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $37,012.00
                                              $1.00                Condominium         N
 50214590                        7.500        $336,700.00          $335,177.07         $335,177.07         05/01/2000
 PAPKE, PAUL A                                03/20/2000           360                 Primary Residence   Purchase
 4128 OAK TREE CIRCLE                         Standard             N                   09/01/1900          79.9952
 ROCHESTER                  MI   48306-4661   $2,354.26            04/01/2030          OCT2000-00          $0.00
                                              $7.50                $12.50              $2.75               $38,443.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50215060                        7.125        $375,200.00          $373,372.77         $373,372.77         05/01/2000
 TOMSA, DARYL J                               03/17/2000           360                 Primary Residence   Purchase
 47159 SUNNYBROOK LANE                        Select               N                   10/01/1900          80
 NOVI                       MI   48374-0000   $2,527.80            04/01/2030          OCT2000-00          ($0.01)
                                              $7.13                $12.13              $2.75               $38,443.00
                                              $1.00                Single Family       N

 50215760                        8.000        $351,650.00          $350,210.45         $350,210.45         05/01/2000
 BARROCAS, DENNIS                             03/23/2000           360                 Primary Residence   Purchase
 841 OAKGLADE DRIVE                           Standard             N                   09/01/1900          63.9945
 MONROVIA                   CA   91016-0000   $2,580.29            04/01/2030          OCT2000-00          $0.00
                                              $8.00                $13.00              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50215970                        7.375        $260,000.00          $258,794.56         $258,794.56         05/01/2000
 TORMAN, WILLIAM E                            03/03/2000           360                 Primary Residence   Purchase
 1206 CLAY AVENUE                             Select               N                   09/01/1900          80
 VENTURA                    CA   93003-0000   $1,795.76            04/01/2030          OCT2000-00          ($0.01)
                                              $7.38                $12.38              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50216230                        8.000        $275,500.00          $274,372.16         $274,372.16         05/01/2000
 MENDEZ-MULET, LUIS                           03/31/2000           360                 Primary Residence   Purchase
 12920 SW 82ND PLACE                          Standard             N                   10/01/1900          95
 PINECREST                  FL   33156-0000   $2,021.53            04/01/2030          OCT2000-00          $0.01
                                              $8.00                $13.00              $2.75               $39,173.00
                                              $1.00                Single Family       N

 50216670                        8.000        $640,000.00          $637,824.01         $637,824.01         06/01/2000
 PRATER, DARRYL M                             04/19/2000           360                 Primary Residence   Purchase
 2410 BENNETT                                 Standard             N                   09/01/1900          80
 TUSTIN                     CA   92782-0000   $4,696.10            05/01/2030          OCT2000-00          $0.00
                                              $8.00                $13.00              $2.50               $38,473.00
                                              $1.00                Single Family       N
 50218030                        7.250        $460,000.00          $457,623.62         $457,623.62         05/01/2000
 KILLION, JOHN D                              03/31/2000           360                 Primary Residence   Purchase
 3374 RED FOX COURT                           Relocation           N                   09/01/1900          80
 WEST BLOOMFIELD            MI   48234-0000   $3,138.02            04/01/2030          OCT2000-00          $189.33
                                              $7.25                $12.25              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50218280                        8.375        $650,000.00          $647,533.24         $647,533.24         05/01/2000
 GREEN, BILL F                                03/15/2000           360                 Second Home         Purchase
 101 RED CEDAR DRIVE #20                      Standard             N                   09/01/1900          90.9091
 INCLINE VILLAGE            NV   89450-0000   $4,940.47            04/01/2030          OCT2000-00          $0.00
                                              $8.38                $13.38              $2.88               $38,443.00
                                              $1.00                Condominium         N

 50218590                        8.625        $265,600.00          $265,600.00         $265,600.00         06/01/2000
 PISECCO, PAUL O                              04/14/2000           360                 Primary Residence   Purchase
 18-304 MOUNTAIN LAURELS ROAD #232            Standard             N                   10/01/1900          80
 NASHUA                     NH   03062-0000   $1,909.00            05/01/2030          OCT2000-00          $0.00
                                              $8.63                $13.63              $2.75               $40,299.00
                                              $1.00                Condominium         N
 50220970                        8.125        $329,450.00          $328,134.85         $328,134.85         05/01/2000
 MOTZ, JAMES                                  03/07/2000           360                 Second Home         Purchase
 201 ZEPHYR WAY #R405                         Standard             N                   10/01/1900          77.1907
 WINTER PARK                CO   80482-0000   $2,446.16            04/01/2030          OCT2000-00          $0.01
                                              $8.13                $13.13              $2.75               $38,443.00
                                              $1.00                Condominium         N
 50223240                        7.250        $277,000.00          $275,906.42         $275,906.42         06/01/2000
 RINDERER, DAVE C                             04/06/2000           360                 Primary Residence   Purchase
 1344 WELLAND DRIVE                           Select               N                   09/01/1900          79.7857
 ROCHESTER                  MI   48306-0000   $1,889.63            05/01/2030          OCT2000-00          $0.00
                                              $7.25                $12.25              $2.75               $38,473.00
                                              $1.00                Single Family       N

 50223510                        8.375        $330,000.00          $329,999.99         $329,999.99         07/01/2000
 GOLIK, MARK A                                05/05/2000           360                 Primary Residence   Purchase
 6458 TIMBER SPRINGS DRIVE                    Standard             N                   09/01/1900          54.155
 SANTA ROSA                 CA   95409-0000   $2,303.13            06/01/2030          OCT2000-00          ($0.02)
                                              $8.38                $13.38              $2.75               $40,330.00
                                              $1.00                Single Family       N
 50224700                        8.500        $120,000.00          $120,000.00         $120,000.00         05/01/2000
 RICHHART, DAVID                              03/10/2000           360                 Second Home         Purchase
 2745 LITTLE COYOTE ROAD                      Standard             N                   10/01/1900          47.5248
 BIG SKY                    MT   59716-0000   $850.00              04/01/2030          OCT2000-00          $0.00
                                              $8.50                $13.50              $2.75               $40,269.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50226540                        7.000        $327,350.00          $325,207.54         $325,207.54         05/01/2000
 DOSS, GERRICK D                              03/31/2000           360                 Primary Residence   Purchase
 3795 HEBDEN BRIDGE LN                        Select               N                   09/01/1900          76.6
 ALPHARETTA                 GA   30022-0000   $2,177.87            04/01/2030          OCT2000-00          $505.87
                                              $7.00                $12.00              $2.75               $38,443.00
                                              $1.00                Single Family       N

 50227460                        7.875        $892,500.00          $888,753.69         $888,753.69         05/01/2000
 SULLIVAN, JOHN L                             03/08/2000           360                 Second Home         Purchase
 SE CORNER OCEAN AV & SAN ANTONIO             Super Select         N                   10/01/1900          50
 CARMEL                     CA   93921-0000   $6,471.25            04/01/2030          OCT2000-00          $0.00
                                              $7.88                $12.88              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50228330                        7.875        $397,000.00          $395,615.86         $395,615.86         06/01/2000
 WHITLOCK, CALVIN                             05/05/2000           360                 Primary Residence   Refinance
 8019 ELMWOOD DRIVE                           Standard             N                   10/01/1900          86.3043
 OLIVE BRANCH               MS   38654-0000   $2,878.53            05/01/2030          OCT2000-00          $0.00
                                              $7.88                $12.88              $2.75               $38,473.00
                                              $1.00                Single Family       N
 50229050                        7.875        $344,000.00          $342,800.66         $342,800.66         06/01/2000
 ROGALSKI, MICHAEL B                          04/24/2000           360                 Primary Residence   Purchase
 20355 HERBSHEY CIRCLE                        VIP Relocation       Y                   09/01/1900          80
 YORBA LINDA                CA   92887-3245   $2,494.24            05/01/2030          OCT2000-00          $0.00
                                              $7.88                $12.88              $2.75               $38,473.00
                                              $1.00                Single Family       N

 50230500                        7.875        $1,000,000.00        $996,513.54         $996,513.54         06/01/2000
 CASTILLEJOS-RIOS, DAVID                      04/04/2000           360                 Primary Residence   Purchase
 13777 OLD EL CAMINO REAL                     Standard             N                   09/01/1900          55.5556
 SAN DIEGO                  CA   92130-0000   $7,250.70            05/01/2030          OCT2000-00          $0.00
                                              $7.88                $13.88              $2.88               $37,012.00
                                              $1.00                Single Family       N
 50230510                        8.000        $272,000.00          $270,886.55         $270,886.55         05/01/2000
 CRYSLER, JOHN G                              03/13/2000           360                 Second Home         Purchase
 10753 WATERFORD PLACE                        Select               N                   10/01/1900          80
 WEST PALM BEACH            FL   33412-0000   $1,995.84            04/01/2030          OCT2000-00          $0.00
                                              $8.00                $13.00              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50232590                        6.750        $309,950.00          $308,326.15         $308,326.15         05/01/2000
 EJUPS, GUNAR                                 03/20/2000           360                 Primary Residence   Refinance
 8250 LOST PINES DRIVE                        Select               N                   10/01/1900          71.0894
 DAVISBURG                  MI   48350-2039   $2,010.33            04/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,982.00
                                              $1.00                Single Family       N

 50232840                        8.625        $319,150.00          $318,194.21         $318,194.21         06/01/2000
 DVORSKY, GARRET B                            04/24/2000           360                 Primary Residence   Purchase
 1056 MINERS RUN                              Select               N                   09/01/1900          74.9988
 ROCHESTER                  MI   48306-0000   $2,482.32            05/01/2030          OCT2000-00          $0.00
                                              $8.63                $13.63              $2.75               $39,203.00
                                              $1.00                Single Family       N
 50233030                        7.500        $438,400.00          $436,417.08         $436,417.08         05/01/2000
 COX, DAVID L                                 03/27/2000           360                 Second Home         Purchase
 6000 ROYAL MARCO WAY 347                     Select               N                   09/01/1900          80
 MARCO ISLAND               FL   34145-0000   $3,065.36            04/01/2030          OCT2000-00          $0.00
                                              $7.50                $12.50              $2.75               $38,443.00
                                              $1.00                Condominium         N
 50233210                        8.625        $358,100.00          $358,099.94         $358,099.94         05/01/2000
 BALFANZ, SCOTT J                             03/13/2000           360                 Second Home         Purchase
 201 ZEPHYR WAY #2605                         Standard             N                   09/01/1900          77.4103
 WINTER PARK                CO   80482-0000   $2,573.85            04/01/2030          OCT2000-00          $0.02
                                              $8.63                $13.63              $2.75               $40,269.00
                                              $1.00                Condominium         N

 50234030                        8.000        $440,000.00          $438,504.00         $438,504.00         06/01/2000
 BUENZLI, MARK T                              04/03/2000           360                 Primary Residence   Purchase
 7021 BEECHFIELD DRIVE                        Standard             N                   09/01/1900          80
 RANCHO PALOS VERDES        CA   90275-0000   $3,228.57            05/01/2030          OCT2000-00          $0.00
                                              $8.00                $13.00              $2.75               $38,473.00
                                              $1.00                Single Family       N
 50234680                        8.125        $450,000.00          $448,810.53         $448,810.53         07/01/2000
 PHALEN, PAUL T                               04/28/2000           360                 Primary Residence   Refinance
 547 SHREWSBURY DRIVE                         Select               N                   09/01/1900          68.1818
 CLARKSTON                  MI   48348-0000   $3,341.24            06/01/2030          OCT2000-00          $0.00
                                              $8.13                $13.13              $2.75               $38,504.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50235620                        7.750        $804,800.00          $803,084.91         $803,084.91         08/01/2000
 BROWN, GERARD W                              06/05/2000           360                 Primary Residence   Purchase
 3135 CYPRESS POND PASS                       Select               N                   09/01/1900          80
 DULUTH                     GA   30097-0000   $5,765.69            07/01/2030          OCT2000-00          ($0.01)
                                              $7.75                $12.75              $2.75               $38,534.00
                                              $1.00                Single Family       N

 50236910                        8.000        $299,380.00          $298,154.44         $298,154.44         05/01/2000
 WEDGWOOD, KURT E                             03/07/2000           360                 Primary Residence   Purchase
 201 ZEPHYR WAY #2411                         Standard             N                   09/01/1900          76.9219
 WINTER PARK                CO   80482-0000   $2,196.75            04/01/2030          OCT2000-00          ($0.01)
                                              $8.00                $13.00              $2.75               $38,443.00
                                              $1.00                Condominium         N
 50238600                        7.500        $375,000.00          $373,303.83         $373,303.83         05/01/2000
 BENEN, SANDRA E                              03/22/2000           360                 Primary Residence   Purchase
 175 E DELAWARE #5721                         Standard             N                   09/01/1900          100
 CHICAGO                    IL   60611-0000   $2,622.06            04/01/2030          OCT2000-00          $0.00
                                              $7.50                $12.50              $2.88               $38,443.00
                                              $1.00                Condominium         N
 50239190                        8.125        $400,000.00          $399,209.70         $399,209.70         08/01/2000
 AU, ADRIAN                                   06/12/2000           360                 Primary Residence   Purchase
 236 EAST 47TH STREET #29F                    Stated Income        N                   10/01/1900          64
 NEW YORK                   NY   10017-0000   $2,969.99            07/01/2030          OCT2000-00          $0.00
                                              $8.13                $13.13              $2.75               $38,534.00
                                              $1.00                Condominium         N

 50239220                        6.750        $300,000.00          $298,428.25         $298,428.25         05/01/2000
 THAKORE, CHANDRESH D                         03/30/2000           360                 Primary Residence   Purchase
 17739 CRANBROOK                              Standard             N                   09/01/1900          30.7692
 NORTHVILLE                 MI   48167-0000   $1,945.80            04/01/2030          OCT2000-00          ($0.01)
                                              $6.75                $12.75              $2.88               $36,982.00
                                              $1.00                Single Family       N
 50240060                        8.000        $347,800.00          $345,688.94         $345,688.94         04/01/2000
 MARTIN, DANIEL R                             03/14/2000           360                 Primary Residence   Refinance
 6608 RODGERS DRIVE                           Standard             N                   09/01/1900          89.1795
 WILLOWBROOK                IL   60521-0000   $2,552.04            03/01/2030          OCT2000-00          $441.46
                                              $8.00                $13.00              $2.75               $38,412.00
                                              $1.00                Single Family       N
 50241770                        7.625        $312,100.00          $310,956.09         $310,956.09         06/01/2000
 FLEMING, ARTHUR L                            04/21/2000           360                 Primary Residence   Purchase
 1277 APPALACHIAN ROAD                        Select               N                   09/01/1900          79.9826
 AMBLER                     PA   19002-0000   $2,209.03            05/01/2030          OCT2000-00          ($0.01)
                                              $7.63                $12.63              $2.75               $38,473.00
                                              $1.00                Single Family       N

 50242760                        7.500        $301,200.00          $299,837.63         $299,837.63         05/01/2000
 O'HARA, JOHN A                               03/24/2000           360                 Primary Residence   Purchase
 17125 MAPLE HILL DRIVE                       Select               N                   10/01/1900          80
 NORTHVILLE                 MI   48167-0000   $2,106.04            04/01/2030          OCT2000-00          $0.00
                                              $7.50                $12.50              $2.75               $39,173.00
                                              $1.00                Single Family       N
 50243670                        8.875        $482,570.00          $480,916.43         $480,916.43         05/01/2000
 MAREZ, TOBY J                                03/13/2000           360                 Second Home         Purchase
 201 ZEPHYR WAY #2703                         Standard             N                   09/01/1900          73.2943
 WINTER PARK                CO   80482-0000   $3,839.55            04/01/2030          OCT2000-00          $0.00
                                              $8.88                $13.88              $2.75               $38,443.00
                                              $1.00                Condominium         N
 50243860                        7.875        $320,000.00          $318,656.75         $318,656.75         05/01/2000
 WOODRUFF, JOHN E                             03/31/2000           360                 Primary Residence   Purchase
 3444 WEST YORK COURT                         Standard             N                   10/01/1900          80.0002
 OAKLAND TWP                MI   48306-0000   $2,320.23            04/01/2030          OCT2000-00          $0.00
                                              $7.88                $12.88              $2.75               $38,443.00
                                              $1.00                Single Family       N

 50246020                        8.625        $479,200.00          $478,570.25         $478,570.25         06/01/2000
 DOYLE, RICHARD J                             04/10/2000           360                 Primary Residence   Purchase
 8755 LEARNARD WAY                            Standard             N                   10/01/1900          80
 GILROY                     CA   95020-0000   $3,440.87            05/01/2030          OCT2000-00          $484.29
                                              $8.63                $13.63              $2.75               $40,299.00
                                              $1.00                Single Family       N
 50246520                        7.375        $204,250.00          $203,463.27         $203,463.27         06/01/2000
 REBEK, THOMAS E                              04/24/2000           360                 Primary Residence   Refinance
 13157 SE 136TH DRIVE                         Standard             N                   09/01/1900          89.978
 CLACKAMAS                  OR   97015-0000   $1,410.71            05/01/2030          OCT2000-00          $0.00
                                              $7.38                $13.38              $2.88               $37,012.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50246840                        8.250        $552,000.00          $550,215.63         $550,215.63         06/01/2000
 SHARMA, VINAY                                04/07/2000           360                 Primary Residence   Purchase
 2481 POINCIANA COURT                         Standard             N                   10/01/1900          80
 WESTON                     FL   33327-0000   $4,147.00            05/01/2030          OCT2000-00          $0.00
                                              $8.25                $13.25              $2.75               $38,473.00
                                              $1.00                Single Family       N

 50247260                        8.000        $339,944.00          $338,552.40         $338,552.40         05/01/2000
 GOLDBERG, THOMAS R                           03/23/2000           360                 Second Home         Purchase
 201 ZEPHYR WAY #R506                         Standard             N                   09/01/1900          77.2776
 WINTER PARK                CO   80482-0000   $2,494.39            04/01/2030          OCT2000-00          $0.01
                                              $8.00                $13.00              $2.75               $38,443.00
                                              $1.00                Condominium         N
 50248880                        7.250        $1,000,000.00        $995,064.44         $995,064.44         05/01/2000
 YOUNG, PAUL F                                03/17/2000           360                 Primary Residence   Purchase
 245 S NEW BALLAS                             Standard             N                   10/01/1900          68.9655
 CREVE COEUR                MO   63141-0000   $6,821.77            04/01/2030          OCT2000-00          $182.57
                                              $7.25                $13.25              $2.88               $36,982.00
                                              $1.00                Single Family       N
 50249030                        8.000        $378,000.00          $372,047.38         $372,047.38         07/01/2000
 YOUNG, BRIAN W                               05/31/2000           360                 Primary Residence   Purchase
 4512 BISCAYNE DRIVE                          Standard             N                   10/01/1900          91.0795
 FLOWER MOUND               TX   75028-0000   $2,773.64            06/01/2030          OCT2000-00          $2,683.62
                                              $8.00                $13.00              $2.88               $38,504.00
                                              $1.00                Single Family       N

 50249200                        8.000        $378,000.00          $376,452.57         $376,452.57         05/01/2000
 PETERSON, JOHN D                             03/31/2000           360                 Primary Residence   Purchase
 886 S GILPIN STREET                          Standard             N                   10/01/1900          90
 DENVER                     CO   80209-0000   $2,773.64            04/01/2030          OCT2000-00          $0.00
                                              $8.00                $13.00              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50252860                        8.250        $480,000.00          $478,131.67         $478,131.67         05/01/2000
 SWANSON, DUANE M                             03/20/2000           360                 Primary Residence   Purchase
 1215 WESTVIEW                                Standard             N                   09/01/1900          80
 BLOOMFIELD HILLS           MI   48304-2073   $3,606.08            04/01/2030          OCT2000-00          ($0.01)
                                              $8.25                $13.25              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50253490                        8.500        $514,250.00          $512,347.36         $512,347.36         05/01/2000
 POHNDORFF, JOHN E                            03/21/2000           360                 Primary Residence   Purchase
 6506 S HIGHLAND PARK DRIVE                   Stated Income        N                   09/01/1900          69.9987
 SPOKANE                    WA   99223-0000   $3,954.14            04/01/2030          OCT2000-00          $0.01
                                              $8.50                $13.50              $2.75               $38,443.00
                                              $1.00                Single Family       N

 50253970                        7.250        $554,700.00          $552,064.10         $552,064.10         05/01/2000
 HERZOG, DAVID LAWRENCE                       03/22/2000           360                 Primary Residence   Purchase
 46 N ROYAL FERN DRIVE                        Relocation           N                   09/01/1900          79.9971
 THE WOODLANDS              TX   77381-0000   $3,784.04            04/01/2030          OCT2000-00          $0.00
                                              $7.25                $12.25              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50256750                        7.750        $604,800.00          $602,197.08         $602,197.08         05/01/2000
 SOLLEY, MICHAEL W                            03/17/2000           360                 Primary Residence   Purchase
 4602 SOUTHWINDS DRIVE                        Standard             N                   09/01/1900          80
 DESTIN                     FL   32541-0000   $4,332.87            04/01/2030          OCT2000-00          ($0.01)
                                              $7.75                $12.75              $2.75               $38,443.00
                                              $1.00                Condominium         N
 50257810                        6.750        $307,500.00          $306,432.02         $306,432.02         07/01/2000
 QUIRK, KEVIN J                               05/22/2000           360                 Primary Residence   Refinance
 3360 S HADLEY                                Standard             N                   09/01/1900          75
 BRANDON TOWNSHIP           MI   48462-0000   $1,994.44            06/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       N

 50260610                        7.875        $550,000.00          $548,470.97         $548,470.97         07/01/2000
 KRUSE, ROBERT A                              05/05/2000           360                 Second Home         Purchase
 263 BAREFOOT BEACH BLVD #605                 Select               N                   09/01/1900          70.5128
 BONITA SPRINGS             FL   34134-0000   $3,987.89            06/01/2030          OCT2000-00          $0.00
                                              $7.88                $12.88              $2.75               $38,504.00
                                              $1.00                Condominium         N
 50262560                        7.625        $367,500.00          $365,527.51         $365,527.51         05/01/2000
 BUELOW, JAMES G                              03/27/2000           360                 Primary Residence   Refinance
 2803 ROYAL VIEW DRIVE                        Standard             N                   10/01/1900          63.3621
 OAKLAND                    MI   48363-0000   $2,598.65            04/01/2030          OCT2000-00          $363.89
                                              $6.63                $12.63              $2.88               $36,982.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50264070                        7.125        $423,050.00          $421,230.70         $421,230.70         07/01/2000
 MUDRY, THOMAS A                              05/15/2000           360                 Primary Residence   Purchase
 7338 WHITTINGHAM WAY                         Select               N                   10/01/1900          79.8275
 WEST BLOOMFIELD            MI   48322-0000   $2,850.17            06/01/2030          OCT2000-00          $302.33
                                              $7.13                $12.13              $2.75               $38,504.00
                                              $1.00                Single Family       N

 50264350                        8.000        $101,200.00          $100,785.73         $100,785.73         05/01/2000
 KERN, KEVIN                                  03/17/2000           360                 Second Home         Purchase
 23110 US HIGHWAY 6 #263                      Standard             N                   09/01/1900          80
 KEYSTONE                   CO   80435-0000   $742.57              04/01/2030          OCT2000-00          $0.00
                                              $8.00                $13.00              $2.75               $38,443.00
                                              $1.00                Condominium         N
 50265540                        7.000        $311,200.00          $309,646.93         $309,646.93         05/01/2000
 SOSENKO, MOTRIA                              03/31/2000           360                 Second Home         Purchase
 150 DERCUM SQUARE #8539                      Standard             N                   09/01/1900          80
 KEYSTONE                   CO   80435-0000   $2,070.43            04/01/2030          OCT2000-00          $0.00
                                              $7.00                $13.00              $2.88               $36,982.00
                                              $1.00                Condominium         N
 50265670                        7.875        $332,600.00          $331,440.37         $331,440.37         06/01/2000
 LENA, PETER D                                04/14/2000           360                 Primary Residence   Purchase
 14 BRIAR ROAD                                VIP Relocation       N                   09/01/1900          76.884
 BETHANY                    CT   06524-0000   $2,411.59            05/01/2030          OCT2000-00          $0.00
                                              $7.88                $12.88              $2.75               $38,473.00
                                              $1.00                Single Family       N

 50265960                        7.500        $105,150.00          $104,674.38         $104,674.38         05/01/2000
 LEVANS, MICHAEL D                            03/15/2000           360                 Primary Residence   Purchase
 5111 NORTH 145TH STREET                      Standard             N                   09/01/1900          94.9864
 OMAHA                      NE   68116-0000   $735.23              04/01/2030          OCT2000-00          ($0.01)
                                              $7.50                $12.50              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50266130                        8.125        $472,000.00          $470,115.82         $470,115.82         05/01/2000
 ELK, SCOTT A                                 03/31/2000           360                 Primary Residence   Purchase
 806 NE 33RD STREET #A                        Standard             N                   09/01/1900          80
 BOCA RATON                 FL   33431-0000   $3,504.59            04/01/2030          OCT2000-00          $0.00
                                              $8.13                $13.13              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50266350                        6.750        $420,000.00          $417,799.53         $417,799.53         05/01/2000
 HORNFISHER, RUSSELL J                        03/24/2000           360                 Primary Residence   Purchase
 11645 LEHIGH COURT                           Standard             N                   09/01/1900          80
 PLYMOUTH                   MI   48170-0000   $2,724.12            04/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,982.00
                                              $1.00                Single Family       N

 50266810                        7.875        $376,300.00          $374,988.04         $374,988.04         06/01/2000
 PHAN, MINH N                                 05/02/2000           360                 Primary Residence   Refinance
 1772 ROLLING WOODS                           Select               N                   09/01/1900          67.6799
 TROY                       MI   48098-0000   $2,728.44            05/01/2030          OCT2000-00          ($0.01)
                                              $7.88                $12.88              $2.75               $38,473.00
                                              $1.00                Single Family       N
 50267900                        6.750        $140,500.00          $139,867.59         $139,867.59         06/01/2000
 KOPACK, ALAN J                               04/19/2000           360                 Primary Residence   Refinance
 9905 AUBURNDALE                              Standard             N                   09/01/1900          64.5977
 LIVONIA                    MI   48150-0000   $911.29              05/01/2030          OCT2000-00          $20.56
                                              $6.75                $12.75              $2.88               $37,012.00
                                              $1.00                Single Family       N
 50268830                        8.000        $340,000.00          $338,608.16         $338,608.16         05/01/2000
 MARTIN, JOSEPH L                             03/22/2000           360                 Primary Residence   Purchase
 7277E ELI LILLY RD                           Select               N                   10/01/1900          80
 SYRACUSE                   IN   46567-0000   $2,494.80            04/01/2030          OCT2000-00          $0.02
                                              $8.00                $13.00              $2.75               $38,443.00
                                              $1.00                Single Family       N

 50269280                        7.125        $292,000.00          $290,577.47         $290,577.47         05/01/2000
 DONOVAN, TIMOTHY M                           03/29/2000           360                 Primary Residence   Purchase
 5 GREENWICH PARK                             Relocation           N                   09/01/1900          80
 BOSTON                     MA   02116-0000   $1,967.26            04/01/2030          OCT2000-00          $0.50
                                              $7.13                $12.13              $2.75               $38,443.00
                                              $1.00                Condominium         N
 50270650                        8.500        $543,750.00          $543,749.96         $543,749.96         07/01/2000
 STAMPS, TERRY L                              05/12/2000           360                 Second Home         Purchase
 26 BEAR HILL ROAD                            Standard             N                   09/01/1900          75
 HENNIKER                   NH   03242-0000   $3,851.57            06/01/2030          OCT2000-00          $0.01
                                              $8.50                $13.50              $3.13               $40,330.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50271180                        7.250        $310,250.00          $309,273.05         $309,273.05         07/01/2000
 SHAPIRO, MICHAEL R                           05/19/2000           360                 Primary Residence   Purchase
 34 OLD ORCHARD DRIVE                         Relocation           N                   09/01/1900          85
 HAWTHORNE                  NJ   07506-0000   $2,116.46            06/01/2030          OCT2000-00          $0.01
                                              $7.25                $12.25              $2.75               $38,504.00
                                              $1.00                Single Family       N

 50273290                        6.750        $407,000.00          $405,586.43         $405,586.43         07/01/2000
 ZAILO, RAIMONDO                              05/08/2000           360                 Primary Residence   Refinance
 6280 DAKOTA CIRCLE                           Standard             N                   09/01/1900          64.7059
 BLOOMFIELD HILLS           MI   48301-0000   $2,639.80            06/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50274110                        8.125        $457,000.00          $455,484.88         $455,484.88         06/01/2000
 EWING, SANFORD F                             04/20/2000           360                 Primary Residence   Purchase
 540 WEST OAKDALE                             Standard             N                   09/01/1900          100
 CHICAGO                    IL   60614-0000   $3,393.22            05/01/2030          OCT2000-00          ($0.01)
                                              $8.13                $13.13              $2.88               $38,473.00
                                              $1.00                Condominium         N
 50275270                        7.875        $468,000.00          $466,035.54         $466,035.54         05/01/2000
 LAVIGNA, RONALD M                            03/29/2000           360                 Second Home         Purchase
 6018 N HIGHWAY 1                             Standard             N                   09/01/1900          80
 LITTLE RIVER               CA   95456-0000   $3,393.33            04/01/2030          OCT2000-00          ($0.01)
                                              $7.88                $12.88              $2.75               $38,443.00
                                              $1.00                Single Family       N

 50275910                        6.750        $270,000.00          $269,062.24         $269,062.24         07/01/2000
 CATTON, CHERYL L                             05/15/2000           360                 Second Home         Purchase
 2498 GLORY ROAD                              Select               N                   09/01/1900          64.2857
 FRANKFORT                  MI   49635-0000   $1,751.22            06/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50276690                        7.000        $650,000.00          $646,756.20         $646,756.20         05/01/2000
 TAYLOR, FRANK M                              03/27/2000           360                 Primary Residence   Refinance
 1293 SOUTHFIELD ROAD                         Standard             N                   09/01/1900          48.1481
 BIRMINGHAM                 MI   48009-0000   $4,324.47            04/01/2030          OCT2000-00          ($0.01)
                                              $7.00                $13.00              $2.88               $36,982.00
                                              $1.00                Single Family       N
 50278490                        7.500        $418,000.00          $416,726.85         $416,726.85         07/01/2000
 GROMMERSCH, THOMAS R                         05/09/2000           360                 Primary Residence   Purchase
 4039 MOURNING DOVE DRIVE                     Standard             N                   09/01/1900          79.1667
 WEDDINGTON                 NC   28104-0000   $2,922.72            06/01/2030          OCT2000-00          $20.46
                                              $7.50                $12.50              $2.75               $38,504.00
                                              $1.00                Single Family       N

 50278570                        8.500        $388,000.00          $386,463.01         $386,463.01         05/01/2000
 SULLIVAN, TODD E                             03/24/2000           360                 Primary Residence   Purchase
 50185 OAKVIEW CT                             Select               N                   10/01/1900          80
 PLYMOUTH                   MI   48170-0000   $2,983.39            04/01/2030          OCT2000-00          $100.72
                                              $8.50                $14.50              $2.88               $36,982.00
                                              $1.00                Single Family       N
 50278840                        7.500        $287,000.00          $285,701.86         $285,701.86         05/01/2000
 REECE, REYBERT A                             03/24/2000           360                 Primary Residence   Refinance
 8191 SW KINGFISHER WAY                       Standard             N                   09/01/1900          57.4
 PORTLAND                   OR   97224-0000   $2,006.75            04/01/2030          OCT2000-00          $0.00
                                              $7.50                $12.50              $2.75               $38,443.00
                                              $1.00                Single Family       N
 50280200                        6.750        $260,000.00          $259,324.63         $259,324.63         08/01/2000
 GRESS, DOUGLAS M                             06/09/2000           360                 Primary Residence   Purchase
 47550 ABERDEEN DRIVE                         Standard             N                   09/01/1900          44.9039
 NOVI                       MI   48374-0000   $1,686.36            07/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N

 50282890                        7.125        $650,000.00          $646,204.57         $646,204.57         06/01/2000
 SHEIPE, ROBERT J                             04/21/2000           360                 Primary Residence   Purchase
 12267 HEATHERSTONE PL                        Select               N                   10/01/1900          76.4706
 CARMEL                     IN   46033-0000   $4,379.18            05/01/2030          OCT2000-00          $1,158.48
                                              $7.13                $12.13              $2.75               $38,473.00
                                              $1.00                Single Family       N
 50283660                        7.250        $106,900.00          $106,189.00         $106,189.00         06/01/2000
 FORTINBERRY, RICHARD KEITH                   04/28/2000           360                 Primary Residence   Purchase
 108 ASHBY CROSS CT                           Select               N                   11/01/1900          79.9856
 GREER                      SC   29651-0000   $729.25              05/01/2030          OCT2000-00          $287.22
                                              $7.25                $12.25              $2.75               $38,473.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50284060                        8.625        $350,000.00          $346,985.57         $346,985.57         07/01/2000
 ROTH, TIMOTHY G                              05/11/2000           360                 Primary Residence   Purchase
 100 S UNIVERSITY BLVD #2                     Select               N                   10/01/1900          41.225
 DENVER                     CO   80209-0000   $2,493.96            06/01/2030          OCT2000-00          $3,079.89
                                              $8.63                $13.63              $2.75               $40,330.00
                                              $1.00                Single Family       N

 50285680                        6.500        $833,000.00          $829,193.74         $829,193.74         06/01/2000
 FELDMAN, JAY S                               04/27/2000           360                 Primary Residence   Refinance
 3675 LAKEFRONT                               Select               N                   09/01/1900          69.4167
 WATERFORD                  MI   48328-0000   $5,265.13            05/01/2030          OCT2000-00          $0.01
                                              $6.50                $12.50              $2.88               $37,012.00
                                              $1.00                Single Family       N
 50286130                        7.250        $400,000.00          $398,740.47         $398,740.47         07/01/2000
 WEAVER, THERESA J                            05/17/2000           360                 Primary Residence   Purchase
 18 STONE CREEK DRIVE                         Select               N                   09/01/1900          65.5738
 HAWTHORN WOODS             IL   60047-0000   $2,728.71            06/01/2030          OCT2000-00          $0.00
                                              $7.25                $12.25              $2.75               $38,504.00
                                              $1.00                Single Family       N
 50286750                        8.000        $256,000.00          $255,306.01         $255,306.01         07/01/2000
 WALTERS, JOHN R                              05/23/2000           360                 Primary Residence   Purchase
 7338 DEERHILL DR                             Standard             N                   10/01/1900          80
 CLARKSTON                  MI   48346-0000   $1,878.44            06/01/2030          OCT2000-00          $0.00
                                              $8.00                $13.00              $2.75               $38,504.00
                                              $1.00                Single Family       N

 50287040                        7.875        $280,000.00          $280,000.00         $280,000.00         07/01/2000
 MESNIK, KENNETH J                            05/01/2000           360                 Primary Residence   Purchase
 14 CHERRY HOLLOW #45                         Standard             N                   09/01/1900          80
 NASHUA                     NH   03060-0000   $1,837.50            06/01/2030          OCT2000-00          $0.00
                                              $7.88                $12.88              $2.75               $40,330.00
                                              $1.00                Condominium         N
 50287310                        6.750        $240,000.00          $239,065.60         $239,065.60         07/01/2000
 BEAN, CARY R                                 05/26/2000           360                 Primary Residence   Purchase
 34660 BRITTANY                               Standard             N                   09/01/1900          80
 FARMINGTON HILLS           MI   48335-0000   $1,556.64            06/01/2030          OCT2000-00          $100.28
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50288370                        7.625        $285,600.00          $284,553.23         $284,553.23         06/01/2000
 SCHEERER, LAWRENCE N                         04/06/2000           360                 Primary Residence   Purchase
 115 MAPLE LEAF                               Standard             N                   09/01/1900          80
 DOUBLE OAK                 TX   75077-0000   $2,021.46            05/01/2030          OCT2000-00          $0.01
                                              $7.63                $12.63              $2.75               $38,473.00
                                              $1.00                Single Family       N

 50290170                        8.375        $310,000.00          $309,999.95         $309,999.95         06/01/2000
 TWINING, JOHN D                              04/17/2000           360                 Primary Residence   Purchase
 8800 GRAPE WAGON CIRCLE                      Standard             N                   09/01/1900          71.4286
 SAN JOSE                   CA   95135-0000   $2,163.55            05/01/2030          OCT2000-00          $0.01
                                              $8.38                $13.38              $2.75               $40,299.00
                                              $1.00                Condominium         N
 50297410                        7.250        $264,000.00          $262,910.06         $262,910.06         06/01/2000
 PATEL, SEJAL                                 04/28/2000           360                 Primary Residence   Purchase
 1100 TRAILSIDE                               Relocation           N                   10/01/1900          94.2857
 WIXOM                      MI   48393-0000   $1,800.95            05/01/2030          OCT2000-00          $38.02
                                              $7.25                $12.25              $2.75               $38,473.00
                                              $1.00                Single Family       N
 50297430                        7.875        $448,000.00          $446,438.04         $446,438.04         06/01/2000
 CHIEN, ROY                                   04/26/2000           360                 Primary Residence   Purchase
 2945 CARDIFF AVENUE                          Select               N                   09/01/1900          80
 LOS ANGELES                CA   90034-0000   $3,248.32            05/01/2030          OCT2000-00          $0.00
                                              $7.88                $12.88              $2.75               $38,473.00
                                              $1.00                Single Family       N

 50305460                        7.250        $400,000.00          $398,740.47         $398,740.47         07/01/2000
 MARTIN, PHILIP D                             05/08/2000           360                 Primary Residence   Purchase
 3647 SANCTUARY DRIVE                         VIP Relocation       N                   09/01/1900          61.5385
 AKRON                      OH   44333-0000   $2,728.71            06/01/2030          OCT2000-00          $0.00
                                              $7.25                $12.25              $2.75               $38,504.00
                                              $1.00                Single Family       N
 50306570                        6.750        $208,000.00          $207,277.57         $207,277.57         07/01/2000
 DRESSELHAUS, RAY H                           05/10/2000           360                 Primary Residence   Purchase
 4718 WEST HILLS DRIVE                        Select               N                   09/01/1900          80
 TOPEKA                     KS   66606-0000   $1,349.09            06/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50309180                        6.750        $117,700.00          $117,187.05         $117,187.05         06/01/2000
 WOJCIK, MICHAEL J                            05/05/2000           360                 Primary Residence   Refinance
 35847 PINETREE AVENUE                        Standard             N                   09/01/1900          77.4342
 LIVONIA                    MI   48150-0000   $763.40              05/01/2030          OCT2000-00          $0.53
                                              $6.75                $12.75              $2.88               $37,012.00
                                              $1.00                Single Family       N

 50315310                        8.000        $375,000.00          $322,336.59         $322,336.59         07/01/2000
 KUMAR, SANTOSH                               05/25/2000           360                 Primary Residence   Purchase
 11 WANDA LANE                                Standard             N                   09/01/1900          92.5926
 NASHUA                     NH   03060-0000   $2,371.63            06/01/2030          OCT2000-00          $51,682.27
                                              $8.00                $13.00              $2.88               $38,504.00
                                              $1.00                Single Family       N
 50318200                        6.500        $220,000.00          $219,197.99         $219,197.99         07/01/2000
 SIDHU, SARBJEET S                            05/01/2000           360                 Primary Residence   Purchase
 1464 WERTH DR                                Select               N                   09/01/1900          65.6716
 ROCHESTER                  MI   48306-0000   $1,390.55            06/01/2030          OCT2000-00          ($0.01)
                                              $6.50                $12.50              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50319140                        6.750        $243,750.00          $242,608.31         $242,608.31         06/01/2000
 ANDERSON, KIRK A                             04/26/2000           360                 Primary Residence   Purchase
 39539 VILLAGE RUN                            Standard             N                   09/01/1900          75
 NORTHVILLE                 MI   48167-0000   $1,580.96            05/01/2030          OCT2000-00          $80.04
                                              $6.75                $12.75              $2.88               $37,012.00
                                              $1.00                Condominium         N

 50322170                        6.750        $238,800.00          $237,754.56         $237,754.56         06/01/2000
 BELLONO, GREGORY A                           05/01/2000           360                 Primary Residence   Refinance
 5080 OAKWOOD COURT                           Standard             N                   10/01/1900          41.1724
 COMMERCE TOWNSHIP          MI   48382-0000   $1,548.86            05/01/2030          OCT2000-00          $5.73
                                              $6.75                $12.75              $2.88               $37,012.00
                                              $1.00                Single Family       N
 50322860                        7.250        $172,800.00          $49,682.73          $49,682.73          08/01/2000
 GULLEY, RICHARD F                            06/09/2000           360                 Primary Residence   Purchase
 LOT 52 SECTION 23 BROADVIEW DRIVE            Standard             N                   10/01/1900          80
 LAKE CARROLL               IL   61046-0000   $339.73              07/01/2030          OCT2000-00          $124,490.73
                                              $7.25                $13.25              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50323860                        6.750        $205,200.00          $204,306.61         $204,306.61         06/01/2000
 POLLARD, CONNIE M                            04/28/2000           360                 Primary Residence   Purchase
 6307 WALNUT BEND TERRACE                     Standard             N                   09/01/1900          95
 MIDLOTHIAN                 VA   23112-0000   $1,330.93            05/01/2030          OCT2000-00          ($0.01)
                                              $6.75                $12.75              $2.88               $37,012.00
                                              $1.00                Single Family       N

 50325230                        6.750        $436,500.00          $434,983.95         $434,983.95         07/01/2000
 PEREZ, ALEJANDRO J                           05/10/2000           360                 Primary Residence   Refinance
 1672 CHIEFTAIN CIRCLE                        Select               N                   09/01/1900          72.75
 OXFORD                     MI   48371-0000   $2,831.14            06/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50328180                        6.500        $799,250.00          $795,597.96         $795,597.96         06/01/2000
 FELDMAN, MARTIN G                            05/04/2000           360                 Primary Residence   Refinance
 1375 RIVONA                                  Select               N                   09/01/1900          44.4028
 WATERFORD                  MI   48328-0000   $5,051.81            05/01/2030          OCT2000-00          $0.00
                                              $6.50                $12.50              $2.88               $37,012.00
                                              $1.00                Single Family       N
 50329970                        7.250        $263,650.00          $262,501.45         $262,501.45         06/01/2000
 WICKHAM, DEIRDRE A.                          04/24/2000           360                 Primary Residence   Refinance
 22679 FOXMOOR                                Standard             N                   09/01/1900          71.2568
 NOVI                       MI   48375-0000   $1,798.56            05/01/2030          OCT2000-00          $107.03
                                              $7.25                $13.25              $2.88               $37,012.00
                                              $1.00                Single Family       N

 50330930                        7.250        $266,250.00          $265,198.85         $265,198.85         06/01/2000
 COLLINS, WILLIAM L                           04/19/2000           360                 Primary Residence   Refinance
 715 BROCKMOOR 82                             Select               N                   09/01/1900          75
 BLOOMFIELD                 MI   48304-0000   $1,816.30            05/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $37,012.00
                                              $1.00                Condominium         N
 50333130                        7.625        $167,000.00          $166,511.88         $166,511.88         07/01/2000
 BROWN, CHARLES E                             06/01/2000           360                 Primary Residence   Purchase
 671 WHITE OAK DRIVE                          VIP Relocation       N                   09/01/1900          71.9828
 NEWNAN                     GA   30265-0000   $1,182.02            06/01/2030          OCT2000-00          $0.00
                                              $7.63                $12.63              $2.75               $38,504.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50335370                        6.750        $69,300.00           $68,998.29          $68,998.29          06/01/2000
 COLEMAN, CATHERINE J                         05/05/2000           360                 Primary Residence   Refinance
 5895 DAWN RIDGE DRIVE   #47                  Standard             N                   10/01/1900          26.6538
 TROY                       MI   48098-0000   $449.48              05/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $37,012.00
                                              $1.00                Condominium         N

 50342070                        6.625        $187,500.00          $186,832.76         $186,832.76         07/01/2000
 FOREST, ALAN J                               05/16/2000           360                 Second Home         Purchase
 91499 RYAN GULCH ROAD #B4                    Standard             N                   09/01/1900          78.9361
 SILVERTHORNE               CO   80498-0000   $1,200.59            06/01/2030          OCT2000-00          $0.00
                                              $6.63                $12.63              $2.88               $36,861.00
                                              $1.00                Condominium         N
 50344980                        7.000        $274,750.00          $274,070.41         $274,070.41         08/01/2000
 PARKS, DOUGLAS L                             06/05/2000           360                 Primary Residence   Refinance
 9795 BIRCH RUN                               Select               N                   09/01/1900          63.8953
 BRIGHTON                   MI   48114-0000   $1,827.92            07/01/2030          OCT2000-00          $0.00
                                              $7.00                $13.00              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50346280                        7.250        $336,600.00          $336,600.00         $336,600.00         11/01/2000
 WASSERMAN, BARRY S                           09/01/2000           360                 Primary Residence   Purchase
 55 INDEPENDENCE DR                           Standard             N                   10/01/1900          90
 EAST BRUNSWICK             NJ   08816-0000   $2,296.21            10/01/2030          OCT2000-00          $261.01
                                              $7.25                $13.25              $2.88               $36,982.00
                                              $1.00                Single Family       N

 50346700                        7.625        $494,950.00          $493,135.91         $493,135.91         06/01/2000
 LIU, JUN                                     04/25/2000           360                 Primary Residence   Purchase
 14700 NE 16TH STREET                         Standard             N                   09/01/1900          91.6659
 BELLEVUE                   WA   98007-0000   $3,503.23            05/01/2030          OCT2000-00          $0.00
                                              $7.63                $12.63              $2.88               $38,473.00
                                              $1.00                Single Family       N
 50347370                        7.125        $289,950.00          $289,250.25         $289,250.25         08/01/2000
 BEACH, MARSHALL L                            06/08/2000           360                 Primary Residence   Purchase
 3912 BENTLEY BRIDGE ROAD                     VIP Relocation       N                   09/01/1900          79.9981
 RALEIGH                    NC   27612-8064   $1,953.45            07/01/2030          OCT2000-00          $0.00
                                              $7.13                $13.13              $2.75               $37,803.00
                                              $1.00                Single Family       N
 50351910                        7.000        $330,250.00          $329,157.64         $329,157.64         07/01/2000
 INGESOULIAN, MARTIN P                        05/18/2000           360                 Second Home         Refinance
 1211 ASPEN                                   Standard             N                   09/01/1900          50.8077
 BAY HARBOR                 MI   49770-0000   $2,197.17            06/01/2030          OCT2000-00          $0.00
                                              $7.00                $13.00              $2.88               $36,861.00
                                              $1.00                Condominium         N

 50352110                        6.625        $297,050.00          $295,992.94         $295,992.94         07/01/2000
 PRATER, FREDRIC A                            05/12/2000           360                 Primary Residence   Refinance
 1110 WARSON WOODS DRIVE                      Standard             N                   09/01/1900          79.8522
 ST LOUIS                   MO   63122-0000   $1,902.05            06/01/2030          OCT2000-00          $0.00
                                              $6.63                $12.63              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50354360                        6.500        $263,450.00          $261,678.55         $261,678.55         06/01/2000
 HUREY, IVAN V.                               04/24/2000           360                 Primary Residence   Refinance
 910 S MICHIGAN 1319                          Standard             N                   09/01/1900          79.3524
 CHICAGO                    IL   60605-0000   $1,665.19            05/01/2030          OCT2000-00          $564.57
                                              $6.50                $12.50              $2.88               $37,012.00
                                              $1.00                Condominium         N
 50356160                        8.125        $290,000.00          $289,233.42         $289,233.42         07/01/2000
 JINKA, ASHOKA G                              05/06/2000           360                 Primary Residence   Purchase
 3311 CHARTER OAK DRIVE                       Standard             N                   09/01/1900          100
 MAUMEE                     OH   43537-0000   $2,153.25            06/01/2030          OCT2000-00          $0.00
                                              $8.13                $13.13              $2.88               $38,504.00
                                              $1.00                Single Family       N

 50356830                        6.500        $73,500.00           $73,164.15          $73,164.15          06/01/2000
 HOLT, AARON                                  05/05/2000           360                 Primary Residence   Purchase
 6174 GREENWOOD DR                            Standard             N                   09/01/1900          82.5843
 PARADISE                   CA   95969-0000   $464.57              05/01/2030          OCT2000-00          $0.00
                                              $6.50                $12.50              $2.88               $37,012.00
                                              $1.00                Single Family       N
 50360920                        7.000        $192,800.00          $191,820.18         $191,820.18         08/01/2000
 MCDOWELL, DONEEN M                           06/13/2000           360                 Primary Residence   Purchase
 856 TEN POINT DRIVE                          Standard             N                   09/01/1900          76.2643
 ROCHESTER HILLS            MI   48309-0000   $1,282.71            07/01/2030          OCT2000-00          $500.00
                                              $7.00                $13.00              $2.88               $36,892.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50363170                        6.625        $170,900.00          $170,291.83         $170,291.83         07/01/2000
 DITO, EDWARD L                               06/01/2000           360                 Primary Residence   Refinance
 4222 POCONO CT                               Standard             N                   09/01/1900          61.0357
 FAIR OAKS                  CA   95628-6445   $1,094.30            06/01/2030          OCT2000-00          $0.00
                                              $6.63                $12.63              $2.88               $36,861.00
                                              $1.00                Single Family       N

 50367030                        6.500        $253,000.00          $252,077.65         $252,077.65         07/01/2000
 RUTHERFORD, BRENDAN                          05/05/2000           360                 Primary Residence   Refinance
 3117 WOODCREEK WAY                           Standard             N                   09/01/1900          36.9343
 BLOOMFIELD HILLS           MI   48304-0000   $1,599.14            06/01/2030          OCT2000-00          $0.00
                                              $6.50                $12.50              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50368970                        6.750        $250,000.00          $249,131.71         $249,131.71         07/01/2000
 STAEHLE, CARL E                              06/02/2000           360                 Primary Residence   Purchase
 33003 N STONE MANOR DRIVE                    Standard             N                   09/01/1900          69.6379
 GRAYSLAKE                  IL   60030-0000   $1,621.50            06/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50374500                        7.000        $286,000.00          $284,758.91         $284,758.91         07/01/2000
 REMY, JOHN C                                 05/26/2000           360                 Primary Residence   Refinance
 11373 SILVER LAKE CT                         Select               N                   09/01/1900          76.4706
 SHELBY                     MI   48317-0000   $1,902.77            06/01/2030          OCT2000-00          $293.40
                                              $7.00                $13.00              $2.88               $36,861.00
                                              $1.00                Single Family       N

 50377370                        6.750        $95,000.00           $94,670.05          $94,670.05          07/01/2000
 SIMS, ELEANOR C                              05/15/2000           360                 Primary Residence   Purchase
 805 S 24TH AVENUE                            Standard             N                   10/01/1900          74.6855
 YAKIMA                     WA   98902-0000   $616.17              06/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50383310                        6.750        $117,000.00          $116,593.66         $116,593.66         07/01/2000
 ATTARD, JIMMY F                              05/15/2000           360                 Primary Residence   Purchase
 1516 LINDEN                                  Standard             N                   10/01/1900          90
 DEARBORN                   MI   48124-0000   $758.86              06/01/2030          OCT2000-00          ($0.01)
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50384480                        6.750        $106,400.00          $105,936.77         $105,936.77         06/01/2000
 LAFONTAINE, JAMES F                          05/11/2000           360                 Primary Residence   Refinance
 9068 BUCKHORN LANE                           Select               N                   09/01/1900          51.9024
 BRIGHTON                   MI   48116-0000   $690.11              05/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $37,012.00
                                              $1.00                Single Family       N

 50390080                        6.500        $298,400.00          $297,312.13         $297,312.13         07/01/2000
 MEISNER, ROBERT M                            05/30/2000           360                 Second Home         Refinance
 34300 LANTERN BAY DRIVE 52                   Standard             N                   09/01/1900          60.2828
 DANA POINT                 CA   92629-0000   $1,886.10            06/01/2030          OCT2000-00          $0.01
                                              $6.50                $12.50              $2.88               $36,861.00
                                              $1.00                Condominium         N
 50394580                        7.000        $265,750.00          $264,870.98         $264,870.98         07/01/2000
 MARKHOFF, ALAN E                             05/23/2000           360                 Primary Residence   Refinance
 1962 BARRINGTON COURT                        Select               N                   09/01/1900          59.9887
 ROCHESTER HILLS            MI   48306-0000   $1,768.05            06/01/2030          OCT2000-00          $0.00
                                              $7.00                $13.00              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50397150                        7.625        $750,000.00          $748,361.13         $748,361.13         08/01/2000
 ISAACS, MICHAEL ALLEN                        06/23/2000           360                 Primary Residence   Purchase
 320 HAMILTON ROAD                            VIP Relocation       N                   10/01/1900          70.7547
 BLOOMFIELD TOWNSHIP        MI   48009-3459   $5,308.46            07/01/2030          OCT2000-00          $0.00
                                              $7.63                $12.63              $2.75               $38,534.00
                                              $1.00                Single Family       N

 50398170                        6.750        $250,000.00          $249,350.61         $249,350.61         08/01/2000
 BELLEVILLE, BRIAN K                          06/30/2000           360                 Primary Residence   Purchase
 1258 HIGHLAND LANE                           Standard             N                   10/01/1900          59.952
 GLENVIEW                   IL   60025-0000   $1,621.50            07/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50399510                        7.000        $397,450.00          $396,354.43         $396,354.43         08/01/2000
 STEINHAGEN, JAMES E                          06/27/2000           360                 Primary Residence   Refinance
 1633 HAMLET                                  Select               N                   09/01/1900          70.7206
 TROY                       MI   48084-5704   $2,644.25            07/01/2030          OCT2000-00          $111.83
                                              $7.00                $13.00              $2.88               $36,892.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50402100                        6.750        $318,450.00          $317,343.96         $317,343.96         07/01/2000
 CARPENTER, LARRY E                           05/31/2000           360                 Primary Residence   Refinance
 13365 WENDOVER DRIVE                         Select               N                   09/01/1900          78.436
 PLYMOUTH                   MI   48170-0000   $2,065.47            06/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Condominium         N

 50402900                        8.625        $362,000.00          $181,000.00         $181,000.00         08/01/2000
 KOLARIK, LAURA C                             06/23/2000           360                 Primary Residence   Purchase
 59 PROSPECT STREET                           Standard             N                   09/01/1900          80
 SHERBORN                   MA   01770-0000   $1,300.94            07/01/2030          OCT2000-00          $183,611.22
                                              $8.63                $13.63              $2.75               $40,360.00
                                              $1.00                Single Family       N
 50409740                        6.750        $203,250.00          $201,890.27         $201,890.27         07/01/2000
 PEABODY, BRIAN W                             05/25/2000           360                 Primary Residence   Refinance
 75 GROSSE POINTE BLVD                        Standard             N                   09/01/1900          58.0714
 GROSSE POINTE FARMS        MI   48236-0000   $1,318.28            06/01/2030          OCT2000-00          $650.15
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50411210                        8.000        $117,000.00          $116,682.81         $116,682.81         07/01/2000
 DEEM, NANCY A                                05/19/2000           360                 Primary Residence   Purchase
 990 DILLMAN ROAD                             Standard             N                   10/01/1900          65.3631
 MARTINSVILLE               IN   46151-0000   $858.51              06/01/2030          OCT2000-00          $0.00
                                              $8.00                $14.00              $2.88               $36,861.00
                                              $1.00                Single Family       N

 50415320                        6.625        $139,550.00          $136,607.26         $136,607.26         07/01/2000
 HARRISON, RICHARD A                          05/23/2000           360                 Primary Residence   Refinance
 728 LAKESIDE DRIVE                           Select               N                   09/01/1900          39.8714
 KOKOMO                     IN   46901-0000   $893.56              06/01/2030          OCT2000-00          $2,432.70
                                              $6.63                $12.63              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50416400                        6.750        $199,450.00          $198,757.29         $198,757.29         07/01/2000
 ABOUL HASSAN, NAZIH                          05/25/2000           360                 Primary Residence   Refinance
 2356 CLAYMONT ROAD                           Standard             N                   10/01/1900          65.3934
 TROY                       MI   48098-0000   $1,293.63            06/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50418860                        6.625        $228,750.00          $227,935.98         $227,935.98         07/01/2000
 ZAHN, DANIEL J                               05/22/2000           360                 Primary Residence   Purchase
 11273 CHERRYLAWN                             Standard             N                   09/01/1900          75
 BRIGHTON                   MI   48114-0000   $1,464.72            06/01/2030          OCT2000-00          ($0.01)
                                              $6.63                $12.63              $2.88               $36,861.00
                                              $1.00                Single Family       N

 50419050                        6.750        $102,500.00          $101,545.31         $101,545.31         07/01/2000
 NORDIN, BRUCE A                              05/18/2000           360                 Primary Residence   Purchase
 6250 RAPIDFALLS DRIVE NE                     Standard             N                   10/01/1900          74.2754
 BELMONT                    MI   49306-0000   $664.82              06/01/2030          OCT2000-00          $595.32
                                              $6.75                $12.75              $2.88               $36,861.00
                                              $1.00                Single Family       N
 50423380                        7.500        $212,150.00          $211,674.68         $211,674.68         08/01/2000
 HUNT, THOMAS M                               06/16/2000           360                 Primary Residence   Refinance
 19450 WHITBY                                 Standard             N                   09/01/1900          73.6632
 LIVONIA                    MI   48152-0000   $1,483.39            07/01/2030          OCT2000-00          $0.00
                                              $7.50                $13.50              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50424200                        6.625        $400,000.00          $399,292.21         $399,292.21         09/01/2000
 FLAM, EDWARD I                               07/21/2000           360                 Primary Residence   Purchase
 2018 W WARNER                                Standard             N                   10/01/1900          66.6667
 CHICAGO                    IL   60618-0000   $2,561.25            08/01/2030          OCT2000-00          $0.00
                                              $6.63                $12.63              $2.88               $36,923.00
                                              $1.00                Single Family       N

 50429750                        6.750        $360,000.00          $358,863.19         $358,863.19         08/01/2000
 PASTOR, KEITH L                              06/30/2000           360                 Primary Residence   Refinance
 5147 SADDLE CREEK COURT                      Standard             N                   10/01/1900          51.4286
 PLYMOUTH                   MI   48170-0000   $2,334.96            07/01/2030          OCT2000-00          ($134.22)
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50432240                        6.500        $182,250.00          $181,585.59         $181,585.59         07/01/2000
 CHUNG, WING UNG                              05/30/2000           360                 Primary Residence   Purchase
 15008 INVERNESS STREET                       Standard             N                   10/01/1900          75
 SAN LEANDRO                CA   94577-0000   $1,151.95            06/01/2030          OCT2000-00          ($0.01)
                                              $6.50                $12.50              $2.88               $36,861.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50432940                        6.625        $95,000.00           $94,747.15          $94,747.15          08/01/2000
 GENSLAK, STANLEY L                           06/12/2000           360                 Primary Residence   Refinance
 1607 BOULDER COURT                           Select               N                   09/01/1900          33.6879
 ROCHESTER                  MI   48306-0000   $608.30              07/01/2030          OCT2000-00          $0.00
                                              $6.63                $12.63              $2.88               $36,892.00
                                              $1.00                Condominium         N

 50433140                        6.625        $175,000.00          $174,534.23         $174,534.23         08/01/2000
 GENSLAK, STANLEY L                           06/12/2000           360                 Second Home         Refinance
 1020 W LONG LAKE ROAD                        Select               N                   09/01/1900          43.75
 TRAVERSE CITY              MI   48684-0000   $1,120.55            07/01/2030          OCT2000-00          $0.00
                                              $6.63                $12.63              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50433670                        7.375        $167,900.00          $167,384.22         $167,384.22         07/01/2000
 DREW, DAVID J                                05/31/2000           360                 Primary Residence   Purchase
 2200 KINGS FOREST LANE                       VIP Relocation       N                   09/01/1900          79.9794
 FLOWER MOUND               TX   75028-0000   $1,159.65            06/01/2030          OCT2000-00          $0.00
                                              $7.38                $13.38              $2.75               $37,773.00
                                              $1.00                Single Family       N
 50435210                        7.250        $129,500.00          $129,195.10         $129,195.10         08/01/2000
 CUNNINGHAM, JON L                            06/29/2000           360                 Primary Residence   Purchase
 1282 REGENT ROAD                             Standard             N                   10/01/1900          69.8113
 MUNDELEIN                  IL   60060-0000   $883.42              07/01/2030          OCT2000-00          ($0.01)
                                              $7.25                $13.25              $2.88               $36,892.00
                                              $1.00                Single Family       N

 50439530                        6.750        $225,000.00          $224,415.56         $224,415.56         08/01/2000
 BACIGAL, ROBERT P                            06/30/2000           360                 Primary Residence   Purchase
 15743 HIX                                    Standard             N                   09/01/1900          89.1089
 LIVONIA                    MI   48154-0000   $1,459.35            07/01/2030          OCT2000-00          ($0.01)
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50442160                        6.750        $195,600.00          $195,091.92         $195,091.92         08/01/2000
 CASCARELLI, MARK D                           06/23/2000           360                 Primary Residence   Purchase
 1813 WOODED VALLEY LN                        Standard             N                   09/01/1900          89.9807
 HOWELL                     MI   48843-0000   $1,268.66            07/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50448670                        6.750        $157,600.00          $157,190.61         $157,190.61         08/01/2000
 OEHMKE, TIMOTHY MATTHEW                      06/26/2000           360                 Primary Residence   Purchase
 35533 SOUTHAMPTON                            Standard             N                   09/01/1900          73.6449
 LIVONIA                    MI   48150-0000   $1,022.20            07/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N

 50448790                        6.750        $164,000.00          $163,573.99         $163,573.99         08/01/2000
 JOHNSON, JOSEPH N                            06/23/2000           360                 Primary Residence   Refinance
 10106 ORCHARD RIDGE COURT                    Standard             N                   10/01/1900          75.2294
 HOLLY                      MI   48442-0000   $1,063.71            07/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50449270                        6.750        $200,000.00          $199,496.00         $199,496.00         10/01/2000
 HENDERSON, MICHAEL P                         08/07/2000           360                 Primary Residence   Purchase
 2589 HILLTOP LANE                            Standard             N                   10/01/1900          86.966
 HOWELL                     MI   48843-0000   $1,297.20            09/01/2030          OCT2000-00          $329.94
                                              $6.75                $12.75              $2.88               $36,951.00
                                              $1.00                Condominium         N
 50452030                        6.750        $270,600.00          $269,897.11         $269,897.11         08/01/2000
 LENTINE, JAMES J                             06/26/2000           360                 Primary Residence   Refinance
 47533 PINE CREEK CT                          Standard             N                   09/01/1900          64.1232
 NORTHVILLE                 MI   48167-0000   $1,755.11            07/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N

 50454470                        7.750        $275,000.00          $274,610.55         $274,610.55         09/01/2000
 STERN, HOWARD                                07/20/2000           360                 Primary Residence   Purchase
 6141 N BAY RIDGE AVENUE                      VIP Relocation       N                   10/01/1900          67.3195
 WHITEFISH BAY              WI   53217-0000   $1,970.14            08/01/2030          OCT2000-00          $0.00
                                              $7.75                $12.75              $2.75               $38,565.00
                                              $1.00                Single Family       N
 50456790                        6.625        $310,000.00          $309,451.47         $309,451.47         09/01/2000
 MCGRATH, RICHARD L                           07/03/2000           360                 Primary Residence   Refinance
 33 COLDSTREAM CIRCLE                         Standard             N                   09/01/1900          67.3913
 LINCOLNSHIRE               IL   60069-0000   $1,984.97            08/01/2030          OCT2000-00          $0.00
                                              $6.63                $12.63              $2.88               $36,923.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50457180                        8.125        $272,000.00          $271,462.58         $271,462.58         08/01/2000
 PICCIONE, LOUIS                              06/30/2000           360                 Primary Residence   Purchase
 4208 ENDERS WAY                              VIP Relocation       N                   09/01/1900          79.9906
 DOYLESTOWN                 PA   18901-0000   $2,019.60            07/01/2030          OCT2000-00          $0.00
                                              $8.13                $13.13              $2.75               $38,534.00
                                              $1.00                Single Family       N

 50458790                        6.750        $195,000.00          $194,663.27         $194,663.27         09/01/2000
 FOXWORTHY, DARWIN K                          07/18/2000           360                 Primary Residence   Purchase
 47711 VISTAS CIRCLE SOUTH                    Standard             N                   10/01/1900          69.3585
 CANTON                     MI   48187-0000   $1,264.77            08/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,923.00
                                              $1.00                Condominium         N
 50460080                        7.500        $86,000.00           $85,807.31          $85,807.31          08/01/2000
 WALKER, CHARLES L                            06/30/2000           360                 Primary Residence   Purchase
 5919 LOOP ROAD                               Stated Income        N                   10/01/1900          74.9782
 PACE                       FL   32571-0000   $601.33              07/01/2030          OCT2000-00          $0.00
                                              $7.50                $13.50              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50460570                        6.750        $235,000.00          $234,594.20         $234,594.20         09/01/2000
 DAVIS, ERIC L                                07/17/2000           360                 Primary Residence   Purchase
 677 FAIRWAY PARK DRIVE                       Standard             N                   10/01/1900          71.6024
 ANN ARBOR                  MI   48103-0000   $1,524.21            08/01/2030          OCT2000-00          ($0.01)
                                              $6.75                $12.75              $2.88               $36,923.00
                                              $1.00                Condominium         N

 50465520                        7.000        $196,500.00          $196,013.97         $196,013.97         08/01/2000
 GRADY, BRIAN P                               06/29/2000           360                 Primary Residence   Refinance
 24291 JAMESTOWNE RD                          Standard             N                   09/01/1900          72.7778
 NOVI                       MI   48375-0000   $1,307.32            07/01/2030          OCT2000-00          $0.00
                                              $7.00                $13.00              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50466180                        8.250        $337,800.00          $337,798.99         $337,798.99         08/01/2000
 ROBARE, MICHAEL F                            06/23/2000           360                 Primary Residence   Refinance
 21819 ANGOSTURA                              Select               N                   09/01/1900          75.0667
 SAN ANTONIO                TX   78265-0000   $2,322.38            07/01/2030          OCT2000-00          $0.99
                                              $8.25                $13.25              $2.75               $40,360.00
                                              $1.00                Single Family       N
 50467720                        7.500        $220,000.00          $219,507.09         $219,507.09         08/01/2000
 DOUGLAS, TODD O                              06/21/2000           360                 Primary Residence   Purchase
 777 BLOOMER                                  Standard             N                   09/01/1900          74.5763
 ROCHESTER HILLS            MI   48307-0000   $1,538.28            07/01/2030          OCT2000-00          $0.00
                                              $7.50                $13.50              $2.88               $36,892.00
                                              $1.00                Single Family       N

 50468140                        6.750        $312,000.00          $311,189.57         $311,189.57         08/01/2000
 BARRETT, WILLIAM JOSEPH                      06/14/2000           360                 Primary Residence   Purchase
 84 PROSPECT STREET                           Standard             N                   10/01/1900          80
 UPTON                      MA   01568-0000   $2,023.63            07/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50468960                        8.125        $300,000.00          $299,606.17         $299,606.17         09/01/2000
 ENGLE, JOHN J                                07/20/2000           360                 Primary Residence   Purchase
 5383 CORTE PLAYA JACINTO                     VIP Relocation       N                   10/01/1900          72.7273
 SAN DIEGO                  CA   92124-4116   $2,227.50            08/01/2030          OCT2000-00          $0.00
                                              $8.13                $13.13              $2.75               $38,565.00
                                              $1.00                Single Family       N
 50470120                        6.750        $208,500.00          $207,958.41         $207,958.41         08/01/2000
 NICOL, STEVEN M                              06/20/2000           360                 Primary Residence   Refinance
 25786 GROVELAND                              Standard             N                   09/01/1900          61.3235
 NOVI                       MI   48374-0000   $1,352.33            07/01/2030          OCT2000-00          $0.01
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N

 50470140                        6.750        $140,000.00          $139,636.34         $139,636.34         08/01/2000
 NAWROCKI, BRIAN J                            06/15/2000           360                 Primary Residence   Purchase
 2434 MILVERTON DR                            Standard             N                   09/01/1900          80
 TROY                       MI   48084-0000   $908.04              07/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50472180                        6.750        $148,500.00          $148,114.26         $148,114.26         08/01/2000
 ANDERSON, WESLEY D                           07/14/2000           360                 Primary Residence   Refinance
 41531 SIMCOE                                 Standard             N                   10/01/1900          79.8387
 CANTON                     MI   48188-0000   $963.17              07/01/2030          OCT2000-00          $0.01
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50472550                        6.500        $270,000.00          $269,510.50         $269,510.50         09/01/2000
 PANETTA, LOUIS P                             07/11/2000           360                 Primary Residence   Purchase
 827 VIA MIRADA                               Standard             N                   10/01/1900          32.3353
 MONTEREY                   CA   93940-0000   $1,706.59            08/01/2030          OCT2000-00          $0.00
                                              $6.50                $12.50              $2.88               $36,923.00
                                              $1.00                Single Family       N

 50472790                        6.750        $417,700.00          $416,269.00         $416,269.00         08/01/2000
 NILL, JAMES E                                07/06/2000           360                 Primary Residence   Refinance
 20837 DUNDEE                                 Standard             N                   10/01/1900          75.9455
 NOVI                       MI   48375-0000   $2,709.20            07/01/2030          OCT2000-00          $344.07
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50473400                        7.000        $346,550.00          $345,692.81         $345,692.81         08/01/2000
 KHALIGHI, BAHRAM                             06/16/2000           360                 Primary Residence   Refinance
 1020 PADDOCK COURT                           Select               N                   09/01/1900          51.3407
 TROY                       MI   48098-0000   $2,305.61            07/01/2030          OCT2000-00          $0.01
                                              $7.00                $13.00              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50475470                        6.750        $200,000.00          $199,480.49         $199,480.49         08/01/2000
 PASTOR, RICHARD J                            06/07/2000           360                 Primary Residence   Refinance
 35758 NANCY GAIL CT                          Standard             N                   09/01/1900          37.9507
 FARMINGTON HILLS           MI   48331-0000   $1,297.20            07/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N

 50477890                        6.750        $230,000.00          $229,402.57         $229,402.57         08/01/2000
 FLAHERTY, THOMAS P                           06/26/2000           360                 Primary Residence   Refinance
 12000 MIRA MESA DRIVE                        Standard             N                   09/01/1900          49.4624
 AUSTIN                     TX   78732-0000   $1,491.78            07/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50478140                        6.750        $180,000.00          $179,532.44         $179,532.44         08/01/2000
 GOLDEN, KEVIN P                              06/29/2000           360                 Primary Residence   Purchase
 1152 CROOKED LAKE                            Standard             N                   10/01/1900          80
 FENTON                     MI   48430-0000   $1,167.48            07/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50478370                        7.000        $129,600.00          $129,279.42         $129,279.42         08/01/2000
 RASH, DIANE M                                06/27/2000           360                 Primary Residence   Purchase
 5880 PINE KNOB LANE                          Standard             N                   09/01/1900          80
 CLARKSTON                  MI   48346-0000   $862.24              07/01/2030          OCT2000-00          $0.00
                                              $7.00                $13.00              $2.88               $36,892.00
                                              $1.00                Single Family       N

 50484040                        6.625        $176,600.00          $176,287.52         $176,287.52         09/01/2000
 BRUYERE, THOMAS W                            07/26/2000           360                 Primary Residence   Refinance
 15435 DOROTHY DRIVE                          Standard             N                   09/01/1900          73.5833
 MACOMB TOWNSHIP            MI   48042-0000   $1,130.79            08/01/2030          OCT2000-00          $0.00
                                              $6.63                $12.63              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50484140                        6.625        $157,700.00          $157,280.26         $157,280.26         08/01/2000
 LOWE, BARBARA J                              06/16/2000           360                 Primary Residence   Purchase
 463 COTTONWOOD STREET                        Standard             N                   10/01/1900          95
 VACAVILLE                  CA   95688-0000   $1,009.78            07/01/2030          OCT2000-00          $0.00
                                              $6.63                $12.63              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50486710                        6.750        $222,200.00          $221,816.30         $221,816.30         09/01/2000
 TRUMBLEE, ANTHONY E                          08/04/2000           360                 Primary Residence   Refinance
 7870 WILDBERRY                               Standard             N                   09/01/1900          89.2369
 PORTAGE                    MI   49024-0000   $1,441.19            08/01/2030          OCT2000-00          ($0.01)
                                              $6.75                $12.75              $2.88               $36,923.00
                                              $1.00                Single Family       N

 50490240                        8.000        $524,000.00          $523,294.46         $523,294.46         09/01/2000
 LEE, ROBERT E                                07/03/2000           360                 Primary Residence   Purchase
 475 GULL DRIVE                               Standard             N                   09/01/1900          80
 BODEGA BAY                 CA   94923-0000   $3,844.93            08/01/2030          OCT2000-00          $0.00
                                              $8.00                $14.00              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50490420                        6.750        $305,000.00          $304,207.75         $304,207.75         08/01/2000
 MONALDI, RAYMOND B                           06/30/2000           360                 Primary Residence   Purchase
 285 MUIRFIELD                                Standard             N                   10/01/1900          67.7778
 VALPARAISO                 IN   46383-0000   $1,978.23            07/01/2030          OCT2000-00          ($0.01)
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50491750                        6.750        $190,250.00          $189,420.94         $189,420.94         08/01/2000
 FLECK, GREGORY M                             06/30/2000           360                 Primary Residence   Purchase
 11200 RIDGE VIEW TR                          Standard             N                   09/01/1900          66.9894
 FENTON                     MI   48430-0000   $1,233.96            07/01/2030          OCT2000-00          $333.01
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Condominium         N

 50494550                        7.250        $337,300.00          $336,772.13         $336,772.13         09/01/2000
 SCHUETZ, WILLIAM A                           07/18/2000           360                 Primary Residence   Refinance
 47276 SOMERSET                               Standard             N                   09/01/1900          56.2167
 NOVI                       MI   48374-0000   $2,300.99            08/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50495750                        6.750        $201,550.00          $201,201.96         $201,201.96         09/01/2000
 BROWN, OLGA                                  07/26/2000           360                 Primary Residence   Refinance
 3710 LAKEWOOD DR                             Standard             N                   09/01/1900          80.62
 WATERFORD                  MI   48329-3948   $1,307.25            08/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50500140                        6.750        $261,500.00          $261,048.43         $261,048.43         09/01/2000
 KRUG, WILLIAM S                              07/18/2000           360                 Primary Residence   Purchase
 21268 WOODHILL                               Standard             N                   09/01/1900          89.9862
 FARMINGTON HILLS           MI   48335-0000   $1,696.09            08/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,923.00
                                              $1.00                Single Family       N

 50500680                        6.875        $333,500.00          $332,654.63         $332,654.63         08/01/2000
 SAGUTO, ANTHONY L                            07/14/2000           360                 Primary Residence   Refinance
 219 MERTON                                   Standard             N                   09/01/1900          68.7629
 GLEN ELLYN                 IL   60137-0000   $2,190.86            07/01/2030          OCT2000-00          $0.00
                                              $6.88                $12.88              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50504140                        6.750        $260,000.00          $259,551.02         $259,551.02         09/01/2000
 SUNDBERG, JAMES P                            07/24/2000           360                 Primary Residence   Refinance
 54383 ROYAL TROON                            Standard             N                   09/01/1900          67.8851
 SOUTH LYON                 MI   48178-0000   $1,686.36            08/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50504700                        6.875        $310,000.00          $309,477.63         $309,477.63         09/01/2000
 FOGLESONG, HEIDI                             07/12/2000           360                 Primary Residence   Refinance
 8025 N FIFTH AVE                             Standard             N                   10/01/1900          67.3913
 PHOENIX                    AZ   85021-0000   $2,036.48            08/01/2030          OCT2000-00          $0.00
                                              $6.88                $12.88              $2.88               $36,923.00
                                              $1.00                Single Family       N

 50505650                        6.875        $260,000.00          $259,561.87         $259,561.87         09/01/2000
 LAROSA, JOHN G                               07/31/2000           360                 Primary Residence   Refinance
 3500 UNION LAKE                              Standard             N                   09/01/1900          61.1765
 COMMERCE                   MI   48382-0000   $1,708.02            08/01/2030          OCT2000-00          $0.00
                                              $6.88                $12.88              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50509450                        6.750        $242,150.00          $241,520.98         $241,520.98         08/01/2000
 ROWE, JEANNIE L                              07/11/2000           360                 Primary Residence   Refinance
 4742 BROWN ROAD                              Standard             N                   10/01/1900          85.2641
 AVOCA                      MI   48006-0000   $1,570.59            07/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,892.00
                                              $1.00                Single Family       N
 50512550                        6.875        $128,700.00          $128,483.12         $128,483.12         09/01/2000
 HELMICK, ROBERT A                            07/21/2000           360                 Primary Residence   Refinance
 3818 E HILLCREST                             Standard             N                   09/01/1900          63.399
 HIGHLAND                   MI   48356-0000   $845.47              08/01/2030          OCT2000-00          $0.00
                                              $6.88                $12.88              $2.88               $36,923.00
                                              $1.00                Single Family       N

 50516430                        6.750        $259,500.00          $259,500.00         $259,500.00         11/01/2000
 LARICHE, SCOTT M                             08/30/2000           360                 Primary Residence   Refinance
 17285 VICTOR COURT                           Select               N                   10/01/1900          69.2
 NORTHVILLE                 MI   48167-0000   $1,683.12            10/01/2030          OCT2000-00          $222.18
                                              $6.75                $12.75              $2.88               $36,982.00
                                              $1.00                Single Family       N
 50516890                        7.000        $592,800.00          $592,131.40         $592,131.40         10/01/2000
 GEMBIS, JEFFREY R                            08/25/2000           360                 Primary Residence   Refinance
 695 HENRIETTA                                Standard             N                   10/01/1900          64.0865
 BIRMINGHAM                 MI   48009-0000   $3,943.92            09/01/2030          OCT2000-00          $181.62
                                              $7.00                $13.00              $2.88               $36,951.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50520870                        7.500        $215,000.00          $213,745.43         $213,745.43         09/01/2000
 DICHTEL, MARK S                              07/21/2000           360                 Primary Residence   Refinance
 49646 WILLOWOOD                              Standard             N                   10/01/1900          79.6296
 MACOMB TOWNSHIP            MI   48044-0000   $1,503.32            08/01/2030          OCT2000-00          $928.63
                                              $7.50                $13.50              $2.88               $36,923.00
                                              $1.00                Single Family       N

 50522510                        6.750        $205,600.00          $205,244.96         $205,244.96         09/01/2000
 MCGRATH, JEFFREY M                           07/21/2000           360                 Primary Residence   Refinance
 19648 GILL ROAD                              Standard             N                   09/01/1900          60.117
 LIVONIA                    MI   48152-0000   $1,333.52            08/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50526170                        6.750        $92,000.00           $91,841.11          $91,841.11          09/01/2000
 COLWELL, KAREN                               07/21/2000           360                 Primary Residence   Refinance
 4 MINNEHAHA BLVD                             Standard             N                   10/01/1900          61.3333
 LAKE HIAWATHA              NJ   07034-0000   $596.72              08/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50528040                        7.250        $484,600.00          $483,841.64         $483,841.64         09/01/2000
 RODRIGUEZ, DAINEL M                          07/26/2000           360                 Primary Residence   Purchase
 47709 ABERDEEN DRIVE                         Standard             N                   09/01/1900          75.0103
 NOVI                       MI   48374-0000   $3,305.83            08/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,923.00
                                              $1.00                Single Family       N

 50528750                        6.750        $219,500.00          $219,120.95         $219,120.95         09/01/2000
 HEATON, MATTHEW R                            07/31/2000           360                 Primary Residence   Purchase
 7636 JENNINGS ROAD                           Standard             N                   09/01/1900          89.9959
 WHITMORE LAKE              MI   48189-0000   $1,423.68            08/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50531560                        7.000        $650,000.00          $649,467.20         $649,467.20         10/01/2000
 JACOBY, GLENN A                              08/16/2000           360                 Primary Residence   Purchase
 85 LOCUST LANE                               Standard             N                   09/01/1900          52
 UPPER SADDLE RIVER         NJ   07458-0000   $4,324.47            09/01/2030          OCT2000-00          $0.00
                                              $7.00                $13.00              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50531790                        6.750        $124,000.00          $123,785.86         $123,785.86         09/01/2000
 GARVEY, JAMES                                07/06/2000           360                 Primary Residence   Purchase
 160 MARSTON AVENUE #5                        Standard             N                   09/01/1900          80
 HYANNIS                    MA   02601-0000   $804.27              08/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,923.00
                                              $1.00                Condominium         N

 50537680                        6.875        $256,500.00          $256,067.77         $256,067.77         09/01/2000
 GUMMERMAN, MARK                              07/26/2000           360                 Primary Residence   Purchase
 12619 WENDOVER COURT                         Standard             N                   09/01/1900          89.9407
 PLYMOUTH                   MI   48170-0000   $1,685.03            08/01/2030          OCT2000-00          $0.00
                                              $6.88                $12.88              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50540750                        6.750        $198,600.00          $198,257.05         $198,257.05         09/01/2000
 BHARGAVA, SAMEER                             07/20/2000           360                 Primary Residence   Purchase
 41643 STRAWBERRY CT                          Standard             N                   10/01/1900          79.671
 CANTON                     MI   48188-0000   $1,288.12            08/01/2030          OCT2000-00          ($0.01)
                                              $6.75                $12.75              $2.88               $36,923.00
                                              $1.00                Condominium         N
 50541080                        7.500        $484,000.00          $483,279.36         $483,279.36         09/01/2000
 CRUMLISH, JAMES P                            07/26/2000           360                 Primary Residence   Refinance
 176 WIMBLETON                                Select               N                   09/01/1900          56.9412
 BIRMINGHAM                 MI   48009-5633   $3,384.20            08/01/2030          OCT2000-00          $0.00
                                              $7.50                $13.50              $2.88               $36,923.00
                                              $1.00                Single Family       N

 50542430                        6.875        $137,600.00          $137,368.12         $137,368.12         09/01/2000
 MILLINGTON, DONALD L                         07/27/2000           360                 Primary Residence   Purchase
 14450 RONNIE LANE                            Standard             N                   09/01/1900          80
 LIVONIA                    MI   48154-0000   $903.94              08/01/2030          OCT2000-00          $0.00
                                              $6.88                $12.88              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50542440                        6.375        $119,200.00          $118,978.59         $118,978.59         09/01/2000
 WING, JOSEPH G.                              07/28/2000           360                 Primary Residence   Refinance
 2009 EDWARD LANE WEST                        Standard             N                   10/01/1900          70.1176
 KIMBALL                    MI   48074-0000   $743.66              08/01/2030          OCT2000-00          $0.00
                                              $6.38                $12.38              $2.88               $36,923.00
                                              $1.00                Condominium         N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50542720                        7.250        $158,000.00          $157,876.74         $157,876.74         10/01/2000
 MEIXNER, TIMOTHY G                           08/23/2000           360                 Primary Residence   Refinance
 5111 PRAIRIE VIEW                            Standard             N                   09/01/1900          77.0732
 BRIGHTON                   MI   48116-9752   $1,077.84            09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Single Family       N

 50545170                        7.000        $239,350.00          $238,546.49         $238,546.49         09/01/2000
 METEA, DIONISE M                             07/21/2000           360                 Primary Residence   Refinance
 22449 ALEXANDRINE                            Standard             N                   09/01/1900          61.3718
 DEARBORN                   MI   48124-0000   $1,592.41            08/01/2030          OCT2000-00          $407.59
                                              $7.00                $13.00              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50551780                        7.000        $100,050.00          $99,967.98          $99,967.98          10/01/2000
 CURRY, CHARLENE A                            08/24/2000           360                 Primary Residence   Refinance
 13453 LAKESIDE                               Select               N                   09/01/1900          43.5
 BEAR LAKE                  MI   49614-0000   $665.64              09/01/2030          OCT2000-00          $0.00
                                              $7.00                $13.00              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50554160                        6.750        $165,000.00          $164,857.94         $164,857.94         10/01/2000
 SHANNON, KRISTIN L                           08/07/2000           360                 Primary Residence   Purchase
 1346 HERMOSA WAY                             Standard             N                   09/01/1900          78.6838
 COLORADO SPRINGS           CO   80906-0000   $1,070.19            09/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,951.00
                                              $1.00                Single Family       N

 50556070                        7.250        $221,300.00          $220,953.68         $220,953.68         09/01/2000
 MURRY, JOHN P                                07/26/2000           360                 Primary Residence   Purchase
 44209 VASSAR ST                              Standard             N                   10/01/1900          94.9785
 CANTON                     MI   48187-0000   $1,509.66            08/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50556900                        6.375        $105,300.00          $105,104.42         $105,104.42         09/01/2000
 OGBUNAMIRI, JOHN                             07/20/2000           360                 Primary Residence   Purchase
 2707 W 75TH ST                               Standard             N                   09/01/1900          90
 LOS ANGELES                CA   90043-0000   $656.94              08/01/2030          OCT2000-00          $0.00
                                              $6.38                $12.38              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50561260                        7.000        $200,050.00          $199,886.02         $199,886.02         10/01/2000
 CHUBA, CHARLES J                             08/23/2000           360                 Primary Residence   Refinance
 34634 BUNKER HILL DRIVE                      Standard             N                   09/01/1900          83.3542
 FARMINGTON HILLS           MI   48331-0000   $1,330.94            09/01/2030          OCT2000-00          $0.00
                                              $7.00                $13.00              $2.88               $36,951.00
                                              $1.00                Single Family       N

 50562050                        6.750        $172,000.00          $171,851.91         $171,851.91         10/01/2000
 GRAY, DAVID J                                08/11/2000           360                 Primary Residence   Refinance
 967 WHEATFIELD DRIVE                         Standard             N                   10/01/1900          66.1538
 LAKE ORION                 MI   48362-0000   $1,115.59            09/01/2030          OCT2000-00          $0.00
                                              $6.75                $12.75              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50562860                        7.000        $473,650.00          $472,871.23         $472,871.23         09/01/2000
 COLLINS, MICHAEL A                           07/28/2000           360                 Primary Residence   Refinance
 1295 CHESTERFIELD                            Standard             N                   09/01/1900          67.6643
 BIRMINGHAM                 MI   48009-0000   $3,151.21            08/01/2030          OCT2000-00          $0.00
                                              $7.00                $13.00              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50568070                        7.875        $334,000.00          $333,770.14         $333,770.14         10/01/2000
 WICKETT, GERARD W                            08/31/2000           360                 Primary Residence   Purchase
 2558 EAGLE RUN LANE                          VIP Relocation       N                   10/01/1900          80
 WESTON                     FL   33327-0000   $2,421.74            09/01/2030          OCT2000-00          $0.00
                                              $7.88                $12.88              $2.75               $38,596.00
                                              $1.00                Single Family       N

 50568690                        7.500        $208,300.00          $208,145.41         $208,145.41         10/01/2000
 FINN, JAMES W                                09/01/2000           360                 Primary Residence   Refinance
 6881 BAYTREE COURT                           Standard             N                   09/01/1900          65.0938
 SHELBY TOWNSHIP            MI   48316-0000   $1,456.47            09/01/2030          OCT2000-00          $0.00
                                              $7.50                $13.50              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50571700                        6.875        $185,600.00          $184,762.85         $184,762.85         09/01/2000
 KALSO, GEORGE J                              08/11/2000           360                 Primary Residence   Refinance
 19784 SCENIC HARBOR                          Select               N                   10/01/1900          71.3846
 NORTHVILLE                 MI   48167-1918   $1,219.26            08/01/2030          OCT2000-00          $0.00
                                              $6.88                $12.88              $2.88               $36,923.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50572220                        7.250        $193,500.00          $193,349.04         $193,349.04         10/01/2000
 HUTCHINGS, KEITH P                           08/28/2000           360                 Primary Residence   Refinance
 2881 ASPEN RIDGE                             Standard             N                   09/01/1900          73.0189
 ANN ARBOR                  MI   48103-0000   $1,320.02            09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Single Family       N

 50579610                        7.250        $105,000.00          $104,918.08         $104,918.08         10/01/2000
 WERNER, PAUL N                               08/18/2000           360                 Primary Residence   Purchase
 41660 GREENBRIAR LANE                        Standard             N                   09/01/1900          51.2195
 PLYMOUTH                   MI   48170-0000   $716.29              09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50580520                        6.875        $100,000.00          $100,000.00         $100,000.00         11/01/2000
 GADE, LAWRENCE R                             09/06/2000           360                 Primary Residence   Purchase
 17733 PEACOCK                                Standard             N                   10/01/1900          42.3729
 TINLEY PARK                IL   60477-0000   $656.93              10/01/2030          OCT2000-00          $83.53
                                              $6.88                $12.88              $2.88               $36,982.00
                                              $1.00                Single Family       N
 50581440                        7.250        $123,400.00          $123,303.73         $123,303.73         10/01/2000
 LEONARD, PAUL D                              08/24/2000           360                 Primary Residence   Refinance
 827 DAVIS ROAD EAST                          Select               N                   09/01/1900          57.3953
 HOWELL                     MI   48843-7850   $841.81              09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Single Family       N

 50581830                        7.250        $296,600.00          $296,368.62         $296,368.62         10/01/2000
 LUCZYNSKI, RONE M                            08/24/2000           360                 Primary Residence   Refinance
 6644 DEER RIDGE                              Standard             N                   09/01/1900          78.0526
 CLARKSTON                  MI   48348-0000   $2,023.34            09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50581870                        7.250        $220,000.00          $219,655.72         $219,655.72         09/01/2000
 ANDERSON, DAVID B                            07/28/2000           360                 Primary Residence   Purchase
 1397 KENTFIELD DRIVE                         Select               N                   10/01/1900          59.7654
 ROCHESTER                  MI   48307-0000   $1,500.79            08/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50587120                        7.750        $240,000.00          $239,830.61         $239,830.61         10/01/2000
 ZAIDAN, JONATHAN T                           08/14/2000           360                 Primary Residence   Purchase
 687 SOUTHFIELD                               Standard             N                   10/01/1900          67.0391
 BIRMINGHAM                 MI   48009-0000   $1,719.39            09/01/2030          OCT2000-00          $0.00
                                              $7.75                $13.75              $2.88               $36,951.00
                                              $1.00                Single Family       N

 50587670                        7.250        $181,150.00          $181,008.68         $181,008.68         10/01/2000
 SUNDERLIN, CHRIS                             08/22/2000           360                 Primary Residence   Refinance
 980 NAMPA COURT                              Select               N                   10/01/1900          77.4145
 TROY                       MI   48084-0000   $1,235.77            09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50587930                        6.875        $176,000.00          $175,852.13         $175,852.13         10/01/2000
 MIR, HAMID                                   08/23/2000           360                 Primary Residence   Purchase
 926 CASTLEBAR DR                             Standard             N                   10/01/1900          80
 ROCHESTER HILLS            MI   48309-0000   $1,156.20            09/01/2030          OCT2000-00          $0.00
                                              $6.88                $12.88              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50589790                        6.875        $236,150.00          $235,951.60         $235,951.60         10/01/2000
 OEHMKE, MARK F                               08/22/2000           360                 Primary Residence   Refinance
 41881 PONMEADOW DR                           Standard             N                   09/01/1900          66.898
 NORTHVILLE                 MI   48167-2238   $1,551.34            09/01/2030          OCT2000-00          $0.00
                                              $6.88                $12.88              $2.88               $36,951.00
                                              $1.00                Single Family       N

 50592700                        7.125        $344,000.00          $343,724.90         $343,724.90         10/01/2000
 HODGES, CLIFFORD                             08/15/2000           360                 Primary Residence   Purchase
 3096 EASTPOINTE COURT                        Relocation           N                   09/01/1900          80
 ROCHESTER HILLS            MI   48306-0000   $2,317.60            09/01/2030          OCT2000-00          $0.00
                                              $7.13                $13.13              $2.75               $37,865.00
                                              $1.00                Single Family       N
 50594280                        7.250        $289,100.00          $288,874.47         $288,874.47         10/01/2000
 PADILLA, STEPHEN A                           08/25/2000           360                 Primary Residence   Refinance
 1011 W MAPLE ROAD                            Standard             N                   10/01/1900          74.1282
 MILFORD                    MI   48381-0000   $1,972.18            09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Condominium         N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50594750                        7.250        $304,150.00          $303,912.73         $303,912.73         10/01/2000
 SPINAZZE, MARY JANE Jane                     08/25/2000           360                 Primary Residence   Refinance
 6783 OAKHURST RIDGE ROAD                     Select               N                   09/01/1900          49.0565
 CLARKSTON                  MI   48348-0000   $2,074.84            09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Condominium         N

 50603370                        6.875        $145,800.00          $145,554.30         $145,554.30         09/01/2000
 WARD, CLINTON D                              08/15/2000           360                 Primary Residence   Purchase
 9149 INDIAN LAKE ROAD                        Standard             N                   09/01/1900          94.9837
 HOWELL                     MI   48843-0000   $957.81              08/01/2030          OCT2000-00          $0.00
                                              $6.88                $12.88              $2.88               $36,923.00
                                              $1.00                Single Family       N
 50606920                        7.250        $260,900.00          $260,696.47         $260,696.47         10/01/2000
 BURT, DARYLE F                               08/14/2000           360                 Primary Residence   Purchase
 3686 LAKEWOOD SHORES DRIVE                   Standard             N                   09/01/1900          89.9966
 GENOA                      MI   48843-0000   $1,779.80            09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50611910                        7.000        $136,500.00          $136,388.11         $136,388.11         10/01/2000
 BROWN, DAVID A                               08/25/2000           360                 Primary Residence   Refinance
 15624 STAMFORD ROAD                          Select               N                   09/01/1900          58.0851
 LIVONIA                    MI   48154-2835   $908.14              09/01/2030          OCT2000-00          $0.00
                                              $7.00                $13.00              $2.88               $36,951.00
                                              $1.00                Single Family       N

 50613190                        7.000        $194,400.00          $193,734.00         $193,734.00         10/01/2000
 CABANA, MICHAEL C                            08/18/2000           360                 Primary Residence   Refinance
 2203 ZEEB                                    Select               N                   10/01/1900          67.0345
 DEXTER                     MI   48130-0000   $1,293.35            09/01/2030          OCT2000-00          $503.71
                                              $7.00                $13.00              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50615700                        6.500        $328,000.00          $327,703.48         $327,703.48         10/01/2000
 BEGOVICH, MARCO J                            08/18/2000           360                 Primary Residence   Purchase
 14721 EAST CARLYLE LANE                      Select               N                   09/01/1900          80
 VERADALE                   WA   99037-0000   $2,073.19            09/01/2030          OCT2000-00          $0.00
                                              $6.50                $12.50              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50615740                        7.250        $138,300.00          $138,082.23         $138,082.23         10/01/2000
 RICHARDS, JEFFREY S                          08/30/2000           360                 Primary Residence   Refinance
 9142 APPLE ORCHARD                           Standard             N                   10/01/1900          74.7568
 FENTON                     MI   48430-0000   $943.45              09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Single Family       N

 50619050                        7.250        $299,000.00          $298,766.75         $298,766.75         10/01/2000
 ATTALURI, RAGHURAM                           08/28/2000           360                 Primary Residence   Purchase
 47467 WALLINGFORD COURT                      Select               N                   09/01/1900          74.9373
 CANTON                     MI   48187-0000   $2,039.71            09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50623650                        7.250        $80,000.00           $79,937.58          $79,937.58          10/01/2000
 CONWAY, JANE M                               08/25/2000           360                 Primary Residence   Refinance
 182 PINEWOOD CIRCLE                          Standard             N                   09/01/1900          71.4286
 PLYMOUTH                   MI   48170-0000   $545.75              09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Condominium         N
 50624960                        7.000        $345,700.00          $345,416.62         $345,416.62         10/01/2000
 TAYLOR, JAMES E                              08/25/2000           360                 Primary Residence   Refinance
 1070 GUNN ROAD                               Select               N                   09/01/1900          41.903
 OAKLAND TOWNSHIP           MI   48306-0000   $2,299.96            09/01/2030          OCT2000-00          $0.00
                                              $7.00                $13.00              $2.88               $36,951.00
                                              $1.00                Single Family       N

 50628160                        7.250        $87,600.00           $87,531.66          $87,531.66          10/01/2000
 MEYNELL, DAVID S                             09/01/2000           360                 Primary Residence   Refinance
 17329 ELLEN DR                               Standard             N                   09/01/1900          23.5484
 LIVONIA                    MI   48152-0000   $597.59              09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Single Family       N
 50628180                        7.250        $326,800.00          $326,545.06         $326,545.06         10/01/2000
 NADEAU, PAUL M                               08/25/2000           360                 Primary Residence   Refinance
 4753 RAMBLING DR                             Select               N                   09/01/1900          53.5738
 TROY                       MI   48098-0000   $2,229.36            09/01/2030          OCT2000-00          $0.00
                                              $7.25                $13.25              $2.88               $36,951.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 50639020                        7.250        $166,000.00          $166,000.00         $166,000.00         11/01/2000
 HODGE, THOMAS B                              09/01/2000           360                 Primary Residence   Purchase
 15478 E TELEGRAPH DR                         Standard             N                   10/01/1900          60.1449
 FOUNTAIN HILLS             AZ   85268-0000   $1,132.42            10/01/2030          OCT2000-00          $128.73
                                              $7.25                $13.25              $2.88               $36,982.00
                                              $1.00                Single Family       N

 60000145                        6.375        $399,600.00          $393,436.43         $393,436.43         07/01/1999
 HARRINGTON, JAMES L                          05/27/1999           360                 Primary Residence   Purchase
 20 SANDSTONE                                 Standard             N                   09/01/1900          80
 IRVINE                     CA   92604-0000   $2,492.98            06/01/2029          OCT2000-00          $0.00
                                              $6.38                $11.38              $2.75               $38,869.00
                                              $1.00                PUD                 N
 60000197                        7.000        $410,000.00          $403,151.60         $403,151.60         08/01/1999
 ROBERTSHAW, HARRY EDWIN                      06/14/1999           360                 Primary Residence   Purchase
 4408 MILLPOINT ROAD                          Standard             N                   09/01/1900          74.545
 GREENSBORO                 NC   27406-0000   $2,727.75            07/01/2029          OCT2000-00          $1,586.75
                                              $7.00                $12.00              $2.75               $39,995.00
                                              $1.00                Single Family       N
 60000341                        7.375        $850,000.00          $839,219.51         $839,219.51         08/01/1999
 FODOR, THOMAS                                06/25/1999           360                 Primary Residence   Refinance
 54 RIBAUT DRIVE                              Standard             N                   09/01/1900          48.57
 HILTON HEAD ISLAND         SC   29928-0000   $5,870.74            07/01/2029          OCT2000-00          $646.10
                                              $7.38                $13.38              $2.75               $37,438.00
                                              $1.00                PUD                 N

 60001401                        7.250        $367,200.00          $363,330.22         $363,330.22         10/01/1999
 KOMMERA, SRINIVAS R                          08/24/1999           360                 Primary Residence   Purchase
 19411 REVERE STREET                          Standard             N                   10/01/1900          90
 CERRITOS                   CA   90703-0000   $2,504.96            09/01/2029          OCT2000-00          $7.72
                                              $7.25                $12.13              $2.75               $38,231.00
                                              $1.00                Single Family       Y
 60001658                        7.750        $300,000.00          $297,366.89         $297,366.89         11/01/1999
 MILLER, MARK J                               09/20/1999           360                 Primary Residence   Purchase
 508 LATIGO ROW                               Standard             N                   09/01/1900          29.2683
 ENCINITAS                  CA   92024-0000   $2,149.24            10/01/2029          OCT2000-00          $0.00
                                                                   $12.75              $2.75               $38,261.00
                                              $1.00                Single Family       N
 60002136                        8.125        $622,350.00          $621,940.02         $621,940.02         02/01/2000
 RAY, RONALD D                                12/21/1999           360                 Primary Residence   Purchase
 5602 NORMANDY DRIVE                          Standard             N                   10/01/1900          79.9946
 COLLEYVILLE                TX   76034-0000   $4,211.07            01/01/2030          OCT2000-00          $432.56
                                              $8.13                $13.13              $2.75               $40,179.00
                                              $1.00                PUD                 N

 60002145                        7.875        $489,600.00          $486,486.70         $486,486.70         02/01/2000
 MURPHY, KENNETH L                            12/16/1999           360                 Primary Residence   Purchase
 793 MAIN ST                                  Standard             N                   09/01/1900          80
 NORWELL                    MA   02061-0000   $3,549.94            01/01/2030          OCT2000-00          $0.01
                                              $7.88                $12.88              $2.75               $38,353.00
                                              $1.00                Single Family       Y
 60002661                        7.500        $500,000.00          $497,738.51         $497,738.51         05/01/2000
 JEFFERIS, RICHARD H                          03/24/2000           360                 Primary Residence   Purchase
 2731 NOTTINGHAM ROAD                         Standard             N                   09/01/1900          78.9889
 HOUSTON                    TX   77005-2421   $3,496.07            04/01/2030          OCT2000-00          ($0.01)
                                              $7.50                $13.50              $2.88               $36,982.00
                                              $1.00                Single Family       N
 65201894                        7.875        $446,000.00          $443,208.71         $443,208.71         03/01/2000
 KETABIAN, RASSOUL                            01/11/2000           360                 Primary Residence   Purchase
 6735 FOLLETTE ST                             Standard             N                   09/01/1900          74.9579
 CARLSBAD                   CA   92009-0000   $3,233.81            02/01/2030          OCT2000-00          $276.85
                                              $7.88                $12.88              $2.75               $38,384.00
                                              $1.00                Single Family       N

 65202870                        7.625        $266,000.00          $264,425.05         $264,425.05         03/01/2000
 CARDIEL, JAMIE R                             01/25/2000           360                 Primary Residence   Purchase
 24 ABILENE DRIVE                             Standard             N                   09/01/1900          95
 TRABUCO CANYON AREA        CA   92678-0000   $1,882.74            02/01/2030          OCT2000-00          $0.00
                                              $7.63                $12.63              $2.75               $38,384.00
                                              $1.00                Single Family       N
 65204854                        8.375        $374,000.00          $372,580.61         $372,580.61         05/01/2000
 BROOKSBANK, HEATHER A                        03/07/2000           360                 Primary Residence   Purchase
 470 TABOR DRIVE                              Standard             N                   09/01/1900          85
 SCOTTS VALLEY              CA   95066-0000   $2,842.68            04/01/2030          OCT2000-00          ($0.01)
                                              $8.38                $13.38              $2.75               $38,443.00
                                              $1.00                Single Family       N

 Loan ID                         Rate         Orig Amount          Issue Date Bal      Current UPB         First Pay Date
 Borrower Name                                Note Date            Orig Term           Occupancy           Purpose
 Street Address                               Processing Style     Buydown Ind         Paid to Date        LTV
 City                     State  Zip          P & I                Maturity Date       Issue Date          Unsched Pmnts
                                              Initial Rate         Life Cap            Margin              Next Change Date
                                              Units                Property Type       Convertible
 65204940                        7.750        $315,000.00          $313,413.24         $313,413.24         04/01/2000
 CULLINAN, WILLIAM E                          02/24/2000           360                 Primary Residence   Purchase
 16 TRIESTE                                   Standard             N                   10/01/1900          56.5529
 IRVINE                     CA   92606-0000   $2,256.70            03/01/2030          OCT2000-00          $0.01
                                              $7.75                $12.75              $2.75               $38,412.00
                                              $1.00                Single Family       N

 65205094                        8.375        $480,480.00          $478,656.55         $478,656.55         05/01/2000
 HUNTLEY, W JON J                             03/10/2000           360                 Primary Residence   Purchase
 1054 EAST MAGNOLIA BLVD                      Standard             N                   10/01/1900          80
 BURBANK                    CA   91501-0000   $3,652.00            04/01/2030          OCT2000-00          ($0.01)
                                              $8.38                $13.38              $2.75               $38,443.00
                                              $1.00                Single Family       N
 65206369                        8.125        $402,400.00          $400,793.66         $400,793.66         05/01/2000
 SINGH, RABINDRA                              03/01/2000           360                 Primary Residence   Purchase
 337 FAY WAY                                  Standard             N                   10/01/1900          80
 MOUNTAIN VIEW              CA   94043-0000   $2,987.81            04/01/2030          OCT2000-00          $0.00
                                              $8.13                $13.13              $2.75               $38,443.00
                                              $1.00                Single Family       N
 65206992                        7.750        $440,000.00          $436,996.32         $436,996.32         05/01/2000
 CHO, SUNG J                                  03/10/2000           360                 Primary Residence   Purchase
 1011 HILLCREST BOULEVARD                     Standard             N                   10/01/1900          77.1929
 MILLBRAE                   CA   94030-0000   $3,152.22            04/01/2030          OCT2000-00          $841.89
                                              $7.75                $12.75              $2.75               $38,443.00
                                              $1.00                Single Family       N

 65207939                        8.250        $268,000.00          $266,778.74         $266,778.74         04/01/2000
 STADELMAN, EDWIN E                           02/29/2000           360                 Primary Residence   Refinance
 13 DELAMESA WEST                             Standard             N                   09/01/1900          80
 IRVINE                     CA   92620-0000   $2,013.40            03/01/2030          OCT2000-00          $0.00
                                              $8.25                $13.25              $2.75               $38,412.00
                                              $1.00                Single Family       N
 65209886                        8.000        $360,000.00          $358,274.66         $358,274.66         06/01/2000
 MARIN, JEFF S                                04/07/2000           360                 Primary Residence   Purchase
 18117 JAGUAR COURT                           Standard             N                   10/01/1900          87.8048
 TARZANA                    CA   91356-0000   $2,641.56            05/01/2030          OCT2000-00          $199.99
                                              $8.00                $13.00              $2.75               $38,473.00
                                              $1.00                Single Family       N
 68500437                        8.250        $305,000.00          $304,186.55         $304,186.55         07/01/2000
 BRINGS, HANS A                               05/24/2000           360                 Primary Residence   Purchase
 230 SENLAC HILLS DRIVE                       Standard             N                   10/01/1900          100
 CHAGRIN FALLS              OH   44022-0000   $2,291.37            06/01/2030          OCT2000-00          $27.22
                                              $8.38                $13.25              $2.75               $38,504.00
                                              $1.00                Single Family       N

</TABLE>

<PAGE>

                                    EXHIBIT F

                           FORM OF REQUEST FOR RELEASE

To:     Escrow Bank USA
        100 Witmer Road
        Horsham, Pennsylvania 19044
        Attn:  [__________]

          Re:  Custodial  Agreement  dated as of October  27,  2000 by and among
               GMAC  Mortgage  Corporation,   as  Servicer,   Wells  Fargo  Bank
               Minnesota, N.A., as Trustee and Escrow Bank USA, as Custodian

               In connection with the  administration of the Mortgage Loans held
by you, as Custodian,  pursuant to the above-captioned  Custodial Agreement,  we
request the release, and hereby acknowledge receipt, of the Custodian's Mortgage
File for the Mortgage Loan described below, for the reason indicated.

Mortgage Loan Number:

Mortgagor Name, Address & Zip Code:

Reasons for Requesting Documents (check one):

 __________1. Mortgage Paid in Full

___________2. Foreclosure

___________3. Substitution

___________4. Other Liquidation

___________5. Non-liquidation

                                     By: _____________________________
                                            (authorized signer)

                                     Servicer: _______________________

                                     Address: ________________________

                                     Date: ___________________________
Custodian

<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 GMACM Mortgage Pass-Through Certificates, Series 2000-J5, 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

<PAGE>

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.

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 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 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 or any  political  subdivision  thereof  (except in the case of a
partnership, to the extent provided in Treasury regulations),  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.

6. 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.

7. 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.

8. 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.

9.      The Owner's Taxpayer Identification Number is ______________________.

10. 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.

11. 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.

12.  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

                                        G-1-2

<PAGE>

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.

13. 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.

14. 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.

                                        G-1-3

<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 27th day of October, 2000.

                                            [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 27th day of October, 2000.

                                  NOTARY PUBLIC

                                            COUNTY OF
                                            STATE OF
                                            My Commission  expires the day of ,
20 .

                                        G-1-4

<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE

                                                        , 20
                                           -------------    ----

Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Wells Fargo Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland  21044

Attention:  Residential Asset Mortgage Products, Inc.,  Series 2000-J5

               Re:    GMACM Mortgage Pass-Through Certificates,
                      Series 2000-J5, 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 GMACM
Mortgage   Pass-Through   Certificates,   Series   2000-J5,   Class   R-__  (the
"Certificates"), pursuant to Section 5.02 of the Pooling and Servicing Agreement
(the  "Pooling  and  Servicing  Agreement"),  dated as of October 27, 2000 among
Residential  Asset  Mortgage  Products,  Inc., as seller (the  "Company"),  GMAC
Mortgage  Corporation,  as servicer,  and Wells Fargo Bank  Minnesota,  N.A., 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 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 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-1

                     FORM OF INVESTOR REPRESENTATION LETTER

                                     __________ , 20 ____

Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437

Wells Fargo Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland  21044

GMAC Mortgage Corporation
100 Witmer Road
Horsham, Pennsylvania  19044

Attention:  Residential Asset Mortgage Products, Inc. Series 2000-J5

               RE:    GMACM Mortgage Pass-Through Certificates,
                      Series 2000-J5, [Class B-[ ]]

Ladies and Gentlemen:

     __________________    (the   "Purchaser")    intends   to   purchase   from
_________________(the   "Seller")  $___________  Initial  Certificate  Principal
Balance of GMACM Mortgage Pass-Through Certificates,  Series 2000-J5, Class (the
"Certificates"),  issued  pursuant to the Pooling and Servicing  Agreement  (the
"Pooling  and  Servicing  Agreement"),  dated  as  of  October  27,  2000  among
Residential  Asset  Mortgage  Products,  Inc., as seller (the  "Company"),  GMAC
Mortgage Corporation, as Servicer (the "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 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  October 27, 2000,
     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.

                                        H-1-2

<PAGE>

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 (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; or

(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 conditions set forth in Sections I
               and III of PTCE 95-60 have been satisfied.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants with, the Company, the Trustee and the 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) or (b) above.

                                            Very truly yours,

                                            By:
                                            Name:
                                            Title:

                                        H-1-3

<PAGE>

                                   EXHIBIT H-2

                       FORM OF ERISA REPRESENTATION LETTER

                                                                      , 200
                                            --------------------------     --

GMAC Mortgage Corporation
100 Witmer Road
Horsham, Pennsylvania  19044

Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Wells Fargo Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland  21044

Attention:     GMAC Mortgage Corporation Series 2000-J5

               Re:  GMACM Mortgage  Pass-Through  Certificates,  Series 2000-J5,
                    [Class M-[ ]] [Class B-[ ]]

Ladies and Gentlemen:

     _____________________   (the   "Purchaser")   intends  to   purchase   from
______________ (the "Seller")  $_______________  Initial  Certificate  Principal
Balance of GMACM Mortgage Pass-Through Certificates, Series 2000-J5, [Class M- ,
Class B-___] (the "Certificates"),  issued pursuant to the Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement"), dated as of October 27, 2000,
among Residential Asset Mortgage Products, Inc., as seller (the "Company"), GMAC
Mortgage  Corporation,  as  Servicer  (the  "Servicer")  and  Wells  Fargo  Bank
Minnesota,  N.A.,  as (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 Servicer that either:

(a)            The Purchaser 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; or

<PAGE>

(b)            The Purchaser 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
               conditions  set forth in  Sections  I and III of PTCE  95-60 have
               been satisfied.

                      In addition,  the Purchaser hereby  certifies,  represents
               and warrants to, and covenants with, the Company, the Trustee and
               the  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 (a) or (b) above.

                                            Very truly yours,

                                            By:
                                            Name:
                                            Title:

                                        H-2-2
<PAGE>

                                   EXHIBIT H-3

                              FORM OF ERISA LEGEND

        Each  beneficial  owner of a book-entry  [Class M Certificate]  [Class B
Certificate] (or any interest therein) shall be deemed to have  represented,  by
virtue of its acquisition or holding of such Certificate (or interest  therein),
that either:

               (a) it 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; or

               (b) (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  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.

        Any purported  beneficial owner of a book-entry  [Class M/B Certificate]
(or  interest  therein)  to whom  either (a) or (b) above  does not apply  shall
indemnify  and hold  harmless  the  Company,  the  Trustee,  the  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  its
acquisition or holding of such Certificate.

                                        H-2-3

<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                                     , 20
                                                        -------------    --

Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437

Wells Fargo Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland  21044

Attention: Residential Asset Mortgage Products, Inc.,  Series 2000-J5

               Re:    GMACM Mortgage Pass-Through Certificates,
                      Series 2000-J5, [Class B-[ ]]

Ladies and Gentlemen:

     In  connection  with  the  sale  by   _________________(the   "Seller")  to
________________  (the "Purchaser") of  $_________________  Initial  Certificate
Principal Balance of GMACM Mortgage Pass-Through  Certificates,  Series 2000-J5,
Class  (the  "Certificates"),  issued  pursuant  to the  Pooling  and  Servicing
Agreement (the "Pooling and Servicing Agreement"), dated as of October 27, 2000,
among Residential Asset Mortgage Products, Inc., as seller (the "Company"), GMAC
Mortgage  Corporation,  as Servicer,  and Wells Fargo Bank  Minnesota,  N.A., 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.

                                            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 Servicer (as defined in the Pooling and Servicing Agreement (the
"Agreement"),  dated as of October 27, 2000 among GMAC Mortgage  Corporation  as
Servicer,  Residential  Asset  Mortgage  Products,  Inc. as Company  pursuant to
Section 5.02 of the Agreement and Wells Fargo Bank Minnesota, N.A., 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.

<PAGE>

(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.

(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  (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  within the  meaning of the
        Department of Labor ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(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 conditions set forth in Sections I and III of
        PTCE 95-60 have been satisfied.]

               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.

                                        J-2

<PAGE>

               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:
     ----------------------------------------

                                        J-3

<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.

                                        J-4

<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 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.

--   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.

                                        J-5

<PAGE>

                           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  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:

                                        J-6

<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.

                                        J-7

<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 ADVISER:

                               Print Name of Buyer

                                            Date:

                                        J-8

<PAGE>

                                    EXHIBIT K

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                                , 20
                                                    ------------    --------

Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

Wells Fargo Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland  21044

Attention:  Residential Asset Mortgage Products, Inc., Series 2000-J5

               Re:    GMACM Mortgage Pass-Through Certificates, Series 2000-J5
                      Assignment of Mortgage Loan

Ladies and Gentlemen:

               This letter is delivered to you in connection with the assignment
by Wells Fargo Bank  Minnesota,  N.A. (the  "Trustee") to (the "Lender") of (the
"Mortgage  Loan")  pursuant  to Section  3.13(d) of the  Pooling  and  Servicing
Agreement (the "Pooling and Servicing Agreement"),  dated as of October 27, 2000
among Residential Asset Mortgage Products, Inc., as seller (the "Company"), GMAC
Mortgage  Corporation,  as 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 Servicer and the Trustee that:

(i) 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;

(ii) 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;

(iii) 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

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
Mortgage Loan.

                                            Very truly yours,

                                            (Lender)

                                            By:
                                            Name:
                                            Title:

<PAGE>

                                    EXHIBIT L

                                   [reserved]

<PAGE>

                                    EXHIBIT M

                          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 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  Guaranteed   Distribution  for  such  Distribution  Date,  and  the
        respective  portions thereof allocable to principal and interest for the
        Insured Certificates;

(vii)   the amount of any FSA Insurance Payment made on such Distribution  Date,
        the amount of any  reimbursement  payment made to Financial  Security on
        such Distribution  Date pursuant to Section  4.02(a)(xvi) and the amount
        of  Cumulative  Insurance  Payments  after giving effect to any such FSA
        Insurance  Payment  or  any  such  reimbursement  payment  to  Financial
        Security;

(viii) the related  Subordinate  Principal  Distribution  Amount and  Prepayment
     Distribution Percentage, if applicable;

(ix)    on the basis of the most recent reports furnished to it by the Servicer,
        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;

(x)  on the basis of the most recent  reports  furnished to it by the  Servicer,
     the  number,  aggregate  principal  balance  and  book  value  of  any  REO
     Properties;

(xi)    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;

<PAGE>

(xii)   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;

(xiii) the Pass-Through Rate with respect to the Class IO Certificates,  if any,
     thereof;

(xiv)the  occurrence  of the Credit  Support  Depletion  Date and the  Accretion
     Termination Date;

(xv) the related Senior Accelerated  Distribution  Percentage applicable to such
     distribution;

(xvi)   the related Senior Percentage for such Distribution Date;

(xvii)  the amount of Realized Losses  allocated on such  Distribution  Date and
        the cumulative amount of Realized Losses as of such  Distribution  Date;
        and

(xviii) if any of the Class M  Certificates  are held by a Depository,  a legend
        substantially in the form of Exhibit H-3, referencing such Certificates.

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.

<PAGE>

                                    EXHIBIT N

                          FORM OF INITIAL CERTIFICATION

                                October __, 2000

Wells Fargo Bank Minnesota, N.A.             GMAC Mortgage Corporation
11000 Broken Land Parkway                    100 Witmer Road
Columbia, Maryland  21044                    Horsham, Pennsylvania  19044

Financial Security Assurance Inc.

Attention:
__________________________________________________________________________(GMACM
Mortgage Pass-Through Certificates, Series 2000-J5)

Attention:  Residential Asset Mortgage Products, Inc., Series 2000-J5

               Re:  Custodial  Agreement  dated as of October 27,  2000,  by and
                    among Wells Fargo Bank  Minnesota,  N.A.,  as Trustee,  GMAC
                    Mortgage Corporation,  as Servicer,  and Escrow Bank USA, as
                    Custodian

Ladies and Gentlemen:

               In accordance with Section 2.2 of the  above-captioned  Custodial
Agreement,   and  subject  to  Section  2.02  of  the  Pooling  Agreement,   the
undersigned, as Custodian, hereby certifies that it has received a Mortgage File
(which  contains an original  Mortgage Note or an original  lost note  affidavit
with a copy of the related  Mortgage  Note, if  available)  with respect to each
Mortgage  Loan listed in the  Mortgage  Loan  Schedule,  and it has reviewed the
Mortgage  File and the Mortgage  Loan  Schedule  and has  determined  that:  all
required  documents  have been  executed and received to the extent  required in
Section 2.01(b) of the Pooling  Agreement,  subject to the provisions of Section
2.01(c)  of the  Pooling  Agreement,  and that  such  documents  related  to the
Mortgage  Loans  identified on the Mortgage Loan  Schedule,  with any exceptions
listed on Schedule A attached hereto.

               Capitalized  terms used  herein  that are not  otherwise  defined
shall  have the  meanings  assigned  thereto  in the  above-captioned  Custodial
Agreement.

                                                   ESCROW BANK USA, as Custodian

                                                   By:
                                      Name:
                                     Title:

<PAGE>

                                    EXHIBIT O

                           FORM OF FINAL CERTIFICATION

________, 2000

Wells Fargo Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland  21044

Financial Security Assurance Inc.

Attention:
_____________________________________________________
_____________________(GMACM
Mortgage Pass-Through Certificates, Series 2000-J5)
GMAC Mortgage Corporation
100 Witmer Road
Horsham, Pennsylvania  19044

Attention:  Residential Asset Mortgage Products, Inc., Series 2000-J5

               Re:  Custodial  Agreement  dated as of October 27,  2000,  by and
                    among Wells Fargo Bank  Minnesota,  N.A.,  as Trustee,  GMAC
                    Mortgage Corporation,  as Servicer,  and Escrow Bank USA, as
                    Custodian

Ladies and Gentlemen:

               In accordance with the above-captioned  Custodial Agreement,  the
undersigned, as Custodian, hereby certifies that it has received a Mortgage File
with  respect  to each  Mortgage  Loan  listed  in the  Mortgage  Loan  Schedule
containing (I) with respect to each such Mortgage Loan (other than a Cooperative
Loan):

(i)  The original  Mortgage Note,  endorsed without recourse in blank, or in the
     name of the Trustee as trustee,  and signed by an authorized officer (which
     endorsement  shall  contain  either an  original  signature  or a facsimile
     signature of an authorized  officer of the Seller, and if in the form of an
     allonge,  the  allonge  shall be stapled to the  Mortgage  Note),  with all
     intervening  endorsements  showing  a  complete  chain  of  title  from the
     originator to the Seller. If the Mortgage Loan was acquired by the endorser
     in a merger,  the endorsement must be by "___________,  successor by merger
     to [name of  predecessor]." If the Mortgage Loan was acquired or originated
     by the endorser while doing  business  under another name, the  endorsement
     must be by "__________formerly known as [previous name]";

<PAGE>

(ii)    The  original  Mortgage,  noting the presence of the MIN of the Mortgage
        Loan, if the Mortgage is registered on the MERS(R) System,  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  certified  by the public  recording  office in which such
        Mortgage has been recorded;

(iii)The  original of any  guarantee  executed in  connection  with the Mortgage
     Note, if applicable;

(iv)    Any rider or the  original  of any  modification  agreement  executed in
        connection with the related Mortgage Note or Mortgage,  with evidence of
        recording if required by applicable law;

(v)  Unless the Mortgage Loan is registered  on the  MERS(R)System,  an original
     Assignment  or  Assignments  of the  Mortgage  (which may be  included in a
     blanket  assignment  or  assignments)  from the Seller to "Wells Fargo Bank
     Minnesota,  N.A.,  as Trustee  under that  certain  Pooling  and  Servicing
     Agreement  dated as of October 27, 2000,  for GMACM  Mortgage  Pass-Through
     Certificates,  Series 2000-J5" c/o the Servicer at an address  specified by
     the Servicer,  and signed by an authorized officer,  which assignment shall
     be in form and substance acceptable for recording. If the Mortgage Loan was
     acquired  by the  assignor  in a  merger,  the  assignment  must  be by " ,
     successor by merger to [name of  predecessor]".  If the  Mortgage  Loan was
     acquired or originated by the assignor  while doing  business under another
     name, the assignment must be by " formerly known as [previous name]";

(vi)    Originals of all  intervening  assignments  of mortgage,  which together
        with Mortgage shows a complete chain of title from the originator to the
        Seller (or to MERS,  if the Mortgage  Loan is  registered on the MERS(R)
        System,  and which  notes  the  presence  of a MIN),  with  evidence  of
        recording thereon;

(vii)The original  mortgagee  policy of title  insurance,  including  riders and
     endorsements  thereto,  or if the  policy  has not yet been  issued,  (i) a
     written  commitment  or  interim  binder  for  title  issued  by the  title
     insurance  or escrow  company  dated as of the date the  Mortgage  Loan was
     funded, with a statement by the title insurance company or closing attorney
     that the  priority  of the lien of the related  Mortgage  during the period
     between the date of the funding of the related  Mortgage  Loan and the date
     of the related  title policy (which title policy shall be dated the date of
     recording of the related  Mortgage) is insured,  (ii) a  preliminary  title
     report  issued  by a title  insurer  in  anticipation  of  issuing  a title
     insurance  policy which  evidences  existing  liens and gives a preliminary
     opinion as to the  absence  of any  encumbrance  on title to the  Mortgaged
     Property, except liens to be removed on or before purchase by the Mortgagor
     or which constitute customary exceptions acceptable to lenders generally or
     (iii) other evidence of title insurance acceptable to Fannie Mae or Freddie
     Mac, in accordance with the Fannie Mae Seller/Servicer Guide or Freddie Mac
     Seller/Servicer Guide, respectively;

(viii)   A certified true copy of any power of attorney, if applicable; and

                                        O-2

<PAGE>

(ix) Originals of any security  agreement,  chattel  mortgage or the  equivalent
     executed in connection with the Mortgage, if any;

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 Seller;

(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;

(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)     An executed UCC-1 financing  statement showing the Seller as debtor, the
        Company as secured  party and the  Trustee as  assignee  and an executed
        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.

               Capitalized   words  and  phrases  used  herein  shall  have  the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                                    ESCROW BANK USA, as Custodian

                                    By:
                                    Name:
                                    Title:

<PAGE>EXECUTION COPY

                        MORTGAGE LOAN PURCHASE AGREEMENT

        This is a Mortgage Loan Purchase Agreement (the "Agreement") dated as of
October  27, 2000 by and  between  GMAC  Mortgage  Corporation,  a  Pennsylvania
corporation,  having an office at 100 Witmer Road,  Horsham,  Pennsylvania 19044
(the  "Seller")  and  Residential  Asset  Mortgage  Products,  Inc.,  a Delaware
corporation,   and  having  an  office  at  8400   Normandale   Lake  Boulevard,
Minneapolis, Minnesota 55437 (the "Purchaser").

        The Seller agrees to sell to the  Purchaser and the Purchaser  agrees to
purchase from the Seller certain mortgage loans on a servicing-retained basis as
described  herein (the  "Mortgage  Loans").  The following  terms are defined as
follows:

Aggregate  Principal  Balance (as of the Cut-Off Date):  $124,918,786.14  (after
     deduction  of  scheduled  principal  payments  due on or before the Cut-Off
     Date,  whether or not collected,  but without deduction of prepayments that
     may have  been  made but not  reported  to the  Seller  as of the  close of
     business on such date).

Closing Date:  October 27, 2000, or such other date as may be agreed upon by the
     parties hereto.

Cut-Off Date: October 1, 2000.

Mortgage  Loan:  A  fixed  rate,   fully-amortizing,   first  lien,  residential
     conventional  mortgage  loan  having a term of not more  than 30 years  and
     secured by Mortgaged Property.

Mortgaged  Property:  A single  parcel of real  property  on which is  located a
     detached   single-family   residence,  a  two-to-four  family  dwelling,  a
     townhouse,  an individual  condominium  unit,  or an  individual  unit in a
     planned  unit  development,   or  a  proprietary  lease  in  a  unit  in  a
     cooperatively-owned apartment building and stock in the related cooperative
     corporation.

Pooling and Servicing Agreement:  The pooling and servicing agreement,  dated as
     of October 27, 2000, among  Residential Asset Mortgage  Products,  Inc., as
     company,  GMAC  Mortgage  Corporation,  as  servicer  and Wells  Fargo Bank
     Minnesota, N.A., as trustee (the "Trustee").

<PAGE>

All  capitalized  terms used but not  defined  herein  shall  have the  meanings
assigned  thereto in the Pooling and  Servicing  Agreement.  The parties  intend
hereby  to  set  forth  the  terms  and  conditions   upon  which  the  proposed
transactions  will be effected  and, in  consideration  of the  premises and the
mutual agreements set forth herein, agree as follows:

SECTION 1. Agreement to Sell and Purchase  Mortgage Loans.  The Seller agrees to
sell to the  Purchaser  and the  Purchaser  agrees to  purchase  from the Seller
certain  Mortgage  Loans  having  an  aggregate  amount  equal to the  Aggregate
Principal Balance as of the Cut-Off Date.

SECTION 2.  Mortgage Loan  Schedule.  The Seller has provided to the Purchaser a
schedule  setting forth all of the Mortgage Loans to be purchased on the Closing
Date under this  Agreement,  which shall be  attached  hereto as Schedule I (the
"Mortgage Loan Schedule").

SECTION 3. Purchase Price of Mortgage  Loans.  The purchase price (the "Purchase
Price") to be paid to the Seller by the Purchaser  for the Mortgage  Loans shall
be the sum of (i) $112,672,558.20 and (ii) the Class SB Certificates and a 0.04%
Percentage  Interest  in each of the  Class  R-I  Certificates  and  Class  R-II
Certificates  issued pursuant to the Pooling and Servicing  Agreement.  The cash
portion of the  purchase  price shall be paid by wire  transfer  of  immediately
available funds on the Closing Date to the account specified by the Seller.

        The Purchaser and Seller intend that the conveyance by the Seller to the
Purchaser  of all its right,  title and  interest in and to the  Mortgage  Loans
pursuant to this Agreement shall be, and be construed as, a sale of the Mortgage
Loans by the Seller to the  Purchaser.  It is,  further,  not intended that such
conveyance  be deemed to be a pledge of the Mortgage  Loans by the Seller to the
Purchaser to secure a debt or other  obligation of the Seller.  However,  in the
event that the Mortgage  Loans are held to be property of the Seller,  or if for
any reason this Agreement is held or deemed to create a security interest in the
Mortgage Loans,  then it is intended that (a) this Agreement shall be a security
agreement  within the  meaning of Articles 8 and 9 of the  Pennsylvania  Uniform
Commercial  Code  and  the  Uniform  Commercial  Code  of any  other  applicable
jurisdiction; (b) the conveyance provided for in this Section shall be deemed to
be, and hereby is, a grant by the Seller to the Purchaser of a security interest
in all of the Seller'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, accounts, chattel paper, instruments, documents, money,
deposit accounts,  certificates of deposit, goods, letters of credit, advices of
credit and investment property 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,  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 and (C) 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  Payment  Account  or the  Custodial  Account,
whether in the form of cash, instruments,  securities or other property; (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,
negotiable documents,  letters of credit, advices of credit, investment property
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  Pennsylvania

                                        2

<PAGE>

Uniform  Commercial Code and the Uniform Commercial Code of any other applicable
jurisdiction  (including,  without  limitation,  Sections 8-106, 9-305 and 9-115
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 Seller  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 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 Seller shall
prepare and deliver to the  Purchaser  not less than 15 days prior to any filing
date, and the Purchaser  shall file, or shall cause to be filed,  at the expense
of the  Seller,  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  Purchaser's  security  interest in or lien on the
Mortgage Loans,  including without limitation (x) continuation  statements,  and
(y) such other  statements as may be occasioned by (1) any change of name of the
Seller or the Purchaser,  (2) any change of location of the place of business or
the chief executive office of the Seller, or (3) any transfer of any interest of
the Seller in any Mortgage Loan.

        Notwithstanding  the  foregoing,  (i)  the  Seller  in its  capacity  as
Servicer  shall retain all  servicing  rights  (including,  without  limitation,
primary  servicing  and master  servicing)  relating  to or  arising  out of the
Mortgage Loans, and all rights to receive  servicing fees,  servicing income and
other payments made as compensation  for such servicing  granted to it under the
Pooling and Servicing  Agreement  pursuant to the terms and conditions set forth
therein (collectively, the "Servicing Rights") and (ii) the Servicing Rights are
not included in the  collateral in which the Seller  grants a security  interest
pursuant to the immediately preceding paragraph.

SECTION 4. Record Title and  Possession  of Mortgage  Files.  The Seller  hereby
sells,  transfers,  assigns,  sets over and  conveys to the  Purchaser,  without
recourse,  but  subject to the terms of this  Agreement  and the  Seller  hereby
acknowledges that the Purchaser,  subject to the terms of this Agreement,  shall
have all the right,  title and  interest  of the  Seller in and to the  Mortgage
Loans. The delivery of each Mortgage File (as defined below) to the Purchaser or
its designee is at the expense of the Seller.  From the Closing Date,  but as of
the Cut-off Date,  the ownership of each Mortgage  Loan,  including the Mortgage
Note,  the Mortgage,  the contents of the related  Mortgage File and all rights,
benefits, proceeds and obligations arising therefrom or in connection therewith,
has been vested in the  Purchaser.  All rights arising out of the Mortgage Loans
including,  but not limited to, all funds received on or in connection  with the
Mortgage  Loans and all records or documents  with respect to the Mortgage Loans
prepared by or which come into the  possession  of the Seller  shall be received
and held by the Seller in trust for the  exclusive  benefit of the  Purchaser as
the owner of the Mortgage  Loans.  On and after the Closing Date, any portion of
the related Mortgage Files or servicing files related to the Mortgage Loans (the

                                        3

<PAGE>

"Servicing Files") in Seller's possession shall be held by Seller in a custodial
capacity  only for the benefit of the  Purchaser.  The Seller shall  release its
custody of any contents of the related Mortgage Files or Servicing Files only in
accordance  with  written  instructions  of the  Purchaser  or  the  Purchaser's
designee.

SECTION 5. Books and Records.  The sale of each Mortgage Loan has been reflected
on the Seller's balance sheet and other financial statements as a sale of assets
by the  Seller.  The Seller  shall be  responsible  for  maintaining,  and shall
maintain, a complete set of books and records for the Mortgage Loans which shall
be appropriately  identified in the Seller's  computer system to clearly reflect
the ownership of the Mortgage Loans by the Purchaser.

SECTION 6.  Delivery of Mortgage  Files.  Within five (5) Business Days prior to
the Closing Date, the Seller will deliver the Mortgage File with respect to each
Mortgage Loan to the Purchaser or its  designee,  as directed by the  Purchaser.
The "Mortgage File" means,  (I) with respect to each Mortgage Loan (other than a
Cooperative Loan):

(a)  The original  Mortgage Note,  endorsed without recourse in blank, or in the
     name of the Trustee as trustee,  and signed by an authorized officer (which
     endorsement  shall  contain  either an  original  signature  or a facsimile
     signature of an authorized  officer of the Seller, and if in the form of an
     allonge,  the  allonge  shall be stapled to the  Mortgage  Note),  with all
     intervening  endorsements  showing  a  complete  chain  of  title  from the
     originator to the Seller. If the Mortgage Loan was acquired by the endorser
     in a merger,  the endorsement must be by  "________________  , successor by
     merger to [name of  predecessor]".  If the  Mortgage  Loan was  acquired or
     originated by the endorser  while doing  business  under another name,  the
     endorsement  must be by "  ________________  formerly  known  as  [previous
     name]";

(b)  The original Mortgage, noting the presence of the MIN of the Mortgage Loan,
     if  the  Mortgage  is  registered  on  the  MERS(R)  System,  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  certified by the public  recording  office in which such Mortgage
     has been recorded;

(c)  The  original of any  guarantee  executed in  connection  with the Mortgage
     Note, if applicable;

(d)  Any  rider  or the  original  of any  modification  agreement  executed  in
     connection  with the related  Mortgage  Note or Mortgage,  with evidence of
     recording if required by applicable law;

(e)  Unless the Mortgage Loan is registered  on the  MERS(R)System,  an original
     Assignment  or  Assignments  of the  Mortgage  (which may be  included in a
     blanket  assignment  or  assignments)  from the Seller to "Wells Fargo Bank
     Minnesota,  N.A.,  as Trustee  under that  certain  Pooling  and  Servicing
     Agreement  dated as of October 27, 2000,  for GMACM  Mortgage  Pass-Through
     Certificates,  Series 2000-J5" c/o the Servicer at an address  specified by

                                        4

<PAGE>

     the Servicer,  and signed by an authorized officer,  which assignment shall
     be in form and substance acceptable for recording. If the Mortgage Loan was
     acquired  by  the  assignor  in  a  merger,   the  assignment  must  be  by
     "______________  ,  successor by merger to [name of  predecessor]".  If the
     Mortgage  Loan was  acquired  or  originated  by the  assignor  while doing
     business under another name, the assignment  must be by  "________________,
     formerly known as [previous name]";

(f)  Originals of all intervening  assignments of mortgage,  which together with
     the Mortgage  shows a complete  chain of title from the  originator  to the
     Seller (or to MERS,  if the  Mortgage  Loan is  registered  on the  MERS(R)
     System,  and which notes the presence of a MIN), with evidence of recording
     thereon;

(g)  The original  mortgagee  policy of title  insurance,  including  riders and
     endorsements  thereto,  or if the  policy  has not yet been  issued,  (i) a
     written  commitment  or  interim  binder  for  title  issued  by the  title
     insurance  or escrow  company  dated as of the date the  Mortgage  Loan was
     funded, with a statement by the title insurance company or closing attorney
     that the  priority  of the lien of the related  Mortgage  during the period
     between the date of the funding of the related  Mortgage  Loan and the date
     of the related  title policy (which title policy shall be dated the date of
     recording of the related  Mortgage) is insured,  (ii) a  preliminary  title
     report  issued  by a title  insurer  in  anticipation  of  issuing  a title
     insurance  policy which  evidences  existing  liens and gives a preliminary
     opinion as to the  absence  of any  encumbrance  on title to the  Mortgaged
     Property, except liens to be removed on or before purchase by the Mortgagor
     or which constitute customary exceptions acceptable to lenders generally or
     (iii) other evidence of title insurance acceptable to Fannie Mae or Freddie
     Mac, in accordance with the Fannie Mae Seller/Servicer Guide or Freddie Mac
     Seller/Servicer Guide, respectively;

(h)  A certified true copy of any power of attorney, if applicable; and

(i)  Originals of any security  agreement,  chattel  mortgage or the  equivalent
     executed in connection with the Mortgage, if any;

and (II) with respect to each Cooperative Loan:

(a)            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 Seller;

(b)            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;

(c)            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;

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<PAGE>

(d)  The original  recognition  agreement by the Cooperative of the interests of
     the mortgagee with respect to the related Cooperative Loan;

(e)            The Security Agreement;

(f)            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;

(g)            Copies of the filed UCC-3  assignments  of the security  interest
               referenced in clause (f) 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;

(h)            An executed  assignment of the interest of the  originator in the
               Security  Agreement,  Assignment  of  Proprietary  Lease  and the
               recognition  agreement referenced in clause (d) above, showing an
               unbroken chain of title from the originator to the Trustee;

(i)  The original of each modification,  assumption  agreement or preferred loan
     agreement, if any, relating to such Cooperative Loan; and

(j)            An  executed  UCC-1  financing  statement  showing  the Seller as
               debtor,  the  Purchaser  as  secured  party  and the  Trustee  as
               assignee and an executed UCC-1  financing  statement  showing the
               Purchaser 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.

        In the event that in connection with any Mortgage Loan the Seller cannot
deliver (a) the original  recorded  Mortgage (or evidence of  submission  to the
recording  office),  (b) all  interim  recorded  assignments,  (c) the  original
recorded modification agreement, if required, or (d) the original lender's title
insurance policy (together with all riders thereto)  satisfying the requirements
of clause (I)(b),  (d), (f) or (g) above,  respectively,  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
(I)(b),  (d) or (f) above, or because the title policy has not been delivered to
either the  Purchaser  or the Seller by the title  insurer in the case of clause
(I)(g) above, the Seller shall use its best efforts to deliver to the Custodian,
if any, or the Trustee,  in the case of clause  (I)(b),  (d) or (f) above,  such
original Mortgage, such interim assignment, 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, but in no
event shall any such  delivery of the  original  Mortgage  and each such interim
assignment  or a copy  thereof,  certified,  if  appropriate,  by  the  relevant
recording  office,  or the original lender's title policy be made later than one
(1) year following the Closing Date; provided,  however, in the event the Seller
is  unable  to  deliver  by such  dates  each  Mortgage  and each  such  interim
assignment by reason of the fact that any such  documents have not been returned
by the  appropriate  recording  office,  or,  in the case of each  such  interim
assignment,   because  the  related  Mortgage  has  not  been  returned  by  the

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<PAGE>

appropriate  recording  office,  the Seller shall deliver such  documents to the
Custodian,  if any, or the Trustee as promptly as possible upon receipt  thereof
and, in any event,  within 540 days  following  the Closing Date. In lieu of the
Mortgage  Notes relating to the Mortgage  Loans,  each as identified in the list
delivered  by the Seller to the Trustee or Custodian  on the Closing  Date,  the
Seller  may  deliver a lost note  affidavit  from the  Seller  stating  that the
original Mortgage Note was lost,  misplaced or destroyed,  and, if available,  a
copy of each original  Mortgage  Note;  provided,  however,  that in the case of
Mortgage  Loans which have been prepaid in full after the Cut-off Date and prior
to the Closing Date, the Seller, in lieu of delivering the above documents,  may
deliver to the Custodian,  if any, or the Trustee a certification to such effect
and shall  deposit  all  amounts  paid in respect of such  Mortgage  Loan in the
Payment  Account on the Closing  Date. In any event,  if such  documents are not
delivered by the 540th day after the Closing Date,  the Seller shall  repurchase
the related Mortgage Loans at the Purchase Price or substitute for such Mortgage
Loans one or more Qualified Substitute Mortgage Loans in accordance with Section
7.03 hereof.

        In connection  with any Mortgage  Loan, if the Seller cannot deliver the
Mortgage, any assignment,  modification,  assumption agreement or preferred loan
agreement  (or copy  thereof  certified  by the public  recording  office)  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 Seller shall deliver or cause to be delivered to the Custodian,
if  any,  or  the  Trustee  a true  and  correct  photocopy  of  such  Mortgage,
assignment, modification, assumption agreement or preferred loan agreement.

        If any  assignment  is lost or  returned  unrecorded  to the  Trustee or
Custodian  because of any defect therein,  the Seller shall prepare a substitute
assignment or cure such defect, as the case may be, and the Servicer shall cause
such assignment to be recorded in accordance with this Section.

        If the Purchaser  discovers any defect with respect to a Mortgage  File,
the  Purchaser  shall give prompt  written  specification  of such defect to the
Seller, and the Seller shall cure or repurchase such Mortgage Loan or substitute
a Qualified Substitute Mortgage Loan in the manner set forth in Section 7.03.

        If the Seller is notified that any document or documents  constituting a
part of a Mortgage  File are missing or defective in any material  respect,  the
Seller  shall  cure any such  defect  within  90 days from the date on which the
Seller was notified of such defect,  and if the Seller does not cure such defect
in all material  respects  during such period,  upon receipt of a request by the
Trustee  on  behalf of the  Certificateholders,  the  Seller  shall  either  (i)
substitute for such Mortgage Loan a Qualified  Substitute  Mortgage Loan,  which
substitution  shall be  accomplished in the manner and subject to the conditions
set forth in Section 7.03 herein,  or (ii)  purchase such Mortgage Loan from the
Trust  Fund at the  Purchase  Price  within 90 days  after the date on which the
Seller was notified of such defect; provided that if such defect would cause the

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<PAGE>

Mortgage  Loan to be other  than a  "qualified  mortgage"  as defined in Section
860G(a)(3) of the Code,  any such cure,  substitution  or repurchase  must occur
within 90 days from the date such breach was  discovered.  It is understood  and
agreed  that the  obligation  of the  Seller to cure a  material  defect  in, or
substitute for, or purchase any Mortgage Loan as to which a material defect in a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect   available   to   Certificateholders   or  the   Trustee  on  behalf  of
Certificateholders.

SECTION 7.     Representations and Warranties.

SECTION 7.01.  Representations  and Warranties of Seller. The Seller represents,
warrants  and  covenants to the  Purchaser  that as of the Closing Date or as of
such date specifically provided herein:

               (a) The Seller is a corporation duly organized,  validly existing
and in good standing under the laws of the  Commonwealth of Pennsylvania  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;

               (b) The  Seller  has the power and  authority  to make,  execute,
deliver  and  perform  its  obligations  under  this  Agreement  and  all of the
transactions  contemplated  under this  Agreement,  and has taken all  necessary
corporate  action to authorize the execution,  delivery and  performance of this
Agreement;  this Agreement  constitutes a legal, valid and binding obligation of
the Seller,  enforceable against the Seller in accordance with its terms, except
as  enforceability  may  be  limited  by  applicable   bankruptcy,   insolvency,
reorganization,  moratorium  or other  similar  laws now or  hereafter in effect
affecting the  enforcement  of  creditors'  rights in general and except as such
enforceability   may  be  limited  by  general  principles  of  equity  (whether
considered in a proceeding at law or in equity) or by public policy with respect
to indemnification under applicable securities laws;

               (c) The  execution  and delivery of this  Agreement by the Seller
and its  performance  and  compliance  with the terms of this Agreement will not
violate the Seller'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 Seller is a
party or which may be applicable to the Seller or any of its assets;

               (d) No litigation before any court, tribunal or governmental body
is currently  pending,  nor to the knowledge of the Seller is threatened against
the  Seller,  nor is there any such  litigation  currently  pending,  nor to the
knowledge  of the Seller  threatened  against  the Seller  with  respect to this
Agreement  that in the  opinion  of the Seller has a  reasonable  likelihood  of
resulting in a material adverse effect on the transactions  contemplated by this
Agreement;

               (e) No consent, approval,  authorization or order of any court or
governmental  agency  or  body  is  required  for the  execution,  delivery  and
performance  by the Seller of or compliance  by the Seller with this  Agreement,
the  sale  of the  Mortgage  Loans  or  the  consummation  of  the  transactions
contemplated by this Agreement  except for consents,  approvals,  authorizations
and orders which have been obtained;

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<PAGE>

               (f) The  consummation  of the  transactions  contemplated by this
Agreement is in the ordinary course of business of the Seller, and the transfer,
assignment  and conveyance of the Mortgage Notes and the Mortgages by the Seller
pursuant  to this  Agreement  are not  subject to bulk  transfer  or any similar
statutory provisions in effect in any applicable jurisdiction;

               (g) The  Seller did not select  such  Mortgage  Loans in a manner
that it reasonably  believed was adverse to the interests of the Purchaser based
on the Seller's portfolio of conventional non-conforming Mortgage Loans;

               (h) The Seller will treat the sale of the  Mortgage  Loans to the
Purchaser as a sale for  reporting  and  accounting  purposes and, to the extent
appropriate, for federal income tax purposes;

               (i) The  Seller is an  approved  seller/servicer  of  residential
mortgage loans for Fannie Mae and Freddie Mac. The Seller is in good standing to
sell mortgage loans to and service mortgage loans for Fannie Mae and Freddie Mac
and no event has  occurred  which  would make the Seller  unable to comply  with
eligibility  requirements  or which would require  notification to either Fannie
Mae or Freddie Mac; and

               (j) No written  statement,  report or other document furnished or
to be furnished pursuant to the Agreement contains or will contain any statement
that is or will be inaccurate or misleading in any material respect.

SECTION 7.02.  Representations  and Warranties as to Individual  Mortgage Loans.
The Seller hereby represents and warrants to the Purchaser,  as to each Mortgage
Loan, as of the Closing Date, as follows:

     (a) The  information  set  forth in the  Mortgage  Loan  Schedule  is true,
complete and correct in all material respects as of the Cut-Off Date;

               (b) The  original  mortgage,  deed of trust or other  evidence of
indebtedness (the "Mortgage") creates a first lien on an estate in fee simple in
real property  securing the related Mortgage Note, free and clear of all adverse
claims,  liens and  encumbrances  having  priority  over the  first  lien of the
Mortgage  subject only to (1) the lien of  non-delinquent  current real property
taxes and  assessments  not yet due and payable,  (2) covenants,  conditions and
restrictions,  rights of way, easements and other matters of public record as of
the date of recording  which are  acceptable  to mortgage  lending  institutions
generally,  and (3) 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;

               (c) The Mortgage Loan has not been delinquent thirty (30) days or
more at any time during the twelve (12) month  period  prior to the Cut-off Date
for such  Mortgage  Loan.  As of the  Closing  Date,  the  Mortgage  Loan is not
delinquent in payment more than 30 days and has not been  dishonored;  there are

                                        9

<PAGE>

no  defaults  under the  terms of the  Mortgage  Loan;  and the  Seller  has not
advanced funds, or induced, solicited or knowingly received any advance of funds
from a party  other  than the owner of the  Mortgaged  Property  subject  to the
Mortgage,  directly or indirectly, for the payment of any amount required by the
Mortgage Loan;

               (d)  There are no  delinquent  taxes  which are due and  payable,
ground rents,  assessments or other  outstanding  charges  affecting the related
Mortgaged Property;

               (e) The terms of the note or other evidence of indebtedness  (the
"Mortgage Note") of the related obligor (the  "Mortgagor") 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  applicable  law or is  necessary  to protect the  interests  of the
Purchaser,  and which have been  approved  by the title  insurer and the primary
mortgage  insurer,  as applicable,  and copies of which written  instruments are
included in the Mortgage  File.  No other  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, which assumption agreement is part of the Mortgage File and the terms
of which are reflected on the Mortgage Loan Schedule;

               (f) The  Mortgage  Note and the  Mortgage  are not subject to any
right of rescission,  set-off, counterclaim or defense, including the defense of
usury,  nor will the  operation of any of the terms of the Mortgage Note and 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;

               (g) All buildings  upon the  Mortgaged  Property are insured by a
generally  acceptable insurer pursuant to standard hazard policies conforming to
the  requirements  of Fannie  Mae and  Freddie  Mac.  All such  standard  hazard
policies  are in effect  and on the date of  origination  contained  a  standard
mortgagee  clause naming the Seller and its successors in interest as loss payee
and such clause is still in effect.  If the Mortgaged  Property is located in an
area  identified by the Federal  Emergency  Management  Agency as having special
flood hazards under the Flood Disaster Protection Act of 1973, as amended,  such
Mortgaged  Property  is covered by flood  insurance  by a  generally  acceptable
insurer in an amount not less than the  requirements  of Fannie Mae and  Freddie
Mac.  The  Mortgage  obligates  the  Mortgagor  thereunder  to maintain all such
insurance at the Mortgagor's cost and expense, and on 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;

               (h) 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;

               (i)  The   Mortgage   has  not  been   satisfied,   canceled   or
subordinated,  in whole or in part, or rescinded, and the Mortgaged Property has

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<PAGE>

not been released from the lien of the Mortgage, in whole or in part nor has any
instrument  been  executed  that would  effect any such  satisfaction,  release,
cancellation, subordination or rescission;

               (j) 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  and other laws of  general  application  affecting  the
rights of  creditors.  All parties to the Mortgage Note and the Mortgage had the
legal  capacity to enter into the  Mortgage  Loan and to execute and deliver the
Mortgage  Note and the  Mortgage.  The Mortgage  Note and the Mortgage have been
duly and properly  executed by such  parties.  The proceeds of the Mortgage Note
have been  fully  disbursed  and there is no  requirement  for  future  advances
thereunder;

               (k)  Immediately  prior to the  transfer  and  assignment  to the
Purchaser,  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
Purchaser free and clear of any encumbrance, equity, lien, pledge, charge, claim
or security interest;

               (l) The  Mortgage  Loan is  covered  by an  ALTA  lender's  title
insurance policy or other generally acceptable form of policy of insurance, with
all necessary  endorsements,  issued by a title insurer qualified to do business
in the jurisdiction where the Mortgaged  Property is located,  insuring (subject
to the  exceptions  contained  in clause (b) (1), (2) and (3) above) the Seller,
its successors and assigns, as to the first priority lien of the Mortgage in the
original  principal  amount of the Mortgage Loan.  Such title  insurance  policy
affirmatively  insures ingress and egress and against  encroachments  by or upon
the Mortgaged  Property or any interest therein.  The Seller is the sole insured
of such lender's title insurance  policy,  such title insurance  policy has been
duly and validly endorsed to the Purchaser or the assignment to the Purchaser of
the Seller's interest therein does not require the consent of or notification to
the insurer and such lender's title insurance policy is in full force and effect
and will be in full force and effect upon the  consummation of the  transactions
contemplated  by this  Agreement.  No claims have been made under such  lender's
title insurance policy, and no prior holder of the related Mortgage has done, by
act or omission, anything which would impair the coverage of such lender's title
insurance policy;

               (m) To the  Seller's  knowledge,  there  is no  default,  breach,
violation or event of  acceleration  existing  under the Mortgage or the related
Mortgage  Note and no event  which,  with the passage of time or with notice and
the expiration of any grace or cure period, would constitute a default,  breach,
violation or event permitting acceleration; and neither the Seller nor any prior
mortgagee  has  waived  any  default,  breach,  violation  or  event  permitting
acceleration;

               (n) To the Seller's knowledge, there are no mechanics, or similar
liens or claims which have been filed for work, labor or material  affecting the
related  Mortgaged  Property  which are or may be liens prior to or equal to the
lien of the related Mortgage;

               (o) To the Seller's knowledge, all improvements lie wholly within
the boundaries  and building  restriction  lines of the Mortgaged  Property (and

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<PAGE>

wholly with 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 the title  insurance  policy  referred to in clause (l)
above and all improvements on the property comply with all applicable zoning and
subdivision laws and ordinances;

     (p)  The  Mortgage   Loan  is  a   "qualified   mortgage"   under   Section
860(G)(a)(3)(A) of the Code and Treasury Regulations Section 1.860G-2(a)(1);

               (q) The  Mortgage  Loan was  originated  by the  Seller  or by an
eligible correspondent of the Seller. The Mortgage Loan complies in all material
respects  with  all the  terms,  conditions  and  requirements  of the  Seller's
underwriting  standards in effect at the time of  origination  of such  Mortgage
Loan. Except as otherwise set forth on the Mortgage Loan Schedule,  the Mortgage
Loans were originated with full or alternative documentation. The Mortgage Notes
and Mortgages are on uniform Fannie  Mae/Freddie Mac instruments or are on forms
acceptable to Fannie Mae or Freddie Mac;

               (r)  The  Mortgage  Loan  contains  the  usual  and   enforceable
provisions of the originator at the time of origination for the  acceleration of
the payment of the unpaid principal amount if the related Mortgaged  Property is
sold without the prior  consent of the mortgagee  thereunder.  The Mortgage Loan
has an  original  term to  maturity  of not more  than 30 years,  with  interest
payable in arrears on the first day of each month. Except as otherwise set forth
on the  Mortgage  Loan  Schedule,  the Mortgage  Loan does not contain  terms or
provisions which would result in negative  amortization  nor contain  "graduated
payment" features or "buydown" features;

               (s)  To  the  Seller's  knowledge,   the  Mortgaged  Property  at
origination  of the Mortgage  Loan was and currently is free of damage and waste
and at  origination  of the Mortgage Loan there was, and there  currently is, no
proceeding pending for the total or partial condemnation thereof;

               (t) The related Mortgage contains enforceable  provisions such as
to render  the rights  and  remedies  of the  holder  thereof  adequate  for the
realization  against  the  Mortgaged  Property of the  benefits of the  security
provided thereby,  including, (1) in the case of a Mortgage designated as a deed
of trust, by trustee's sale, and (2) otherwise by judicial  foreclosure.  To the
Seller's  knowledge,  there is no homestead or other exemption  available to the
Mortgagor which would interfere with the right to sell the Mortgaged Property at
a trustee's sale or the right to foreclose the Mortgage;

               (u) If the Mortgage constitutes a deed of trust, a trustee,  duly
qualified if required  under  applicable  law to act as such,  has been properly
designated and currently so serves and is named in the Mortgage,  and no fees or
expenses are or will become  payable by the  Purchaser to the trustee  under the
deed of trust, except in connection with a trustees sale or attempted sale after
default by the Mortgagor;

               (v) If required by the applicable  processing style, the Mortgage
File  contains an appraisal of the related  Mortgaged  Property  made and signed
prior to the final  approval of the mortgage  loan  application  by an appraiser
that is acceptable to Fannie Mae or Freddie Mac and approved by the Seller.  The
appraisal,  if applicable,  is in a form  generally  acceptable to Fannie Mae or
Freddie Mac;

                                        12

<PAGE>

               (w) To the Seller's knowledge,  each of the Mortgaged  Properties
consists  of a single  parcel of real  property  with a  detached  single-family
residence erected thereon, or a two- to four-family  dwelling,  a townhouse,  an
individual  condominium unit in a condominium  project,  an individual unit in a
planned  unit  development  or a  proprietary  lease  on a  cooperatively  owned
apartment and stock in the related cooperative corporation. Any condominium unit
or planned  unit  development  either  conforms  with  applicable  Fannie Mae or
Freddie Mac  requirements  regarding  such  dwellings  or is covered by a waiver
confirming that such  condominium unit or planned unit development is acceptable
to Fannie Mae or Freddie Mac or is otherwise "warrantable" with respect thereto.
No such residence is a mobile home or manufactured dwelling;

               (x) The ratio of the original outstanding principal amount of the
Mortgage  Loan to the  lesser  of the  appraised  value (or  stated  value if an
appraisal  was not a  requirement  of the  applicable  processing  style) of the
Mortgaged  Property  at  origination  or the  purchase  price  of the  Mortgaged
Property  securing  each  Mortgage  Loan (the  "Loan-to-Value  Ratio") is not in
excess of 95.00%. The original  Loan-to-Value Ratio of each Mortgage Loan either
was not more than 80.00%,  after application of the amount of the Pledged Assets
to reduce such Loan-to-Value Ratio in the case of a Pledged Asset Mortgage Loan,
or the excess over 80.00%, after application of the amount of the Pledged Assets
to reduce such Loan-to-Value Ratio in the case of a Pledged Asset Mortgage Loan,
is insured as to payment defaults by a primary mortgage  insurance policy issued
by a primary mortgage insurer acceptable to Fannie Mae and Freddie Mac;

               (y) The  Assignment  of  Mortgage  is in  recordable  form and is
acceptable  for  recording  under  the laws of the  jurisdiction  in  which  the
Mortgaged Property is located;

               (z) The Seller is either,  and each Mortgage Loan was  originated
by, a savings and loan association, savings bank, commercial bank, credit union,
insurance  company or similar  institution which is supervised and examined by a
federal or State  authority,  or by a  mortgagee  approved by the  Secretary  of
Housing and Urban  Development  pursuant to Section 203 and 211 of the  National
Housing Act;

               (aa) The  origination,  collection  and servicing  practices with
respect to each Mortgage  Note and Mortgage  have been in all material  respects
legal,  normal and usual in the Seller's general mortgage servicing  activities.
With respect to escrow deposits and payments that the Seller collects,  all such
payments  are in the  possession  of, or under the control  of, the Seller,  and
there  exist  no  deficiencies  in  connection  therewith  for  which  customary
arrangements  for repayment  thereof have not been made.  No escrow  deposits or
other  charges or payments  due under the  Mortgage  Note have been  capitalized
under any Mortgage or the related Mortgage Note;

               (bb) No  fraud  or  misrepresentation  of a  material  fact  with
respect to the origination of a Mortgage Loan has taken place on the part of the
Seller;

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<PAGE>

               (cc)  Each  Assigned  Contract  relating  to each  Pledged  Asset
Mortgage  Loan is a valid,  binding and legally  enforceable  obligation  of the
parties  thereto,  enforceable  in accordance  with terms,  except as limited by
bankruptcy, insolvency or other similar laws affecting generally the enforcement
of creditor's rights;

               (dd) The  Seller  is the  holder of all of the  right,  title and
interest  as owner of each  Pledged  Asset  Mortgage  Loan in and to each of the
Assigned  Contracts  delivered  and  sold to the  Purchaser  hereunder,  and the
assignment hereof by the Seller validly transfers such right, title and interest
to the Purchaser  free and clear of any pledge,  lien,  or security  interest or
other encumbrance of any Person; and

               (ee) The full amount of the Pledge  Amount  with  respect to such
Pledged Asset  Mortgage  Loan has been  deposited  with the custodian  under the
Credit Support Pledge Agreement and is on deposit in the custodial  account held
thereunder as of the date hereof.

SECTION 7.03.  Repurchase.  It is understood and agreed that the representations
and warranties set forth in Sections 7.01 and 7.02 shall survive the sale of the
Mortgage Loans to the Purchaser and delivery of the related Mortgage File to the
Purchaser  or its  designee  and shall  inure to the  benefit of the  Purchaser,
notwithstanding any restrictive or qualified endorsement on any Mortgage Note or
Assignment of Mortgage or the  examination of any Mortgage File.  Upon discovery
by either  the  Seller  or the  Purchaser  of a breach  of any of the  foregoing
representations  and warranties which materially and adversely affects interests
of the  Purchaser or its assignee in any Mortgage  Loan,  the party  discovering
such breach shall give prompt written  notice to the other.  If the substance of
any representation or warranty has been breached,  the repurchase obligation set
forth in the  provisions  of this Section 7.03 shall apply  notwithstanding  any
qualification as to the Seller's  knowledge.  Following  discovery or receipt of
notice of any such  breach,  the Seller shall either (i) cure such breach in all
material  respects  within 90 days from the date the Seller was notified of such
breach or (ii)  repurchase  such  Mortgage Loan at the related  Purchase  Price;
provided,  however,  that the  Seller  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;  and provided
further  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 earlier of
the date the breach was  discovered or receipt of notice of any such breach.  In
the event that any such breach shall involve any  representation or warranty set
forth in  Section  7.01 or those  relating  to the  Mortgage  Loans or a portion
thereof in the aggregate,  and such breach cannot be cured within ninety days of
the earlier of either  discovery by or notice to the Seller of such breach,  all
Mortgage Loans affected by the breach shall, at the option of the Purchaser,  be
repurchased by the Seller at the Purchase Price or substituted for in accordance
with  this  Section  7.03.  If the  Seller  elects  to  substitute  a  Qualified
Substitute  Mortgage Loan or Loans for a Deleted  Mortgage Loan pursuant to this
Section 7.03,  the Seller shall  deliver to the  Purchaser  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 6, and such other documents and agreements as are required by Section
6, with the  Mortgage  Note  endorsed as required by Section 6. 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

                                        14

<PAGE>

month of  substitution  shall not be part of the Trust Fund and will be retained
by  the  Servicer  and  remitted  by the  Servicer  to the  Seller  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  the Seller  shall be  entitled to
retain all amounts  received in respect of such Deleted Mortgage Loan. Upon such
substitution,  the Qualified  Substitute Mortgage Loan or Loans shall be subject
to the terms of this  Agreement in all  respects,  the Seller shall be deemed to
have made the  representations  and warranties  contained in this Agreement with
respect  to the  Qualified  Substitute  Mortgage  Loan or Loans  and  that  such
Mortgage Loans so substituted are Qualified  Substitute Mortgage Loans as of the
date of substitution.

        In the event of a  repurchase  by the Seller  pursuant  to this  Section
7.03, the Purchaser shall forward or cause to be forwarded the Mortgage File for
the related  Mortgage Loan to the Seller,  which shall include the Mortgage Note
endorsed without recourse to the Seller or its designee,  an assignment in favor
of the Seller or its designee of the Mortgage in recordable  form and acceptable
to the Seller in form and substance and such other  documents or  instruments of
transfer or assignment as may be necessary to vest in the Seller or its designee
title to any such Mortgage Loan. The Purchaser shall cause the related  Mortgage
File to be forwarded to Seller immediately after receipt of the related Purchase
Price by wire transfer of immediately available funds to an account specified by
the Purchaser.

        It is  understood  and agreed that the  obligation of the Seller to cure
such breach or purchase (or 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 Purchaser or its assignee.

SECTION 8. Notices. All demands,  notices and communications  hereunder shall be
in writing and shall be deemed to have been duly given when  deposited,  postage
prepaid,  in the United States mail, if mailed by registered or certified  mail,
return receipt requested,  or when received,  if delivered by private courier to
another party,  at the related  address shown on the first page hereof,  or such
other address as may hereafter be furnished to the parties by like notice.

SECTION 9. Severability of Provisions.  Any provision of this Agreement which is
prohibited  or  unenforceable  or is held to be  void  or  unenforceable  in any
jurisdiction  shall,  as to such  jurisdiction,  be ineffective to the extent of
such  prohibition  or  unenforceability   without   invalidating  the  remaining
provisions  hereof,  and  any  such  prohibition  or   unenforceability  in  any
jurisdiction   as  to  any  Mortgage   Loan  shall  not   invalidate  or  render
unenforceable such provision in any other jurisdiction.  To the extent permitted
by applicable law, the parties hereto waive any provision of law which prohibits
or renders void or unenforceable any provision hereof.

SECTION 10.  Counterparts;  Entire  Agreement.  This  Agreement  may be executed
simultaneously  in any number of counterparts.  Each counterpart shall be deemed
to be an original,  and all such counterparts  shall constitute one and the same
instrument.  This Agreement is the entire agreement between the parties relating
to  the  subject   matter  hereof  and   supersedes   any  prior   agreement  or
communications between the parties.

                                        15

<PAGE>

SECTION 11. Place of Delivery and Governing Law. This Agreement  shall be deemed
in effect when  counterparts  hereof  have been  executed by each of the parties
hereto.  This  Agreement  shall be  deemed to have been made in the State of New
York. This Agreement shall be 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 the  laws of the  State of New  York,
without giving effect to its conflict of law rules.

SECTION 12.  Successors  and Assigns;  Assignment of Agreement.  This  Agreement
shall bind and inure to the benefit of and be  enforceable by the parties hereto
and their  respective  successors and assigns;  provided that this Agreement may
not be assigned,  pledged or hypothecated by the Seller to a third party without
the prior written consent of the Purchaser.

SECTION 13. Waivers;  Other  Agreements.  No term or provision of this Agreement
may be waived or modified  unless such waiver or  modification is in writing and
signed by the party  against  whom such waiver or  modification  is sought to be
enforced.

SECTION 14. Survival. The provisions of this Agreement shall survive the Closing
Date and the delivery of the Mortgage  Loans,  and for so long  thereafter as is
necessary  (including,  subsequent to the  assignment of the Mortgage  Loans) to
permit  the  parties  to  exercise  their  respective  rights or  perform  their
respective obligations hereunder.

                                        16

<PAGE>

        IN WITNESS WHEREOF, the Seller and the Purchaser have caused their names
to be signed hereto by their respective officers thereunto duly authorized as of
the date first above written.

                                GMAC MORTGAGE CORPORATION

                                By:
                                Name:
                                Title:
                                RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.

                                By:
                                Name:
                                Title:

<PAGE>

                                   SCHEDULE I

                             MORTGAGE LOAN SCHEDULE

              (See Exhibit E under Pooling & Servicing Agreement)

<PAGE>

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