RESIDENTIAL FUNDING MORTGAGE SECURITIES I INC
2001-S9 SERIES SUPPLEMENT
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>s9supp.txt
<DESCRIPTION>2001-S9 SERIES SUPPLEMENT
<TEXT>

                       RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
                                           Company,

                               RESIDENTIAL FUNDING CORPORATION,
                                       Master Servicer,

                                             and
                               BANK ONE, NATIONAL ASSOCIATION,
                                           Trustee

                                      SERIES SUPPLEMENT,
                                  DATED AS OF APRIL 1, 2001,

                                              TO

                                      STANDARD TERMS OF
                               POOLING AND SERVICING AGREEMENT

                                  Dated as of April 1, 2001

                              Mortgage Pass-Through Certificates

                                        Series 2001-S9



<PAGE>



<TABLE>
<CAPTION>


                                TABLE OF CONTENTS

                                                                                          Page

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions............................................................3
        Section 1.02  Use of Words and Phrases..............................................11

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans.  (See Section 2.01 of the Standard Terms)
                       .....................................................................12
        Section 2.02  Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)
                       .....................................................................12
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................12
        Section 2.04  Representations and Warranties of Sellers. (See Section 2.04 of the Standard
                      Terms)
                       .....................................................................15
        Section 2.05  Execution and Authentication of Certificates..........................15

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account.  (See Section 4.01 of the Standard Terms)
                       .....................................................................17
        Section 4.02  Distributions.........................................................17
        Section 4.03  Statements to Certificateholders.  (See Section 4.03(a) through (d) of the
                      Standard Terms and Exhibit Three attached hereto).....................26
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer. (See Section 4.04 of the Standard Terms)
                       .....................................................................26
        Section 4.05  Allocation of Realized Losses.........................................26



<PAGE>



        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
                      Section 4.06 of the Standard Terms)
                       .....................................................................28
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the
                      Standard Terms)
                       .....................................................................28

                                          ARTICLE V

                                       THE CERTIFICATES

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER

                                         ARTICLE VII

                                           DEFAULT

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE

                                          ARTICLE IX

                                         TERMINATION

                                          ARTICLE X

                                       REMIC PROVISIONS
        Section 10.01 REMIC Administration.  (See Section 10.01 of the Standard Terms)
                       .....................................................................34
        Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification.  (See
                      Section 10.02 of the  Standard Terms)
                       .....................................................................34
        Section 10.03 Designation of REMIC(s)...............................................34
        Section 10.04 Distributions on the Uncertificated REMIC Regular Interests...........34
        Section 10.05 Compliance with Withholding Requirements..............................35

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment.  (See Section 11.01 of the Standard Terms)
                        .....................................................................36



<PAGE>



        Section 11.02 Recordation of Agreement.  Counterparts.  (See Section 11.02 of the Standard
                      Terms)
                      .....................................................................36
        Section 11.03 Limitation on Rights of Certificateholders.  (See Section 11.03 of the
                      Standard Terms)
                       .....................................................................36
        Section 11.04 Governing Laws.  (See Section 11.04 of the Standard Terms)
                       .....................................................................36
        Section 11.05 Notices...............................................................36
        Section 11.06 Required Notices to Rating Agency and Subservicer.  (See Section 11.06 of
                      the Standard Terms)
                       .....................................................................37
        Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard Terms)
                       .....................................................................37
        Section 11.08 Supplemental Provisions for Resecuritization.  (See Section 11.08 of the
                      Standard Terms)
                       .....................................................................37
        Section 11.09 Allocation of Voting Rights...........................................37

                                         ARTICLE XII

                                          [RESERVED]




<PAGE>



EXHIBITS

Exhibit One:          Mortgage Loan Schedule
Exhibit Two:          Schedule of Discount Fractions
Exhibit Three:        Information to be Included in
                      Monthly Distribution Date Statement
Exhibit Four:         Standard Terms of Pooling and Servicing
                      Agreement dated as of April 1, 2001

</TABLE>


<PAGE>




        This is a Series  Supplement,  dated as of April 1,  2001  (the  "Series
Supplement"), to the Standard Terms of Pooling and Servicing Agreement, dated as
of April 1, 2001 and attached as Exhibit Four hereto (the "Standard  Terms" and,
together with this Series Supplement,  the "Pooling and Servicing  Agreement" or
"Agreement"),  among  RESIDENTIAL  FUNDING  MORTGAGE  SECURITIES I, INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and  assigns,  the  "Master  Servicer"),   and  BANK  ONE,  NATIONAL
ASSOCIATION, as Trustee (together with its permitted successors and assigns, the
"Trustee").

                              PRELIMINARY STATEMENT

        The  Company   intends  to  sell  Mortgage   Pass-Through   Certificates
(collectively, the "Certificates"),  to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the  Trust  Fund.  As  provided  herein,  the REMIC  Administrator  will make an
election  to  treat  the  entire  segregated  pool of  assets  described  in the
definition of Trust Fund, and subject to this Agreement  (including the Mortgage
Loans but excluding the Initial Monthly Payment Fund), as a real estate mortgage
investment conduit (the "REMIC") for federal income tax purposes.

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



                                             -1-

<PAGE>




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

<TABLE>
<CAPTION>

                               Aggregate
                                Initial
                              Certificate
              Pass-Through     Principal                           Maturity        Moody's/       Minimum
DESIGNATION       Rate          Balance         Features1            Date           Fitch     Denominations2


<S>     <C>      <C>        <C>                                       <C> <C>                     <C>
Class A-1        6.75%      $  70,000,000.00      Senior        April 25, 2031     AAA/AAA        $25,000
Class A-2        6.75%      $  13,025,000.00   Super Senior     April 25, 2031     AAA/AAA        $25,000
Class A-3        6.75%      $  25,868,000.00  Senior/Lockout    April 25, 2031     AAA/AAA        $25,000
                                                  Senior
Class A-4        6.75%      $     140,000.00 Support/Lockout    April 25, 2031     AAA/AAA        $25,000
                                             Senior/Accretion
Class A-5        6.75%      $ 134,001,000.00     Directed       April 25, 2031     AAA/AAA        $25,000
Class A-6        6.75%      $   7,169,000.00  Senior/Accrual    April 25, 2031     AAA/AAA        $25,000
                                             Senior/Principal
Class A-P        0.00%      $     130,998.10       Only         April 25, 2031     AAA/AAA        $25,000
                                 Senior/Variable
Class A-V    Variable Rate  $                     Strip         April 25, 2031     AAA/AAA          20%
Class R          6.75%      $                Senior/Residual    April 25, 2031     AAA/AAA          20%
Class M-1        6.75%      $   4,941,700.00    Mezzanine       April 25, 2031      N/A/AA        $25,000
Class M-2        6.75%      $   1,950,600.00    Mezzanine       April 25, 2031      N/A/A        $250,000
Class M-3        6.75%      $   1,170,400.00    Mezzanine       April 25, 2031     N/A/BBB       $250,000
Class B-1        6.75%      $     650,200.00   Subordinate      April 25, 2031      N/A/BB       $250,000
Class B-2        6.75%      $     520,200.00   Subordinate      April 25, 2031      N/A/B        $250,000
Class B-3        6.75%      $     520,219.50   Subordinate      April 25, 2031       N/A         $250,000
</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $260,087,417.60.

________________

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

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



                                             -2-

<PAGE>



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


                                             -3-

<PAGE>



                                    ARTICLE I

                                   DEFINITIONS


        Section 1.01  Definitions.

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

        Accretion Directed Certificates:  Any one of the Class A-5 Certificates.

        Accretion Termination Date: The earlier to occur of (i) the Distribution
Date on which the Certificate  Principal  Balance of the Class A-5  Certificates
has been reduced to zero and (ii) the Credit Support Depletion Date.

        Accrual Certificates:  Any one of the Class A-6 Certificates.

        Accrual  Distribution  Amount:  With respect to each  Distribution  Date
prior to the  Accretion  Termination  Date,  an  amount  equal to the  amount of
Accrued Certificate Interest on the Class A-6 Certificates for such date, to the
extent added to the Certificate  Principal  Balance thereof  pursuant to Section
4.02(e);  provided that, with respect to each  Distribution Date on or after the
Accretion  Termination  Date,  an  amount  equal to the  amount  of the  Accrued
Certificate  Interest  on the  Class  A-6  Certificates  for such  date  will be
payable, as interest,  to the Class A-6  Certificateholders  pursuant to Section
4.02(a)(i)  hereof,  to the extent not required to fully reduce the  Certificate
Principal  Balance  of the  Class  A-5  Certificates  to zero  on the  Accretion
Termination Date; and provided further,  that if the Accretion  Termination Date
is the Credit Support  Depletion Date, the entire amount of Accrued  Certificate
Interest  on the  Class A-6  Certificates  for that  date  will be  payable,  as
interest,  to the Class A-6  Certificateholders  pursuant to Section  4.02(a)(i)
hereof.

        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 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

                      (A)  the  greater  of  (i)  0.0006  times  the   aggregate
               principal  balance of all the Mortgage Loans in the Mortgage Pool
               as of the Relevant Anniversary (other than


                                             -4-

<PAGE>



               Additional Collateral Loans, if any) having a Loan-to-Value Ratio
               at origination which exceeds 75% and (ii) $100,000; and

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

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

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

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "Bank  One,  National  Association,  as  trustee,  in  trust  for  the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through  Certificates,  Series  2001-S9"  and  which  must  be an  Eligible
Account.

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

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

        Closing Date:  April 27, 2001.



                                             -5-

<PAGE>



        Corporate Trust Office:  The principal office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at 1 Bank One Plaza,  Suite  IL1-0126,  Chicago,  Illinois
60670-0126, Attention: Residential Funding Corporation Series 2001-S9.

        Cut-off Date: April 1, 2001.

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

        Discount Net Mortgage Rate: 6.75% per annum.

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

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

        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 3.00% 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 of this Series Supplement since the Cut-off Date up
to such date of determination  and (Y) from the first to the second  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 allocated through subordination with respect to Fraud Losses up
to such date of determination  and (Z) from the second to the fifth  anniversary
as 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 of this Series  Supplement since the most recent
anniversary of the Cut-off Date up to such date of  determination.  On and after
the fifth anniversary of the Cut-off Date, the Fraud Loss Amount shall be zero.

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


                                             -6-

<PAGE>



the Closing  Date by such Rating  Agency and (ii) provide a copy of such written
confirmation to the Trustee.

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

        Initial Monthly Payment Fund: $98,503,  representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
in May 2001, for those Mortgage Loans for which the Trustee will not be entitled
to receive such payment in accordance with the definition of "Trust Fund".

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

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

        Class M-1: 1.90%                    Class B-1: 0.25%
        Class M-2: 0.75%                    Class B-2: 0.20%
        Class M-3: 0.45%                    Class B-3: 0.20%

     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  Only  Certificates:  Any one of the Class A-V  Certificates.  The
Interest Only Certificates will have no Certificate Principal Balance.

   Lockout Certificates:  The Class A-3 Certificates and Class A-4 Certificates.

        Lockout Prepayment Percentage: For any Distribution Date occurring prior
to the Distribution Date in May 2006, 0%. The Lockout Prepayment  Percentage for
any Distribution Date occurring after the first five years following the Closing
Date will be as follows:  for any Distribution  Date during the sixth year after
the Closing Date, 30%; for any  Distribution  Date during the seventh year after
the Closing Date,  40%; for any  Distribution  Date during the eighth year after
the Closing Date, 60%; for any Distribution Date during the ninth year after the
Closing Date, 80%; and for any Distribution Date thereafter, 100%.

     Lockout Scheduled Percentage:  For any Distribution Date occurring prior to
the Distribution Date in May 2006, 0%, and for any subsequent Distribution Date,
100%.



                                             -7-

<PAGE>



     Maturity Date: April 25, 2031, the Distribution Date immediately  following
the latest scheduled maturity date of any Mortgage Loan.

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

        (a)    the Mortgage Loan identifying number ("RFC LOAN #");
        (b)    the maturity of the Mortgage Note ("MATURITY DATE");
        (c)    the Mortgage Rate ("ORIG RATE");
        (d)    the Subservicer pass-through rate ("CURR NET");
        (e)    the Net Mortgage Rate ("NET MTG RT");
        (f)    the Pool Strip Rate ("STRIP");

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

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

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

        Notional Amount: As of any Distribution  Date, with respect to any Class
A-V  Certificates or Subclass  thereof issued pursuant to Section  5.01(c),  the
aggregate  Stated Principal  Balance of the Mortgage Loans  corresponding to the
Uncertificated  Class A-V REMIC Regular  Interests  represented by such Class or
Subclass as of the day immediately  preceding such  Distribution  Date (or, with
respect  to the  initial  Distribution  Date,  at the close of  business  on the
Cut-off Date).

        Pass-Through Rate: With respect to the Class A Certificates  (other than
the Class A-V and Principal Only  Certificates),  Class M Certificates,  Class B
Certificates and Class R Certificates  and any Distribution  Date, the per annum
rates set forth in the Preliminary  Statement hereto.  With respect to the Class
A-V Certificates  (other than any Subclass thereof) and any Distribution Date, a
rate equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates  of all  Mortgage  Loans  as of the Due Date in the  related  Due  Period,
weighted  on the  basis of the  respective  Stated  Principal  Balances  of such
Mortgage Loans as of the day immediately  preceding such  Distribution Date (or,
with respect to the initial  Distribution  Date, at the close of business on the
Cut- off Date).  With  respect  to the Class A-V  Certificates  and the  initial
Distribution  Date the Pass-  Through  Rate is equal to 0.3616% per annum.  With
respect to any Subclass of Class A-V Certificates  and any Distribution  Date, a
rate equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates of all Mortgage Loans corresponding to the Uncertificated  Class A-V REMIC
Regular Interests represented by such Subclass as of the Due Date in the related
Due Period, weighted on the basis of the respective Stated Principal Balances of
such Mortgage Loans


                                             -8-

<PAGE>



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

        Prepayment Assumption: A prepayment assumption of 275% of the prepayment
speed  assumption,  used for  determining the accrual of original issue discount
and market  discount  and premium on the  Certificates  for  federal  income tax
purposes.  The prepayment speed assumption assumes a constant rate of prepayment
of mortgage loans of 0.2% per annum of the then outstanding principal balance of
such  mortgage  loans in the  first  month of the  life of the  mortgage  loans,
increasing by an additional  0.2% per annum in each  succeeding  month until the
thirtieth month,  and a constant 6% per annum rate of prepayment  thereafter for
the life of the mortgage loans.

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

               (i) For any Distribution  Date prior to the Distribution  Date in
        May 2006  (unless  the  Certificate  Principal  Balances  of the  Senior
        Certificates  (other than the Class A-P Certificates)  have been reduced
        to zero), 0%.

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

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

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

               (iii)  Notwithstanding  the foregoing,  if the application of the
        foregoing  percentages on any  Distribution  Date as provided in Section
        4.02 of this Series Supplement (determined without regard to the proviso
        to the definition of "Subordinate  Principal Distribution Amount") would
        result in a distribution in respect of principal of any Class or Classes
        of  Subordinate  Certificates  in an amount  greater than the  remaining
        Certificate  Principal  Balance  thereof  (any such  class,  a "Maturing
        Class"),  then:  (a)  the  Prepayment  Distribution  Percentage  of each
        Maturing  Class  shall be  reduced  to a level  that,  when  applied  as
        described above, would exactly reduce the Certificate  Principal Balance
        of such Class to zero;  (b) the  Prepayment  Distribution  Percentage of
        each  other  Class  of  Subordinate  Certificates  (any  such  Class,  a
        "Non-Maturing  Class")  shall be  recalculated  in  accordance  with the
        provisions in


                                             -9-

<PAGE>



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

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

        Related Classes: As to any Uncertificated REMIC Regular Interest,  those
classes of  Certificates  identified as Related  Classes of Certificates to such
Uncertificated  REMIC Regular Interest in the definition of Uncertificated REMIC
Regular Interest.

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

        Senior Support Certificates:  Any one of the Class A-4 Certificates.

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

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

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,600,874  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated. For each anniversary of the Cut- off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the


                                             -10-

<PAGE>



outstanding  principal  balance of the Mortgage Loan in the Trust Fund which has
the largest  outstanding  principal balance on the Distribution Date immediately
preceding  such  anniversary,  (ii)  the  product  of  1.00%  multiplied  by the
outstanding  principal  balance of all Mortgage Loans on the  Distribution  Date
immediately  preceding  such  anniversary  and (iii) the  aggregate  outstanding
principal  balance (as of the immediately  preceding  Distribution  Date) of the
Mortgage  Loans in any  single  five-digit  California  zip code  area  with the
largest  amount of  Mortgage  Loans by  aggregate  principal  balance as of such
anniversary  and (B) the greater of (i) the product of 0.50%  multiplied  by the
outstanding  principal  balance of all Mortgage Loans on the  Distribution  Date
immediately preceding such anniversary  multiplied by a fraction,  the numerator
of which is equal to the  aggregate  outstanding  principal  balance  (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans secured by
Mortgaged Properties located in the State of California divided by the aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date)  of all  of  the  Mortgage  Loans,  expressed  as a  percentage,  and  the
denominator  of  which  is equal to  44.81%  (which  percentage  is equal to the
percentage of Mortgage Loans initially secured by Mortgaged  Properties  located
in the State of California) and (ii) the aggregate outstanding principal balance
(as of the immediately preceding Distribution Date) of the largest Mortgage Loan
secured by a Mortgaged  Property (or, with respect to a  Cooperative  Loan,  the
related Cooperative Apartment) located in the State of California.

        The Special Hazard Amount may be further  reduced by the Master Servicer
(including  accelerating the manner in which coverage is reduced)  provided that
prior to any such  reduction,  the  Master  Servicer  shall (i)  obtain  written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the
lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the aggregate of the amounts  calculated  for such  Distribution  Date under
clauses (1), (2) and (3) of Section  4.02(a)(ii)(Y)(A) of this Series Supplement
(without  giving effect to the Senior  Percentage)  to the extent not payable to
the  Senior  Certificates;  (ii)  such  Class's  pro  rata  share,  based on the
Certificate  Principal  Balance of each Class of Subordinate  Certificates  then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)  of this Series  Supplement  (without  giving effect to the
Senior Accelerated  Distribution  Percentage) to the extent such collections are
not otherwise  distributed to the Senior Certificates;  (iii) the product of (x)
the related  Prepayment  Distribution  Percentage  and (y) the  aggregate of all
Principal  Prepayments  in Full  received in the related  Prepayment  Period and
Curtailments  received in the preceding  calendar  month (other than the related
Discount  Fraction of such Principal  Prepayments in Full and Curtailments  with
respect to a  Discount  Mortgage  Loan) to the extent not  payable to the Senior
Certificates;  (iv) if such Class is the Class of Subordinate  Certificates with
the  Highest  Priority,   any  Excess  Subordinate  Principal  Amount  for  such
Distribution  Date; and (v) any amounts described in clauses (i), (ii) and (iii)
as determined for any previous  Distribution Date, that remain  undistributed to
the extent that such amounts are not  attributable to Realized Losses which have
been allocated to a Class of Subordinate  Certificates minus (b) with respect to
the Class of  Subordinate  Certificates  with the  Lowest  Priority,  any Excess
Subordinate Principal Amount for such Distribution Date; provided, however, that
the Subordinate Principal Distribution Amount for any Class of Subordinate


                                             -11-

<PAGE>



Certificates on any  Distribution  Date shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.

        Super Senior Certificates: Any one of the Class A-2 Certificates.

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

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

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

     Uncertificated  Notional Amount: With respect to each Uncertificated  REMIC
Regular Interest, the aggregate Stated Principal Balance of the related Mortgage
Loan.

     Uncertificated Pass-Through Rate: With respect to each Uncertificated REMIC
Regular Interest,  the related  Uncertificated REMIC Regular Interest Pool Strip
Rate.

     Uncertificated REMIC Regular Interest Pool Strip Rate: With respect to each
Uncertificated  REMIC  Regular  Interest,  the Pool Strip  Rate for the  related
Mortgage Loan.

        Uncertificated REMIC Regular Interest  Distribution Amount: With respect
to any Distribution Date, the sum of the amounts deemed to be distributed on the
Uncertificated  REMIC Regular  Interest for such  Distribution  Date pursuant to
Section 10.04(a).

        Uncertificated REMIC Regular Interests:  The 625 uncertificated  partial
undivided  beneficial  ownership interests in the Trust Fund, each relating to a
Mortgage  Loan with a Net  Mortgage  Rate in excess  of  6.75%,  each  having no
principal  balance and each bearing  interest at the  respective  Uncertificated
Pass-Through Rate on the respective Uncertificated Notional Amount.



                                             -12-

<PAGE>



        Section 1.02  Use of Words and Phrases.

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


                                             -13-

<PAGE>




                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

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

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

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



                                             -14-

<PAGE>



                      (vi) No more than 1.0% of the Mortgage  Loans by aggregate
               Stated  Principal  Balance as of the Cut-off  Date are secured by
               Mortgaged  Properties  located  in  any  one  zip  code  area  in
               California  and no  more  than  1.1%  of the  Mortgage  Loans  by
               aggregate  Stated  Principal  Balance as of the Cut-off  Date are
               secured by Mortgaged  Properties located in any one zip code area
               outside California;

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

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

                    (ix) 9.90% of the Mortgage Loans were  underwritten  under a
               reduced loan documentation program;

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

                    (xi) None of the Mortgage Loans are Buydown Mortgage Loans;

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

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

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

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


                                             -15-

<PAGE>



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

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

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

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

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

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

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

     Section 2.05 Execution and Authentication of Certificates.

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


                                             -16-

<PAGE>



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



                                             -17-

<PAGE>



                                   ARTICLE III

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


                                      -18-

<PAGE>



                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

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

     Section 4.02 Distributions.

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

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

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

                             (Y) to the  Senior  Certificates  (other  than  the
               Class A-P Certificates),  in the priorities and amounts set forth
               in Section  4.02(b)(ii)  through Section 4.02(f),  the sum of the
               following  (applied to reduce the Certificate  Principal Balances
               of such Senior Certificates, as applicable):



                                             -19-

<PAGE>



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

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

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

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

                             (B) with respect to each  Mortgage Loan for which a
                      Cash Liquidation or a REO Disposition  occurred during the
                      preceding  calendar  month (or was deemed to have occurred
                      during such period in accordance  with Section  3.07(b) of
                      the  Standard  Terms)  and did not  result  in any  Excess
                      Special  Hazard  Losses,   Excess  Fraud  Losses,   Excess
                      Bankruptcy Losses or


                                             -20-

<PAGE>



                      Extraordinary Losses, an amount equal to the lesser of (a)
                      the Senior Percentage for such Distribution Date times the
                      Stated Principal Balance of such Mortgage Loan (other than
                      the related  Discount  Fraction  of such Stated  Principal
                      Balance,  with respect to each Discount Mortgage Loan) and
                      (b) the Senior  Accelerated  Distribution  Percentage  for
                      such  Distribution  Date  times  the  related  unscheduled
                      collections   (including  without   limitation   Insurance
                      Proceeds,  Liquidation  Proceeds and REO  Proceeds) to the
                      extent  applied by the Master  Servicer as  recoveries  of
                      principal of the related Mortgage Loan pursuant to Section
                      3.14 of the  Standard  Terms (in each case  other than the
                      portion of such unscheduled collections, with respect to a
                      Discount Mortgage Loan, included in Section  4.02(b)(i)(C)
                      of this Series Supplement);

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

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

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

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

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

                      (v) to the  Holders  of the  Class  M-1  Certificates,  an
               amount equal to (x) the Subordinate Principal Distribution Amount
               for such Class of Certificates for such


                                             -21-

<PAGE>



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

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

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

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

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

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

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



                                             -22-

<PAGE>



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

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

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

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

                      (xvi) to the  Senior  Certificates,  in the  priority  set
               forth in Section 4.02(b) of this Series Supplement,  the portion,
               if any, of the Available  Distribution Amount remaining after the
               foregoing  distributions,   applied  to  reduce  the  Certificate
               Principal Balances of such Senior  Certificates,  but in no event
               more than the aggregate of the outstanding  Certificate Principal
               Balances  of  each  such  Class  of  Senior   Certificates,   and
               thereafter,  to  each  Class  of  Subordinate  Certificates  then
               outstanding  beginning with such Class with the Highest Priority,
               any portion of the Available  Distribution Amount remaining after
               the Senior Certificates have been retired,  applied to reduce the
               Certificate  Principal  Balance of each such Class of Subordinate
               Certificates,   but  in  no  event  more  than  the   outstanding
               Certificate  Principal  Balance of each such Class of Subordinate
               Certificates; and

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

        Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous Distribution Date will be


                                             -23-

<PAGE>



distributable only to the extent that such unpaid Accrued  Certificate  Interest
was  attributable to interest  shortfalls  relating to the failure of the Master
Servicer  to make any  required  Advance,  or the  determination  by the  Master
Servicer  that any  proposed  Advance  would be a  Nonrecoverable  Advance  with
respect to the related  Mortgage  Loan where such Mortgage Loan has not yet been
the subject of a Cash Liquidation or REO Disposition or the related  Liquidation
Proceeds,  Insurance  Proceeds and REO Proceeds have not yet been distributed to
the Certificateholders.

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

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

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

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

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

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



                                             -24-

<PAGE>



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

                      (ii) an amount  equal to the Accrual  Distribution  Amount
               shall be  distributed  to the Class A-5  Certificates,  until the
               Certificate Principal Balance thereof has been reduced to zero;

                      (iii) the Senior  Principal  Distribution  Amount shall be
               distributed to the Class R  Certificates,  until the  Certificate
               Principal Balance thereof has been reduced to zero;

                      (iv) the  balance  of the  Senior  Principal  Distribution
               Amount  remaining after the  distribution,  if any,  described in
               clause  (iii)  above  shall be  distributed  concurrently  to the
               Lockout  Certificates,  on a pro rata basis,  in reduction of the
               Certificate  Principal  Balances  thereof,  until  the  aggregate
               Certificate Principal Balance thereof has been reduced to zero in
               an amount equal to the sum of the following:

                             (A) the Lockout Scheduled Percentage of the Lockout
                      Certificates'  pro rata  share  (based on the  Certificate
                      Principal   Balance  thereof  relative  to  the  aggregate
                      Certificate  Principal Balance of the Senior  Certificates
                      (other than the Class A-P  Certificates)) of the aggregate
                      of the collections  described in clauses  (ii)(Y)(A),  (B)
                      and (E) of Section 4.02(a) of this Series  Supplement with
                      application   of  the   Senior   Percentage   and   Senior
                      Accelerated Distribution Percentage; and

                             (B)  the  Lockout  Prepayment   Percentage  of  the
                      Lockout   Certificates'  pro  rata  share  (based  on  the
                      Certificate  Principal  Balance  thereof  relative  to the
                      aggregate  Certificate  Principal  Balance  of the  Senior
                      Certificates  (other than the Class A-P  Certificates)) of
                      the  aggregate  of the  collections  described  in  clause
                      (ii)(Y)(C)  of Section  4.02(a) of this Series  Supplement
                      with  application of the Senior  Accelerated  Distribution
                      Percentage;

               provided  that,  if the  aggregate  of the  amounts  set forth in
               clauses  (ii)(Y)(A),  (B), (C) and (E) of Section 4.02(a) of this
               Series  Supplement  is more  than the  balance  of the  Available
               Distribution   Amount   remaining   after  the  Senior   Interest
               Distribution  Amount and the Class A-P  Distribution  Amount have
               been  distributed,  the amount paid to the  Lockout  Certificates
               pursuant to this clause (iv) shall be reduced by an amount  equal
               to  the  Lockout  Certificates'  pro  rata  share  (based  on the
               Certificate  Principal  Balance thereof relative to the aggregate
               Certificate  Principal Balance of the Senior  Certificates (other
               than the Class A-P Certificates)) of such difference;



                                             -25-

<PAGE>



                      (v)  the  balance  of the  Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses (iii) and (iv) above shall be distributed concurrently as
               follows:

                         (1) 33.1486480087% to the Class A-1 Certificates, until
                    the Certificate  Principal  Balance thereof has been reduced
                    to zero; and

                             (2) 66.8513519913%,  sequentially, to the Class A-5
                      Certificates and Class A-6 Certificates, in that order, in
                      each case until the Certificate  Principal Balance thereof
                      has been reduced to zero;

                      (vi) the  balance  of the  Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses (iii) through (v) above shall be distributed to the Class
               A-2 Certificates, until the Certificate Principal Balance thereof
               has been reduced to zero; and

                      (vii) the  balance  of the Senior  Principal  Distribution
               Amount remaining after the  distributions,  if any,  described in
               clauses   (iii)   through   (vi)  above   shall  be   distributed
               concurrently  to the Lockout  Certificates,  on a pro rata basis,
               until the aggregate  Certificate  Principal  Balance  thereof has
               been reduced to zero.

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

               (d) On or after the  occurrence of the Credit  Support  Depletion
        Date and upon  reduction  of the  Certificate  Principal  Balance of the
        Senior  Support   Certificates  to  zero,  all  priorities  relating  to
        distributions  as described in clauses  4.02(b) and (c) above in respect
        of principal  among the various  classes of Senior  Certificates  (other
        than the Class A-P  Certificates  and  Class A-V  Certificates)  will be
        disregarded, an amount equal to the Discount


                                             -26-

<PAGE>



        Fraction of the principal portion of scheduled  payments and unscheduled
        collections  received or advanced in respect of Discount  Mortgage Loans
        will be  distributed  to the  Class  A-P  Certificates,  and the  Senior
        Principal  Distribution  Amount  will be  distributed  to the  remaining
        Senior  Certificates (other than the Class A-P Certificates) pro rata in
        accordance  with  their  respective  outstanding  Certificate  Principal
        Balances  and  the  amount  set  forth  in  Section  4.02(a)(i)  will be
        distributed as set forth therein.

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

               (f) On each Distribution Date prior to the Accretion  Termination
        Date,  an amount equal to the Accrued  Certificate  Interest  that would
        otherwise be distributed on the Class A-6 Certificates shall be added to
        the Certificate Principal Balance of such Certificates.  On or after the
        Accretion  Termination  Date,  the entire amount of Accrued  Certificate
        Interest on the Class A-6 Certificates for such  Distribution Date shall
        be payable, as interest, to the Class A-6 Certificateholders pursuant to
        Section  4.02(a)(i) of this Series Supplement to the extent not required
        to  reduce  the   Certificate   Principal   Balance  of  the  Class  A-5
        Certificates to zero on such Accretion  Termination Date;  provided that
        if the Accretion  Termination Date is the Credit Support Depletion Date,
        the  entire  amount of  Accrued  Certificate  Interest  on the Class A-6
        Certificates for such  Distribution  Date will be paid, as interest,  to
        the Class A-6 Certificateholders  pursuant to Section 4.02(a)(i) of this
        Series Supplement.  Any such Accrued  Certificate  Interest on the Class
        A-6  Certificates  which is  required  to be paid to the  holders of the
        Accretion Directed  Certificates on the Accretion  Termination Date will
        be  added  to  the  Certificate  Principal  Balance  of  the  Class  A-6
        Certificates  in the  manner  described  in the first  sentence  of this
        Section 4.02(e).

               (g) In addition to the foregoing  distributions,  with respect to
        any Mortgage Loan that was previously the subject of a Cash  Liquidation
        or an REO  Disposition  that  resulted in a Realized  Loss, in the event
        that  within  two  years  of the date on which  such  Realized  Loss was
        determined to have occurred the Master Servicer receives amounts,  which
        the  Master  Servicer  reasonably   believes  to  represent   subsequent
        recoveries (net of any related liquidation expenses), or determines that
        it  holds  surplus  amounts  previously   reserved  to  cover  estimated
        expenses, specifically related to such Mortgage Loan (including, but not
        limited to, recoveries in respect of the  representations and warranties
        made by the related Seller pursuant to the applicable Seller's Agreement
        and  assigned  to the  Trustee  pursuant  to Section  2.04),  the Master
        Servicer   shall    distribute    such   amounts   to   the   applicable
        Certificateholders  of the Class or Classes to which such  Realized Loss
        was allocated  (with the amounts to be distributed  allocated among such
        Classes in the same  proportions  as such Realized Loss was  allocated),
        and within each such Class to the Certificateholders of record as of the
        Record Date immediately  preceding the date of such  distribution (or if
        such  Class  of   Certificates   is  no  longer   outstanding,   to  the
        Certificateholders  of record at the time  that such  Realized  Loss was
        allocated); provided that no such distribution to any Class of


                                             -27-

<PAGE>



        Certificates of subsequent  recoveries  related to a Mortgage Loan shall
        exceed,  either  individually  or in the aggregate and together with any
        other amounts paid in reimbursement  therefor, the amount of the related
        Realized  Loss  that  was  allocated  to  such  Class  of  Certificates.
        Notwithstanding  the foregoing,  no such distribution shall be made with
        respect to the  Certificates  of any Class to the extent that either (i)
        such Class was protected  against the related  Realized Loss pursuant to
        any instrument or fund  established  under Section 11.01(e) or (ii) such
        Class of  Certificates  has been deposited into a separate trust fund or
        other structuring vehicle and separate certificates or other instruments
        representing  interests therein have been issued in one or more classes,
        and  any  of  such  separate  certificates  or  other  instruments  were
        protected  against the  related  Realized  Loss  pursuant to any limited
        guaranty, payment obligation, irrevocable letter of credit, surety bond,
        insurance  policy  or  similar  instrument  or  a  reserve  fund,  or  a
        combination thereof. Any amount to be so distributed with respect to the
        Certificates of any Class shall be distributed by the Master Servicer to
        the  Certificateholders  of record  as of the  Record  Date  immediately
        preceding  the  date  of  such  distribution  (i)  with  respect  to the
        Certificates of any Class (other than the Class A-V Certificates),  on a
        pro rata basis  based on the  Percentage  Interest  represented  by each
        Certificate  of such Class as of such Record Date and (ii) with  respect
        to the Class A-V  Certificates,  to the  Class A-V  Certificates  or any
        Subclass thereof in the same proportion as the related Realized Loss was
        allocated.  Any amounts to be so distributed shall not be remitted to or
        distributed  from  the  Trust  Fund,  and  shall  constitute  subsequent
        recoveries  with respect to Mortgage  Loans that are no longer assets of
        the Trust Fund.

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

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


                                             -28-

<PAGE>




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

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

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

        Section 4.05  Allocation of Realized Losses.

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


                                             -29-

<PAGE>



Certificates,  on a pro rata basis, as described below, provided,  however, that
Realized Losses  otherwise  allocable to the Super Senior  Certificates  will be
allocated to the Senior Support  Certificates  until the  Certificate  Principal
Balance of the Senior Support Certificates is reduced to zero.

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

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

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



                                             -30-

<PAGE>



                                    ARTICLE V

                                THE CERTIFICATES
                      (SEE ARTICLE V OF THE STANDARD TERMS)


                                      -31-

<PAGE>



                                   ARTICLE VI

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


                                      -32-

<PAGE>



                                   ARTICLE VII

                                     DEFAULT
                     (SEE ARTICLE VII OF THE STANDARD TERMS)


                                      -33-

<PAGE>



                                  ARTICLE VIII

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


                                      -34-

<PAGE>



                                   ARTICLE IX

                                   TERMINATION
                     (SEE ARTICLE IX OF THE STANDARD TERMS)



                                      -35-

<PAGE>



                                    ARTICLE X

                                REMIC PROVISIONS

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

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

        Section 10.03 Designation of REMIC(s).

        The REMIC  Administrator  will  make 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 but  excluding  the Initial
Monthly Payment Fund) as a REMIC for federal income tax purposes.

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

     Section 10.04 Distributions on the Uncertificated REMIC Regular Interests.

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

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

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



                                             -36-

<PAGE>



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

        Section 10.05 Compliance with Withholding Requirements.

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


                                             -37-

<PAGE>



                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS

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

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

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

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

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


           RECIPIENT                                        Address

                                 8400 Normandale Lake Boulevard
                                 Suite 250, Minneapolis, Minnesota  55437,
Company                          Attention:  President
                                 2255 N. Ontario Street, Suite 400
                                 Burbank, California 91504-2130,
Master Servicer                  Attention:  Managing Director/Master Servicing
                                 Corporate Trust Office
                                 The Trustee  designates its offices  located at
                                 14 Wall  Street,  8th Floor New York,  New York
                                 10005, for the purposes of Section 8.12
Trustee                          of the Standard Terms
                                 One State Street Plaza
Fitch                            New York, New York 10004
                                 99 Church Street
Moody's                          New York, New York  10007



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


                                             -38-

<PAGE>



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

     Section 11.06  Required  Notices  to Rating  Agency and  Subservicer.  (See
          Section 11.06 of the Standard Terms)

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

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

        Section 11.09 Allocation of Voting Rights.

        98.0% of all of the Voting  Rights shall be allocated  among  Holders of
Certificates, other than the Class A-V Certificates 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 A-V  Certificates  in  accordance  with  their  respective  Percentage
Interests,  and 1% of all Voting Rights shall be allocated  among the Holders of
the  Class  R  Certificates  in  accordance  with  their  respective  Percentage
Interests.


                                             -39-

<PAGE>



                                   ARTICLE XII

                                   [RESERVED]



                                      -40-

<PAGE>




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


[Seal]                                          RESIDENTIAL FUNDING MORTGAGE
                                                        SECURITIES I, INC.

Attest:                                         By:
        ---------------------------------------
        Name:  Julie Steinhagen                         Name:  Randy Van Zee
        Title:   Vice President                         Title:    Vice President



[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

Attest:                                         By:
        ---------------------------------------
        Name:  Randy Van Zee                            Name:  Julie Steinhagen
        Title:   Director                               Title:    Director



[Seal]                                          BANK ONE, NATIONAL ASSOCIATION
                                                                  as Trustee

Attest:
        ---------------------------------------
        Name:                                   By:
        Title:                                          Name:   Faye Wright
                                                        Title:  Vice President




                                             -1-

<PAGE>




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

               On the 27th day of April,  2001 before me, a notary public in and
for said  State,  personally  appeared  Randy Van Zee,  known to me to be a Vice
President  of  Residential  Funding  Mortgage  Securities  I,  Inc.,  one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said  corporation,  and  acknowledged  to me
that such corporation executed the within instrument.

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

                                                    Notary Public

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

[Notarial Seal]


                                             -2-

<PAGE>




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

               On the 27th day of April,  2001 before me, a notary public in and
for  said  State,  personally  appeared  Julie  Steinhagen,  known to me to be a
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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


                                                    Notary Public

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

[Notarial Seal]


                                             -3-

<PAGE>




STATE OF                        )
                                ) ss.:
COUNTY OF                       )

               On the 27th day of April,  2001 before me, a notary public in and
for said State, personally appeared  _____________________,  known to me to be a
____________________  of Bank One,  National  Association,  a  national  banking
association that executed the within instrument,  and also known to me to be the
person who executed it on behalf of said banking corporation and acknowledged to
me that such banking corporation executed the within instrument.

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


                                                    Notary Public

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


[Notarial Seal]



                                             -4-

<PAGE>



                                   EXHIBIT ONE
                             MORTGAGE LOAN SCHEDULE
                            (Available Upon Request)

1

  RUN ON     : 04/24/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 07.53.19           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S9                                  CUTOFF : 04/01/01
  POOL       : 0004499
             :
             :
  POOL STATUS: F

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

      3930895                              .2500
      649,541.24                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      3962019                              .2500
      416,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4078337                              .2500
      322,160.99                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4106437                              .2500
      660,000.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4113806                              .2500
      319,762.51                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4164750                              .2500
      374,954.71                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450
1



      4165135                              .2500
      300,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4171709                              .2500
      291,766.49                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4181629                              .2500
       99,851.12                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4217157                              .2500
      399,389.39                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4226225                              .2500
      327,768.50                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4228233                              .2500
      189,872.52                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      4228593                              .2500
      598,655.77                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4231972                              .2500
      348,012.58                           .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000
1



      4234922                              .2500
      395,213.74                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4245083                              .2500
      440,543.09                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4246240                              .2500
      294,791.79                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4252366                              .2500
      399,700.51                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4253334                              .2500
      650,000.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4253802                              .2500
      334,738.67                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4258957                              .2500
      322,500.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4260164                              .2500
      287,592.15                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700
1



      4263990                              .2500
      343,000.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4268696                              .2500
      997,921.82                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4271265                              .2500
      291,799.05                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4278183                              .2500
      134,786.59                           .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      4284175                              .2500
      357,720.73                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4284284                              .2500
      339,741.28                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4290535                              .2500
      511,000.00                           .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      4293353                              .2500
      299,793.54                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950
1



      4295680                              .2500
      335,737.89                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4296132                              .2500
      349,740.25                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4296257                              .2500
      489,654.16                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4297028                              .2500
      499,638.11                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

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            6.7500                         .2950

      4526588                              .5000
      372,000.00                           .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4526598                              .5000
      401,500.00                           .0800
            7.3750                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450
1



      4526601                              .5000
      715,183.69                           .0800
            7.3750                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526605                              .5000
      342,400.00                           .0800
            7.3750                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526607                              .5000
      447,478.50                           .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4526609                              .5000
      542,796.86                           .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4526610                              .5000
      313,361.37                           .0800
            7.3750                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526612                              .2500
      384,000.00                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526614                              .5000
      313,766.96                           .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4526616                              .3750
      440,000.00                           .0800
            7.2500                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450
1



      4526617                              .5000
      550,000.00                           .0800
            7.3750                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526618                              .2500
      350,000.00                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526620                              .5000
      379,710.85                           .0800
            7.3750                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526622                              .3750
      388,125.00                           .0800
            7.2500                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526623                              .5000
      320,000.00                           .0800
            7.6250                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4526624                              .3750
      300,000.00                           .0800
            7.2500                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526626                              .5000
      620,000.00                           .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4526627                              .5000
      478,000.00                           .0800
            7.3750                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450
1



      4526629                              .5000
      323,759.54                           .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4526632                              .3750
      319,200.00                           .0800
            7.2500                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526636                              .2500
      378,397.15                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526637                              .5000
      530,000.00                           .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4526638                              .3750
      480,000.00                           .0800
            7.2500                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526639                              .5000
      420,000.00                           .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4526643                              .5000
      375,000.00                           .0800
            7.6250                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4526644                              .5000
      400,000.00                           .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700
1



      4526645                              .5000
      436,000.00                           .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4526646                              .3750
      344,000.00                           .0800
            7.2500                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526647                              .5000
      502,400.00                           .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4526651                              .3750
      384,000.00                           .0800
            7.2500                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526656                              .3750
      554,000.00                           .0800
            7.2500                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526659                              .3750
      368,000.00                           .0800
            7.2500                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4526660                              .5000
      468,000.00                           .0800
            7.5000                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4530074                              .2500
      364,900.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700
1



      4531738                              .2500
      128,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4531746                              .2500
      287,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4531748                              .2500
      600,000.00                           .0300
            6.8750                         .0000
            6.6250                         .0000
            6.5950                         .0000
            6.5950                         .0000

      4531776                              .2500
      466,450.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4531810                              .2500
       86,800.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.7500                         .9200

      4531814                              .2500
      650,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4531818                              .2500
      277,500.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4531832                              .2500
       50,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1



      4531851                              .2500
      275,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4532387                              .2500
      307,500.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4535617                              .2500
      304,500.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4535990                              .2500
      332,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4537464                              .2500
      379,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4540665                              .2500
      346,400.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4540669                              .2500
      399,000.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4540683                              .2500
      297,200.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1



      4540684                              .2500
    1,000,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4540707                              .2500
      312,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4540711                              .2500
      504,000.00                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4540719                              .2500
      145,360.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4541838                              .2500
      283,278.84                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4544780                              .2500
      389,600.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4544781                              .2500
      436,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4544951                              .2500
      484,000.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450
1



      4546437                              .2500
      284,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4546441                              .2500
      324,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4546961                              .2500
      316,000.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4546971                              .2500
      469,000.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4546979                              .2500
      452,000.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.7500                         .6700

      4551046                              .2500
      440,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4551047                              .2500
      368,850.00                           .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      4559294                              .2500
      320,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1



      4559295                              .2500
      437,150.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.7500                         .7950

      4559296                              .2500
      396,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4559794                              .2500
      368,800.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4560157                              .2500
      319,756.51                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4560376                              .2500
      348,750.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4560404                              .2500
      301,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4560414                              .2500
      317,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4560448                              .2500
      350,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1



      4560753                              .2500
      374,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4560895                              .2500
      420,000.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.7500                         .5450

      4560896                              .2500
      371,500.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4564518                              .2500
      437,600.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4574054                              .2500
      312,000.00                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.7500                         .0450

      4574055                              .2500
      420,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4574062                              .2500
      512,000.00                           .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      4574607                              .2500
      360,000.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200
1



      4574609                              .2500
      476,800.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4574610                              .2500
      352,700.00                           .0300
            7.0000                         .0000
            6.7500                         .0000
            6.7200                         .0000
            6.7200                         .0000

      4576943                              .2500
      611,300.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4583797                              .2500
      436,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4583990                              .2500
      300,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4584165                              .2500
      349,196.12                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4584346                              .2500
      350,400.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4584502                              .2500
      300,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1



      4588864                              .2500
    1,000,000.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4588866                              .2500
      452,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4588867                              .2500
      700,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4588868                              .2500
      360,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4588869                              .2500
      564,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4588873                              .2500
      540,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4588874                              .2500
      507,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4588875                              .2500
      480,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950
1



      4588877                              .2500
      608,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4588878                              .2500
      448,000.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

      4588881                              .2500
      650,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4590414                              .2500
      650,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.7500                         .1700

      4594825                              .2500
      350,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4598782                              .2500
      372,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.7500                         .2950

      4598784                              .2500
      360,000.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.7500                         .4200

  TOTAL NUMBER OF LOANS:      653
  TOTAL BALANCE........:        260,087,417.60


1

  RUN ON     : 04/24/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 07.53.19            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S9        FIXED SUMMARY REPORT      CUTOFF : 04/01/01
  POOL       : 0004499
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  --------------------------------------------------------------------------
  CURR NOTE RATE                        7.4485            6.8750      8.1250
  RFC NET RATE                          7.1860            6.6250      7.8750
  NET MTG RATE(INVSTR RATE)             7.1082            6.5950      7.7950
  POST STRIP RATE                       6.7466            6.5950      6.7500
  SUB SERV FEE                           .2625             .2500       .5000
  MSTR SERV FEE                          .0778             .0300       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .3616             .0000      1.0450







  TOTAL NUMBER OF LOANS:   653
  TOTAL BALANCE........:     260,087,417.60


                             ***************************
                             *      END OF REPORT      *
                             ***************************
1

  RUN ON     : 04/24/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 07.53.19          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2001-S9                                  CUTOFF : 04/01/01
  POOL       : 0004499
             :
             :
  POOL STATUS: F

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


    3930895          163/G01             F          650,000.00         ZZ
                                         360        649,541.24          1
                                       7.750          4,656.68         75
                                       7.500          4,656.68
    STAMFORD         CT   06903          1            03/01/01         00
    0432675627                           05           04/01/01          0
    1000240549                           O            03/01/31
    0


    3962019          163/G01             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       7.375          2,873.21         80
                                       7.125          2,873.21
    ISLAND PARK      NY   11558          1            03/15/01         00
    0432691566                           05           05/01/01          0
    1000228064                           O            04/01/31
    0


    4078337          286/286             F          325,000.00         ZZ
                                         240        322,160.99          1
                                       7.875          2,693.21         47
                                       7.625          2,693.21
    LEXINGTON        KY   40502          1            11/01/00         00
    184871                               05           12/01/00          0
    184871                               O            11/01/20
    0


    4106437          369/G01             F          660,000.00         ZZ
                                         360        660,000.00          1
                                       7.500          4,614.82         80
                                       7.250          4,614.82
    LAFAYETTE        CA   94549          1            03/05/01         00
    0432686640                           05           05/01/01          0
1


    0072642465                           O            04/01/31
    0


    4113806          588/G01             F          320,000.00         ZZ
                                         360        319,762.51          1
                                       7.500          2,237.49         80
                                       7.250          2,237.49
    ALEXANDRIA       VA   22301          1            02/26/01         00
    0432669802                           05           04/01/01          0
    1033031                              O            03/01/31
    0


    4164750          964/G01             F          375,500.00         ZZ
                                         360        374,954.71          1
                                       7.625          2,657.77         69
                                       7.375          2,657.77
    DANVILLE         CA   94526          5            01/18/01         00
    0432663409                           05           03/01/01          0
    40097007                             O            02/01/31
    0


    4165135          964/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.375          2,072.03         41
                                       7.125          2,072.03
    MORAGA           CA   94556          5            03/16/01         00
    0432688570                           05           05/01/01          0
    99605                                O            04/01/31
    0


    4171709          D03/D03             F          292,000.00         ZZ
                                         360        291,766.49          1
                                       7.125          1,967.26         80
                                       6.875          1,967.26
    SAN JOSE         CA   95127          1            02/12/01         00
    00000                                05           04/01/01          0
    00000                                O            03/01/31
    0


    4181629          E47/G01             F          100,000.00         ZZ
                                         360         99,851.12          1
                                       7.500            699.21         29
                                       7.250            699.21
    ENGLEWOOD        CO   80112          5            01/24/01         00
    0432600864                           03           03/01/01          0
    7332015604                           O            02/01/31
    0


1


    4217157          E22/G01             F          400,000.00         ZZ
                                         360        399,389.39          1
                                       7.375          2,762.70         43
                                       7.125          2,762.70
    HO-HO-KUS        NJ   07423          1            01/22/01         00
    0412324550                           05           03/01/01          0
    0412324550                           O            02/01/31
    0


    4226225          624/G01             F          328,000.00         ZZ
                                         360        327,768.50          1
                                       7.750          2,349.83         80
                                       7.500          2,349.83
    FREMONT          CA   94536          1            02/19/01         00
    0432652709                           05           04/01/01          0
    88615010026F                         O            03/01/31
    0


    4228233          E45/G01             F          190,000.00         ZZ
                                         360        189,872.52          1
                                       8.000          1,394.15         80
                                       7.750          1,394.15
    WATKINSVILLE     GA   30677          2            02/07/01         00
    0432676799                           05           04/01/01          0
    112551                               O            03/01/31
    0


    4228593          168/168             F          600,000.00         ZZ
                                         360        598,655.77          1
                                       7.500          4,195.29         49
                                       7.250          4,195.29
    GREAT NECK       NY   11023          1            12/21/00         00
    0249641313                           05           02/01/01          0
    0249641313                           O            01/01/31
    0


    4231972          B60/G01             F          348,600.00         ZZ
                                         360        348,012.58          1
                                       6.875          2,290.06         80
                                       6.625          2,290.06
    HUNTINGTON BEAC  CA   92647          2            01/26/01         00
    0432648392                           05           03/01/01          0
    311197                               O            02/01/31
    0


    4234922          757/G01             F          395,500.00         ZZ
                                         360        395,213.74          1
                                       7.625          2,799.33         80
                                       7.375          2,799.33
1


    FREEPORT         ME   04032          2            01/30/01         00
    0432670644                           05           04/01/01          0
    103541014                            O            03/01/31
    0


    4245083          P60/G01             F          441,200.00         ZZ
                                         360        440,543.09          1
                                       7.500          3,084.93         45
                                       7.250          3,084.93
    CHAGRIN FALLS    OH   44022          2            01/31/01         00
    0432653277                           05           03/01/01          0
    6100053403                           O            02/01/31
    0


    4246240          588/G01             F          295,000.00         ZZ
                                         360        294,791.79          1
                                       7.750          2,113.42         71
                                       7.500          2,113.42
    TOWNSHIP W WIND  NJ   08550          2            02/15/01         00
    0432651693                           05           04/01/01          0
    1034097                              O            03/01/31
    0


    4252366          163/G01             F          399,990.00         ZZ
                                         360        399,700.51          1
                                       7.625          2,831.11         75
                                       7.375          2,831.11
    MERRICK          NY   11566          1            02/20/01         00
    0432683860                           05           04/01/01          0
    1000260689                           O            03/01/31
    0


    4253334          H12/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.750          4,656.68         50
                                       7.500          4,656.68
    LINCOLN          NE   68512          2            03/06/01         00
    0432674364                           03           05/01/01          0
    0800012232001                        O            04/01/31
    0


    4253802          964/G01             F          335,000.00         ZZ
                                         360        334,738.67          1
                                       7.250          2,285.29         67
                                       7.000          2,285.29
    SAN JOSE         CA   95123          5            02/12/01         00
    0432661262                           05           04/01/01          0
    400104168                            O            03/01/31
    0
1




    4258957          163/G01             F          322,500.00         ZZ
                                         360        322,500.00          1
                                       7.250          2,200.02         75
                                       7.000          2,200.02
    ENGLEWOOD        CO   80111          2            03/08/01         00
    0432675445                           03           05/01/01          0
    1818000556                           O            04/01/31
    0


    4260164          163/163             F          288,000.00         ZZ
                                         360        287,592.15          1
                                       7.750          2,063.27         90
                                       7.500          2,063.27
    KEY WEST         FL   33040          1            01/05/01         14
    00110020                             05           03/01/01         25
    00110020                             O            02/01/31
    0


    4263990          964/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       7.500          2,398.31         58
                                       7.250          2,398.31
    CORTE MADERA     CA   94925          2            03/16/01         00
    0432687325                           05           05/01/01          0
    104637                               O            04/01/31
    0


    4268696          025/025             F        1,000,000.00         ZZ
                                         360        997,921.82          1
                                       7.875          7,250.70         38
                                       7.625          7,250.70
    BLOOMFIELD HILL  MI   48304          2            12/29/00         00
    138603311                            29           02/01/01          0
    138603311                            O            01/01/31
    0


    4271265          163/G01             F          292,000.00         ZZ
                                         360        291,799.05          1
                                       7.875          2,117.20         80
                                       7.625          2,117.20
    DRAPER           UT   84020          2            02/09/01         00
    0432665586                           05           04/01/01          0
    1817869985                           O            03/01/31
    0


    4278183          830/G01             F          135,000.00         ZZ
                                         360        134,786.59          1
1


                                       6.875            886.85         62
                                       6.625            886.85
    TAYLORSVILLE     UT   84118          5            02/07/01         00
    0432629731                           05           04/01/01          0
    1928001                              O            03/01/31
    0


    4284175          964/G01             F          358,000.00         ZZ
                                         360        357,720.73          1
                                       7.250          2,442.19         54
                                       7.000          2,442.19
    SUNNYVALE        CA   94087          5            02/26/01         00
    0432675536                           05           04/01/01          0
    101558                               O            03/01/31
    0


    4284284          757/G01             F          340,000.00         ZZ
                                         360        339,741.28          1
                                       7.375          2,348.30         66
                                       7.125          2,348.30
    DURHAM           ME   04222          2            02/13/01         00
    0432655942                           05           04/01/01          0
    2HOSNERJOSE                          O            03/01/31
    0


    4290535          964/G01             F          511,000.00         ZZ
                                         360        511,000.00          1
                                       7.000          3,399.70         63
                                       6.750          3,399.70
    SAN ANSELMO      CA   94960          5            03/05/01         00
    0432680031                           05           05/01/01          0
    106401                               O            04/01/31
    0


    4293353          S27/G01             F          300,000.00         ZZ
                                         360        299,793.54          1
                                       7.875          2,175.21         49
                                       7.625          2,175.21
    FORT MYERS BEAC  FL   33931          2            02/09/01         00
    0432638260                           05           04/01/01          0
    1010006905                           O            03/01/31
    0


    4295680          964/G01             F          336,000.00         ZZ
                                         360        335,737.89          1
                                       7.250          2,292.11         80
                                       7.000          2,292.11
    THOUSAND OAKS    CA   91360          1            02/14/01         00
    0432687341                           05           04/01/01          0
1


    102152                               O            03/01/31
    0


    4296132          163/G01             F          350,000.00         ZZ
                                         360        349,740.25          1
                                       7.500          2,447.25         54
                                       7.250          2,447.25
    DELRAY BEACH     FL   33483          5            02/23/01         00
    0432694735                           05           04/01/01          0
    7717948839                           O            03/01/31
    0


    4296257          964/G01             F          490,000.00         ZZ
                                         360        489,654.16          1
                                       7.750          3,510.42         76
                                       7.500          3,510.42
    BERKELEY         CA   94708          2            02/26/01         00
    0432670826                           05           04/01/01          0
    105339                               O            03/01/31
    0


    4297028          B65/G01             F          500,000.00         ZZ
                                         360        499,638.11          1
                                       7.625          3,538.97         62
                                       7.375          3,538.97
    WESTERVILLE      OH   43082          2            02/22/01         00
    0432628378                           05           04/01/01          0
    010101218                            O            03/01/31
    0


    4299726          E45/G01             F           70,000.00         ZZ
                                         360         69,950.59          1
                                       7.750            501.49         54
                                       7.500            501.49
    RIDDLETON        TN   37151          5            02/09/01         00
    0432640225                           05           04/01/01          0
    113180                               O            03/01/31
    0


    4299980          477/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.500          3,146.47         69
                                       7.250          3,146.47
    SAN RAFAEL       CA   94903          5            03/01/01         00
    0432690584                           05           05/01/01          0
    130156                               O            04/01/31
    0


1


    4302121          253/253             F          584,000.00         ZZ
                                         360        584,000.00          1
                                       7.875          4,234.41         80
                                       7.625          4,234.41
    SAN FRANCISCO    CA   94134          1            03/08/01         00
    962741                               05           05/01/01          0
    962741                               O            04/01/31
    0


    4305738          025/025             F          492,500.00         ZZ
                                         360        491,024.18          1
                                       7.500          3,443.64         72
                                       7.250          3,443.64
    LOS GATOS        CA   95032          5            11/10/00         00
    0138186549                           05           01/01/01          0
    0138186549                           O            12/01/30
    0


    4306178          964/G01             F          114,750.00         ZZ
                                         360        114,669.01          1
                                       7.750            822.08         75
                                       7.500            822.08
    SCOTTSDALE       AZ   85250          1            02/14/01         00
    0432653954                           09           04/01/01          0
    100370                               O            03/01/31
    0


    4306540          964/G01             F          367,000.00         T
                                         360        366,727.63          1
                                       7.500          2,566.12         54
                                       7.250          2,566.12
    INCLINE VILLAGE  NV   89450          2            02/26/01         00
    0432669281                           05           04/01/01          0
    105160                               O            03/01/31
    0


    4306784          964/G01             F          550,000.00         ZZ
                                         360        549,601.92          1
                                       7.625          3,892.87         62
                                       7.375          3,892.87
    NOVATO           CA   94947          5            02/27/01         00
    0432680049                           05           04/01/01          0
    107025                               O            03/01/31
    0


    4308521          163/G01             F          360,000.00         ZZ
                                         360        359,704.91          1
                                       7.000          2,395.09         72
                                       6.750          2,395.09
1


    LIVERMORE        CA   94550          5            02/21/01         00
    0432674026                           05           04/01/01          0
    717945694                            O            03/01/31
    0


    4309395          253/253             F          330,000.00         ZZ
                                         360        329,761.16          1
                                       7.625          2,335.72         69
                                       7.375          2,335.72
    LITTLETON        CO   80127          2            02/23/01         00
    963051                               03           04/01/01          0
    963051                               O            03/01/31
    0


    4309729          B60/G01             F          330,770.00         ZZ
                                         360        330,518.31          1
                                       7.375          2,284.55         80
                                       7.125          2,284.55
    IRVINE           CA   92602          1            02/13/01         00
    0432652535                           05           04/01/01          0
    313791                               O            03/01/31
    0


    4312919          588/G01             F          297,500.00         ZZ
                                         360        297,267.93          1
                                       7.250          2,029.47         80
                                       7.000          2,029.47
    NEW HOPE         PA   18938          1            02/28/01         00
    0432675171                           03           04/01/01          0
    1019708                              O            03/01/31
    0


    4315754          964/G01             F          650,000.00         ZZ
                                         360        649,517.61          1
                                       7.500          4,544.89         60
                                       7.250          4,544.89
    BURLINGAME       CA   94010          2            02/16/01         00
    0432648418                           05           04/01/01          0
    103894                               O            03/01/31
    0


    4318723          163/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.250          3,410.88         80
                                       7.000          3,410.88
    WALNUT GROVE     CA   95690          1            03/09/01         00
    0432682391                           05           05/01/01          0
    1417970833                           O            04/01/31
    0
1




    4320795          A19/G01             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       7.625          2,371.11         53
                                       7.375          2,371.11
    SUDBURY          MA   01776          2            03/09/01         00
    0432671162                           05           05/01/01          0
    0443783                              O            04/01/31
    0


    4322222          964/G01             F          528,000.00         ZZ
                                         360        528,000.00          1
                                       7.125          3,557.23         80
                                       6.875          3,557.23
    SAN MARINO       CA   91108          1            03/19/01         00
    0432685964                           05           05/01/01          0
    106832                               O            04/01/31
    0


    4323218          E11/G01             F          580,000.00         ZZ
                                         360        579,569.56          1
                                       7.500          4,055.44         80
                                       7.250          4,055.44
    MINNEAPOLIS      MN   55405          1            03/05/01         00
    0432676856                           05           04/01/01          0
    0002001028264                        O            03/01/31
    0


    4327720          964/G01             F          378,000.00         ZZ
                                         360        377,719.47          1
                                       7.500          2,643.03         80
                                       7.250          2,643.03
    LIVERMORE        CA   94550          2            02/23/01         00
    0432675031                           05           04/01/01          0
    400107755                            O            03/01/31
    0


    4328134          964/G01             F          381,450.00         ZZ
                                         360        381,152.43          1
                                       7.250          2,602.16         78
                                       7.000          2,602.16
    ARROYO GRANDE    CA   93420          2            02/26/01         00
    0432684256                           05           04/01/01          0
    105363                               O            03/01/31
    0


    4328236          B60/G01             F          508,000.00         ZZ
                                         360        507,622.99          1
1


                                       7.500          3,552.01         68
                                       7.250          3,552.01
    BOYNE CITY       MI   49712          2            02/09/01         00
    0432660553                           05           04/01/01          0
    312368                               O            03/01/31
    0


    4331741          956/G01             F          424,000.00         ZZ
                                         360        423,368.69          1
                                       7.500          2,964.67         80
                                       7.250          2,964.67
    KIRKLAND         WA   98033          1            01/16/01         00
    0432608826                           01           03/01/01          0
    01082201                             O            02/01/31
    0


    4332933          757/G01             F          452,000.00         ZZ
                                         360        451,647.39          1
                                       7.250          3,083.44         80
                                       7.000          3,083.44
    FAYETTEVILLE     GA   30214          2            02/22/01         00
    0432663854                           03           04/01/01          0
    1000140937                           O            03/01/31
    0


    4333124          624/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.625          2,335.72         80
                                       7.375          2,335.72
    WHITTIER         CA   90601          1            03/08/01         00
    0432664274                           05           05/01/01          0
    46200110116                          O            04/01/31
    0


    4333849          A06/G01             F          460,000.00         ZZ
                                         360        459,658.61          1
                                       7.500          3,216.39         66
                                       7.250          3,216.39
    WALLED LAKE      MI   48390          5            02/26/01         00
    0432647899                           05           04/01/01          0
    00100001001213                       O            03/01/31
    0


    4333884          964/G01             F          345,000.00         ZZ
                                         360        344,730.87          1
                                       7.250          2,353.51         66
                                       7.000          2,353.51
    DANVILLE         CA   94526          2            02/21/01         00
    0432675528                           03           04/01/01          0
1


    105044                               O            03/01/31
    0


    4335063          163/G01             F          407,000.00         ZZ
                                         360        406,719.91          1
                                       7.875          2,951.03         87
                                       7.625          2,951.03
    LAS CRUCES       NM   88012          2            02/14/01         11
    0432669810                           05           04/01/01         25
    0217942535                           O            03/01/31
    0


    4335401          Q46/G01             F          288,000.00         ZZ
                                         360        287,791.55          1
                                       7.625          2,038.45         80
                                       7.375          2,038.45
    TUJUNGA          CA   91042          1            02/19/01         00
    0432683217                           05           04/01/01          0
    B0102016                             O            03/01/31
    0


    4336339          964/G01             F          344,500.00         ZZ
                                         360        344,244.34          1
                                       7.500          2,408.79         42
                                       7.250          2,408.79
    EL DORADO HILLS  CA   95762          2            02/26/01         00
    0432672368                           03           04/01/01          0
    104412                               O            03/01/31
    0


    4338122          163/163             F          414,000.00         ZZ
                                         360        413,413.71          1
                                       7.750          2,965.95         80
                                       7.500          2,965.95
    ST JAMES         NY   11780          1            01/23/01         00
    1000233141                           05           03/01/01          0
    1000233141                           O            02/01/31
    0


    4339644          286/286             F          512,000.00         ZZ
                                         360        511,274.92          1
                                       7.750          3,668.04         80
                                       7.500          3,668.04
    BOULDER          CO   80304          2            01/12/01         00
    224242                               05           03/01/01          0
    224242                               O            02/01/31
    0


1


    4339705          286/286             F          145,000.00         ZZ
                                         360        144,789.42          1
                                       7.625          1,026.31         62
                                       7.375          1,026.31
    LEESBURG         VA   20176          1            01/15/01         00
    241217                               05           03/01/01          0
    241217                               O            02/01/31
    0


    4339716          286/286             F          650,000.00         ZZ
                                         360        649,079.51          1
                                       7.750          4,656.68         77
                                       7.500          4,656.68
    SHOREWOOD        WI   53211          1            01/16/01         00
    225536                               05           03/01/01          0
    225536                               O            02/01/31
    0


    4340019          964/G01             F          364,000.00         ZZ
                                         360        363,716.05          1
                                       7.250          2,483.12         56
                                       7.000          2,483.12
    DANVILLE         CA   94526          2            02/23/01         00
    0432669232                           03           04/01/01          0
    105504                               O            03/01/31
    0


    4341766          E66/G01             F          434,000.00         ZZ
                                         360        433,369.78          1
                                       7.625          3,071.82         75
                                       7.375          3,071.82
    CHARLOTTE        NC   28210          2            01/30/01         00
    0432681310                           05           03/01/01          0
    600596737                            O            02/01/31
    0


    4341867          K81/G01             F          344,000.00         ZZ
                                         360        343,731.64          1
                                       7.250          2,346.69         80
                                       7.000          2,346.69
    PORTLAND         OR   97214          1            02/19/01         00
    0432665875                           05           04/01/01          0
    5540239                              O            03/01/31
    0


    4342911          D03/D03             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       7.250          2,701.42         80
                                       7.000          2,701.42
1


    SAN JOSE         CA   95123          1            02/28/01         00
    88671                                05           05/01/01          0
    88671                                O            04/01/31
    0


    4344579          964/G01             F          279,000.00         ZZ
                                         360        278,787.71          2
                                       7.375          1,926.98         90
                                       7.125          1,926.98
    SHORELINE        WA   98155          1            02/27/01         01
    0432676260                           05           04/01/01         25
    106422                               O            03/01/31
    0


    4344589          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.250          2,387.62         72
                                       7.000          2,387.62
    ARROYO GRANDE    CA   93420          2            03/01/01         00
    0432672756                           05           05/01/01          0
    015408                               O            04/01/31
    0


    4344600          964/G01             F          289,900.00         ZZ
                                         360        289,679.41          1
                                       7.375          2,002.27         80
                                       7.125          2,002.27
    HOLLISTER        CA   95023          1            02/21/01         00
    0432662039                           05           04/01/01          0
    106450                               O            03/01/31
    0


    4345130          964/G01             F          417,500.00         ZZ
                                         360        417,174.31          1
                                       7.250          2,848.09         80
                                       7.000          2,848.09
    PASADENA         CA   91106          2            02/21/01         00
    0432672723                           05           04/01/01          0
    105898                               O            03/01/31
    0


    4345178          700/G01             F          292,500.00         ZZ
                                         360        292,500.00          1
                                       7.500          2,045.20         90
                                       7.250          2,045.20
    FULLERTON        CA   92832          1            03/05/01         10
    0432679249                           05           05/01/01         30
    00256396                             O            04/01/31
    0
1




    4345999          B60/G01             F          309,600.00         ZZ
                                         360        309,346.22          1
                                       7.000          2,059.78         79
                                       6.750          2,059.78
    WEST HOLLYWOOD   CA   90048          2            02/16/01         00
    0432672525                           01           04/01/01          0
    314039                               O            03/01/31
    0


    4351355          964/G01             F          506,250.00         ZZ
                                         360        506,250.00          1
                                       7.375          3,496.54         75
                                       7.125          3,496.54
    RICHMOND         CA   94801          2            02/28/01         00
    0432679975                           03           05/01/01          0
    104338                               O            04/01/31
    0


    4353043          H12/G01             F          399,500.00         ZZ
                                         360        399,500.00          1
                                       7.375          2,759.25         72
                                       7.125          2,759.25
    OMAHA            NE   68114          1            03/15/01         00
    0432681641                           03           05/01/01          0
    0800012277301                        O            04/01/31
    0


    4355762          964/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.375          2,486.43         69
                                       7.125          2,486.43
    NORTHRIDGE (ARE  CA   91326          1            03/02/01         00
    0432675866                           05           05/01/01          0
    107409                               O            04/01/31
    0


    4355798          944/G01             F          334,200.00         ZZ
                                         360        333,951.97          1
                                       7.500          2,336.78         80
                                       7.250          2,336.78
    WINDSOR          CA   95492          1            02/22/01         00
    0432667574                           05           04/01/01          0
    W00121686                            O            03/01/31
    0


    4356458          R53/G01             F          903,000.00         ZZ
                                         360        903,000.00          1
1


                                       7.500          6,313.91         48
                                       7.250          6,313.91
     BURLINGTON      VT   05401          2            03/19/01         00
    0432678613                           05           05/01/01          0
    1                                    O            04/01/31
    0


    4356561          K73/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.750          3,582.06         52
                                       7.500          3,582.06
    WOODCLIFF LAKE   NJ   07675          1            03/01/01         00
    0432640472                           05           05/01/01          0
    55138935                             O            04/01/31
    0


    4356771          116/116             F          357,900.00         ZZ
                                         360        357,620.80          1
                                       7.250          2,441.51         76
                                       7.000          2,441.51
    AUSTIN           TX   78733          2            02/23/01         00
    091069339                            03           04/01/01          0
    091069339                            O            03/01/31
    0


    4358213          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.500          2,447.25         53
                                       7.250          2,447.25
    SAN JOSE         CA   95125          5            03/05/01         00
    0432685527                           05           05/01/01          0
    400104538                            O            04/01/31
    0


    4359068          116/116             F          472,500.00         ZZ
                                         360        472,140.46          1
                                       7.375          3,263.45         70
                                       7.125          3,263.45
    HOUSTON          TX   77025          1            02/28/01         00
    091069387                            03           04/01/01          0
    091069387                            O            03/01/31
    0


    4359590          964/G01             F          312,000.00         ZZ
                                         360        311,768.45          1
                                       7.500          2,181.55         80
                                       7.250          2,181.55
    LOMPOC           CA   93436          1            02/24/01         00
    0432665982                           05           04/01/01          0
1


    104526                               O            03/01/31
    0


    4360904          286/286             F          650,000.00         ZZ
                                         360        648,982.80          1
                                       7.250          4,434.15         73
                                       7.000          4,434.15
    WASHINGTON       DC   20016          1            01/30/01         00
    250999                               05           03/01/01          0
    250999                               O            02/01/31
    0


    4360921          286/286             F          385,000.00         ZZ
                                         360        383,518.72          1
                                       7.625          2,725.01         74
                                       7.375          2,725.01
    FLOWER MOUND     TX   75028          1            01/05/01         00
    160347                               03           02/01/01          0
    160347                               O            01/01/31
    0


    4360933          286/286             F          465,700.00         ZZ
                                         360        465,023.73          1
                                       7.625          3,296.20         65
                                       7.375          3,296.20
    ZIONSVILLE       IN   46077          2            01/31/01         00
    210264                               05           03/01/01          0
    210264                               O            02/01/31
    0


    4360947          286/286             F          305,000.00         ZZ
                                         360        304,088.72          1
                                       7.750          2,185.06         71
                                       7.500          2,185.06
    GILBERT          AZ   85234          2            01/19/01         00
    224480                               05           03/01/01          0
    224480                               O            02/01/31
    0


    4360952          286/286             F          325,000.00         ZZ
                                         360        324,528.05          1
                                       7.625          2,300.33         90
                                       7.375          2,300.33
    WESTON           FL   33327          1            01/25/01         01
    247657                               05           03/01/01         25
    247657                               O            02/01/31
    0


1


    4360996          286/286             F          399,000.00         ZZ
                                         360        398,405.91          1
                                       7.500          2,789.87         57
                                       7.250          2,789.87
    CROWNSVILLE      MD   21032          2            01/30/01         00
    252829                               05           03/01/01          0
    252829                               O            02/01/31
    0


    4361024          286/286             F          287,100.00         ZZ
                                         360        286,513.28          1
                                       7.375          1,982.93         90
                                       7.125          1,982.93
    OLNEY            MD   20832          1            02/01/01         21
    212326                               03           03/01/01         25
    212326                               O            02/01/31
    0


    4361029          286/286             F          529,650.00         ZZ
                                         360        528,880.87          1
                                       7.625          3,748.83         69
                                       7.375          3,748.83
    PROSPECT         KY   40059          1            01/22/01         00
    225619                               05           03/01/01          0
    225619                               O            02/01/31
    0


    4361125          286/286             F          382,050.00         ZZ
                                         360        381,495.20          1
                                       7.625          2,704.13         90
                                       7.375          2,704.13
    NEW ORLEANS      LA   70124          1            01/31/01         11
    9962060                              05           03/01/01         25
    9962060                              O            02/01/31
    0


    4361153          286/286             F          287,500.00         ZZ
                                         360        287,082.50          1
                                       7.625          2,034.91         73
                                       7.375          2,034.91
    KATY             TX   77493          2            01/24/01         00
    9794534                              03           03/01/01          0
    9794534                              O            02/01/31
    0


    4362548          964/G01             F          596,000.00         ZZ
                                         360        595,535.06          1
                                       7.250          4,065.77         80
                                       7.000          4,065.77
1


    MANHATTAN BEACH  CA   90266          1            02/23/01         00
    0432657534                           01           04/01/01          0
    106275                               O            03/01/31
    0


    4362879          956/G01             F          342,450.00         ZZ
                                         360        342,189.42          1
                                       7.375          2,365.22         38
                                       7.125          2,365.22
    HIGHLAND PARK    TX   75204          2            02/09/01         00
    0432622629                           05           04/01/01          0
    1611010149                           O            03/01/31
    0


    4362999          B60/G01             F          297,500.00         T
                                         360        297,267.92          1
                                       7.250          2,029.48         85
                                       7.000          2,029.48
    CARLSBAD         CA   92008          1            02/23/01         01
    0432652741                           01           04/01/01         12
    313538                               O            03/01/31
    0


    4363597          526/526             F          375,000.00         ZZ
                                         360        374,468.94          1
                                       7.750          2,686.55         53
                                       7.500          2,686.55
    UNIVERSITY PARK  TX   75225          1            01/18/01         00
    0430361                              05           03/01/01          0
    0430361                              O            02/01/31
    0


    4363804          526/526             F        1,300,000.00         ZZ
                                         360      1,298,204.83          1
                                       7.875          9,425.90         49
                                       7.625          9,425.90
    FREMONT          CA   94539          2            01/25/01         00
    0436130                              05           03/01/01          0
    0436130                              O            02/01/31
    0


    4364640          B60/G01             F          286,000.00         ZZ
                                         360        285,798.14          1
                                       7.750          2,048.94         74
                                       7.500          2,048.94
    SAN CARLOS       CA   94070          2            02/16/01         00
    0432653624                           05           04/01/01          0
    315131                               O            03/01/31
    0
1




    4366519          163/G01             F          304,000.00         ZZ
                                         360        304,000.00          1
                                       7.500          2,125.61         77
                                       7.250          2,125.61
    ALPINE           CA   91901          1            03/02/01         00
    0432672657                           05           05/01/01          0
    1417910995                           O            04/01/31
    0


    4367952          893/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.375          2,210.16         66
                                       7.125          2,210.16
    CASTRO VALLEY    CA   94546          5            03/14/01         00
    0432697720                           05           05/01/01          0
    H10202011                            O            04/01/31
    0


    4367982          575/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       7.250          3,274.45         78
                                       7.000          3,274.45
    BETHESDA         MD   20816          2            03/02/01         00
    0432679868                           05           05/01/01          0
    9478991                              O            04/01/31
    0


    4368144          E84/G01             F          640,000.00         ZZ
                                         360        639,000.74          1
                                       7.250          4,365.93         80
                                       7.000          4,365.93
    DENVER           CO   80209          1            02/12/01         00
    0432692531                           05           04/01/01          0
    80012283                             O            03/01/31
    0


    4368375          E87/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       7.125          2,236.75         80
                                       6.875          2,236.75
    CARLSBAD         CA   92009          2            03/21/01         00
    0432695740                           01           05/01/01          0
    70003347                             O            04/01/31
    0


    4368425          E84/G01             F          329,000.00         ZZ
                                         360        328,497.78          1
1


                                       7.375          2,272.32         79
                                       7.125          2,272.32
    ALAMEDA          CA   94501          5            01/25/01         00
    0432651263                           05           03/01/01          0
    53510003                             O            02/01/31
    0


    4369452          E84/G01             F          312,800.00         ZZ
                                         360        311,865.64          1
                                       7.500          2,187.14         80
                                       7.250          2,187.14
    PARKER           CO   80138          1            01/31/01         00
    0432692507                           05           03/01/01          0
    80012098                             O            02/01/31
    0


    4369491          757/G01             F          296,000.00         ZZ
                                         360        296,000.00          1
                                       7.625          2,095.07         80
                                       7.375          2,095.07
    MARLBOROUGH      MA   01752          2            03/08/01         00
    0432677060                           05           05/01/01          0
    2COYLEBRIA                           O            04/01/31
    0


    4369515          964/G01             F          393,750.00         ZZ
                                         360        393,750.00          1
                                       7.375          2,719.53         75
                                       7.125          2,719.53
    LAGUNA NIGUEL    CA   92677          2            03/13/01         00
    0432680361                           05           05/01/01          0
    107249                               O            04/01/31
    0


    4369698          757/G01             F          411,450.00         ZZ
                                         360        411,136.91          1
                                       7.375          2,841.79         80
                                       7.125          2,841.79
    CAPE ELIZABETH   ME   04107          1            02/28/01         00
    0432694628                           05           04/01/01          0
    1000156123                           O            03/01/31
    0


    4370206          A52/G01             F          361,700.00         ZZ
                                         360        361,424.78          1
                                       7.375          2,498.17         85
                                       7.125          2,498.17
    SUGAR HILL       GA   30518          2            02/28/01         11
    0432677771                           03           04/01/01         38
1


    14081                                O            03/01/31
    0


    4371291          E87/G01             F          394,000.00         ZZ
                                         360        394,000.00          1
                                       7.625          2,788.71         65
                                       7.375          2,788.71
    SANTA BARBARA    CA   93105          5            03/01/01         00
    0432664399                           05           05/01/01          0
    70003280                             O            04/01/31
    0


    4372107          696/G01             F          366,400.00         ZZ
                                         360        366,134.81          1
                                       7.625          2,593.36         80
                                       7.375          2,593.36
    MCLEAN           VA   22101          1            02/15/01         00
    0432615508                           05           04/01/01          0
    25101012                             O            03/01/31
    0


    4377176          Q73/G01             F          394,250.00         ZZ
                                         360        393,964.65          1
                                       7.625          2,790.48         95
                                       7.375          2,790.48
    STARKVILLE       MS   39759          2            03/02/01         12
    0432640985                           05           04/01/01         30
    2743378                              O            03/01/31
    0


    4377376          B60/G01             F          416,000.00         ZZ
                                         360        415,683.46          1
                                       7.375          2,873.21         80
                                       7.125          2,873.21
    HUNTINGTON BEAC  CA   92649          1            02/15/01         00
    0432677763                           05           04/01/01          0
    313449                               O            03/01/31
    0


    4377804          B60/G01             F          450,000.00         ZZ
                                         360        449,621.95          1
                                       6.875          2,956.18         74
                                       6.625          2,956.18
    CARLETON         MI   48117          5            02/08/01         00
    0432665420                           05           04/01/01          0
    313762                               O            03/01/31
    0


1


    4377868          477/G01             F          488,000.00         ZZ
                                         360        487,646.80          1
                                       7.625          3,454.03         80
                                       7.375          3,454.03
    NEWPORT BEACH    CA   92663          1            02/23/01         00
    0432679892                           03           04/01/01          0
    109060                               O            03/01/31
    0


    4378098          B60/G01             F          305,000.00         ZZ
                                         360        305,000.00          1
                                       6.875          2,003.63         61
                                       6.625          2,003.63
    PETALUMA         CA   94954          1            03/06/01         00
    0432666766                           05           05/01/01          0
    313732                               O            04/01/31
    0


    4378306          E22/G01             F          500,000.00         ZZ
                                         360        499,590.16          1
                                       7.000          3,326.51         59
                                       6.750          3,326.51
    GRANITE BAY      CA   95746          2            02/16/01         00
    0412383150                           05           04/01/01          0
    0412383150                           O            03/01/31
    0


    4379579          964/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.125          2,694.54         80
                                       6.875          2,694.54
    DUBLIN           CA   94568          1            03/12/01         00
    0432681757                           03           05/01/01          0
    110241                               O            04/01/31
    0


    4379672          964/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.375          2,320.67         80
                                       7.125          2,320.67
    SAN JOSE         CA   95138          1            03/02/01         00
    0432675734                           01           05/01/01          0
    108152                               O            04/01/31
    0


    4379710          757/G01             F          559,500.00         ZZ
                                         360        559,500.00          1
                                       7.250          3,816.78         59
                                       7.000          3,816.78
1


    GREENVILLE       SC   29605          2            03/13/01         00
    0432679843                           05           05/01/01          0
    1000140903                           O            04/01/31
    0


    4381439          163/G01             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.500          1,957.80         66
                                       7.250          1,957.80
    SAN JOSE         CA   95123          2            03/01/01         00
    0432675650                           05           05/01/01          0
    717965502                            O            04/01/31
    0


    4381889          964/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       7.375          2,265.41         80
                                       7.125          2,265.41
    SAN JOSE         CA   95111          1            03/01/01         00
    0432693398                           05           05/01/01          0
    400110975                            O            04/01/31
    0


    4384103          964/G01             F          536,000.00         ZZ
                                         360        536,000.00          1
                                       7.875          3,886.37         80
                                       7.625          3,886.37
    FAIR OAKS        CA   95628          2            03/05/01         00
    0432674307                           05           05/01/01          0
    106749                               O            04/01/31
    0


    4384697          A06/G01             F          525,000.00         ZZ
                                         360        524,610.37          1
                                       7.500          3,670.88         70
                                       7.250          3,670.88
    BLOOMFIELD HILL  MI   48301          1            03/01/01         00
    0432642510                           05           04/01/01          0
    021000020021655                      O            03/01/31
    0


    4384957          E11/G01             F          329,000.00         ZZ
                                         360        328,749.66          1
                                       7.375          2,272.32         78
                                       7.125          2,272.32
    LAKEVILLE        MN   55044          2            02/23/01         00
    0432641199                           05           04/01/01          0
    1                                    O            03/01/31
    0
1




    4385477          964/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.625          2,477.28         50
                                       7.375          2,477.28
    SAN RAFAEL       CA   94903          5            03/08/01         00
    0432684223                           05           05/01/01          0
    400109196                            O            04/01/31
    0


    4385685          163/163             F          604,400.00         ZZ
                                         360        603,547.59          1
                                       7.875          4,382.32         46
                                       7.625          4,382.32
    BLUFFTON         SC   29910          2            01/03/01         00
    917764145                            05           03/01/01          0
    917764145                            O            02/01/31
    0


    4386365          225/G01             F          800,000.00         ZZ
                                         360        798,895.27          1
                                       7.875          5,800.56         44
                                       7.625          5,800.56
    BONITA SPRINGS   FL   34134          1            01/05/01         00
    0432632198                           06           03/01/01          0
    6519574                              O            02/01/31
    0


    4386726          163/G01             F          404,000.00         ZZ
                                         360        403,700.17          1
                                       7.500          2,824.83         80
                                       7.250          2,824.83
    ALDIE            VA   20106          1            03/01/01         00
    0432673754                           05           04/01/01          0
    917977424                            O            03/01/31
    0


    4386782          163/163             F          395,500.00         ZZ
                                         360        394,881.08          1
                                       7.250          2,698.01         69
                                       7.000          2,698.01
    STAMFORD         CT   06903          2            01/25/01         00
    1000275608                           05           03/01/01          0
    1000275608                           O            02/01/31
    0


    4386840          T08/G01             F        1,000,000.00         ZZ
                                         360        999,239.08          1
1


                                       7.375          6,906.75         63
                                       7.125          6,906.75
    WINTER PARK      FL   32789          4            02/22/01         00
    0432677540                           05           04/01/01          0
    41210042                             O            03/01/31
    0


    4386884          163/163             F          432,000.00         ZZ
                                         360        431,695.09          1
                                       7.750          3,094.91         80
                                       7.500          3,094.91
    SOUTH ORANGE     NJ   07079          1            02/02/01         00
    1000232948                           05           04/01/01          0
    1000232948                           O            03/01/31
    0


    4387122          163/163             F          350,000.00         ZZ
                                         360        349,452.27          1
                                       7.250          2,387.62         49
                                       7.000          2,387.62
    NEEDHAM          MA   02494          1            02/01/01         00
    1000242177                           05           03/01/01          0
    1000242177                           O            02/01/31
    0


    4387275          B98/G01             F          463,000.00         ZZ
                                         360        463,000.00          1
                                       7.750          3,316.99         55
                                       7.500          3,316.99
    MILPITAS         CA   95035          5            03/05/01         00
    0432647683                           05           05/01/01          0
    LE                                   O            04/01/31
    0


    4387376          163/163             F          306,000.00         ZZ
                                         360        305,555.65          1
                                       7.625          2,165.85         68
                                       7.375          2,165.85
    SAN JOSE         CA   95132          5            01/23/01         00
    1417845597                           05           03/01/01          0
    1417845597                           O            02/01/31
    0


    4389192          964/G01             F          290,100.00         ZZ
                                         360        290,100.00          1
                                       7.375          2,003.65         95
                                       7.125          2,003.65
    LOS BANOS        CA   93635          1            03/08/01         01
    0432679314                           05           05/01/01         30
1


    109604                               O            04/01/31
    0


    4390980          E22/G01             F           40,000.00         ZZ
                                         360         39,969.56          1
                                       7.375            276.27         29
                                       7.125            276.27
    DURANGO          CO   81301          1            02/26/01         00
    0412428120                           01           04/01/01          0
    0412428120                           O            03/01/31
    0


    4391321          926/926             F          343,000.00         T
                                         360        343,000.00          1
                                       7.500          2,398.31         80
                                       7.250          2,398.31
    HILTON HEAD ISL  SC   29926          1            03/20/01         00
    163022050                            03           05/01/01          0
    163022050                            O            04/01/31
    0


    4392930          964/G01             F          698,000.00         ZZ
                                         360        698,000.00          1
                                       7.375          4,820.91         52
                                       7.125          4,820.91
    SAN RAFAEL       CA   94903          5            03/15/01         00
    0432684272                           05           05/01/01          0
    400108280                            O            04/01/31
    0


    4393081          624/G01             F          374,400.00         ZZ
                                         360        374,400.00          1
                                       7.375          2,585.89         80
                                       7.125          2,585.89
    CLOVIS           CA   93611          1            03/02/01         00
    0432640654                           05           05/01/01          0
    33500110256                          O            04/01/31
    0


    4394519          B60/G01             F          367,400.00         ZZ
                                         360        367,400.00          1
                                       7.375          2,537.54         80
                                       7.125          2,537.54
    HUNTINGTON BEAC  CA   92647          2            02/21/01         00
    0432672558                           05           05/01/01          0
    316407                               O            04/01/31
    0


1


    4394869          757/G01             F          318,000.00         ZZ
                                         360        318,000.00          1
                                       7.500          2,223.51         76
                                       7.250          2,223.51
    AUBURN           AL   36830          2            03/07/01         00
    0432677573                           05           05/01/01          0
    1000164333                           O            04/01/31
    0


    4395287          163/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       7.375          2,451.90         69
                                       7.125          2,451.90
    CASTLE ROCK      CO   80104          2            03/06/01         00
    0432673747                           03           05/01/01          0
    1817986748                           O            04/01/31
    0


    4395408          964/G01             F          335,200.00         ZZ
                                         360        335,200.00          1
                                       7.250          2,286.66         80
                                       7.000          2,286.66
    WALNUT CREEK     CA   94598          1            03/06/01         00
    0432677086                           01           05/01/01          0
    400107449                            O            04/01/31
    0


    4396527          964/G01             F          640,000.00         ZZ
                                         360        640,000.00          1
                                       7.375          4,420.32         78
                                       7.125          4,420.32
    MENLO PARK       CA   94025          2            03/12/01         00
    0432681161                           05           05/01/01          0
    111836                               O            04/01/31
    0


    4397101          225/G01             F          625,000.00         ZZ
                                         360        624,092.41          1
                                       7.625          4,423.71         50
                                       7.375          4,423.71
    AUSTIN           TX   78703          2            01/26/01         00
    0432631356                           03           03/01/01          0
    8458465                              O            02/01/31
    0


    4397855          225/G01             F          355,000.00         ZZ
                                         360        354,484.49          1
                                       7.625          2,512.67         43
                                       7.375          2,512.67
1


    CHARLESTON       SC   29464          2            01/25/01         00
    0432631612                           05           03/01/01          0
    6521411                              O            02/01/31
    0


    4398925          757/G01             F          350,000.00         ZZ
                                         360        349,740.24          1
                                       7.500          2,447.26         68
                                       7.250          2,447.26
    DENVER           NC   28037          1            02/26/01         00
    0432637973                           05           04/01/01          0
    1000144376                           O            03/01/31
    0


    4399337          B60/G01             F          409,700.00         ZZ
                                         360        409,395.95          1
                                       7.500          2,864.68         76
                                       7.250          2,864.68
    YORBA LINDA      CA   92887          2            02/06/01         00
    0432675775                           03           04/01/01          0
    312512                               O            03/01/31
    0


    4399744          624/G01             F          470,300.00         ZZ
                                         360        470,300.00          1
                                       7.500          3,288.41         80
                                       7.250          3,288.41
    SAN CARLOS       CA   94070          1            02/28/01         00
    0432644151                           05           05/01/01          0
    32058610026                          O            04/01/31
    0


    4401085          225/G01             F          476,000.00         ZZ
                                         360        475,197.91          1
                                       6.875          3,126.98         80
                                       6.625          3,126.98
    SAVANNAH         GA   31405          1            01/12/01         00
    0432632313                           05           03/01/01          0
    6520388                              O            02/01/31
    0


    4401639          624/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.250          2,319.40         65
                                       7.000          2,319.40
    SCOTTS VALLEY    CA   95066          5            03/06/01         00
    0432667251                           05           05/01/01          0
    88615010156F                         O            04/01/31
    0
1




    4401839          964/G01             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       7.625          7,077.94         49
                                       7.375          7,077.94
    SAUSALITO        CA   94965          1            03/05/01         00
    0432684199                           05           05/01/01          0
    400110903                            O            04/01/31
    0


    4402371          E22/G01             F          100,050.00         ZZ
                                         360         99,979.39          1
                                       7.750            716.77         53
                                       7.500            716.77
    BOCA RATON       FL   33433          1            03/01/01         00
    0412390197                           09           04/01/01          0
    0412390197                           O            03/01/31
    0


    4402373          E22/G01             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.375          1,381.35         57
                                       7.125          1,381.35
    COLORADO SPRING  CO   80921          1            03/01/01         00
    0412393670                           05           05/01/01          0
    0412393670                           O            04/01/31
    0


    4402709          E82/G01             F          346,500.00         ZZ
                                         360        346,229.70          1
                                       7.250          2,363.74         70
                                       7.000          2,363.74
    TYBEE ISLAND     GA   31328          2            02/26/01         00
    0400379822                           05           04/01/01          0
    0400379822                           O            03/01/31
    0


    4405087          K89/G01             F          387,000.00         ZZ
                                         360        387,000.00          1
                                       7.500          2,705.97         90
                                       7.250          2,705.97
    MIAMI            FL   33133          1            03/07/01         10
    0432671295                           05           05/01/01         25
    200102077                            O            04/01/31
    0


    4406507          S35/G01             F          355,000.00         ZZ
                                         360        354,729.87          1
1


                                       7.375          2,451.90         77
                                       7.125          2,451.90
    CORAL GABLES     FL   33134          1            02/28/01         00
    0432653681                           05           04/01/01          0
    0101077                              O            03/01/31
    0


    4406634          964/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       7.500          2,789.87         69
                                       7.250          2,789.87
    PASADENA         CA   91105          5            03/15/01         00
    0432681633                           05           05/01/01          0
    105917                               O            04/01/31
    0


    4406853          253/253             F          327,750.00         ZZ
                                         360        327,750.00          1
                                       7.500          2,291.68         73
                                       7.250          2,291.68
    BOULDER          CO   80301          2            03/12/01         00
    964814                               05           05/01/01          0
    964814                               O            04/01/31
    0


    4406975          U28/G01             F          391,000.00         ZZ
                                         360        390,687.32          1
                                       7.125          2,634.24         79
                                       6.875          2,634.24
    ALPHARETTA       GA   30004          2            02/21/01         00
    0432664704                           03           04/01/01          0
    0000000                              O            03/01/31
    0


    4407751          964/G01             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       7.375          2,831.77         80
                                       7.125          2,831.77
    PORT TOWNSEND    WA   98368          1            03/15/01         00
    0432685592                           05           05/01/01          0
    106122                               O            04/01/31
    0


    4407902          B60/G01             F           90,000.00         ZZ
                                         360         89,938.07          1
                                       7.875            652.56         57
                                       7.625            652.56
    CANTON           GA   30115          5            02/26/01         00
    0432670172                           05           04/01/01          0
1


    309974                               O            03/01/31
    0


    4408153          964/G01             F          488,000.00         ZZ
                                         360        488,000.00          1
                                       7.375          3,370.49         80
                                       7.125          3,370.49
    NEWCASTLE        CA   95658          1            03/08/01         00
    0432678845                           05           05/01/01          0
    105741                               O            04/01/31
    0


    4408301          964/G01             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       7.125          2,128.95         80
                                       6.875          2,128.95
    BUENA PARK       CA   90621          1            03/07/01         00
    0432675189                           05           05/01/01          0
    105659                               O            04/01/31
    0


    4409101          964/G01             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       7.375          2,873.21         80
                                       7.125          2,873.21
    RICHMOND         CA   94804          1            03/12/01         00
    0432680353                           03           05/01/01          0
    400109950                            O            04/01/31
    0


    4409486          E22/G01             F          515,000.00         ZZ
                                         360        514,617.80          1
                                       7.500          3,600.95         79
                                       7.250          3,600.95
    GOLD RIVER       CA   95670          2            02/13/01         00
    0412357477                           03           04/01/01          0
    0412357477                           O            03/01/31
    0


    4415054          U05/G01             F          303,900.00         ZZ
                                         360        303,900.00          1
                                       7.375          2,098.96         80
                                       7.125          2,098.96
    SAN LEANDRO      CA   94577          1            03/12/01         00
    0432694784                           05           05/01/01          0
    3106045                              O            04/01/31
    0


1


    4415942          B60/G01             F          414,000.00         ZZ
                                         360        413,684.97          1
                                       7.375          2,859.40         68
                                       7.125          2,859.40
    LOS ANGELES      CA   90064          5            02/16/01         00
    0432687408                           05           04/01/01          0
    316168                               O            03/01/31
    0


    4416405          E22/G01             F          275,000.00         ZZ
                                         360        274,795.91          1
                                       7.500          1,922.84         61
                                       7.250          1,922.84
    BAILEY           CO   80421          5            02/27/01         00
    0412376287                           05           04/01/01          0
    0412376287                           O            03/01/31
    0


    4416407          E22/G01             F          500,000.00         T
                                         360        499,619.54          1
                                       7.375          3,453.38         75
                                       7.125          3,453.38
    HORSESHOE BAY    TX   78657          2            03/02/01         00
    0412376972                           03           04/01/01          0
    0412376972                           O            03/01/31
    0


    4416427          E22/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.500          3,146.47         75
                                       7.250          3,146.47
    SANTA ROSA       CA   95404          5            02/26/01         00
    0412405698                           05           05/01/01          0
    0412405698                           O            04/01/31
    0


    4416453          E22/G01             F          112,450.00         ZZ
                                         360        112,370.63          1
                                       7.750            805.61         65
                                       7.500            805.61
    DALLAS           TX   75243          5            02/28/01         00
    0412429086                           05           04/01/01          0
    0412429086                           O            03/01/31
    0


    4416890          225/G01             F          350,000.00         ZZ
                                         360        349,465.72          1
                                       7.375          2,417.36         56
                                       7.125          2,417.36
1


    AVON             CT   06001          1            01/22/01         00
    0432631554                           05           03/01/01          0
    6517313                              O            02/01/31
    0


    4417028          E85/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.750          3,008.93         80
                                       7.500          3,008.93
    SAN FRANCISCO    CA   94112          1            03/06/01         00
    0432677383                           05           05/01/01          0
    9609086                              O            04/01/31
    0


    4417401          757/G01             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       7.375          2,175.63         90
                                       7.125          2,175.63
    LAFAYETTE        IN   47905          2            03/16/01         01
    0432691756                           05           05/01/01         25
    100154029                            O            04/01/31
    0


    4418463          F27/F27             F          130,000.00         ZZ
                                         360        129,893.44          1
                                       7.000            864.89         20
                                       6.750            864.89
    WOODBRIDGE       VA   22192          4            02/01/01         00
    6061118436                           05           04/01/01          0
    6061118436                           O            03/01/31
    0


    4420875          696/G01             F          247,950.00         ZZ
                                         360        247,756.57          1
                                       7.250          1,691.46         80
                                       7.000          1,691.46
    LORTON           VA   22079          1            02/27/01         00
    0432635787                           03           04/01/01          0
    24500135                             O            03/01/31
    0


    4420943          A06/G01             F          499,300.00         ZZ
                                         360        498,920.06          1
                                       7.375          3,448.55         72
                                       7.125          3,448.55
    BLOOMFIELD HILL  MI   48302          2            02/27/01         00
    0432647956                           01           04/01/01          0
    021000020100960                      O            03/01/31
    0
1




    4422366          964/G01             F          338,400.00         ZZ
                                         360        338,400.00          1
                                       7.250          2,308.49         80
                                       7.000          2,308.49
    EL SEGUNDO       CA   90245          1            03/20/01         00
    0432687333                           05           05/01/01          0
    111876                               O            04/01/31
    0


    4423471          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.625          4,600.66         79
                                       7.375          4,600.66
    SAN JOSE         CA   95120          1            02/24/01         00
    0412376055                           05           05/01/01          0
    0412376055                           O            04/01/31
    0


    4423477          E22/G01             F          354,500.00         ZZ
                                         360        354,249.80          1
                                       7.750          2,539.68         53
                                       7.500          2,539.68
    SHORELINE        WA   98177          2            02/17/01         00
    0412395741                           05           04/01/01          0
    0412395741                           O            03/01/31
    0


    4423486          E22/G01             F          163,000.00         ZZ
                                         360        163,000.00          2
                                       7.500          1,139.72         53
                                       7.250          1,139.72
    SAN MARCOS       CA   92069          2            02/26/01         00
    0412410920                           05           05/01/01          0
    0412410920                           O            04/01/31
    0


    4423500          E22/G01             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       7.500          2,461.24         80
                                       7.250          2,461.24
    SHERMAN OAKS     CA   91401          1            02/28/01         00
    0412424921                           05           05/01/01          0
    0412424921                           O            04/01/31
    0


    4425969          B60/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
1


                                       7.375          3,108.04         75
                                       7.125          3,108.04
    RIO VERDE        AZ   85263          1            02/27/01         00
    0432675742                           03           05/01/01          0
    316491                               O            04/01/31
    0


    4426820          U80/U80             F          560,200.00         ZZ
                                         360        560,200.00          1
                                       7.625          3,965.06         71
                                       7.375          3,965.06
    MT PLEASANT      SC   29464          2            03/09/01         00
    10000830                             03           05/01/01          0
    10000830                             O            04/01/31
    0


    4427770          069/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.250          3,069.80         75
                                       7.000          3,069.80
    MURRIETA         CA   92562          5            03/22/01         00
    0432686517                           05           05/01/01          0
    20388110911                          O            04/01/31
    0


    4428219          B57/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       7.500          2,293.42         69
                                       7.250          2,293.42
    LOS ANGELES      CA   91325          5            03/07/01         00
    0432667707                           05           05/01/01          0
    2110379                              O            04/01/31
    0


    4429048          964/G01             F          393,750.00         ZZ
                                         360        393,750.00          1
                                       7.375          2,719.53         75
                                       7.125          2,719.53
    SAN FRANCISCO    CA   94112          5            03/20/01         00
    0432688455                           05           05/01/01          0
    106991                               O            04/01/31
    0


    4429904          B60/G01             F          310,000.00         ZZ
                                         360        309,745.89          1
                                       7.000          2,062.44         60
                                       6.750          2,062.44
    YORBA LINDA      CA   92886          5            02/08/01         00
    0432684173                           03           04/01/01          0
1


    310658                               O            03/01/31
    0


    4430082          E22/G01             F          400,000.00         ZZ
                                         360        399,717.68          1
                                       7.750          2,865.65         80
                                       7.500          2,865.65
    CHAPEL HILL      NC   27516          2            03/02/01         00
    0412316739                           05           04/01/01          0
    0412316739                           O            03/01/31
    0


    4430112          E22/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       7.375          2,141.09         47
                                       7.125          2,141.09
    DANVILLE         CA   94526          5            02/28/01         00
    0412414872                           03           05/01/01          0
    0412414872                           O            04/01/31
    0


    4433870          757/G01             F          505,550.00         ZZ
                                         360        505,550.00          1
                                       7.250          3,448.75         66
                                       7.000          3,448.75
    ATLANTA          GA   30342          1            03/19/01         00
    0432679827                           05           05/01/01          0
    1000152528                           O            04/01/31
    0


    4434599          B60/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.375          2,569.31         80
                                       7.125          2,569.31
    FOUNTAIN VALLEY  CA   92708          1            03/07/01         00
    0432677748                           05           05/01/01          0
    319358                               O            04/01/31
    0


    4435261          964/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.375          2,624.57         73
                                       7.125          2,624.57
    BEN LOMOND       CA   95005          2            03/15/01         00
    0432680759                           05           05/01/01          0
    112696                               O            04/01/31
    0


1


    4435338          964/G01             F          347,900.00         ZZ
                                         360        347,900.00          1
                                       7.125          2,343.87         80
                                       6.875          2,343.87
    MISSION VIEJO    CA   92692          1            03/13/01         00
    0432679272                           03           05/01/01          0
    111308                               O            04/01/31
    0


    4436055          025/025             F          350,000.00         ZZ
                                         360        345,666.70          1
                                       8.000          2,568.18         59
                                       7.750          2,568.18
    VIENNA           VA   22180          1            12/07/00         00
    0138359807                           05           02/01/01          0
    0138359807                           O            01/01/31
    0


    4436056          025/025             F          458,500.00         ZZ
                                         360        457,866.85          1
                                       7.875          3,324.45         77
                                       7.625          3,324.45
    NATICK           MA   01760          2            01/09/01         00
    138599717                            05           03/01/01          0
    138599717                            O            02/01/31
    0


    4436061          025/025             F          324,500.00         ZZ
                                         360        324,016.83          1
                                       7.500          2,268.96         45
                                       7.250          2,268.96
    EVANSTON         IL   60201          1            01/12/01         00
    0138662911                           05           03/01/01          0
    0138662911                           O            02/01/31
    0


    4436085          E22/G01             F          151,000.00         ZZ
                                         360        151,000.00          1
                                       7.250          1,030.09         44
                                       7.000          1,030.09
    BOISE            ID   83706          1            03/01/01         00
    0412392847                           03           05/01/01          0
    0412392847                           O            04/01/31
    0


    4436096          E22/G01             F          111,000.00         T
                                         360        111,000.00          1
                                       7.625            785.65         75
                                       7.375            785.65
1


    KETCHIKAN        AK   99901          1            02/27/01         00
    0412417529                           01           05/01/01          0
    0412417529                           O            04/01/31
    0


    4437694          470/G01             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       7.250          2,626.38         61
                                       7.000          2,626.38
    COTO DE CAZA AR  CA   92679          1            03/12/01         00
    0432674232                           03           05/01/01          0
    01184182                             O            04/01/31
    0


    4438101          964/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.125          2,829.62         80
                                       6.875          2,829.62
    PASADENA         CA   91104          1            03/08/01         00
    0432677433                           05           05/01/01          0
    109632                               O            04/01/31
    0


    4438144          964/G01             F          306,300.00         ZZ
                                         360        306,300.00          1
                                       7.375          2,115.54         80
                                       7.125          2,115.54
    ORANGE           CA   92865          1            03/14/01         00
    0432700763                           05           05/01/01          0
    410111567                            O            04/01/31
    0


    4439732          025/025             F          356,500.00         ZZ
                                         360        355,995.15          1
                                       7.750          2,554.01         80
                                       7.500          2,554.01
    SNOHOMISH        WA   98290          2            01/01/01         00
    0138576210                           05           03/01/01          0
    0138576210                           O            02/01/31
    0


    4440236          025/025             F          425,000.00         ZZ
                                         360        424,382.85          1
                                       7.625          3,008.12         67
                                       7.375          3,008.12
    POTOMAC          MD   20854          1            01/10/01         00
    0138597588                           07           03/01/01          0
    0138597588                           O            02/01/31
    0
1




    4440901          964/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       7.375          3,108.04         73
                                       7.125          3,108.04
    SCOTTSDALE       AZ   85259          1            03/21/01         00
    0432700755                           03           05/01/01          0
    113408                               O            04/01/31
    0


    4440942          964/G01             F          397,000.00         ZZ
                                         360        397,000.00          1
                                       7.375          2,741.98         80
                                       7.125          2,741.98
    NOVATO           CA   94947          1            03/19/01         00
    0432698967                           05           05/01/01          0
    108001                               O            04/01/31
    0


    4441132          025/025             F          331,200.00         ZZ
                                         360        329,376.20          1
                                       7.875          2,401.43         90
                                       7.625          2,401.43
    NORTHBROOK       IL   60062          1            12/28/00         14
    0138489166                           05           02/01/01         25
    0138489166                           O            01/01/31
    0


    4442665          163/G01             F          436,000.00         ZZ
                                         360        436,000.00          1
                                       7.375          3,011.34         80
                                       7.125          3,011.34
    YORBA LINDA      CA   92886          1            03/16/01         00
    0432686707                           05           05/01/01          0
    618068686                            O            04/01/31
    0


    4443239          E87/G01             F          999,900.00         ZZ
                                         360        999,900.00          1
                                       7.375          6,906.06         33
                                       7.125          6,906.06
    SANTA BARBARA    CA   93108          2            03/16/01         00
    0432687267                           03           05/01/01          0
    70003322                             O            04/01/31
    0


    4443345          025/025             F          455,000.00         ZZ
                                         360        454,054.42          1
1


                                       7.875          3,299.07         59
                                       7.625          3,299.07
    ENCINITAS        CA   92024          1            12/21/00         00
    0138607437                           05           02/01/01          0
    0138607437                           O            01/01/31
    0


    4443346          025/025             F          376,000.00         ZZ
                                         360        372,421.41          1
                                       7.500          2,629.05         80
                                       7.250          2,629.05
    CORAL GABLES     FL   33146          1            01/24/01         00
    0138650916                           05           03/01/01          0
    0138650916                           O            02/01/31
    0


    4443349          025/025             F          292,000.00         ZZ
                                         360        291,361.93          1
                                       7.625          2,066.76         80
                                       7.375          2,066.76
    SALT LAKE CITY   UT   84103          1            12/22/00         00
    138603998                            05           02/01/01          0
    138603998                            O            01/01/31
    0


    4443351          025/025             F          373,800.00         ZZ
                                         360        373,023.18          1
                                       7.875          2,710.31         80
                                       7.625          2,710.31
    LOCKPORT         IL   60441          1            12/15/00         00
    0138488416                           05           02/01/01          0
    0138488416                           O            01/01/31
    0


    4443362          025/025             F          311,500.00         ZZ
                                         360        310,852.63          1
                                       7.875          2,258.60         66
                                       7.625          2,258.60
    SAN JOSE         CA   95123          2            12/08/00         00
    0138463336                           05           02/01/01          0
    0138463336                           O            01/01/31
    0


    4443410          E22/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.500          2,097.64         69
                                       7.250          2,097.64
    PACIFICA         CA   94044          5            03/01/01         00
    0412425423                           05           05/01/01          0
1


    0412425423                           O            04/01/31
    0


    4443428          E22/G01             F          386,000.00         ZZ
                                         360        386,000.00          1
                                       7.750          2,765.35         80
                                       7.500          2,765.35
    GRAND RAPIDS     MI   49506          1            03/09/01         00
    0412440927                           05           05/01/01          0
    0412440927                           O            04/01/31
    0


    4443439          025/025             F          519,000.00         ZZ
                                         360        516,884.26          1
                                       7.750          3,718.18         76
                                       7.500          3,718.18
    HARRISON         ID   83833          2            12/14/00         00
    0138547625                           05           02/01/01          0
    0138547625                           O            01/01/31
    0


    4443529          025/025             F          365,000.00         ZZ
                                         360        364,456.53          1
                                       7.500          2,552.14         89
                                       7.250          2,552.14
    GREENVILLE       SC   29605          1            01/04/01         01
    0138592530                           03           03/01/01         25
    0138592530                           O            02/01/31
    0


    4443589          025/025             F          650,000.00         ZZ
                                         360        648,579.66          1
                                       7.625          4,600.66         72
                                       7.375          4,600.66
    RALEIGH          NC   27614          2            12/05/00         00
    0138516901                           03           02/01/01          0
    0138516901                           O            01/01/31
    0


    4443641          025/025             F          620,000.00         ZZ
                                         360        618,187.82          1
                                       7.625          4,388.33         80
                                       7.375          4,388.33
    VIRGINIA BEACH   VA   23454          1            12/04/00         00
    7861                                 05           01/01/01          0
    7861                                 O            12/01/30
    0


1


    4443768          E82/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       7.375          2,382.83         79
                                       7.125          2,382.83
    AVON             CO   81620          1            03/09/01         00
    0400384905                           05           05/01/01          0
    0400384905                           O            04/01/31
    0


    4443769          E82/G01             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       7.500          1,454.37         69
                                       7.250          1,454.37
    ST CHARLES       IL   60175          2            03/08/01         00
    0400388708                           03           05/01/01          0
    0400388708                           O            04/01/31
    0


    4443835          025/025             F          319,200.00         ZZ
                                         360        318,536.63          1
                                       7.875          2,314.43         80
                                       7.625          2,314.43
    LEXINGTON        MA   02421          1            12/20/00         00
    138603717                            05           02/01/01          0
    138603717                            O            01/01/31
    0


    4445609          286/286             F          625,000.00         ZZ
                                         360        624,512.43          1
                                       7.250          4,263.61         66
                                       7.000          4,263.61
    CHICAGO          IL   60614          2            02/16/01         00
    258827                               05           04/01/01          0
    258827                               O            03/01/31
    0


    4445611          286/286             F          560,000.00         ZZ
                                         360        559,563.14          1
                                       7.250          3,820.19         73
                                       7.000          3,820.19
    OAK PARK         IL   60302          2            02/24/01         00
    264531                               05           04/01/01          0
    264531                               O            03/01/31
    0


    4445613          286/286             F          297,600.00         ZZ
                                         360        297,367.84          1
                                       7.250          2,030.16         80
                                       7.000          2,030.16
1


    LANDRUM          SC   29356          2            02/20/01         00
    264698                               05           04/01/01          0
    264698                               O            03/01/31
    0


    4445615          286/286             F          310,100.00         ZZ
                                         360        309,869.86          1
                                       7.500          2,168.27         78
                                       7.250          2,168.27
    MCLEAN           VA   22101          2            02/27/01         00
    265769                               05           04/01/01          0
    265769                               O            03/01/31
    0


    4445618          286/286             F          362,900.00         ZZ
                                         360        362,623.85          1
                                       7.375          2,506.47         80
                                       7.125          2,506.47
    EL DORADO HILLS  CA   95762          1            02/21/01         00
    262619                               03           04/01/01          0
    262619                               O            03/01/31
    0


    4445620          286/286             F          296,000.00         ZZ
                                         360        295,769.09          1
                                       7.250          2,019.24         80
                                       7.000          2,019.24
    BRIGHTON         CO   80601          5            02/14/01         00
    230178                               03           04/01/01          0
    230178                               O            03/01/31
    0


    4445621          286/286             F          329,600.00         ZZ
                                         360        329,349.20          1
                                       7.375          2,276.47         80
                                       7.125          2,276.47
    PRESCOTT         AZ   86305          1            02/16/01         00
    265691                               05           04/01/01          0
    265691                               O            03/01/31
    0


    4445626          286/286             F          320,000.00         ZZ
                                         360        319,762.51          1
                                       7.500          2,237.49         80
                                       7.250          2,237.49
    BOWIE            MD   20715          1            02/26/01         00
    251293                               05           04/01/01          0
    251293                               O            03/01/31
    0
1




    4445628          286/286             F          336,800.00         ZZ
                                         360        336,543.72          1
                                       7.375          2,326.20         80
                                       7.125          2,326.20
    PARK RIDGE       IL   60068          1            02/20/01         00
    156891                               05           04/01/01          0
    156891                               O            03/01/31
    0


    4445631          286/286             F          408,000.00         ZZ
                                         360        407,697.20          1
                                       7.500          2,852.80         80
                                       7.250          2,852.80
    GENEVA           IL   60134          1            02/27/01         00
    231945                               05           04/01/01          0
    231945                               O            03/01/31
    0


    4445632          286/286             F          424,000.00         ZZ
                                         360        423,685.33          1
                                       7.500          2,964.67         80
                                       7.250          2,964.67
    LAFAYETTE        IN   47905          2            02/15/01         00
    227392                               05           04/01/01          0
    227392                               O            03/01/31
    0


    4445634          286/286             F          400,000.00         ZZ
                                         360        399,695.62          1
                                       7.375          2,762.71         65
                                       7.125          2,762.71
    LIBERTYVILLE     IL   60048          5            02/23/01         00
    273386                               05           04/01/01          0
    273386                               O            03/01/31
    0


    4445636          286/286             F          470,000.00         ZZ
                                         360        469,642.36          1
                                       7.375          3,246.18         48
                                       7.125          3,246.18
    MAITLAND         FL   32751          2            02/21/01         00
    216952                               05           04/01/01          0
    216952                               O            03/01/31
    0


    4445637          286/286             F          210,000.00         ZZ
                                         360        209,844.14          1
1


                                       7.500          1,468.36         46
                                       7.250          1,468.36
    ARDEN            NC   28704          5            02/14/01         00
    174248                               05           04/01/01          0
    174248                               O            03/01/31
    0


    4445640          286/286             F          324,000.00         ZZ
                                         360        323,747.24          1
                                       7.250          2,210.26         78
                                       7.000          2,210.26
    WOODBINE         MD   21797          2            02/21/01         00
    231485                               05           04/01/01          0
    231485                               O            03/01/31
    0


    4445645          286/286             F          650,000.00         ZZ
                                         360        649,505.40          1
                                       7.375          4,489.39         77
                                       7.125          4,489.39
    TUSTIN           CA   92782          1            02/21/01         00
    99585                                03           04/01/01          0
    99585                                O            03/01/31
    0


    4445646          286/286             F          360,000.00         ZZ
                                         360        359,732.82          1
                                       7.500          2,517.18         80
                                       7.250          2,517.18
    SCOTTSDALE       AZ   85258          1            02/21/01         00
    263974                               03           04/01/01          0
    263974                               O            03/01/31
    0


    4445647          286/286             F          499,300.00         ZZ
                                         360        498,929.45          1
                                       7.500          3,491.18         79
                                       7.250          3,491.18
    SOUTHLAKE        TX   76092          2            02/15/01         00
    9667411                              05           04/01/01          0
    9667411                              O            03/01/31
    0


    4445648          286/286             F          342,400.00         ZZ
                                         360        342,139.46          1
                                       7.375          2,364.87         80
                                       7.125          2,364.87
    COLLEYVILLE      TX   76034          1            02/20/01         00
    230216                               03           04/01/01          0
1


    230216                               O            03/01/31
    0


    4445653          286/286             F          300,000.00         ZZ
                                         360        299,771.72          1
                                       7.375          2,072.03         72
                                       7.125          2,072.03
    THOUSAND OAKS    CA   91360          1            02/16/01         00
    257413                               05           04/01/01          0
    257413                               O            03/01/31
    0


    4445662          286/286             F          400,000.00         ZZ
                                         360        399,703.14          1
                                       7.500          2,796.86         66
                                       7.250          2,796.86
    BETHESDA         MD   20817          2            02/22/01         00
    264427                               05           04/01/01          0
    264427                               O            03/01/31
    0


    4445663          286/286             F          334,400.00         ZZ
                                         360        334,145.55          1
                                       7.375          2,309.62         79
                                       7.125          2,309.62
    GAINESVILLE      VA   20155          2            02/26/01         00
    266012                               03           04/01/01          0
    266012                               O            03/01/31
    0


    4445664          286/286             F          327,050.00         ZZ
                                         360        326,801.13          1
                                       7.375          2,258.86         79
                                       7.125          2,258.86
    GAITHERSBURG     MD   20878          2            02/09/01         00
    262042                               03           04/01/01          0
    262042                               O            03/01/31
    0


    4445666          286/286             F          296,000.00         ZZ
                                         360        295,774.77          1
                                       7.375          2,044.40         80
                                       7.125          2,044.40
    ASHBURN          VA   20147          2            02/27/01         00
    265968                               03           04/01/01          0
    265968                               O            03/01/31
    0


1


    4445667          286/286             F          371,900.00         ZZ
                                         360        371,609.89          1
                                       7.250          2,537.01         80
                                       7.000          2,537.01
    ALPHARETTA       GA   30022          1            02/15/01         00
    230505                               03           04/01/01          0
    230505                               O            03/01/31
    0


    4445682          286/286             F          368,500.00         ZZ
                                         360        368,212.53          1
                                       7.250          2,513.82         80
                                       7.000          2,513.82
    ROCKVILLE        MD   20850          1            02/12/01         00
    225178                               05           04/01/01          0
    225178                               O            03/01/31
    0


    4445683          286/286             F          420,000.00         ZZ
                                         360        419,672.35          1
                                       7.250          2,865.15         80
                                       7.000          2,865.15
    DALLAS           TX   75218          1            02/21/01         00
    231213                               05           04/01/01          0
    231213                               O            03/01/31
    0


    4445684          286/286             F          340,000.00         ZZ
                                         360        339,741.28          1
                                       7.375          2,348.30         69
                                       7.125          2,348.30
    CARMEL           IN   46033          2            02/12/01         00
    229985                               03           04/01/01          0
    229985                               O            03/01/31
    0


    4445689          286/286             F          420,000.00         ZZ
                                         360        419,680.41          1
                                       7.375          2,900.84         80
                                       7.125          2,900.84
    BETHESDA         MD   20817          1            02/21/01         00
    224419                               05           04/01/01          0
    224419                               O            03/01/31
    0


    4445692          286/286             F          296,000.00         ZZ
                                         360        295,769.08          1
                                       7.250          2,019.25         80
                                       7.000          2,019.25
1


    IRVING           TX   75038          1            02/06/01         00
    230108                               03           04/01/01          0
    230108                               O            03/01/31
    0


    4445693          286/286             F          312,000.00         ZZ
                                         360        311,756.60          1
                                       7.250          2,128.40         79
                                       7.000          2,128.40
    MONTAGUE         MI   49437          2            02/20/01         00
    264735                               05           04/01/01          0
    264735                               O            03/01/31
    0


    4445694          286/286             F          300,000.00         ZZ
                                         360        299,771.72          1
                                       7.375          2,072.03         80
                                       7.125          2,072.03
    CENTREVILLE      VA   20120          2            02/22/01         00
    264746                               03           04/01/01          0
    264746                               O            03/01/31
    0


    4445697          286/286             F          512,000.00         ZZ
                                         360        511,620.02          1
                                       7.500          3,579.98         77
                                       7.250          3,579.98
    GREEN BAY        WI   54311          2            02/22/01         00
    230955                               05           04/01/01          0
    230955                               O            03/01/31
    0


    4445699          286/286             F          480,000.00         ZZ
                                         360        479,625.55          1
                                       7.250          3,274.45         80
                                       7.000          3,274.45
    ENCINITAS        CA   92024          1            02/22/01         00
    222507                               05           04/01/01          0
    222507                               O            03/01/31
    0


    4445704          286/286             F          408,600.00         ZZ
                                         360        408,289.09          1
                                       7.375          2,822.10         78
                                       7.125          2,822.10
    BURNSVILLE       MN   55306          2            02/23/01         00
    261478                               05           04/01/01          0
    261478                               O            03/01/31
    0
1




    4445705          286/286             F          351,350.00         ZZ
                                         360        351,075.91          1
                                       7.250          2,396.83         79
                                       7.000          2,396.83
    DUNWOODY         GA   30338          1            02/12/01         00
    228992                               03           04/01/01          0
    228992                               O            03/01/31
    0


    4445706          286/286             F          590,000.00         ZZ
                                         360        589,551.05          1
                                       7.375          4,074.99         68
                                       7.125          4,074.99
    IRVINE           CA   92612          2            02/20/01         00
    265069                               03           04/01/01          0
    265069                               O            03/01/31
    0


    4445709          286/286             F          302,900.00         ZZ
                                         360        302,675.20          1
                                       7.500          2,117.92         90
                                       7.250          2,117.92
    WESTON           FL   33327          1            02/23/01         12
    295163                               05           04/01/01         25
    295163                               O            03/01/31
    0


    4445715          286/286             F          312,000.00         ZZ
                                         360        311,768.45          1
                                       7.500          2,181.55         80
                                       7.250          2,181.55
    BRIDGEWATER      NJ   08807          1            02/16/01         00
    58128                                05           04/01/01          0
    58128                                O            03/01/31
    0


    4445716          286/286             F          536,000.00         ZZ
                                         360        535,592.15          1
                                       7.375          3,702.02         80
                                       7.125          3,702.02
    DENVER           CO   80210          1            02/23/01         00
    231463                               05           04/01/01          0
    231463                               O            03/01/31
    0


    4445721          286/286             F          349,600.00         ZZ
                                         360        349,340.55          1
1


                                       7.500          2,444.45         76
                                       7.250          2,444.45
    TUCSON           AZ   85718          2            02/21/01         00
    230938                               05           04/01/01          0
    230938                               O            03/01/31
    0


    4445723          286/286             F          307,200.00         ZZ
                                         360        306,972.01          1
                                       7.500          2,147.99         80
                                       7.250          2,147.99
    SOUTH RIDING     VA   20152          2            02/27/01         00
    266018                               03           04/01/01          0
    266018                               O            03/01/31
    0


    4445724          286/286             F          650,000.00         ZZ
                                         360        649,517.60          1
                                       7.500          4,544.90         67
                                       7.250          4,544.90
    PENNINSULA       OH   44264          1            02/20/01         00
    243168                               05           04/01/01          0
    243168                               O            03/01/31
    0


    4445726          286/286             F          365,000.00         ZZ
                                         360        364,729.11          1
                                       7.500          2,552.14         79
                                       7.250          2,552.14
    FAIRFAX STATION  VA   22039          2            02/22/01         00
    266260                               03           04/01/01          0
    266260                               O            03/01/31
    0


    4445728          286/286             F          414,500.00         ZZ
                                         360        413,547.97          1
                                       7.375          2,862.85         80
                                       7.125          2,862.85
    OXFORD           MI   48371          1            01/01/01         00
    185119                               05           02/01/01          0
    185119                               O            01/01/31
    0


    4445731          286/286             F          480,000.00         ZZ
                                         360        479,643.77          1
                                       7.500          3,356.23         80
                                       7.250          3,356.23
    FORT WASHINGTON  MD   20744          2            02/07/01         00
    224652                               05           04/01/01          0
1


    224652                               O            03/01/31
    0


    4445733          286/286             F          585,000.00         ZZ
                                         360        584,565.84          1
                                       7.500          4,090.41         75
                                       7.250          4,090.41
    LIVERMORE        CA   94550          1            02/16/01         00
    180089                               03           04/01/01          0
    180089                               O            03/01/31
    0


    4445739          286/286             F          360,000.00         ZZ
                                         360        359,732.82          1
                                       7.500          2,517.18         75
                                       7.250          2,517.18
    LAKE FOREST      IL   60045          2            02/19/01         00
    259294                               05           04/01/01          0
    259294                               O            03/01/31
    0


    4445740          286/286             F          325,000.00         ZZ
                                         360        324,776.33          1
                                       7.875          2,356.48         41
                                       7.625          2,356.48
    MASON            OH   45011          1            02/20/01         00
    228766                               03           04/01/01          0
    228766                               O            03/01/31
    0


    4445741          286/286             F          318,124.00         ZZ
                                         360        317,875.83          1
                                       7.250          2,170.17         80
                                       7.000          2,170.17
    SOUTH RIDING     VA   20152          1            02/26/01         00
    258304                               03           04/01/01          0
    258304                               O            03/01/31
    0


    4445743          286/286             F          324,000.00         ZZ
                                         360        323,747.24          1
                                       7.250          2,210.26         80
                                       7.000          2,210.26
    DAVIDSONVILLE    MD   21035          1            02/27/01         00
    158724                               05           04/01/01          0
    158724                               O            03/01/31
    0


1


    4445746          286/286             F          342,400.00         ZZ
                                         360        342,139.45          1
                                       7.375          2,364.88         80
                                       7.125          2,364.88
    ALEXANDRIA       VA   22305          1            02/16/01         00
    159848                               05           04/01/01          0
    159848                               O            03/01/31
    0


    4445752          286/286             F          304,000.00         ZZ
                                         360        303,779.97          1
                                       7.625          2,151.70         80
                                       7.375          2,151.70
    MAYETTA          NJ   08092          1            02/27/01         00
    145636                               05           04/01/01          0
    145636                               O            03/01/31
    0


    4445758          286/286             F          360,000.00         ZZ
                                         360        359,726.06          1
                                       7.375          2,486.44         80
                                       7.125          2,486.44
    NEW HOPE         PA   18938          2            02/23/01         00
    248909                               05           04/01/01          0
    248909                               O            03/01/31
    0


    4445760          286/286             F          500,000.00         ZZ
                                         360        499,638.11          1
                                       7.625          3,538.97         52
                                       7.375          3,538.97
    TUCSON           AZ   85749          5            02/12/01         00
    229861                               03           04/01/01          0
    229861                               O            03/01/31
    0


    4445766          286/286             F          347,200.00         ZZ
                                         360        346,935.80          1
                                       7.375          2,398.03         80
                                       7.125          2,398.03
    ROCKVILLE        MD   20850          1            02/09/01         00
    257422                               03           04/01/01          0
    257422                               O            03/01/31
    0


    4445768          286/286             F          360,000.00         ZZ
                                         360        359,726.06          1
                                       7.375          2,486.44         74
                                       7.125          2,486.44
1


    DICKERSON        MD   20842          5            02/21/01         00
    251744                               05           04/01/01          0
    251744                               O            03/01/31
    0


    4445769          286/286             F          394,100.00         ZZ
                                         360        393,814.76          1
                                       7.625          2,789.42         78
                                       7.375          2,789.42
    RESTON           VA   20190          2            02/22/01         00
    240481                               03           04/01/01          0
    240481                               O            03/01/31
    0


    4445770          286/286             F          361,600.00         ZZ
                                         360        361,317.92          1
                                       7.250          2,466.75         80
                                       7.000          2,466.75
    ROCKVILLE        MD   20850          1            02/27/01         00
    293137                               03           04/01/01          0
    293137                               O            03/01/31
    0


    4445778          286/286             F          403,000.00         ZZ
                                         360        402,685.62          1
                                       7.250          2,749.17         77
                                       7.000          2,749.17
    HUNTINGTON BEAC  CA   92649          2            02/13/01         00
    9802821                              05           04/01/01          0
    9802821                              O            03/01/31
    0


    4445779          286/286             F          393,800.00         ZZ
                                         360        393,492.80          1
                                       7.250          2,686.41         90
                                       7.000          2,686.41
    SAN JOSE         CA   95148          1            02/14/01         10
    9792571                              05           04/01/01         25
    9792571                              O            03/01/31
    0


    4445780          286/286             F          334,000.00         ZZ
                                         360        333,739.45          1
                                       7.250          2,278.47         77
                                       7.000          2,278.47
    SAN RAMON        CA   94583          2            02/16/01         00
    9808650                              05           04/01/01          0
    9808650                              O            03/01/31
    0
1




    4445784          286/286             F          336,500.00         ZZ
                                         360        336,237.50          1
                                       7.250          2,295.52         76
                                       7.000          2,295.52
    SAN RAMON        CA   94583          2            02/16/01         00
    9957268                              03           04/01/01          0
    9957268                              O            03/01/31
    0


    4445785          286/286             F          396,136.00         ZZ
                                         360        395,834.58          1
                                       7.375          2,736.01         69
                                       7.125          2,736.01
    RICHMOND         TX   77469          2            02/22/01         00
    9806950                              03           04/01/01          0
    9806950                              O            03/01/31
    0


    4445787          286/286             F          340,000.00         ZZ
                                         360        339,747.67          1
                                       7.500          2,377.33         80
                                       7.250          2,377.33
    SACRAMENTO       CA   95831          2            02/13/01         00
    9806423                              05           04/01/01          0
    9806423                              O            03/01/31
    0


    4445788          286/286             F          590,000.00         ZZ
                                         360        589,539.74          1
                                       7.250          4,024.84         71
                                       7.000          4,024.84
    WALNUT CREEK     CA   94596          2            02/14/01         00
    9957510                              05           04/01/01          0
    9957510                              O            03/01/31
    0


    4445793          286/286             F          393,750.00         ZZ
                                         360        393,450.39          1
                                       7.375          2,719.53         75
                                       7.125          2,719.53
    HAYWARD          CA   94542          2            02/13/01         00
    9797248                              05           04/01/01          0
    9797248                              O            03/01/31
    0


    4445794          286/286             F          483,200.00         ZZ
                                         360        482,841.40          1
1


                                       7.500          3,378.60         80
                                       7.250          3,378.60
    SEATTLE          WA   98102          1            02/08/01         00
    9807116                              05           04/01/01          0
    9807116                              O            03/01/31
    0


    4445796          286/286             F          300,000.00         ZZ
                                         360        299,765.97          1
                                       7.250          2,046.53         80
                                       7.000          2,046.53
    NEVADA CITY      CA   95959          2            02/08/01         00
    9804283                              05           04/01/01          0
    9804283                              O            03/01/31
    0


    4445799          286/286             F          325,700.00         ZZ
                                         360        325,452.17          1
                                       7.375          2,249.53         78
                                       7.125          2,249.53
    GERMANTOWN       MD   20876          2            02/22/01         00
    9958367                              03           04/01/01          0
    9958367                              O            03/01/31
    0


    4445801          286/286             F          150,000.00         ZZ
                                         360        149,894.13          1
                                       7.750          1,074.62         47
                                       7.500          1,074.62
    CHESAPEAKE       VA   23322          5            02/22/01         00
    9956529                              05           04/01/01          0
    9956529                              O            03/01/31
    0


    4445805          286/286             F          330,850.00         ZZ
                                         360        330,610.54          1
                                       7.625          2,341.74         74
                                       7.375          2,341.74
    LIVERMORE        CA   94550          2            02/14/01         00
    9959302                              05           04/01/01          0
    9959302                              O            03/01/31
    0


    4445806          286/286             F          360,500.00         ZZ
                                         360        360,225.69          1
                                       7.375          2,489.88         63
                                       7.125          2,489.88
    SAN CLEMENTE     CA   92673          2            02/19/01         00
    9799441                              03           04/01/01          0
1


    9799441                              O            03/01/31
    0


    4445807          286/286             F          380,000.00         ZZ
                                         360        379,717.98          1
                                       7.500          2,657.02         78
                                       7.250          2,657.02
    PACIFIC GROVE    CA   93950          2            02/13/01         00
    9805521                              05           04/01/01          0
    9805521                              O            03/01/31
    0


    4445810          286/286             F          450,000.00         ZZ
                                         360        449,666.03          1
                                       7.500          3,146.47         75
                                       7.250          3,146.47
    MORGAN HILL      CA   95037          2            02/20/01         00
    9798080                              05           04/01/01          0
    9798080                              O            03/01/31
    0


    4445812          286/286             F          370,000.00         ZZ
                                         360        369,725.41          1
                                       7.500          2,587.09         70
                                       7.250          2,587.09
    SAN JOSE         CA   95148          2            02/08/01         00
    9802210                              05           04/01/01          0
    9802210                              O            03/01/31
    0


    4445821          286/286             F          457,500.00         ZZ
                                         360        457,168.87          1
                                       7.625          3,238.16         75
                                       7.375          3,238.16
    SAN DIEGO        CA   92014          5            02/22/01         00
    9807398                              03           04/01/01          0
    9807398                              O            03/01/31
    0


    4445824          286/286             F          285,850.00         ZZ
                                         360        285,632.50          1
                                       7.375          1,974.29         80
                                       7.125          1,974.29
    AUSTIN           TX   78738          1            02/20/01         00
    9810233                              03           04/01/01          0
    9810233                              O            03/01/31
    0


1


    4445827          286/286             F          362,000.00         ZZ
                                         360        361,731.34          1
                                       7.500          2,531.16         73
                                       7.250          2,531.16
    SAN RAFAEL       CA   94903          2            02/15/01         00
    9802917                              05           04/01/01          0
    9802917                              O            03/01/31
    0


    4445829          286/286             F          352,000.00         ZZ
                                         360        351,732.15          1
                                       7.375          2,431.18         80
                                       7.125          2,431.18
    GRANITE BAY      CA   95746          1            02/20/01         00
    9809547                              03           04/01/01          0
    9809547                              O            03/01/31
    0


    4445840          286/286             F          328,800.00         ZZ
                                         360        328,543.50          1
                                       7.250          2,243.00         80
                                       7.000          2,243.00
    CASTRO VALLEY    CA   94546          1            02/20/01         00
    9801220                              05           04/01/01          0
    9801220                              O            03/01/31
    0


    4445841          286/286             F          308,500.00         ZZ
                                         360        308,276.72          1
                                       7.625          2,183.54         69
                                       7.375          2,183.54
    SAN FRANCISCO    CA   94124          2            02/14/01         00
    9796005                              03           04/01/01          0
    9796005                              O            03/01/31
    0


    4445847          286/286             F          400,000.00         ZZ
                                         360        399,710.50          1
                                       7.625          2,831.17         80
                                       7.375          2,831.17
    SANTA ROSA       CA   95404          2            02/14/01         00
    9808181                              05           04/01/01          0
    9808181                              O            03/01/31
    0


    4445849          286/286             F          360,000.00         ZZ
                                         360        359,726.07          1
                                       7.375          2,486.43         68
                                       7.125          2,486.43
1


    PALM SPRINGS     CA   92262          2            02/16/01         00
    9805422                              05           04/01/01          0
    9805422                              O            03/01/31
    0


    4445850          286/286             F          325,000.00         ZZ
                                         360        324,764.77          1
                                       7.625          2,300.33         64
                                       7.375          2,300.33
    ELK GROVE        CA   95624          1            02/16/01         00
    9808885                              05           04/01/01          0
    9808885                              O            03/01/31
    0


    4445852          286/286             F          630,000.00         ZZ
                                         360        629,544.03          1
                                       7.625          4,459.10         74
                                       7.375          4,459.10
    HAYWARD          CA   94542          2            02/13/01         00
    9804569                              03           04/01/01          0
    9804569                              O            03/01/31
    0


    4445857          286/286             F          591,000.00         ZZ
                                         360        590,538.97          1
                                       7.250          4,031.66         77
                                       7.000          4,031.66
    SAN RAFAEL       CA   94903          2            02/08/01         00
    9805799                              05           04/01/01          0
    9805799                              O            03/01/31
    0


    4445858          286/286             F          320,000.00         ZZ
                                         360        319,756.51          1
                                       7.375          2,210.16         69
                                       7.125          2,210.16
    SPOKANE          WA   99208          5            02/13/01         00
    9807762                              05           04/01/01          0
    9807762                              O            03/01/31
    0


    4445859          286/286             F          295,000.00         ZZ
                                         360        294,769.87          1
                                       7.250          2,012.42         77
                                       7.000          2,012.42
    DRAPER           UT   84020          2            02/20/01         00
    9808029                              05           04/01/01          0
    9808029                              O            03/01/31
    0
1




    4445863          286/286             F          348,000.00         ZZ
                                         360        347,741.73          1
                                       7.500          2,433.27         78
                                       7.250          2,433.27
    PACIFICA         CA   94044          2            02/08/01         00
    9804703                              05           04/01/01          0
    9804703                              O            03/01/31
    0


    4445865          286/286             F          358,000.00         ZZ
                                         360        357,720.73          1
                                       7.250          2,442.19         74
                                       7.000          2,442.19
    HOLLISTER        CA   95023          1            02/09/01         00
    9800730                              05           04/01/01          0
    9800730                              O            03/01/31
    0


    4445868          286/286             F          319,000.00         ZZ
                                         360        318,763.26          1
                                       7.500          2,230.49         80
                                       7.250          2,230.49
    LOTHIAN          MD   20711          2            02/23/01         00
    9956287                              05           04/01/01          0
    9956287                              O            03/01/31
    0


    4445870          286/286             F          475,000.00         ZZ
                                         360        474,638.56          1
                                       7.375          3,280.71         74
                                       7.125          3,280.71
    SAN JOSE         CA   95148          2            02/08/01         00
    9797629                              05           04/01/01          0
    9797629                              O            03/01/31
    0


    4445871          286/286             F          335,200.00         ZZ
                                         360        334,944.94          1
                                       7.375          2,315.14         80
                                       7.125          2,315.14
    BELLEVUE         WA   98006          1            02/15/01         00
    9800901                              05           04/01/01          0
    9800901                              O            03/01/31
    0


    4445872          286/286             F          298,000.00         ZZ
                                         360        297,773.25          1
1


                                       7.375          2,058.21         80
                                       7.125          2,058.21
    DALY CITY        CA   94015          2            02/12/01         00
    9804698                              03           04/01/01          0
    9804698                              O            03/01/31
    0


    4445874          286/286             F          616,000.00         ZZ
                                         360        615,542.84          1
                                       7.500          4,307.16         80
                                       7.250          4,307.16
    NEWPORT COAST A  CA   92657          2            02/15/01         00
    9804304                              03           04/01/01          0
    9804304                              O            03/01/31
    0


    4445875          286/286             F          401,150.00         ZZ
                                         360        400,837.06          1
                                       7.250          2,736.55         75
                                       7.000          2,736.55
    PLEASANTON       CA   94566          2            02/09/01         00
    9804274                              03           04/01/01          0
    9804274                              O            03/01/31
    0


    4445878          286/286             F          461,600.00         ZZ
                                         360        461,248.76          1
                                       7.375          3,188.16         80
                                       7.125          3,188.16
    ALBANY           CA   94706          1            02/21/01         00
    9807764                              05           04/01/01          0
    9807764                              O            03/01/31
    0


    4445889          286/286             F          400,000.00         ZZ
                                         360        399,687.96          1
                                       7.250          2,728.71         80
                                       7.000          2,728.71
    VIRGINIA BEACH   VA   23451          2            02/22/01         00
    9957455                              05           04/01/01          0
    9957455                              O            03/01/31
    0


    4445892          286/286             F          353,000.00         ZZ
                                         360        352,731.40          1
                                       7.375          2,438.08         79
                                       7.125          2,438.08
    MILPITAS         CA   95035          2            02/09/01         00
    9796201                              01           04/01/01          0
1


    9796201                              O            03/01/31
    0


    4445893          286/286             F          500,000.00         T
                                         360        499,619.54          1
                                       7.375          3,453.38         63
                                       7.125          3,453.38
    PALM SPRINGS     CA   92262          1            02/05/01         00
    9803389                              05           04/01/01          0
    9803389                              O            03/01/31
    0


    4445894          286/286             F          329,000.00         ZZ
                                         360        328,761.88          1
                                       7.625          2,328.64         78
                                       7.375          2,328.64
    SAN JOSE         CA   95111          2            02/14/01         00
    9806164                              05           04/01/01          0
    9806164                              O            03/01/31
    0


    4445897          286/286             F          286,800.00         ZZ
                                         360        286,587.15          1
                                       7.500          2,005.35         80
                                       7.250          2,005.35
    WOODLAND HILLS   CA   91364          1            02/13/01         00
    9802214                              05           04/01/01          0
    9802214                              O            03/01/31
    0


    4445898          286/286             F          336,800.00         ZZ
                                         360        336,537.26          1
                                       7.250          2,297.57         80
                                       7.000          2,297.57
    FALLBROOK        CA   92028          1            02/14/01         00
    9801424                              05           04/01/01          0
    9801424                              O            03/01/31
    0


    4445899          286/286             F          960,000.00         ZZ
                                         360        959,287.54          1
                                       7.500          6,712.46         60
                                       7.250          6,712.46
    PALO ALTO        CA   94301          2            02/13/01         00
    9803339                              05           04/01/01          0
    9803339                              O            03/01/31
    0


1


    4445908          286/286             F          306,000.00         ZZ
                                         360        305,767.15          1
                                       7.375          2,113.47         80
                                       7.125          2,113.47
    MARTINEZ         CA   94553          2            02/13/01         00
    9798027                              03           04/01/01          0
    9798027                              O            03/01/31
    0


    4445914          286/286             F          440,000.00         ZZ
                                         360        439,673.46          1
                                       7.500          3,076.54         80
                                       7.250          3,076.54
    SANTA CRUZ       CA   95060          1            02/20/01         00
    9807811                              05           04/01/01          0
    9807811                              O            03/01/31
    0


    4445915          286/286             F          321,200.00         ZZ
                                         360        320,961.62          1
                                       7.500          2,245.88         73
                                       7.250          2,245.88
    NEWARK           CA   94560          2            02/09/01         00
    9804316                              05           04/01/01          0
    9804316                              O            03/01/31
    0


    4445925          286/286             F          365,000.00         ZZ
                                         360        364,715.27          1
                                       7.250          2,489.94         80
                                       7.000          2,489.94
    HAYWARD          CA   94544          1            02/08/01         00
    9804249                              05           04/01/01          0
    9804249                              O            03/01/31
    0


    4445927          286/286             F          304,000.00         ZZ
                                         360        303,774.39          1
                                       7.500          2,125.61         80
                                       7.250          2,125.61
    DUBLIN           CA   94568          1            02/23/01         00
    9811263                              03           04/01/01          0
    9811263                              O            03/01/31
    0


    4445931          286/286             F          336,000.00         ZZ
                                         360        335,737.89          1
                                       7.250          2,292.11         80
                                       7.000          2,292.11
1


    SALINAS          CA   93901          2            02/20/01         00
    9804749                              05           04/01/01          0
    9804749                              O            03/01/31
    0


    4445933          286/286             F          427,000.00         ZZ
                                         360        426,690.95          1
                                       7.625          3,022.28         61
                                       7.375          3,022.28
    UNION CITY       CA   94587          5            02/07/01         00
    9800576                              03           04/01/01          0
    9800576                              O            03/01/31
    0


    4446359          B60/G01             F          501,000.00         ZZ
                                         360        501,000.00          1
                                       7.625          3,546.05         60
                                       7.375          3,546.05
    SHERMAN OAKS (A  CA   91423          1            03/08/01         00
    0432690519                           05           05/01/01          0
    318992                               O            04/01/31
    0


    4446617          025/025             F          464,000.00         ZZ
                                         360        463,011.16          1
                                       7.750          3,324.16         80
                                       7.500          3,324.16
    WILLIAMSBURG     VA   23185          4            01/05/01         00
    0138060801                           03           02/01/01          0
    0138060801                           O            01/01/31
    0


    4446885          025/025             F          315,000.00         ZZ
                                         360        314,240.32          1
                                       7.625          2,229.56         70
                                       7.375          2,229.56
    ATASCADERO       CA   93422          5            12/18/00         00
    0138462528                           05           02/01/01          0
    0138462528                           O            01/01/31
    0


    4447154          B57/G01             F          825,000.00         ZZ
                                         360        825,000.00          1
                                       7.000          5,488.75         69
                                       6.750          5,488.75
    BEVERLY HILLS A  CA   90210          2            03/16/01         00
    0432678118                           05           05/01/01          0
    2110874                              O            04/01/31
    0
1




    4447211          025/025             F          388,000.00         ZZ
                                         360        387,377.60          1
                                       7.125          2,614.03         80
                                       6.875          2,614.03
    BRANCHBURG       NJ   08876          1            01/09/01         00
    138438304                            05           03/01/01          0
    138438304                            O            02/01/31
    0


    4447440          025/025             F          900,000.00         ZZ
                                         360        864,542.35          1
                                       7.750          6,447.71         65
                                       7.500          6,447.71
    BRIGHTON         CO   80601          5            12/29/00         00
    0138388480                           05           02/01/01          0
    0138388480                           O            01/01/31
    0


    4448476          757/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.250          2,728.37         78
                                       7.000          2,728.37
    LEESBURG         GA   31763          2            03/26/01         00
    0432693596                           05           05/01/01          0
    1000181949                           O            04/01/31
    0


    4450748          696/G01             F          379,000.00         ZZ
                                         360        379,000.00          1
                                       7.500          2,650.02         71
                                       7.250          2,650.02
    CHEVY CHASE      MD   20815          2            03/07/01         00
    0432641256                           05           05/01/01          0
    32901035                             O            04/01/31
    0


    4451466          168/168             F          521,500.00         ZZ
                                         360        521,112.98          1
                                       7.500          3,646.40         70
                                       7.250          3,646.40
    WESTON           CT   06883          5            02/28/01         00
    0189730005                           05           04/01/01          0
    0189730005                           O            03/01/31
    0


    4452190          B60/G01             F          304,800.00         ZZ
                                         360        304,800.00          1
1


                                       6.875          2,002.32         80
                                       6.625          2,002.32
    ADDISON          IL   60101          1            03/15/01         00
    0432672764                           05           05/01/01          0
    318891                               O            04/01/31
    0


    4452716          116/116             F          440,000.00         ZZ
                                         360        439,673.45          1
                                       7.500          3,076.55         80
                                       7.250          3,076.55
    CONROE           TX   77304          2            02/16/01         00
    091068402                            03           04/01/01          0
    091068402                            O            03/01/31
    0


    4452941          E22/G01             F          412,000.00         ZZ
                                         360        412,000.00          1
                                       7.500          2,880.76         80
                                       7.250          2,880.76
    ALAMEDA          CA   94501          2            03/02/01         00
    0412398943                           05           05/01/01          0
    0412398943                           O            04/01/31
    0


    4452947          E22/G01             F          609,000.00         ZZ
                                         360        609,000.00          1
                                       7.500          4,258.22         60
                                       7.250          4,258.22
    CUPERTINO        CA   95014          2            03/04/01         00
    0412405680                           05           05/01/01          0
    0412405680                           O            04/01/31
    0


    4452956          E22/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.250          2,046.53         21
                                       7.000          2,046.53
    SAN MATEO        CA   94402          2            02/28/01         00
    0412412694                           05           05/01/01          0
    0412412694                           O            04/01/31
    0


    4452982          E22/G01             F           53,000.00         ZZ
                                         360         53,000.00          1
                                       7.750            379.70         34
                                       7.500            379.70
    MIAMI            FL   33165          5            03/07/01         00
    0412445520                           05           05/01/01          0
1


    0412445520                           O            04/01/31
    0


    4452994          025/025             F          400,000.00         ZZ
                                         360        396,609.68          1
                                       7.375          2,762.71         64
                                       7.125          2,762.71
    HALF MOON BAY    CA   94019          1            01/18/01         00
    0138679212                           05           03/01/01          0
    0138679212                           O            02/01/31
    0


    4453012          025/025             F          320,000.00         ZZ
                                         360        319,154.14          1
                                       8.125          2,375.99         75
                                       7.875          2,375.99
    CUMMING          GA   30041          1            11/30/00         00
    0138390778                           03           01/01/01          0
    0138390778                           O            12/01/30
    0


    4453047          025/025             F          650,000.00         ZZ
                                         360        648,488.82          1
                                       7.875          4,712.96         59
                                       7.625          4,712.96
    SEVERNA PARK     MD   21146          2            01/29/01         00
    0130136732                           05           03/01/01          0
    0130136732                           O            02/01/31
    0


    4453089          025/025             F          500,000.00         ZZ
                                         360        498,986.79          1
                                       8.000          3,668.83         80
                                       7.750          3,668.83
    LIVERMORE        CA   94550          1            12/04/00         00
    0138177381                           03           02/01/01          0
    0138177381                           O            01/01/31
    0


    4453130          025/025             F          360,000.00         ZZ
                                         360        359,463.97          1
                                       7.500          2,517.18         67
                                       7.250          2,517.18
    SEDALIA          CO   80135          5            01/12/01         00
    0138690953                           05           03/01/01          0
    0138690953                           O            02/01/31
    0


1


    4453207          J40/G01             F          175,750.00         ZZ
                                         360        175,750.00          1
                                       7.500          1,228.87         95
                                       7.250          1,228.87
    HIRAM            GA   30141          2            03/15/01         11
    0432692846                           05           05/01/01         30
    7698566                              O            04/01/31
    0


    4454345          G12/G12             F          356,250.00         ZZ
                                         360        348,681.38          1
                                       7.625          2,521.52         75
                                       7.375          2,521.52
    DALTON           PA   18414          2            07/27/98         00
    12002285                             05           02/01/99          0
    12002285                             O            01/01/29
    0


    4455739          025/025             F          422,800.00         ZZ
                                         360        421,955.03          1
                                       7.125          2,848.49         80
                                       6.875          2,848.49
    ANDOVER          MA   01810          1            01/16/01         00
    0138637160                           05           03/01/01          0
    0138637160                           O            02/01/31
    0


    4458428          025/025             F          360,000.00         ZZ
                                         360        359,251.86          1
                                       7.875          2,610.25         90
                                       7.625          2,610.25
    KINGSVILLE       MD   21087          1            12/28/00         01
    138588777                            05           02/01/01         25
    138588777                            O            01/01/31
    0


    4459222          025/025             F          357,000.00         ZZ
                                         360        356,173.20          1
                                       7.625          2,526.82         84
                                       7.375          2,526.82
    GILROY           CA   95020          2            12/18/00         19
    138593348                            05           02/01/01         12
    138593348                            O            01/01/31
    0


    4459520          964/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.375          3,453.38         78
                                       7.125          3,453.38
1


    RANCHO PALOS VE  CA   90275          1            03/20/01         00
    0432685808                           05           05/01/01          0
    111982                               O            04/01/31
    0


    4461139          624/G01             F          338,000.00         ZZ
                                         360        338,000.00          1
                                       7.500          2,363.35         68
                                       7.250          2,363.35
    SAN JOSE         CA   95111          2            03/20/01         00
    0432689412                           05           05/01/01          0
    36800110196F                         O            04/01/31
    0


    4463045          025/025             F          400,000.00         ZZ
                                         360        399,374.03          1
                                       7.250          2,728.71         79
                                       7.000          2,728.71
    CARLSBAD         CA   92009          1            01/04/01         00
    0138674924                           03           03/01/01          0
    0138674924                           O            02/01/31
    0


    4463047          025/025             F          368,800.00         ZZ
                                         360        368,277.72          1
                                       7.750          2,642.13         80
                                       7.500          2,642.13
    POTOMAC          MD   20854          1            01/12/01         00
    138622030                            05           03/01/01          0
    138622030                            O            02/01/31
    0


    4463072          E22/G01             F          362,500.00         ZZ
                                         360        362,500.00          1
                                       7.375          2,503.70         49
                                       7.125          2,503.70
    GILROY           CA   95020          2            03/06/01         00
    0412393548                           05           05/01/01          0
    0412393548                           O            04/01/31
    0


    4463079          E22/G01             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.500          1,118.74         75
                                       7.250          1,118.74
    SACRAMENTO       CA   95843          2            03/06/01         00
    0412409047                           05           05/01/01          0
    0412409047                           O            04/01/31
    0
1




    4463106          E22/G01             F          367,550.00         ZZ
                                         360        367,550.00          1
                                       7.375          2,538.58         65
                                       7.125          2,538.58
    FORT COLLINS     CO   80524          1            03/13/01         00
    0412440117                           03           05/01/01          0
    0412440117                           O            04/01/31
    0


    4463112          E22/G01             F          299,200.00         ZZ
                                         360        299,200.00          1
                                       7.875          2,169.41         80
                                       7.625          2,169.41
    OXNARD           CA   93030          5            03/07/01         00
    0412449704                           05           05/01/01          0
    0412449704                           O            04/01/31
    0


    4463120          025/025             F          627,800.00         ZZ
                                         360        626,910.94          1
                                       7.750          4,497.64         27
                                       7.500          4,497.64
    SEATTLE          WA   98112          2            01/01/01         00
    0138576178                           05           03/01/01          0
    0138576178                           O            02/01/31
    0


    4463131          025/025             F          515,900.00         ZZ
                                         360        514,654.98          1
                                       7.125          3,475.71         80
                                       6.875          3,475.71
    BURLINGAME       CA   94010          1            12/26/00         00
    138600960                            05           02/01/01          0
    138600960                            O            01/01/31
    0


    4463186          025/025             F          551,200.00         ZZ
                                         360        546,992.95          1
                                       7.750          3,948.87         80
                                       7.500          3,948.87
    ACTON            MA   01720          1            12/19/00         00
    138549647                            05           02/01/01          0
    138549647                            O            01/01/31
    0


    4463437          526/526             F           60,000.00         ZZ
                                         360         59,958.71          1
1


                                       7.875            435.04         20
                                       7.625            435.04
    CONCORD          CA   94519          5            02/01/01         00
    0437554                              05           04/01/01          0
    0437554                              O            03/01/31
    0


    4463455          526/526             F          636,200.00         ZZ
                                         360        635,276.16          1
                                       7.625          4,502.98         71
                                       7.375          4,502.98
    HOUSTON          TX   77005          2            01/30/01         00
    0438417                              05           03/01/01          0
    0438417                              O            02/01/31
    0


    4463480          526/526             F          317,000.00         ZZ
                                         360        316,770.56          1
                                       7.625          2,243.71         71
                                       7.375          2,243.71
    ROWLAND HEIGHTS  CA   91748          2            02/16/01         00
    0438966                              05           04/01/01          0
    0438966                              O            03/01/31
    0


    4463527          526/526             F          354,350.00         ZZ
                                         360        353,835.43          1
                                       7.625          2,508.07         75
                                       7.375          2,508.07
    ANAHEIM          CA   92808          1            02/01/01         00
    0439788                              03           03/01/01          0
    0439788                              O            02/01/31
    0


    4463551          526/526             F          367,200.00         ZZ
                                         360        366,934.23          1
                                       7.625          2,599.02         90
                                       7.375          2,599.02
    HOUSTON          TX   77024          1            02/05/01         12
    0440178                              05           04/01/01         25
    0440178                              O            03/01/31
    0


    4463557          526/526             F          610,000.00         ZZ
                                         360        609,558.50          1
                                       7.625          4,317.54         54
                                       7.375          4,317.54
    KINGWOOD         TX   77339          2            02/14/01         00
    0440228                              07           04/01/01          0
1


    0440228                              O            03/01/31
    0


    4463595          526/526             F          620,000.00         ZZ
                                         360        619,539.87          1
                                       7.500          4,335.13         79
                                       7.250          4,335.13
    HOUSTON          TX   77027          2            02/23/01         00
    0440991                              05           04/01/01          0
    0440991                              O            03/01/31
    0


    4463725          E82/G01             F          346,600.00         ZZ
                                         360        346,600.00          1
                                       7.750          2,483.08         67
                                       7.500          2,483.08
    PLEASANTON       CA   94588          2            03/06/01         00
    0400386421                           09           05/01/01          0
    1971115                              O            04/01/31
    0


    4464784          L60/L60             F          304,000.00         ZZ
                                         360        303,558.56          1
                                       7.625          2,151.69         80
                                       7.375          2,151.69
    SUMTER           SC   29150          1            01/29/01         00
    6610579432                           05           03/01/01          0
    6610579432                           O            02/01/31
    0


    4464799          L60/L60             F          340,000.00         ZZ
                                         360        339,747.67          1
                                       7.500          2,377.33         72
                                       7.250          2,377.33
    SAINT SIMONS IS  GA   31522          2            02/02/01         00
    6960086773                           05           04/01/01          0
    6960086773                           O            03/01/31
    0


    4464813          L60/L60             F          417,765.00         ZZ
                                         360        417,158.36          1
                                       7.625          2,956.91         80
                                       7.375          2,956.91
    HOLLY SPRINGS    NC   27540          1            01/26/01         00
    6610580864                           03           03/01/01          0
    6610580864                           O            02/01/31
    0


1


    4464840          L60/L60             F          358,500.00         ZZ
                                         360        357,742.52          1
                                       7.375          2,476.08         75
                                       7.125          2,476.08
    RALEIGH          NC   27606          1            01/29/01         00
    6990287056                           03           03/01/01          0
    6990287056                           O            02/01/31
    0


    4464841          L60/L60             F          303,000.00         ZZ
                                         360        301,142.69          1
                                       7.375          2,092.75         60
                                       7.125          2,092.75
    BUFORD           GA   30519          2            01/23/01         00
    6990288524                           03           03/01/01          0
    6990288524                           O            02/01/31
    0


    4465036          964/G01             F          393,750.00         ZZ
                                         360        393,750.00          1
                                       7.250          2,686.07         75
                                       7.000          2,686.07
    SAN FRANCISCO    CA   94132          5            03/21/01         00
    0432699379                           07           05/01/01          0
    113921                               O            04/01/31
    0


    4465578          025/025             F          310,000.00         ZZ
                                         360        309,371.82          1
                                       8.000          2,274.67         74
                                       7.750          2,274.67
    RICHMOND         CA   94803          5            12/22/00         00
    0138552641                           05           02/01/01          0
    0138552641                           O            01/01/31
    0


    4465619          025/025             F          319,500.00         ZZ
                                         360        319,047.54          1
                                       7.750          2,288.94         90
                                       7.500          2,288.94
    SEATTLE          WA   98119          2            01/01/01         12
    0138576228                           05           03/01/01         25
    0138576228                           O            02/01/31
    0


    4465716          025/025             F          367,000.00         ZZ
                                         360        366,425.67          1
                                       7.250          2,503.59         74
                                       7.000          2,503.59
1


    LAKE OSWEGO      OR   97034          1            01/08/01         00
    0138628136                           05           03/01/01          0
    0138628136                           O            02/01/31
    0


    4465950          893/G01             F          530,000.00         ZZ
                                         360        530,000.00          1
                                       7.375          3,660.58         61
                                       7.125          3,660.58
    PALO ALTO        CA   94306          2            03/15/01         00
    0432690550                           05           05/01/01          0
    H10209011                            O            04/01/31
    0


    4468504          025/025             F          440,000.00         ZZ
                                         360        438,960.40          1
                                       7.750          3,152.21         79
                                       7.500          3,152.21
    LINCOLN          NE   68516          1            12/22/00         00
    138537923                            05           02/01/01          0
    138537923                            O            01/01/31
    0


    4468572          025/025             F          350,000.00         ZZ
                                         360        349,272.65          1
                                       7.875          2,537.74         74
                                       7.625          2,537.74
    WALPOLE          MA   02081          1            12/20/00         01
    0138535075                           05           02/01/01         14
    0138535075                           O            01/01/31
    0


    4468643          025/025             F          304,000.00         ZZ
                                         360        303,352.13          1
                                       7.750          2,177.90         80
                                       7.500          2,177.90
    BAINBRIDGE ISLA  WA   98110          1            12/08/00         00
    0138573712                           05           02/01/01          0
    0138573712                           O            01/01/31
    0


    4468731          025/025             F          310,000.00         ZZ
                                         360        309,355.76          1
                                       7.875          2,247.72         68
                                       7.625          2,247.72
    ALEXANDRIA       VA   22310          1            12/19/00         00
    00100007                             05           02/01/01          0
    00100007                             O            01/01/31
    0
1




    4468798          025/025             F          327,200.00         ZZ
                                         360        326,290.37          1
                                       7.875          2,372.43         80
                                       7.625          2,372.43
    SALINAS          CA   93908          1            11/30/00         00
    0138462866                           03           01/01/01          0
    0138462866                           O            12/01/30
    0


    4468982          025/025             F          336,450.00         ZZ
                                         360        335,657.85          1
                                       7.250          2,295.18         80
                                       7.000          2,295.18
    MISSION VIEJO    CA   92692          1            12/21/00         00
    000762                               05           02/01/01          0
    000762                               O            01/01/31
    0


    4469051          025/025             F          380,800.00         ZZ
                                         300        379,929.13          1
                                       7.500          2,814.08         80
                                       7.250          2,814.08
    ENGLEWOOD        CO   80111          2            01/19/01         00
    0138692546                           05           03/01/01          0
    0138692546                           O            02/01/26
    0


    4469159          025/025             F          297,900.00         ZZ
                                         360        297,181.06          1
                                       7.125          2,007.01         73
                                       6.875          2,007.01
    SAN MARCOS       CA   92069          1            12/15/00         00
    0138673629                           05           02/01/01          0
    0138673629                           O            01/01/31
    0


    4469408          025/025             F          329,850.00         ZZ
                                         360        329,147.05          1
                                       7.750          2,363.09         80
                                       7.500          2,363.09
    MOSELEY          VA   23120          1            12/14/00         00
    138606322                            05           02/01/01          0
    138606322                            O            01/01/31
    0


    4469534          025/025             F          450,000.00         ZZ
                                         360        449,295.80          1
1


                                       7.250          3,069.79         74
                                       7.000          3,069.79
    ARLINGTON        MA   02474          1            01/22/01         00
    0138622840                           05           03/01/01          0
    0138622840                           O            02/01/31
    0


    4470199          696/G01             F          471,200.00         ZZ
                                         360        471,200.00          1
                                       7.250          3,214.41         80
                                       7.000          3,214.41
    ASHBURN          VA   20147          1            03/12/01         00
    0432648558                           03           05/01/01          0
    23301021                             O            04/01/31
    0


    4470200          696/G01             F          850,000.00         ZZ
                                         360        850,000.00          1
                                       7.375          5,870.74         63
                                       7.125          5,870.74
    WASHINGTON       DC   20009          1            03/15/01         00
    0432648665                           05           05/01/01          0
    25601014                             O            04/01/31
    0


    4471347          025/025             F          300,000.00         ZZ
                                         360        299,360.67          1
                                       7.750          2,149.24         73
                                       7.500          2,149.24
    EAST GRAND RAPI  MI   49506          1            12/20/00         00
    0138571617                           05           02/01/01          0
    0138571617                           O            01/01/31
    0


    4471517          624/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       7.250          2,114.75         72
                                       7.000          2,114.75
    APTOS            CA   95003          5            03/23/01         00
    0432700003                           05           05/01/01          0
    31300110356F                         O            04/01/31
    0


    4471601          E22/G01             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       8.000          3,118.50         68
                                       7.750          3,118.50
    WALNUT CREEK     CA   94596          5            03/08/01         00
    0412368250                           05           05/01/01          0
1


    0412368250                           O            04/01/31
    0


    4471602          E22/G01             F          118,700.00         ZZ
                                         360        118,700.00          1
                                       7.875            860.66         67
                                       7.625            860.66
    PLANO            TX   75075          5            03/08/01         00
    0412375446                           05           05/01/01          0
    0412375446                           O            04/01/31
    0


    4471603          E22/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       7.125          2,102.00         80
                                       6.875          2,102.00
    ALBUQUERQUE      NM   87105          5            03/09/01         00
    0412375750                           05           05/01/01          0
    0412375750                           O            04/01/31
    0


    4471614          E22/G01             F          280,500.00         ZZ
                                         360        280,500.00          1
                                       7.750          2,009.54         85
                                       7.500          2,009.54
    SALINAS          CA   93905          2            03/09/01         01
    0412418956                           05           05/01/01         12
    0412418956                           O            04/01/31
    0


    4471629          E22/G01             F          376,400.00         ZZ
                                         360        376,400.00          1
                                       7.625          2,664.14         80
                                       7.375          2,664.14
    SAN JOSE         CA   95123          1            03/09/01         00
    0412435414                           05           05/01/01          0
    0412435414                           O            04/01/31
    0


    4471650          E22/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       7.625          2,349.88         58
                                       7.375          2,349.88
    SOUTH SAN FRANC  CA   94080          2            03/08/01         00
    0412446841                           03           05/01/01          0
    0412446841                           O            04/01/31
    0


1


    4471738          E82/G01             F          360,250.00         ZZ
                                         360        360,250.00          1
                                       7.375          2,488.16         73
                                       7.125          2,488.16
    THOUSAND OAKS    CA   91320          2            03/05/01         00
    0400392015                           03           05/01/01          0
    1962485                              O            04/01/31
    0


    4472021          025/025             F          396,000.00         ZZ
                                         360        395,364.76          1
                                       7.125          2,667.93         78
                                       6.875          2,667.93
    CARLSBAD         CA   92009          1            01/09/01         00
    0138610837                           05           03/01/01          0
    0138610837                           O            02/01/31
    0


    4472355          025/025             F          353,000.00         ZZ
                                         360        351,933.92          1
                                       7.875          2,559.50         59
                                       7.625          2,559.50
    BOXBOROUGH       MA   01719          2            01/19/01         00
    138591789                            05           03/01/01          0
    138591789                            O            02/01/31
    0


    4472497          A06/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.500          2,796.86         73
                                       7.250          2,796.86
    FRANKLIN         MI   48025          5            03/09/01         00
    0432677318                           05           05/01/01          0
    1000020100238                        O            04/01/31
    0


    4472519          025/025             F          650,000.00         ZZ
                                         360        648,315.07          1
                                       7.500          4,544.90         78
                                       7.250          4,544.90
    ST LOUIS         MO   63128          2            01/05/01         00
    0138605746                           05           03/01/01          0
    0138605746                           O            02/01/31
    0


    4472571          025/025             F          307,200.00         ZZ
                                         360        306,775.79          1
                                       7.875          2,227.41         80
                                       7.625          2,227.41
1


    PONCA CITY       OK   74604          2            01/17/01         00
    0138587456                           05           03/01/01          0
    0138587456                           O            02/01/31
    0


    4472680          025/025             F          339,000.00         ZZ
                                         360        338,495.25          1
                                       7.500          2,370.34         80
                                       7.250          2,370.34
    OMAHA            NE   68118          2            01/19/01         00
    138608567                            05           03/01/01          0
    138608567                            O            02/01/31
    0


    4473310          025/025             F          600,000.00         ZZ
                                         360        598,721.36          1
                                       7.750          4,298.47         62
                                       7.500          4,298.47
    RALEIGH          NC   27609          2            12/07/00         00
    0138529557                           05           02/01/01          0
    0138529557                           O            01/01/31
    0


    4473431          025/025             F          300,000.00         ZZ
                                         360        299,596.06          1
                                       8.000          2,201.30         79
                                       7.750          2,201.30
    LIBERTYVILLE     IL   60048          2            12/29/00         00
    0138599568                           05           03/01/01          0
    0138599568                           O            02/01/31
    0


    4473626          025/025             F          400,000.00         ZZ
                                         360        399,189.45          1
                                       8.000          2,935.06         65
                                       7.750          2,935.06
    NEWTON           MA   02458          1            12/15/00         00
    0138087051                           05           02/01/01          0
    0138087051                           O            01/01/31
    0


    4473681          025/025             F          318,000.00         ZZ
                                         360        317,322.32          1
                                       7.750          2,278.19         78
                                       7.500          2,278.19
    NORTHBROOK       IL   60062          2            12/26/00         00
    138552302                            05           02/01/01          0
    138552302                            O            01/01/31
    0
1




    4473850          025/025             F          332,000.00         ZZ
                                         360        331,237.46          1
                                       7.375          2,293.04         80
                                       7.125          2,293.04
    MANHATTAN BEACH  CA   90266          1            12/01/00         00
    138562335                            05           02/01/01          0
    138562335                            O            01/01/31
    0


    4473967          025/025             F          340,100.00         ZZ
                                         360        339,366.57          1
                                       7.250          2,320.08         74
                                       7.000          2,320.08
    HIGHLAND         UT   84003          2            01/17/01         00
    0138619762                           05           03/01/01          0
    0138619762                           O            02/01/31
    0


    4473974          025/025             F          516,000.00         ZZ
                                         360        514,872.46          1
                                       7.625          3,652.22         80
                                       7.375          3,652.22
    HUNTINGTON BEAC  CA   92648          1            12/28/00         00
    0138672886                           05           02/01/01          0
    0138672886                           O            01/01/31
    0


    4474216          025/025             F          350,000.00         ZZ
                                         360        349,465.70          1
                                       7.375          2,417.37         58
                                       7.125          2,417.37
    FAIRFAX  STATIO  VA   22039          1            01/12/01         00
    0138376181                           05           03/01/01          0
    0138376181                           O            02/01/31
    0


    4474390          025/025             F          464,000.00         ZZ
                                         360        456,381.44          1
                                       7.000          3,087.00         80
                                       6.750          3,087.00
    GROSSE PT FARMS  MI   48236          1            08/04/99         00
    138631916                            05           10/01/99          0
    138631916                            O            09/01/29
    0


    4474566          025/025             F          338,600.00         ZZ
                                         360        338,043.30          1
1


                                       7.000          2,252.71         80
                                       6.750          2,252.71
    RIDGEFIELD       CT   06877          1            01/22/01         00
    0138627740                           05           03/01/01          0
    0138627740                           O            02/01/31
    0


    4474579          025/025             F          508,500.00         ZZ
                                         240        506,512.20          1
                                       6.875          3,904.34         75
                                       6.625          3,904.34
    MILFORD          MI   48381          1            01/08/01         00
    138597471                            05           03/01/01          0
    138597471                            O            02/01/21
    0


    4474658          025/025             F          370,000.00         ZZ
                                         360        369,435.19          1
                                       7.375          2,555.50         43
                                       7.125          2,555.50
    NEWTON           MA   02459          2            01/18/01         00
    0138598081                           05           03/01/01          0
    0138598081                           O            02/01/31
    0


    4474701          025/025             F          415,000.00         ZZ
                                         360        414,426.92          1
                                       7.875          3,009.04         64
                                       7.625          3,009.04
    ARLINGTON HEIGH  IL   60004          5            01/04/01         00
    0138659255                           05           03/01/01          0
    0138659255                           O            02/01/31
    0


    4474777          025/025             F          381,520.00         ZZ
                                         360        380,937.59          1
                                       7.375          2,635.07         80
                                       7.125          2,635.07
    APEX             NC   27502          1            01/22/01         00
    0138706684                           05           03/01/01          0
    0138706684                           O            02/01/31
    0


    4474854          025/025             F          340,077.00         ZZ
                                         360        339,043.59          1
                                       7.250          2,319.93         80
                                       7.000          2,319.93
    LONGWOOD         FL   32779          1            01/10/01         00
    0138651740                           05           03/01/01          0
1


    0138651740                           O            02/01/31
    0


    4474918          025/025             F          360,000.00         ZZ
                                         360        358,594.06          1
                                       7.500          2,517.18         80
                                       7.250          2,517.18
    FAIRFAX          VA   22030          1            12/29/00         00
    138592613                            05           02/01/01          0
    138592613                            O            01/01/31
    0


    4475011          025/025             F          381,000.00         ZZ
                                         360        380,473.86          1
                                       7.875          2,762.52         75
                                       7.625          2,762.52
    SEATTLE          WA   98122          2            01/01/01         00
    0138576202                           05           03/01/01          0
    0138576202                           O            02/01/31
    0


    4475141          025/025             F          402,000.00         ZZ
                                         360        401,137.87          1
                                       7.000          2,674.52         85
                                       6.750          2,674.52
    HIGHLAND         UT   84003          2            01/17/01         11
    0138619770                           05           03/01/01         12
    0138619770                           O            02/01/31
    0


    4475177          025/025             F          350,000.00         ZZ
                                         360        349,215.87          1
                                       7.500          2,447.25         42
                                       7.250          2,447.25
    SOLVANG          CA   93463          1            12/08/00         00
    00402119001                          05           02/01/01          0
    00402119001                          O            01/01/31
    0


    4475265          025/025             F          385,000.00         ZZ
                                         360        384,137.44          1
                                       7.500          2,691.98         68
                                       7.250          2,691.98
    SAMMAMISH        WA   98075          1            12/01/00         00
    138409784                            05           02/01/01          0
    138409784                            O            01/01/31
    0


1


    4475270          025/025             F          425,000.00         ZZ
                                         360        424,392.86          1
                                       7.750          3,044.75         43
                                       7.500          3,044.75
    ST ALBANS        MO   63073          2            01/22/01         00
    0138609953                           05           03/01/01          0
    0138609953                           O            02/01/31
    0


    4475340          025/025             F          450,000.00         ZZ
                                         360        449,362.73          1
                                       7.750          3,223.86         56
                                       7.500          3,223.86
    GREENVILLE       SC   29607          2            01/05/01         00
    0138595764                           05           03/01/01          0
    0138595764                           O            02/01/31
    0


    4475355          696/G01             F          650,000.00         ZZ
                                         360        649,492.93          1
                                       7.250          4,434.15         75
                                       7.000          4,434.15
    KENSINGTON       MD   20895          2            03/06/01         00
    0432653400                           05           04/01/01          0
    30100085                             O            03/01/31
    0


    4475396          696/G01             F          365,000.00         ZZ
                                         360        364,735.82          1
                                       7.625          2,583.45         65
                                       7.375          2,583.45
    CLARKSVILLE      MD   21029          2            03/10/01         00
    0432664852                           05           04/01/01          0
    100010008                            O            03/01/31
    0


    4475458          025/025             F          320,000.00         ZZ
                                         360        319,535.31          1
                                       7.625          2,264.94         73
                                       7.375          2,264.94
    LOS ALAMITOS     CA   90720          5            01/17/01         00
    0138876540                           05           03/01/01          0
    0138876540                           O            02/01/31
    0


    4475553          025/025             F          425,000.00         ZZ
                                         360        424,094.29          1
                                       7.750          3,044.75         75
                                       7.500          3,044.75
1


    DANVILLE         CA   94526          1            12/05/00         00
    415527                               05           02/01/01          0
    415527                               O            01/01/31
    0


    4475680          025/025             F          420,000.00         ZZ
                                         360        419,082.25          1
                                       7.625          2,972.73         80
                                       7.375          2,972.73
    TARZANA          CA   91356          1            12/22/00         00
    C10011037                            05           02/01/01          0
    C10011037                            O            01/01/31
    0


    4475784          025/025             F          403,900.00         ZZ
                                         360        402,892.71          1
                                       7.750          2,893.59         80
                                       7.500          2,893.59
    OVERLAND PARK    KS   66221          1            12/15/00         00
    138600366                            03           02/01/01          0
    138600366                            O            01/01/31
    0


    4475960          025/025             F          300,000.00         ZZ
                                         360        298,322.44          1
                                       7.500          2,097.64         78
                                       7.250          2,097.64
    NORTH AUGUSTA    SC   29841          2            12/22/00         00
    138590666                            05           02/01/01          0
    138590666                            O            01/01/31
    0


    4477215          E22/G01             F          297,500.00         ZZ
                                         360        297,500.00          1
                                       7.250          2,029.47         63
                                       7.000          2,029.47
    BURBANK          CA   91504          2            03/06/01         00
    0412357139                           05           05/01/01          0
    0412357139                           O            04/01/31
    0


    4477235          E22/G01             F           31,000.00         ZZ
                                         360         31,000.00          1
                                       7.750            222.09         45
                                       7.500            222.09
    EL PASO          TX   79936          5            03/09/01         00
    0412434938                           05           05/01/01          0
    0412434938                           O            04/01/31
    0
1




    4481784          964/G01             F          398,000.00         ZZ
                                         360        398,000.00          1
                                       7.375          2,748.89         80
                                       7.125          2,748.89
    FULLERTON        CA   92835          2            03/22/01         00
    0432685485                           05           05/01/01          0
    105919                               O            04/01/31
    0


    4483866          696/G01             F          650,000.00         ZZ
                                         360        650,000.00          2
                                       7.250          4,434.15         73
                                       7.000          4,434.15
    WASHINGTON       DC   20003          1            03/15/01         00
    0432656262                           05           05/01/01          0
    31201064                             O            04/01/31
    0


    4485655          624/G01             F          441,000.00         ZZ
                                         360        441,000.00          1
                                       7.250          3,008.40         90
                                       7.000          3,008.40
    EL CAJON         CA   92020          1            03/23/01         01
    0432700185                           05           05/01/01         25
    37019910066F                         O            04/01/31
    0


    4486284          E22/G01             F          394,500.00         ZZ
                                         360        394,500.00          1
                                       7.625          2,792.25         88
                                       7.375          2,792.25
    ODENVILLE        AL   35120          2            03/12/01         10
    0412395857                           05           05/01/01         25
    0412395857                           O            04/01/31
    0


    4486303          E22/G01             F          321,400.00         ZZ
                                         360        321,400.00          1
                                       7.500          2,247.28         78
                                       7.250          2,247.28
    MORGAN HILL      CA   95037          2            03/09/01         00
    0412423246                           09           05/01/01          0
    0412423246                           O            04/01/31
    0


    4486334          E22/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
1


                                       7.375          2,417.36         64
                                       7.125          2,417.36
    RIDGEWOOD        NJ   07450          1            03/16/01         00
    0412456121                           05           05/01/01          0
    0412456121                           O            04/01/31
    0


    4488958          956/G01             F          418,400.00         ZZ
                                         360        418,081.64          1
                                       7.375          2,889.78         80
                                       7.125          2,889.78
    PARK CITY        UT   84098          1            02/21/01         00
    0432666477                           05           04/01/01          0
    1000002635                           O            03/01/31
    0


    4490976          E82/G01             F          360,800.00         ZZ
                                         360        360,800.00          1
                                       7.625          2,553.72         80
                                       7.375          2,553.72
    LEXINGTON        MA   02173          2            03/08/01         00
    0400391058                           05           05/01/01          0
    0400391058                           O            04/01/31
    0


    4491115          696/G01             F          419,900.00         ZZ
                                         360        419,900.00          1
                                       7.500          2,936.00         80
                                       7.250          2,936.00
    MCLEAN           VA   22102          1            03/19/01         00
    0432655694                           05           05/01/01          0
    32901029                             O            04/01/31
    0


    4491519          956/G01             F          348,000.00         ZZ
                                         360        347,714.75          1
                                       7.000          2,315.25         80
                                       6.750          2,315.25
    ALBUQUERQUE      NM   87105          1            02/23/01         00
    0432667848                           05           04/01/01          0
    010099                               O            03/01/31
    0


    4491756          956/G01             F          318,400.00         ZZ
                                         360        317,913.95          1
                                       7.375          2,199.11         80
                                       7.125          2,199.11
    KIRKLAND         WA   98033          1            01/26/01         00
    0432667665                           05           03/01/01          0
1


    01162801                             O            02/01/31
    0


    4492915          116/116             F          417,600.00         ZZ
                                         360        417,600.00          1
                                       7.375          2,884.26         80
                                       7.125          2,884.26
    THE WOODLANDS    TX   77382          1            03/26/01         00
    091069196                            03           05/01/01          0
    091069196                            O            04/01/31
    0


    4493137          964/G01             F          516,000.00         ZZ
                                         360        516,000.00          1
                                       7.250          3,520.03         80
                                       7.000          3,520.03
    SAN FRANCISCO    CA   94121          1            03/28/01         00
    0432694958                           05           05/01/01          0
    115512                               O            04/01/31
    0


    4493674          956/G01             F          288,500.00         ZZ
                                         360        288,048.52          1
                                       7.250          1,968.08         95
                                       7.000          1,968.08
    ELK GROVE        CA   95758          1            01/25/01         10
    0432689339                           05           03/01/01         30
    1111010106                           O            02/01/31
    0


    4493833          E60/G01             F          212,250.00         ZZ
                                         360        212,250.00          1
                                       7.625          1,502.30         75
                                       7.375          1,502.30
    SAN LUIS OBISPO  CA   93405          2            03/06/01         00
    0432681120                           05           05/01/01          0
    513107                               O            04/01/31
    0


    4494041          E22/G01             F          294,000.00         ZZ
                                         360        294,000.00          1
                                       8.000          2,157.27         70
                                       7.750          2,157.27
    ARLINGTON        VA   22213          2            03/14/01         00
    0412349342                           05           05/01/01          0
    0412349342                           O            04/01/31
    0


1


    4494054          E22/G01             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       7.375          2,223.97         51
                                       7.125          2,223.97
    MILLBRAE         CA   94030          2            03/07/01         00
    0412392003                           05           05/01/01          0
    0412392003                           O            04/01/31
    0


    4494061          E22/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.500          2,377.33         85
                                       7.250          2,377.33
    SCHAUMBURG       IL   60173          2            03/13/01         04
    0412402927                           05           05/01/01         12
    0412402927                           O            04/01/31
    0


    4494068          E22/G01             F          166,250.00         ZZ
                                         360        166,250.00          1
                                       8.000          1,219.88         95
                                       7.750          1,219.88
    DENVER           CO   80219          2            03/14/01         04
    0412418568                           05           05/01/01         30
    0412418568                           O            04/01/31
    0


    4494105          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.500          2,657.02         73
                                       7.250          2,657.02
    LA HABRA         CA   90631          5            03/08/01         00
    0412447674                           03           05/01/01          0
    0412447674                           O            04/01/31
    0


    4494118          E22/G01             F          391,000.00         ZZ
                                         360        391,000.00          1
                                       7.000          2,601.33         77
                                       6.750          2,601.33
    FULLERTON        CA   92835          2            03/13/01         00
    0412454688                           05           05/01/01          0
    0412454688                           O            04/01/31
    0


    4498073          480/G01             F          410,000.00         ZZ
                                         360        409,688.02          1
                                       7.375          2,831.77         67
                                       7.125          2,831.77
1


    PINECREST        FL   33156          1            02/28/01         00
    0432672889                           05           04/01/01          0
    3491461                              O            03/01/31
    0


    4498874          480/G01             F          550,000.00         ZZ
                                         360        549,549.17          1
                                       7.000          3,659.16         68
                                       6.750          3,659.16
    TARPON SPRINGS   FL   34689          1            02/28/01         00
    0432672848                           03           04/01/01          0
    3615044                              O            03/01/31
    0


    4498882          E76/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.625          2,264.94         78
                                       7.375          2,264.94
    DENVER           CO   80227          2            03/09/01         00
    0432682201                           05           05/01/01          0
    10003775                             O            04/01/31
    0


    4499290          893/G01             F          470,000.00         ZZ
                                         360        470,000.00          1
                                       7.125          3,166.48         59
                                       6.875          3,166.48
    FOSTER CITY      CA   94404          5            03/23/01         00
    0432690717                           05           05/01/01          0
    H10123031                            O            04/01/31
    0


    4499498          B60/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.125          3,368.59         60
                                       6.875          3,368.59
    IRVINE           CA   92612          1            03/06/01         00
    0432675759                           03           05/01/01          0
    317855                               O            04/01/31
    0


    4500697          757/G01             F          309,000.00         ZZ
                                         360        309,000.00          1
                                       7.625          2,187.09         78
                                       7.375          2,187.09
    BURKE            VA   22015          2            03/09/01         00
    0432677441                           03           05/01/01          0
    1000153096                           O            04/01/31
    0
1




    4501412          696/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.625          4,600.66         73
                                       7.375          4,600.66
    POTOMAC          MD   20854          1            03/16/01         00
    0432657385                           03           05/01/01          0
    31101011                             O            04/01/31
    0


    4501413          696/G01             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       7.375          2,707.45         80
                                       7.125          2,707.45
    MCLEAN           VA   22101          2            03/16/01         00
    0432657450                           05           05/01/01          0
    22801030                             O            04/01/31
    0


    4502259          E22/G01             F          877,500.00         ZZ
                                         360        877,500.00          1
                                       7.375          6,060.67         65
                                       7.125          6,060.67
    SOLANA BEACH     CA   92075          5            03/06/01         00
    0412408783                           05           05/01/01          0
    0412408783                           O            04/01/31
    0


    4502273          E22/G01             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       7.375          2,375.92         76
                                       7.125          2,375.92
    REDMOND          WA   98052          2            03/13/01         00
    0412437576                           03           05/01/01          0
    0412437576                           O            04/01/31
    0


    4502274          E22/G01             F          161,000.00         ZZ
                                         360        161,000.00          1
                                       7.750          1,153.42         57
                                       7.500          1,153.42
    SEATTLE          WA   98144          5            03/13/01         00
    0412438251                           05           05/01/01          0
    0412438251                           O            04/01/31
    0


    4502295          E22/G01             F          364,000.00         ZZ
                                         360        364,000.00          1
1


                                       7.500          2,545.14         80
                                       7.250          2,545.14
    FOUNTAIN VALLEY  CA   92708          2            03/13/01         00
    0412458986                           05           05/01/01          0
    0412458986                           O            04/01/31
    0


    4502306          E22/G01             F          472,000.00         ZZ
                                         360        472,000.00          1
                                       7.375          3,259.99         80
                                       7.125          3,259.99
    SAN JOSE         CA   95124          1            03/16/01         00
    0412473787                           03           05/01/01          0
    0412473787                           O            04/01/31
    0


    4502992          E82/G01             F          321,350.00         ZZ
                                         360        321,350.00          1
                                       7.375          2,219.48         80
                                       7.125          2,219.48
    FALLBROOK        CA   92028          2            03/13/01         00
    0400394235                           05           05/01/01          0
    0400394235                           O            04/01/31
    0


    4504637          227/G01             F          359,200.00         ZZ
                                         360        358,940.02          1
                                       7.625          2,542.40         78
                                       7.375          2,542.40
    LAGUNA NIGUEL    CA   92677          2            02/19/01         00
    0432682235                           03           04/01/01          0
    1909542                              O            03/01/31
    0


    4504915          964/G01             F          308,000.00         ZZ
                                         360        307,782.62          1
                                       7.750          2,206.55         80
                                       7.500          2,206.55
    CAMPBELL         CA   95008          2            02/22/01         00
    0432668366                           09           04/01/01          0
    100457                               O            03/01/31
    0


    4506579          624/G01             F          412,800.00         ZZ
                                         360        412,800.00          1
                                       7.500          2,886.36         80
                                       7.250          2,886.36
    TIMNATH          CO   80547          2            03/23/01         00
    0432685451                           03           05/01/01          0
1


    73013910753F                         O            04/01/31
    0


    4507129          696/G01             F          498,000.00         ZZ
                                         360        498,000.00          1
                                       7.500          3,482.09         79
                                       7.250          3,482.09
    BETHESDA         MD   20816          2            03/16/01         00
    0432662138                           05           05/01/01          0
    32201075                             O            04/01/31
    0


    4507130          696/G01             F          359,200.00         ZZ
                                         360        359,200.00          1
                                       7.375          2,480.91         80
                                       7.125          2,480.91
    SILVER SPRING    MD   20905          2            03/16/01         00
    0432662260                           03           05/01/01          0
    30301038                             O            04/01/31
    0


    4509682          E22/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       6.875          2,627.72         75
                                       6.625          2,627.72
    SANTA BARBARA    CA   93105          5            03/14/01         00
    0412373086                           05           05/01/01          0
    0412373086                           O            04/01/31
    0


    4509691          E22/G01             F          643,000.00         ZZ
                                         360        643,000.00          1
                                       7.750          4,606.53         67
                                       7.500          4,606.53
    SAN JOSE         CA   95128          2            03/16/01         00
    0412403917                           05           05/01/01          0
    0412403917                           O            04/01/31
    0


    4509697          E22/G01             F          930,000.00         ZZ
                                         360        930,000.00          1
                                       7.625          6,582.48         57
                                       7.375          6,582.48
    SANTA ANA        CA   92705          2            03/12/01         00
    0412410789                           05           05/01/01          0
    0412410789                           O            04/01/31
    0


1


    4509701          E22/G01             F          723,750.00         ZZ
                                         360        723,750.00          1
                                       7.625          5,122.66         75
                                       7.375          5,122.66
    BLOOMFIELD TOWN  MI   48304          2            03/16/01         00
    0412418360                           29           05/01/01          0
    0412418360                           O            04/01/31
    0


    4509702          E22/G01             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       7.375          2,175.63         51
                                       7.125          2,175.63
    NOVATO           CA   94949          2            03/13/01         00
    0412425563                           05           05/01/01          0
    0412425563                           O            04/01/31
    0


    4509703          E22/G01             F          382,000.00         ZZ
                                         360        382,000.00          1
                                       7.750          2,736.69         80
                                       7.500          2,736.69
    SANTA CLARA      CA   95050          2            03/13/01         00
    0412427338                           05           05/01/01          0
    0412427338                           O            04/01/31
    0


    4509713          E22/G01             F          323,800.00         ZZ
                                         360        323,800.00          1
                                       7.375          2,236.41         88
                                       7.125          2,236.41
    BROOKEVILLE      MD   20833          2            03/16/01         04
    0412445140                           03           05/01/01         25
    0412445140                           O            04/01/31
    0


    4509726          E22/G01             F          325,600.00         ZZ
                                         360        325,600.00          1
                                       7.250          2,221.17         53
                                       7.000          2,221.17
    SAN CARLOS       CA   94070          5            03/10/01         00
    0412458622                           05           05/01/01          0
    0412458622                           O            04/01/31
    0


    4509728          E22/G01             F          339,000.00         ZZ
                                         360        339,000.00          1
                                       7.125          2,283.91         55
                                       6.875          2,283.91
1


    BENICIA          CA   94510          2            03/14/01         00
    0412458895                           05           05/01/01          0
    0412458895                           O            04/01/31
    0


    4509751          E22/G01             F          195,000.00         ZZ
                                         360        195,000.00          1
                                       7.250          1,330.24         67
                                       7.000          1,330.24
    PLEASANTON       CA   94566          1            03/19/01         00
    0412483331                           09           05/01/01          0
    0412483331                           O            04/01/31
    0


    4509847          K79/G01             F          413,600.00         ZZ
                                         360        413,600.00          1
                                       7.375          2,856.63         80
                                       7.125          2,856.63
    ANDOVER          MA   01810          2            03/15/01         00
    0432686608                           05           05/01/01          0
    13498044657                          O            04/01/31
    0


    4509902          964/G01             F          355,200.00         ZZ
                                         360        354,929.72          1
                                       7.375          2,453.28         80
                                       7.125          2,453.28
    REDDING          CA   96001          1            02/21/01         00
    0432684090                           05           04/01/01          0
    107361                               O            03/01/31
    0


    4509953          E82/G01             F          339,200.00         ZZ
                                         360        339,200.00          1
                                       7.500          2,371.74         68
                                       7.250          2,371.74
    WASHINGTON       DC   20016          2            03/15/01         00
    0400394078                           05           05/01/01          0
    0400394078                           O            04/01/31
    0


    4509956          T35/G01             F          265,200.00         ZZ
                                         360        265,200.00          1
                                       7.375          1,831.67         95
                                       7.125          1,831.67
    DACULA           GA   30019          1            03/22/01         04
    0400403515                           05           05/01/01         30
    0400403515                           O            04/01/31
    0
1




    4511943          624/G01             F          334,000.00         ZZ
                                         360        334,000.00          1
                                       7.125          2,250.22         50
                                       6.875          2,250.22
    SALINAS          CA   93908          5            03/20/01         00
    0432682441                           03           05/01/01          0
    88613010366F                         O            04/01/31
    0


    4513413          624/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.500          2,447.25         80
                                       7.250          2,447.25
    SALINAS          CA   93901          2            03/13/01         00
    0432675692                           05           05/01/01          0
    88613010346                          O            04/01/31
    0


    4514916          696/G01             F          360,800.00         ZZ
                                         360        360,800.00          1
                                       7.250          2,461.29         80
                                       7.000          2,461.29
    WASHINGTON       DC   20016          1            03/23/01         00
    0432665339                           05           05/01/01          0
    32601067                             O            04/01/31
    0


    4514917          696/G01             F          548,000.00         ZZ
                                         360        548,000.00          1
                                       7.375          3,784.90         80
                                       7.125          3,784.90
    ALEXANDRIA       VA   22301          1            03/22/01         00
    0432665412                           05           05/01/01          0
    22601037                             O            04/01/31
    0


    4516088          470/G01             F          376,500.00         ZZ
                                         360        376,500.00          1
                                       7.250          2,568.40         75
                                       7.000          2,568.40
    NOVATO           CA   94947          5            03/15/01         00
    0432683126                           05           05/01/01          0
    56002434                             O            04/01/31
    0


    4516205          E22/G01             F          647,500.00         ZZ
                                         360        647,500.00          1
1


                                       7.375          4,472.12         70
                                       7.125          4,472.12
    GROSSE POINTE S  MI   48236          2            03/21/01         00
    0412374944                           05           05/01/01          0
    0412374944                           O            04/01/31
    0


    4516212          E22/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       7.750          4,298.47         78
                                       7.500          4,298.47
    EL DORADO HILLS  CA   95762          1            03/01/01         00
    0412391591                           03           05/01/01          0
    0412391591                           O            04/01/31
    0


    4516218          E22/G01             F          288,500.00         ZZ
                                         360        288,500.00          1
                                       7.625          2,041.98         75
                                       7.375          2,041.98
    NOVI             MI   48374          2            03/20/01         00
    0412403834                           05           05/01/01          0
    0412403834                           O            04/01/31
    0


    4516227          E22/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.500          2,447.25         73
                                       7.250          2,447.25
    IRVINE           CA   92620          1            03/21/01         00
    0412416646                           03           05/01/01          0
    0412416646                           O            04/01/31
    0


    4516249          E22/G01             F          350,600.00         ZZ
                                         360        350,600.00          1
                                       7.000          2,332.55         64
                                       6.750          2,332.55
    SAN JOSE         CA   95124          2            03/15/01         00
    0412430928                           05           05/01/01          0
    0412430928                           O            04/01/31
    0


    4516295          E22/G01             F          240,500.00         ZZ
                                         360        240,500.00          1
                                       7.250          1,640.63         70
                                       7.000          1,640.63
    COTO DE CAZA     CA   92679          2            03/15/01         00
    0412453052                           03           05/01/01          0
1


    0412453052                           O            04/01/31
    0


    4516298          E22/G01             F          279,200.00         ZZ
                                         360        279,200.00          1
                                       7.250          1,904.64         80
                                       7.000          1,904.64
    RICHARDSON       TX   75080          1            03/21/01         00
    0412453623                           05           05/01/01          0
    0412453623                           O            04/01/31
    0


    4516299          E22/G01             F          146,800.00         ZZ
                                         360        146,800.00          1
                                       7.500          1,026.45         50
                                       7.250          1,026.45
    WEST BLOOMFIELD  MI   48323          2            03/19/01         00
    0412453730                           05           05/01/01          0
    0412453730                           O            04/01/31
    0


    4516309          E22/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.250          2,455.83         80
                                       7.000          2,455.83
    LOS ANGELES      CA   90068          1            03/16/01         00
    0412457541                           05           05/01/01          0
    0412457541                           O            04/01/31
    0


    4516320          E22/G01             F          552,200.00         ZZ
                                         360        552,200.00          1
                                       7.375          3,813.91         45
                                       7.125          3,813.91
    UNIVERSITY PARK  TX   75205          2            03/21/01         00
    0412463069                           05           05/01/01          0
    0412463069                           O            04/01/31
    0


    4516335          E22/G01             F          410,000.00         ZZ
                                         360        410,000.00          1
                                       7.625          2,901.95         61
                                       7.375          2,901.95
    LITTLETON        CO   80123          5            03/20/01         00
    0412469132                           05           05/01/01          0
    0412469132                           O            04/01/31
    0


1


    4516342          E22/G01             F          198,000.00         ZZ
                                         360        198,000.00          1
                                       7.500          1,384.44         71
                                       7.250          1,384.44
    VALLEJO          CA   94591          2            03/16/01         00
    0412470049                           05           05/01/01          0
    0412470049                           O            04/01/31
    0


    4516358          E22/G01             F          494,000.00         ZZ
                                         360        494,000.00          1
                                       7.375          3,411.94         58
                                       7.125          3,411.94
    MERRITT ISLAND   FL   32952          5            03/19/01         00
    0412473621                           05           05/01/01          0
    0412473621                           O            04/01/31
    0


    4516366          E22/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       7.750          3,940.27         57
                                       7.500          3,940.27
    PETALUMA         CA   94952          1            03/18/01         00
    0412476459                           05           05/01/01          0
    0412476459                           O            04/01/31
    0


    4516374          E22/G01             F          230,000.00         ZZ
                                         360        230,000.00          1
                                       7.500          1,608.19         59
                                       7.250          1,608.19
    LYNNWOOD         WA   98037          2            03/19/01         00
    0412480147                           05           05/01/01          0
    0412480147                           O            04/01/31
    0


    4516412          E22/G01             F          376,650.00         ZZ
                                         360        376,650.00          1
                                       7.125          2,537.56         65
                                       6.875          2,537.56
    PARKER           CO   80134          1            03/22/01         00
    0412500639                           03           05/01/01          0
    0412500639                           O            04/01/31
    0


    4516519          E82/G01             F          264,400.00         ZZ
                                         360        264,400.00          1
                                       7.250          1,803.67         70
                                       7.000          1,803.67
1


    LEESBURG         VA   20176          2            03/19/01         00
    0400394615                           03           05/01/01          0
    0400394615                           O            04/01/31
    0


    4516693          225/G01             F          317,900.00         ZZ
                                         360        317,664.08          1
                                       7.500          2,222.80         85
                                       7.250          2,222.80
    ATLANTA          GA   30326          1            03/01/01         14
    0432684645                           06           04/01/01         12
    6525825                              O            03/01/31
    0


    4517177          950/G01             F          217,500.00         ZZ
                                         360        217,354.06          1
                                       8.000          1,595.94         75
                                       7.750          1,595.94
    BATTLE GROUND    WA   98604          2            02/21/01         00
    0432670891                           05           04/01/01          0
    EW101393                             O            03/01/31
    0


    4519888          477/G01             F          352,000.00         ZZ
                                         360        351,732.15          1
                                       7.375          2,431.18         80
                                       7.125          2,431.18
    ANAHEIM          CA   92807          2            02/21/01         00
    0432685345                           03           04/01/01          0
    0100152                              O            03/01/31
    0


    4522408          696/G01             F          302,400.00         ZZ
                                         360        302,400.00          1
                                       7.500          2,114.42         80
                                       7.250          2,114.42
    CENTREVILLE      VA   20120          1            03/26/01         00
    0432668754                           03           05/01/01          0
    25201027                             O            04/01/31
    0


    4524027          E22/G01             F          202,000.00         ZZ
                                         360        202,000.00          1
                                       7.250          1,378.00         80
                                       7.000          1,378.00
    RICHARDSON       TX   75082          1            03/26/01         00
    0412472524                           05           05/01/01          0
    0412472524                           O            04/01/31
    0
1




    4524030          E22/G01             F          347,800.00         ZZ
                                         360        347,800.00          1
                                       7.125          2,343.19         76
                                       6.875          2,343.19
    WILSONVILLE      OR   97070          2            03/19/01         00
    0412475527                           03           05/01/01          0
    0412475527                           O            04/01/31
    0


    4524033          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.500          4,544.89         80
                                       7.250          4,544.89
    ALAMEDA          CA   94501          1            03/20/01         00
    0412480386                           05           05/01/01          0
    0412480386                           O            04/01/31
    0


    4524038          E22/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       7.125          3,537.02         73
                                       6.875          3,537.02
    LOS ANGELES      CA   90064          1            03/22/01         00
    0412485393                           05           05/01/01          0
    0412485393                           O            04/01/31
    0


    4524262          K79/G01             F          337,000.00         ZZ
                                         360        337,000.00          1
                                       7.375          2,327.58         52
                                       7.125          2,327.58
    DUXBURY          MA   02332          2            03/19/01         00
    0432683548                           05           05/01/01          0
    135590445972                         O            04/01/31
    0


    4524418          E82/G01             F          331,000.00         ZZ
                                         360        331,000.00          1
                                       7.500          2,314.40         80
                                       7.250          2,314.40
    GAITHERSBURG     MD   20878          2            03/20/01         00
    0400391066                           03           05/01/01          0
    3752401                              O            04/01/31
    0


    4524420          E82/G01             F          364,000.00         ZZ
                                         360        364,000.00          1
1


                                       6.875          2,391.22         60
                                       6.625          2,391.22
    CARLSBAD         CA   92009          1            03/19/01         00
    0400335535                           05           05/01/01          0
    0400335535                           O            04/01/31
    0


    4525628          964/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.250          2,292.11         80
                                       7.000          2,292.11
    YORBA LINDA      CA   92887          2            03/20/01         00
    0432697613                           05           05/01/01          0
    106698                               O            04/01/31
    0


    4525728          480/G01             F          460,000.00         ZZ
                                         360        459,613.55          1
                                       6.875          3,021.87         77
                                       6.625          3,021.87
    BOCA RATON       FL   33498          2            02/23/01         00
    0432672921                           03           04/01/01          0
    3601317                              O            03/01/31
    0


    4526214          480/G01             F          350,000.00         ZZ
                                         360        349,740.25          1
                                       7.500          2,447.25         52
                                       7.250          2,447.25
    CLARENDON HILL   IL   60514          1            02/28/01         00
    0432672913                           05           04/01/01          0
    3618899                              O            03/01/31
    0


    4526580          405/405             F          510,600.00         ZZ
                                         360        510,008.07          1
                                       7.250          3,483.20         80
                                       6.875          3,483.20
    LAFAYETTE        CO   80026          2            02/26/01         00
    12067021                             03           04/01/01          0
    12067021                             O            03/01/31
    0


    4526582          405/405             F          322,350.00         ZZ
                                         360        322,098.53          1
                                       7.250          2,199.00         80
                                       6.875          2,199.00
    SAN DIMAS        CA   91773          1            02/16/01         00
    12069720                             03           04/01/01          0
1


    12069720                             O            03/01/31
    0


    4526583          405/405             F          353,600.00         ZZ
                                         360        353,344.07          1
                                       7.625          2,502.76         64
                                       7.125          2,502.76
    HUNTINGTON BEAC  CA   92648          2            02/16/01         00
    12070132                             05           04/01/01          0
    12070132                             O            03/01/31
    0


    4526584          405/405             F          520,000.00         ZZ
                                         360        519,623.64          1
                                       7.625          3,680.53         80
                                       7.125          3,680.53
    SAN RAMON        CA   94583          1            02/23/01         00
    12072336                             03           04/01/01          0
    12072336                             O            03/01/31
    0


    4526586          405/405             F          344,000.00         ZZ
                                         360        343,751.02          1
                                       7.625          2,434.81         80
                                       7.125          2,434.81
    DALLAS           TX   75214          1            02/15/01         00
    12077301                             05           04/01/01          0
    12077301                             O            03/01/31
    0


    4526587          405/405             F          344,800.00         ZZ
                                         360        343,687.54          1
                                       7.625          2,440.47         80
                                       7.125          2,440.47
    DALLAS           TX   75230          1            02/27/01         00
    12079570                             05           04/01/01          0
    12079570                             O            03/01/31
    0


    4526588          405/405             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.500          2,601.08         80
                                       7.000          2,601.08
    PORTLAND         OR   97229          1            03/05/01         00
    12080008                             05           05/01/01          0
    12080008                             O            04/01/31
    0


1


    4526598          405/405             F          401,500.00         ZZ
                                         360        401,500.00          1
                                       7.375          2,773.06         80
                                       6.875          2,773.06
    CASTRO VALLEY    CA   94522          1            03/01/01         00
    17125071                             03           05/01/01          0
    17125071                             O            04/01/31
    0


    4526601          405/405             F          716,000.00         ZZ
                                         360        715,183.69          1
                                       7.375          4,945.24         60
                                       6.875          4,945.24
    LITTLE ROCK      AR   72207          2            02/28/01         00
    17148594                             05           04/01/01          0
    17148594                             O            03/01/31
    0


    4526605          405/405             F          342,400.00         ZZ
                                         360        342,400.00          1
                                       7.375          2,364.88         75
                                       6.875          2,364.88
    WALNUT CREEK     CA   94598          2            03/02/01         00
    17149824                             05           05/01/01          0
    17149824                             O            04/01/31
    0


    4526607          405/405             F          455,000.00         ZZ
                                         360        447,478.50          1
                                       7.500          3,181.43         70
                                       7.000          3,181.43
    PACIFICA         CA   94044          2            02/27/01         00
    17153396                             05           04/01/01          0
    17153396                             O            03/01/31
    0


    4526609          405/405             F          543,200.00         ZZ
                                         360        542,796.86          1
                                       7.500          3,798.14         80
                                       7.000          3,798.14
    SAN JUAN BAUTIS  CA   95045          2            02/27/01         00
    17158577                             05           04/01/01          0
    17158577                             O            03/01/31
    0


    4526610          405/405             F          313,600.00         ZZ
                                         360        313,361.37          1
                                       7.375          2,165.96         80
                                       6.875          2,165.96
1


    REDONDO BEACH    CA   90278          1            02/27/01         01
    17161282                             05           04/01/01         12
    17161282                             O            03/01/31
    0


    4526612          405/405             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.125          2,587.08         80
                                       6.875          2,587.08
    NEWPORT BEACH    CA   92663          1            03/05/01         00
    17164278                             03           05/01/01          0
    17164278                             O            04/01/31
    0


    4526614          405/405             F          314,000.00         ZZ
                                         360        313,766.96          1
                                       7.500          2,195.54         90
                                       7.000          2,195.54
    LOS ANGELES      CA   90045          1            02/27/01         12
    17166257                             05           04/01/01         25
    17166257                             O            03/01/31
    0


    4526616          405/405             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       7.250          3,001.58         75
                                       6.875          3,001.58
    REDWOOD CITY     CA   94061          5            03/07/01         00
    17171877                             05           05/01/01          0
    17171877                             O            04/01/31
    0


    4526617          405/405             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       7.375          3,798.72         60
                                       6.875          3,798.72
    SUNNYVALE        CA   94087          2            03/02/01         00
    17172016                             05           05/01/01          0
    17172016                             O            04/01/31
    0


    4526618          405/405             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.125          2,358.02         78
                                       6.875          2,358.02
    THOUSAND OAKS    CA   91360          2            03/05/01         00
    17172511                             05           05/01/01          0
    17172511                             O            04/01/31
    0
1




    4526620          405/405             F          380,000.00         ZZ
                                         360        379,710.85          1
                                       7.375          2,624.57         70
                                       6.875          2,624.57
    LA CANADA FLINT  CA   91011          5            02/27/01         00
    17176819                             05           04/01/01          0
    17176819                             O            03/01/31
    0


    4526622          405/405             F          388,125.00         ZZ
                                         360        388,125.00          1
                                       7.250          2,647.70         75
                                       6.875          2,647.70
    SAN JOSE         CA   95117          1            03/05/01         00
    17181611                             05           05/01/01          0
    17181611                             O            04/01/31
    0


    4526623          405/405             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.625          2,264.94         80
                                       7.125          2,264.94
    FRESNO           CA   93720          5            03/02/01         00
    17181660                             03           05/01/01          0
    17181660                             O            04/01/31
    0


    4526624          405/405             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.250          2,046.53         76
                                       6.875          2,046.53
    MALIBU           CA   90265          1            03/03/01         00
    17181892                             01           05/01/01          0
    17181892                             O            04/01/31
    0


    4526626          405/405             F          620,000.00         ZZ
                                         360        620,000.00          1
                                       7.500          4,335.13         80
                                       7.000          4,335.13
    TOPANGA CANYON   CA   90290          2            03/01/01         00
    17183591                             03           05/01/01          0
    17183591                             O            04/01/31
    0


    4526627          405/405             F          478,000.00         ZZ
                                         360        478,000.00          1
1


                                       7.375          3,301.43         80
                                       6.875          3,301.43
    BETHESDA         MD   20816          2            03/08/01         00
    17186628                             05           05/01/01          0
    17186628                             O            04/01/31
    0


    4526629          405/405             F          324,000.00         ZZ
                                         360        323,759.54          1
                                       7.500          2,265.46         80
                                       7.000          2,265.46
    TEMPLE CITY      CA   91775          1            02/28/01         00
    17187113                             05           04/01/01          0
    17187113                             O            03/01/31
    0


    4526632          405/405             F          319,200.00         ZZ
                                         360        319,200.00          1
                                       7.250          2,177.51         80
                                       6.875          2,177.51
    AGOURA HILLS     CA   91301          1            03/08/01         00
    17189549                             05           05/01/01          0
    17189549                             O            04/01/31
    0


    4526636          405/405             F          378,700.00         ZZ
                                         360        378,397.15          1
                                       7.125          2,551.38         80
                                       6.875          2,551.38
    GLENDALE         CA   91214          2            02/27/01         00
    17193186                             05           04/01/01          0
    17193186                             O            03/01/31
    0


    4526637          405/405             F          530,000.00         ZZ
                                         360        530,000.00          1
                                       7.500          3,705.84         61
                                       7.000          3,705.84
    SCOTTS VALLEY    CA   95066          5            03/06/01         00
    17195421                             03           05/01/01          0
    17195421                             O            04/01/31
    0


    4526638          405/405             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       7.250          3,274.45         66
                                       6.875          3,274.45
    WESTON           FL   33327          5            03/09/01         00
    17196643                             03           05/01/01          0
1


    17196643                             O            04/01/31
    0


    4526639          405/405             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.500          2,936.71         65
                                       7.000          2,936.71
    BETHESDA         MD   20816          2            03/06/01         00
    17197047                             05           05/01/01          0
    17197047                             O            04/01/31
    0


    4526643          405/405             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.625          2,654.23         53
                                       7.125          2,654.23
    SAN JOSE         CA   95148          2            03/05/01         00
    17205691                             05           05/01/01          0
    17205691                             O            04/01/31
    0


    4526644          405/405             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.500          2,796.86         15
                                       7.000          2,796.86
    HILLSBOROUGH     CA   94010          5            03/07/01         00
    17207994                             05           05/01/01          0
    17207994                             O            04/01/31
    0


    4526645          405/405             F          436,000.00         ZZ
                                         360        436,000.00          1
                                       7.500          3,048.58         80
                                       7.000          3,048.58
    LOS ANGELES      CA   90068          1            03/06/01         00
    17209255                             05           05/01/01          0
    17209255                             O            04/01/31
    0


    4526646          405/405             F          344,000.00         ZZ
                                         360        344,000.00          1
                                       7.250          2,346.69         80
                                       6.875          2,346.69
    DALY CITY        CA   94015          1            03/28/01         00
    17210022                             05           05/01/01          0
    17210022                             O            04/01/31
    0


1


    4526647          405/405             F          502,400.00         ZZ
                                         360        502,400.00          1
                                       7.500          3,512.86         80
                                       7.000          3,512.86
    SAN FRANCISCO    CA   94118          1            03/01/01         00
    17210675                             05           05/01/01          0
    17210675                             O            04/01/31
    0


    4526651          405/405             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.250          2,619.56         80
                                       6.875          2,619.56
    SAN JOSE         CA   95122          1            03/06/01         00
    17224510                             05           05/01/01          0
    17224510                             O            04/01/31
    0


    4526656          405/405             F          554,000.00         ZZ
                                         360        554,000.00          1
                                       7.250          3,779.26         80
                                       6.875          3,779.26
    LOS ANGELES      CA   91403          1            03/06/01         00
    17241274                             05           05/01/01          0
    17241274                             O            04/01/31
    0


    4526659          405/405             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.250          2,510.41         62
                                       6.875          2,510.41
    SAN CLEMENTE     CA   92672          2            03/07/01         00
    17256579                             05           05/01/01          0
    17256579                             O            04/01/31
    0


    4526660          405/405             F          468,000.00         ZZ
                                         360        468,000.00          1
                                       7.500          3,272.33         75
                                       7.000          3,272.33
    POWAY            CA   92064          5            03/02/01         00
    19812098                             05           05/01/01          0
    19812098                             O            04/01/31
    0


    4530074          696/G01             F          364,900.00         ZZ
                                         360        364,900.00          1
                                       7.750          2,614.19         80
                                       7.500          2,614.19
1


    MANASSAS         VA   20112          1            03/23/01         00
    0432672111                           03           05/01/01          0
    25100163                             O            04/01/31
    0


    4531738          E22/G01             F          128,000.00         ZZ
                                         360        128,000.00          1
                                       7.250            873.19         80
                                       7.000            873.19
    SUMNER           WA   98390          2            03/20/01         00
    0412341448                           05           05/01/01          0
    0412341448                           O            04/01/31
    0


    4531746          E22/G01             F          287,000.00         ZZ
                                         360        287,000.00          1
                                       7.250          1,957.85         72
                                       7.000          1,957.85
    ENCINITAS        CA   92007          2            03/18/01         00
    0412390015                           05           05/01/01          0
    0412390015                           O            04/01/31
    0


    4531748          E22/G01             F          600,000.00         ZZ
                                         360        600,000.00          1
                                       6.875          3,941.57         70
                                       6.625          3,941.57
    ROSWELL          GA   30076          1            03/28/01         00
    0412400186                           03           05/01/01          0
    0412400186                           O            04/01/31
    0


    4531776          E22/G01             F          466,450.00         ZZ
                                         360        466,450.00          1
                                       7.500          3,261.49         80
                                       7.250          3,261.49
    LOS GATOS        CA   95032          1            03/14/01         00
    0412448417                           05           05/01/01          0
    0412448417                           O            04/01/31
    0


    4531810          E22/G01             F           86,800.00         ZZ
                                         360         86,800.00          1
                                       8.000            636.91         64
                                       7.750            636.91
    SPRINGTOWN       TX   76082          2            03/23/01         00
    0412476673                           05           05/01/01          0
    0412476673                           O            04/01/31
    0
1




    4531814          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.250          4,434.15         80
                                       7.000          4,434.15
    LITTLETON        CO   80124          2            03/23/01         00
    0412477440                           03           05/01/01          0
    0412477440                           O            04/01/31
    0


    4531818          E22/G01             F          277,500.00         ZZ
                                         360        277,500.00          1
                                       7.500          1,940.32         75
                                       7.250          1,940.32
    AUSTIN           TX   78734          5            03/23/01         00
    0412482648                           05           05/01/01          0
    0412482648                           O            04/01/31
    0


    4531832          E22/G01             F           50,000.00         ZZ
                                         360         50,000.00          1
                                       7.375            345.34         50
                                       7.125            345.34
    OPA-LOCKA        FL   33055          5            03/23/01         00
    0412494346                           05           05/01/01          0
    0412494346                           O            04/01/31
    0


    4531851          E22/G01             F          275,000.00         ZZ
                                         360        275,000.00          1
                                       7.250          1,875.98         58
                                       7.000          1,875.98
    FRANKLIN LAKES   NJ   07417          1            03/28/01         00
    0412525578                           05           05/01/01          0
    0412525578                           O            04/01/31
    0


    4532387          E82/G01             F          307,500.00         ZZ
                                         360        307,500.00          1
                                       7.875          2,229.59         73
                                       7.625          2,229.59
    SACRAMENTO       CA   95864          5            03/16/01         00
    0400394730                           05           05/01/01          0
    0400394730                           O            04/01/31
    0


    4535617          830/G01             F          304,500.00         ZZ
                                         360        304,500.00          1
1


                                       7.375          2,103.11         77
                                       7.125          2,103.11
    SPRINGVILLE      UT   84663          2            03/22/01         00
    0432697431                           05           05/01/01          0
    1928787                              O            04/01/31
    0


    4535990          964/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       7.375          2,293.04         80
                                       7.125          2,293.04
    LOS ANGELES      CA   90024          1            03/27/01         00
    0432698876                           01           05/01/01          0
    111851                               O            04/01/31
    0


    4537464          624/G01             F          379,000.00         ZZ
                                         360        379,000.00          1
                                       7.250          2,585.45         64
                                       7.000          2,585.45
    SAN JOSE         CA   95127          5            03/11/01         00
    0432677797                           05           05/01/01          0
    46002310016F                         O            04/01/31
    0


    4540665          E22/G01             F          346,400.00         ZZ
                                         360        346,400.00          1
                                       7.375          2,392.50         80
                                       7.125          2,392.50
    LAGUNA NIGUEL    CA   92677          1            03/23/01         00
    0412437923                           03           05/01/01          0
    0412437923                           O            04/01/31
    0


    4540669          E22/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       7.500          2,789.87         70
                                       7.250          2,789.87
    WALNUT CREEK     CA   94596          5            03/20/01         00
    0412450389                           05           05/01/01          0
    0412450389                           O            04/01/31
    0


    4540683          E22/G01             F          297,200.00         ZZ
                                         360        297,200.00          1
                                       7.375          2,052.69         80
                                       7.125          2,052.69
    LONG BEACH       CA   90803          1            03/28/01         00
    0412471260                           09           05/01/01          0
1


    0412471260                           O            04/01/31
    0


    4540684          E22/G01             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       7.375          6,906.75         68
                                       7.125          6,906.75
    HALF MOON BAY    CA   94019          1            03/23/01         00
    0412472045                           05           05/01/01          0
    0412472045                           O            04/01/31
    0


    4540707          E22/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       7.375          2,154.91         80
                                       7.125          2,154.91
    SIMI VALLEY      CA   93065          1            03/27/01         00
    0412493199                           05           05/01/01          0
    0412493199                           O            04/01/31
    0


    4540711          E22/G01             F          504,000.00         ZZ
                                         360        504,000.00          1
                                       7.125          3,395.54         80
                                       6.875          3,395.54
    BURBANK          CA   91501          2            03/20/01         00
    0412497125                           05           05/01/01          0
    0412497125                           O            04/01/31
    0


    4540719          E22/G01             F          145,360.00         ZZ
                                         360        145,360.00          1
                                       7.375          1,003.97         80
                                       7.125          1,003.97
    TOMBALL          TX   77375          1            03/29/01         00
    0412510133                           03           05/01/01          0
    0412510133                           O            04/01/31
    0


    4541838          369/G01             F          283,500.00         ZZ
                                         360        283,278.84          1
                                       7.250          1,933.97         70
                                       7.000          1,933.97
    TRAFFORD         PA   15085          2            02/26/01         00
    0432674596                           05           04/01/01          0
    0072808561                           O            03/01/31
    0


1


    4544780          696/G01             F          389,600.00         ZZ
                                         360        389,600.00          1
                                       7.375          2,690.87         80
                                       7.125          2,690.87
    WASHINGTON       DC   20016          1            03/28/01         00
    0432675981                           05           05/01/01          0
    32601045                             O            04/01/31
    0


    4544781          696/G01             F          436,000.00         ZZ
                                         360        436,000.00          1
                                       7.250          2,974.29         80
                                       7.000          2,974.29
    WASHINGTON       DC   20007          1            03/28/01         00
    0432675296                           05           05/01/01          0
    25601086                             O            04/01/31
    0


    4544951          227/G01             F          484,000.00         ZZ
                                         360        484,000.00          1
                                       7.625          3,425.73         80
                                       7.375          3,425.73
    MORGAN HILL      CA   95037          1            03/07/01         00
    0432689636                           09           05/01/01          0
    1915793                              O            04/01/31
    0


    4546437          964/G01             F          284,000.00         ZZ
                                         360        284,000.00          1
                                       7.375          1,961.52         80
                                       7.125          1,961.52
    SACRAMENTO       CA   95822          1            03/20/01         00
    0432676518                           05           05/01/01          0
    113871                               O            04/01/31
    0


    4546441          964/G01             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       7.375          2,237.79         75
                                       7.125          2,237.79
    CRESTON          CA   93432          1            03/09/01         00
    0432689362                           05           05/01/01          0
    107441                               O            04/01/31
    0


    4546961          E82/G01             F          316,000.00         ZZ
                                         360        316,000.00          1
                                       7.625          2,236.63         71
                                       7.375          2,236.63
1


    HOLLISTER        CA   95023          2            03/20/01         00
    0400394987                           05           05/01/01          0
    0400394987                           O            04/01/31
    0


    4546971          E82/G01             F          469,000.00         ZZ
                                         360        469,000.00          1
                                       7.625          3,319.55         63
                                       7.375          3,319.55
    LAGUNA HILLS     CA   92653          5            03/22/01         00
    0400397840                           03           05/01/01          0
    0400397840                           O            04/01/31
    0


    4546979          E82/G01             F          452,000.00         ZZ
                                         360        452,000.00          1
                                       7.750          3,238.18         80
                                       7.500          3,238.18
    MADISON          MS   39110          2            03/19/01         00
    0400397535                           05           05/01/01          0
    0400397535                           O            04/01/31
    0


    4551046          696/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       7.375          3,038.97         80
                                       7.125          3,038.97
    WASHINGTON       DC   20009          1            03/29/01         00
    0432679595                           05           05/01/01          0
    25601042                             O            04/01/31
    0


    4551047          696/G01             F          368,850.00         ZZ
                                         360        368,850.00          1
                                       7.000          2,453.97         80
                                       6.750          2,453.97
    FAIRFAX          VA   22031          1            03/29/01         00
    0432679488                           03           05/01/01          0
    21401024                             O            04/01/31
    0


    4559294          696/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.375          2,210.16         80
                                       7.125          2,210.16
    NORTH POTOMAC    MD   20878          1            03/29/01         00
    0432679959                           03           05/01/01          0
    30501027                             O            04/01/31
    0
1




    4559295          696/G01             F          437,150.00         ZZ
                                         360        437,150.00          1
                                       7.875          3,169.64         80
                                       7.625          3,169.64
    ROCKVILLE        MD   20850          1            03/30/01         00
    0432682425                           03           05/01/01          0
    32700076                             O            04/01/31
    0


    4559296          696/G01             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       7.250          2,701.42         80
                                       7.000          2,701.42
    ARLINGTON        VA   22205          1            03/30/01         00
    0432681468                           05           05/01/01          0
    22801002                             O            04/01/31
    0


    4559794          624/G01             F          368,800.00         ZZ
                                         360        368,800.00          1
                                       7.500          2,578.70         80
                                       7.250          2,578.70
    SANTA CRUZ       CA   95060          1            03/13/01         00
    0432688315                           05           05/01/01          0
    46000610146F                         O            04/01/31
    0


    4560157          Q59/G01             F          320,000.00         ZZ
                                         360        319,756.51          1
                                       7.375          2,210.16         80
                                       7.125          2,210.16
    LOS ANGELES      CA   90019          2            02/22/01         00
    0432690709                           05           04/01/01          0
    302743                               O            03/01/31
    0


    4560376          E22/G01             F          348,750.00         ZZ
                                         360        348,750.00          1
                                       7.375          2,408.73         75
                                       7.125          2,408.73
    MORRISON         CO   80465          2            03/26/01         00
    0412397549                           05           05/01/01          0
    0412397549                           O            04/01/31
    0


    4560404          E22/G01             F          301,000.00         ZZ
                                         360        301,000.00          1
1


                                       7.250          2,053.35         80
                                       7.000          2,053.35
    STOCKTON         CA   95209          2            03/23/01         00
    0412441818                           03           05/01/01          0
    0412441818                           O            04/01/31
    0


    4560414          E22/G01             F          317,000.00         ZZ
                                         360        317,000.00          1
                                       7.375          2,189.44         72
                                       7.125          2,189.44
    NEWTOWN          CT   06482          2            03/26/01         00
    0412452500                           05           05/01/01          0
    0412452500                           O            04/01/31
    0


    4560448          E22/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.375          2,417.36         61
                                       7.125          2,417.36
    PASADENA         CA   91105          1            03/27/01         00
    0412480527                           05           05/01/01          0
    0412480527                           O            04/01/31
    0


    4560753          964/G01             F          374,000.00         ZZ
                                         360        374,000.00          1
                                       7.375          2,583.13         85
                                       7.125          2,583.13
    WHITTIER         CA   90601          2            03/05/01         04
    0432680874                           03           05/01/01         20
    106497                               O            04/01/31
    0


    4560895          E82/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.625          2,972.73         77
                                       7.375          2,972.73
    MISSOURI CITY    TX   77459          1            04/02/01         00
    0400402699                           03           05/01/01          0
    0400402699                           O            04/01/31
    0


    4560896          E82/G01             F          371,500.00         ZZ
                                         360        371,500.00          1
                                       7.375          2,565.86         69
                                       7.125          2,565.86
    LARKSPUR         CO   80118          2            03/27/01         00
    0400388062                           05           05/01/01          0
1


    1934637                              O            04/01/31
    0


    4564518          F60/G01             F          437,600.00         ZZ
                                         360        437,600.00          1
                                       7.375          3,022.39         80
                                       7.125          3,022.39
    METAIRIE         LA   70005          1            03/23/01         00
    0432692960                           05           05/01/01          0
    446056                               O            04/01/31
    0


    4574054          696/G01             F          312,000.00         ZZ
                                         360        312,000.00          1
                                       7.125          2,102.00         80
                                       6.875          2,102.00
    MCLEAN           VA   22101          1            03/30/01         00
    0432682946                           05           05/01/01          0
    25001050                             O            04/01/31
    0


    4574055          696/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.375          2,900.84         80
                                       7.125          2,900.84
    ARLINGTON        VA   22207          1            03/30/01         00
    0432682599                           05           05/01/01          0
    25101072                             O            04/01/31
    0


    4574062          696/G01             F          512,000.00         ZZ
                                         360        512,000.00          1
                                       7.000          3,406.35         80
                                       6.750          3,406.35
    MCLEAN           VA   22102          1            03/30/01         00
    0432682714                           05           05/01/01          0
    22301026                             O            04/01/31
    0


    4574607          696/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         80
                                       7.250          2,517.17
    WASHINGTON       DC   20011          1            04/02/01         00
    0432683761                           05           05/01/01          0
    24001037                             O            04/01/31
    0


1


    4574609          696/G01             F          476,800.00         ZZ
                                         360        476,800.00          1
                                       7.250          3,252.62         80
                                       7.000          3,252.62
    WASHINGTON       DC   20008          1            03/30/01         00
    0432683506                           05           05/01/01          0
    31901037                             O            04/01/31
    0


    4574610          696/G01             F          352,700.00         ZZ
                                         360        352,700.00          1
                                       7.000          2,346.52         80
                                       6.750          2,346.52
    HERNDON          VA   20170          1            03/28/01         00
    0432683720                           03           05/01/01          0
    21401026                             O            04/01/31
    0


    4576943          E82/G01             F          611,300.00         ZZ
                                         360        611,300.00          1
                                       7.375          4,222.10         68
                                       7.125          4,222.10
    NORTHVILLE       MI   48167          2            03/30/01         00
    0400407029                           05           05/01/01          0
    3921375                              O            04/01/31
    0


    4583797          956/G01             F          436,000.00         ZZ
                                         360        436,000.00          1
                                       7.250          2,974.29         80
                                       7.000          2,974.29
    SALT LAKE CITY   UT   84121          2            03/12/01         00
    0432694271                           05           05/01/01          0
    2211020068                           O            04/01/31
    0


    4583990          E22/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.375          2,072.03         75
                                       7.125          2,072.03
    RANCHO CUCAMONG  CA   91739          5            03/07/01         00
    0412420390                           05           05/01/01          0
    0412420390                           O            04/01/31
    0


    4584165          956/G01             F          350,000.00         ZZ
                                         360        349,196.12          1
                                       7.375          2,417.36         71
                                       7.125          2,417.36
1


    MORGAN HILL      CA   95037          1            01/24/01         00
    0432698785                           09           03/01/01          0
    1111010154                           O            02/01/31
    0


    4584346          665/G01             F          350,400.00         ZZ
                                         360        350,400.00          1
                                       7.375          2,420.13         80
                                       7.125          2,420.13
    SAN JOSE         CA   95122          1            03/27/01         00
    0432693711                           05           05/01/01          0
    88101101                             O            04/01/31
    0


    4584502          E82/G01             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       7.375          2,072.03         80
                                       7.125          2,072.03
    EL SOBRANTE      CA   94803          2            03/29/01         00
    0400407896                           03           05/01/01          0
    1974781                              O            04/01/31
    0


    4588864          696/G01             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       7.500          6,992.15         48
                                       7.250          6,992.15
    WASHINGTON       DC   20016          1            04/05/01         00
    0432695096                           05           05/01/01          0
    25601095                             O            04/01/31
    0


    4588866          696/G01             F          452,000.00         ZZ
                                         360        452,000.00          1
                                       7.250          3,083.44         80
                                       7.000          3,083.44
    POTOMAC          MD   20854          1            03/29/01         00
    0432691798                           03           05/01/01          0
    31201095                             O            04/01/31
    0


    4588867          696/G01             F          700,000.00         ZZ
                                         360        700,000.00          1
                                       7.250          4,775.23         70
                                       7.000          4,775.23
    BETHESDA         MD   20817          1            04/03/01         00
    0432692267                           05           05/01/01          0
    31201065                             O            04/01/31
    0
1




    4588868          696/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.375          2,486.43         80
                                       7.125          2,486.43
    WASHINGTON       DC   20005          1            04/04/01         00
    0432694891                           01           05/01/01          0
    31201072                             O            04/01/31
    0


    4588869          696/G01             F          564,000.00         ZZ
                                         360        564,000.00          1
                                       7.250          3,847.47         80
                                       7.000          3,847.47
    OAKTON           VA   22124          1            03/29/01         00
    0432692499                           03           05/01/01          0
    21401016                             O            04/01/31
    0


    4588873          696/G01             F          540,000.00         ZZ
                                         360        540,000.00          1
                                       7.375          3,729.65         80
                                       7.125          3,729.65
    POTOMAC          MD   20854          2            03/28/01         00
    0432695112                           05           05/01/01          0
    31201091                             O            04/01/31
    0


    4588874          696/G01             F          507,000.00         ZZ
                                         360        507,000.00          1
                                       7.250          3,458.63         70
                                       7.000          3,458.63
    DELAPLANE        VA   20144          5            03/26/01         00
    0432695823                           05           05/01/01          0
    50101033                             O            04/01/31
    0


    4588875          696/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       7.375          3,315.24         76
                                       7.125          3,315.24
    ARLINGTON        VA   22205          2            04/05/01         00
    0432695310                           05           05/01/01          0
    10001019                             O            04/01/31
    0


    4588877          696/G01             F          608,000.00         ZZ
                                         360        608,000.00          1
1


                                       7.250          4,147.63         80
                                       7.000          4,147.63
    ARLINGTON        VA   22202          2            03/27/01         00
    0432691319                           05           05/01/01          0
    10001015                             O            04/01/31
    0


    4588878          696/G01             F          448,000.00         ZZ
                                         360        448,000.00          1
                                       7.500          3,132.48         66
                                       7.250          3,132.48
    CHEVY CHASE      MD   20815          5            03/29/01         00
    0432692176                           05           05/01/01          0
    31101036                             O            04/01/31
    0


    4588881          696/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.250          4,434.15         78
                                       7.000          4,434.15
    WASHINGTON       DC   20007          2            03/23/01         00
    0432694776                           05           05/01/01          0
    25701017                             O            04/01/31
    0


    4590414          696/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.250          4,434.15         76
                                       7.000          4,434.15
    ALEXANDRIA       VA   22301          2            03/28/01         00
    0432695369                           05           05/01/01          0
    22601034                             O            04/01/31
    0


    4594825          253/253             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.375          2,417.37         66
                                       7.125          2,417.37
    INDIO            CA   92201          1            03/12/01         00
    950594                               03           05/01/01          0
    950594                               O            04/01/31
    0


    4598782          696/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.375          2,569.31         80
                                       7.125          2,569.31
    FAIRFAX          VA   22032          1            03/30/01         00
    0432694016                           05           05/01/01          0
1


    22301032                             O            04/01/31
    0


    4598784          696/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.500          2,517.17         75
                                       7.250          2,517.17
    ALEXANDRIA       VA   22301          2            03/29/01         00
    0432692754                           05           05/01/01          0
    22601050                             O            04/01/31
    0

   TOTAL NUMBER OF LOANS   :        653

   TOTAL ORIGINAL BALANCE  :   260,332,117.00

   TOTAL PRINCIPAL BALANCE :   260,087,417.60

   TOTAL ORIGINAL P+I      :     1,812,345.96

   TOTAL CURRENT P+I       :     1,812,345.96


                             ***************************
                             *      END OF REPORT      *
                             ***************************



<PAGE>



                                   EXHIBIT TWO
                         SCHEDULE OF DISCOUNT FRACTIONS
                            (Available Upon Request)


Loan Number     Current Balance Net Mortgage Rate Discount Fraction  PO Balance
4525728 "$459,613.55 "  0.06595 0.022962963     "$10,554.09 "
4474579 "$506,512.20 "  0.06595 0.022962963     "$11,631.02 "
4278183 "$134,786.59 "  0.06595 0.022962963     "$3,095.10 "
4452190 "$304,800.00 "  0.06595 0.022962963     "$6,999.11 "
4509682 "$400,000.00 "  0.06595 0.022962963     "$9,185.19 "
4524420 "$364,000.00 "  0.06595 0.022962963     "$8,358.52 "
4531748 "$600,000.00 "  0.06595 0.022962963     "$13,777.78 "
4377804 "$449,621.95 "  0.06595 0.022962963     "$10,324.65 "
4401085 "$475,197.91 "  0.06595 0.022962963     "$10,911.95 "
4231972 "$348,012.58 "  0.06595 0.022962963     "$7,991.40 "
4378098 "$305,000.00 "  0.06595 0.022962963     "$7,003.70 "
4494118 "$391,000.00 "  0.0672  0.004444444     "$1,737.78 "
4345999 "$309,346.22 "  0.0672  0.004444444     "$1,374.87 "
4474390 "$456,381.44 "  0.0672  0.004444444     "$2,028.36 "
4308521 "$359,704.91 "  0.0672  0.004444444     "$1,598.69 "
4378306 "$499,590.16 "  0.0672  0.004444444     "$2,220.40 "
4447154 "$825,000.00 "  0.0672  0.004444444     "$3,666.67 "
4290535 "$511,000.00 "  0.0672  0.004444444     "$2,271.11 "
4474566 "$338,043.30 "  0.0672  0.004444444     "$1,502.41 "
4491519 "$347,714.75 "  0.0672  0.004444444     "$1,545.40 "
4429904 "$309,745.89 "  0.0672  0.004444444     "$1,376.65 "
4498874 "$549,549.17 "  0.0672  0.004444444     "$2,442.44 "
4516249 "$350,600.00 "  0.0672  0.004444444     "$1,558.22 "
4551047 "$368,850.00 "  0.0672  0.004444444     "$1,639.33 "
4574062 "$512,000.00 "  0.0672  0.004444444     "$2,275.56 "
4574610 "$352,700.00 "  0.0672  0.004444444     "$1,567.56 "
4418463 "$129,893.44 "  0.0672  0.004444444     $577.30
4475141 "$401,137.87 "  0.0672  0.004444444     "$1,782.84 "



        "$11,359,801.93 "                       "$130,998.10 "



<PAGE>



                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

               (i) (a) the amount of such distribution to the Certificateholders
        of such  Class  applied  to reduce  the  Certificate  Principal  Balance
        thereof,  and (b) the aggregate  amount  included  therein  representing
        Principal Prepayments;

               (ii) the amount of such  distribution to Holders of such Class of
          Certificates allocable to interest;

               (iii)  if the  distribution  to the  Holders  of  such  Class  of
        Certificates is less than the full amount that would be distributable to
        such Holders if there were  sufficient  funds  available  therefor,  the
        amount of the shortfall;

               (iv) the amount of any Advance by the Master Servicer pursuant to
          Section 4.04;

               (v) the number and Pool Stated Principal  Balance of the Mortgage
        Loans after  giving  effect to the  distribution  of  principal  on such
        Distribution Date;

               (vi) the aggregate Certificate Principal Balance of each Class of
        Certificates  and the  Senior  Percentage,  after  giving  effect to the
        amounts  distributed on such Distribution Date,  separately  identifying
        any reduction  thereof due to Realized  Losses other than pursuant to an
        actual distribution of principal;

               (vii) the related Subordinate  Principal  Distribution Amount and
          Prepayment Distribution Percentage, if applicable;

               (viii) on the basis of the most recent reports furnished to it by
        Sub-Servicers,  the number and aggregate  principal balances of Mortgage
        Loans that are  Delinquent  (A) 30-59 days, (B) 60-89 days and (C) 90 or
        more days and the number and  aggregate  principal  balance of  Mortgage
        Loans that are in foreclosure;

               (ix) the number,  aggregate  principal  balance and book value of
          any REO Properties;

               (x) 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;

               (xi) 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;

               (xii) the weighted average Pool Strip Rate for such  Distribution
        Date  and  the  Pass-  Through  Rate  with  respect  to  the  Class  A-V
        Certificates and each Subclass, if any, thereof;


                                             -1-

<PAGE>



               (xiii) [RESERVED];

               (xiv) the Notional  Amount with respect to each class of Interest
        Only Certificates and each Subclass Notional Amount;

               (xv)   the occurrence of the Credit Support Depletion Date;

               (xvi) the  related  Senior  Accelerated  Distribution  Percentage
          applicable to such distribution;

               (xvii) the related Senior Percentage for such Distribution Date;

               (xviii)the   aggregate   amount  of  Realized   Losses  for  such
          Distribution Date;

               (xix)  the  aggregate  amount  of any  recoveries  on  previously
        foreclosed  loans  from  Sellers  due to a breach of  representation  or
        warranty assigned to the Trustee pursuant to Section 2.04;

               (xx) the  weighted  average  remaining  term to  maturity  of the
        Mortgage  Loans after giving effect to the amounts  distributed  on such
        Distribution Date;

               (xxi) the weighted  average  Mortgage Rates of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on such  Distribution
        Date;

               (xxii)  if  any  of  the  Class  M  Certificates  are  held  by a
        Depository,  a legend  substantially  in the form of Exhibit  H-3 to the
        Standard Terms, 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.

The    Trustee's    internet    website    will    initially   be   located   at
http://www.abs.bankone.com.  To receive  this  statement  via first  class mail,
telephone the Trustee at (800) 524-9472.



                                             -2-

<PAGE>


                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF APRIL 1, 2001



                                 EXECUTION COPY

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



                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT




                            Dated as of April 1, 2001




                 Residential Funding Mortgage Securities I, Inc.




                       Mortgage Pass-Through Certificates




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



<PAGE>

<TABLE>
<CAPTION>


                                TABLE OF CONTENTS

                                                                                          PAGE


                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions............................................................1
        Section 1.02  Use of Words and Phrases..............................................29

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans..........................................30
        Section 2.02  Acceptance by Trustee.................................................36
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................37
        Section 2.04  Representations and Warranties of Sellers.............................39
        Section 2.05  Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I.......................................40
        Section 2.06  Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                      Acceptance by the Trustee.............................................41
        Section 2.07  Issuance of Certificates Evidencing Interests in REMIC II.............41
        Section 2.08  Purposes and Powers of the Trust......................................41

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS
        Section 3.01  Master Servicer to Act as Servicer....................................41
        Section 3.02  Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations.................43
        Section 3.03  Successor Subservicers................................................44
        Section 3.04  Liability of the Master Servicer......................................44
        Section 3.05  No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders....................................................45
        Section 3.06  Assumption or Termination of Subservicing Agreements by Trustee.......45
        Section 3.07  Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                      Account...............................................................45
        Section 3.08  Subservicing Accounts; Servicing Accounts.............................48
        Section 3.09  Access to Certain Documentation and Information Regarding the Mortgage
                      Loans.................................................................49
        Section 3.10  Permitted Withdrawals from the Custodial Account......................49
        Section 3.11  Maintenance of the Primary Insurance Policies; Collections Thereunder
                       .....................................................................51


                                              i

<PAGE>



        Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity Coverage.....52
        Section 3.13  Enforcement of Due-on-Sale Clauses; Assumption and Modification
                      Agreements; Certain Assignments.......................................54
        Section 3.14  Realization Upon Defaulted Mortgage Loans.............................55
        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.......................59
        Section 3.16  Servicing and Other Compensation; Compensating Interest...............60
        Section 3.17  Reports to the Trustee and the Company................................61
        Section 3.18  Annual Statement as to Compliance.....................................61
        Section 3.19  Annual Independent Public Accountants' Servicing Report...............62
        Section 3.20  Rights of the Company in Respect of the Master Servicer...............62
        Section 3.21  Administration of Buydown Funds.......................................62

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account...................................................63
        Section 4.02  Distributions.........................................................64
        Section 4.03  Statements to Certificateholders......................................64
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer.......................................................65
        Section 4.05  Allocation of Realized Losses.........................................66
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.........66
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.........................66
        Section 4.08  Surety Bond...........................................................67

                                          ARTICLE V

                                       THE CERTIFICATES
        Section 5.01  The Certificates......................................................67
        Section 5.02  Registration of Transfer and Exchange of Certificates.................69
        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.....................75
        Section 5.04  Persons Deemed Owners.................................................75
        Section 5.05  Appointment of Paying Agent...........................................76

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
        Section 6.01  Respective Liabilities of the Company and the Master Servicer.........77
        Section 6.02  Merger or Consolidation of the Company or the Master Servicer; Assignment
                      of Rights and Delegation of Duties by Master Servicer.................77
        Section 6.03  Limitation on Liability of the Company, the Master Servicer and Others
                       .....................................................................78
        Section 6.04  Company and Master Servicer Not to Resign.............................79

                                         ARTICLE VII



                                              ii

<PAGE>



                                           DEFAULT
        Section 7.01  Events of Default.....................................................79
        Section 7.02  Trustee or Company to Act; Appointment of Successor...................81
        Section 7.03  Notification to Certificateholders....................................82
        Section 7.04  Waiver of Events of Default...........................................82

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
        Section 8.01  Duties of Trustee.....................................................83
        Section 8.02  Certain Matters Affecting the Trustee.................................84
        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.................86
        Section 8.04  Trustee May Own Certificates..........................................86
        Section 8.05  Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...86
        Section 8.06  Eligibility Requirements for Trustee..................................87
        Section 8.07  Resignation and Removal of the Trustee................................88
        Section 8.08  Successor Trustee.....................................................89
        Section 8.09  Merger or Consolidation of Trustee....................................89
        Section 8.10  Appointment of Co-Trustee or Separate Trustee.........................89
        Section 8.11  Appointment of Custodians.............................................90
        Section 8.12  Appointment of Office or Agency.......................................91

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES
        Section 9.01  Optional Purchase by the Master Servicer of All Certificates; Termination
                      Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans
                                                                                            91
        Section 9.02  Additional Termination Requirements...................................94
        Section 9.03  Termination of Multiple REMICs........................................95

                                          ARTICLE X

                                       REMIC PROVISIONS
        Section 10.01 REMIC Administration..................................................95
        Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification......99
        Section 10.03 Designation of REMIC(s)...............................................99

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment.............................................................99
        Section 11.02 Recordation of Agreement; Counterparts...............................102
        Section 11.03 Limitation on Rights of Certificateholders...........................102
        Section 11.04 Governing Law........................................................103
        Section 11.05 Notices..............................................................103


                                             iii

<PAGE>



        Section 11.06 Required Notices to Rating Agency and Subservicer....................103
        Section 11.07 Severability of Provisions...........................................104
        Section 11.08 Supplemental Provisions for Resecuritization.........................104
        Section 11.09 Allocation of Voting Rights..........................................105


EXHIBITS

Exhibit A:     Form of Class A Certificate
Exhibit B:     Form of Class M Certificate
Exhibit C:     Form of Class B Certificate
Exhibit D:     Form of Class R Certificate
Exhibit E:     Form of Seller/Servicer Contract
Exhibit F:     Forms of Request for Release
Exhibit G-1:   Form of Transfer Affidavit and Agreement
Exhibit G-2:   Form of Transferor Certificate
Exhibit H:     Form of Investor Representation Letter
Exhibit I:     Form of Transferor Representation Letter
Exhibit J:     Form of Rule 144A Investment Representation Letter
Exhibit K:     Text of Amendment to Pooling and Servicing Agreement Pursuant to Section
               11.01(e) for a Limited Guaranty
Exhibit L:     Form of Limited Guaranty
Exhibit M:     Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:     Request for Exchange Form

</TABLE>



                                              iv

<PAGE>



        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of April 1, 2001 (the "Standard Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or "Agreement"),  among  RESIDENTIAL  FUNDING MORTGAGE  SECURITIES I,
INC., as the company  (together with its permitted  successors and assigns,  the
"Company"),  RESIDENTIAL FUNDING CORPORATION,  as master servicer (together with
its permitted  successors and assigns,  the "Master Servicer"),  and the trustee
named  in  the  applicable  Series  Supplement   (together  with  its  permitted
successors and assigns, the "Trustee").

                                    PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  pass-through  certificates
(collectively, the "Certificates"), to be issued under the Agreement in multiple
classes,  which in the aggregate will evidence the entire  beneficial  ownership
interest in the Mortgage Loans.

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

                                    ARTICLE I

                                   DEFINITIONS
        Section 1.01  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

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

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

        (ii)   the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard


                                              1

<PAGE>



               Losses,   Excess  Fraud  Losses,  Excess  Bankruptcy  Losses  and
               Extraordinary  Losses)  not  allocated  solely  to  one  or  more
               specific Classes of Certificates pursuant to Section 4.05,

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

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property  and other  property of whatever  kind or  description  now existing or
hereafter  acquired  which is  pledged as  security  for the  repayment  of such
Mortgage  Loan,  (ii)  third-party  guarantees,  and (A) all money,  securities,
security entitlements,  accounts, general intangibles,  instruments,  documents,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

                                              2

<PAGE>



        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

        Affiliate:  With respect to any Person,  any other  Person  controlling,
controlled by or under common  control with such first Person.  For the purposes
of this  definition,  "control"  means the power to direct  the  management  and
policies of such Person,  directly or indirectly,  whether through the ownership
of voting securities,  by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds, Curtailments,  Mortgage Loan purchases
made  pursuant  to  Section  2.02,   2.03,   2.04  or  4.07  and  Mortgage  Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding month in accordance  with Section  3.07(b)),
and Principal  Prepayments in Full made after the related Prepayment Period, and
(ii) payments which represent  early receipt of scheduled  payments of principal
and interest due on a date or dates subsequent to the related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property 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


                                              3

<PAGE>



of one or more  blanket  assignments  covering  Mortgages  secured by  Mortgaged
Properties located in the same county, if permitted by law and accompanied by an
Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date and amounts deposited in the Custodial
Account in connection  with the  substitution of Qualified  Substitute  Mortgage
Loans,  (ii)  the  amount  of any  Advance  made  on the  immediately  preceding
Certificate  Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related  Certificate  Account Deposit Date pursuant to the second
paragraph  of Section  3.12(a),  (iv) any amount  deposited  in the  Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw  from the  Custodial  Account or the  Certificate  Account
pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to
the Surety Bond in respect of such  Distribution  Date and (vii) the proceeds of
any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of
the close of business on the immediately preceding Determination Date of (x) the
Amount Held for Future  Distribution,  and (y) amounts permitted to be withdrawn
by the Master  Servicer  from the  Custodial  Account in respect of the Mortgage
Loans pursuant to clauses (ii)-(x),  inclusive,  of Section 3.10(a). Such amount
shall be determined separately for each Loan Group.  Additionally,  with respect
to any Mortgage  Pool that is  comprised  of two or more Loan Groups,  if on any
Distribution Date Compensating  Interest provided pursuant to Section 3.16(e) is
less than  Prepayment  Interest  Shortfalls  incurred on the  Mortgage  Loans in
connection  with  Principal  Prepayments  in Full  received  during the  related
Prepayment  Period  and  Curtailments  made in the prior  calendar  month,  such
Compensating  Interest  shall  be  allocated  on such  Distribution  Date to the
Available  Distribution  Amount  for each  Loan  Group  on a pro  rata  basis in
accordance with the respective  amounts of such Prepayment  Interest  Shortfalls
incurred  on  the  Mortgage  Loans  in  such  Loan  Group  in  respect  of  such
Distribution Date.

        Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such


                                              4

<PAGE>



Mortgage Loan are being advanced on a current basis by the Master  Servicer or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

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

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.



                                              5

<PAGE>



        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

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

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

        (ii)   in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

        (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,  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.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

     Class A-P Certificate:  Any one of the  Certificates  designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.



                                              6

<PAGE>



        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.



                                              7

<PAGE>



     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

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

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

        Deficient Valuation: With respect to any Mortgage Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.



                                              8

<PAGE>



     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date:  As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.


                                              9

<PAGE>



        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a  corporation  if all of its  activities  are  subject  to tax and,  except for
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).


                                              10

<PAGE>



        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

        (a) losses  that are of the type that  would be covered by the  fidelity
bond and the errors and  omissions  insurance  policy  required to be maintained
pursuant  to  Section  3.12(b)  but are in  excess  of the  coverage  maintained
thereunder;

        (b) nuclear reaction or nuclear radiation or radioactive  contamination,
all whether  controlled  or  uncontrolled,  and  whether  such loss be direct or
indirect,  proximate or remote or be in whole or in part caused by,  contributed
to or  aggravated  by a peril  covered by the  definition  of the term  "Special
Hazard Loss";

        (c) hostile or warlike action in time of peace or war,  including action
in hindering,  combating or defending  against an actual,  impending or expected
attack:

          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;


                                              11

<PAGE>



     (d) any weapon of war employing atomic fission or radioactive force whether
in time of peace or war; or

        (e)  insurrection,  rebellion,  revolution,  civil war, usurped power or
action  taken by  governmental  authority in  hindering,  combating or defending
against such an occurrence,  seizure or destruction  under quarantine or customs
regulations,  confiscation  by order of any government or public  authority;  or
risks of contraband or illegal transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

     FASIT:  A "financial  asset  securitization  investment  trust"  within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch, Inc. or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates  then  outstanding  with  the  earliest  priority  for
payments pursuant to Section 4.02(a),  in the following order:  Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.


                                              12

<PAGE>



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

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

     Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        Interim Certification:  As defined in Section 2.02.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.


                                              13

<PAGE>



        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02(a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

     MERS:  Mortgage  Electronic   Registration  Systems,  Inc.,  a  corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.



                                              14

<PAGE>



        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:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     Mortgage Pool: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     Mortgage  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.


                                              15

<PAGE>



        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

        Non-United States Person:  Any Person other than a United States Person.

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

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

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

     Outstanding  Mortgage Loan: As to any Due Date, a Mortgage Loan  (including
an REO  Property)  which was not the subject of a Principal  Prepayment in Full,
Cash Liquidation or REO


                                              16

<PAGE>



Disposition  and which was not purchased,  deleted or  substituted  for prior to
such Due Date pursuant to Section 2.02, 2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

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

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

               (i)  obligations of or guaranteed as to principal and interest by
        the United  States or any agency or  instrumentality  thereof  when such
        obligations  are  backed  by the full  faith and  credit  of the  United
        States;

               (ii) repurchase agreements on obligations specified in clause (i)
        maturing not more than one month from the date of  acquisition  thereof,
        provided  that  the  unsecured  obligations  of the  party  agreeing  to
        repurchase such  obligations are at the time rated by each Rating Agency
        in its highest short-term rating available;

               (iii) federal funds,  certificates of deposit,  demand  deposits,
        time  deposits  and  bankers'  acceptances  (which  shall  each  have an
        original  maturity of not more than 90 days and, in the case of bankers'
        acceptances,  shall in no event have an  original  maturity of more than
        365 days or a remaining  maturity of more than 30 days)  denominated  in
        United  States  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


                                              17

<PAGE>



        of a  domestic  branch  of a  foreign  depository  institution  or trust
        company shall exceed 30 days, the short-term  rating of such institution
        shall be A-1+ in the case of  Standard & Poor's if  Standard & Poor's is
        the Rating Agency;

               (iv)   commercial   paper  and  demand  notes  (having   original
        maturities  of not more than 365 days) of any  corporation  incorporated
        under the laws of the United  States or any state  thereof  which on the
        date of acquisition  has been rated by each Rating Agency in its highest
        short-term rating  available;  provided that such commercial paper shall
        have a remaining maturity of not more than 30 days;

               (v) a money market fund or a qualified  investment  fund rated by
        each Rating Agency in its highest long-term rating available; and

               (vi) other  obligations or securities that are acceptable to each
        Rating  Agency as a Permitted  Investment  hereunder and will not reduce
        the rating  assigned to any Class of  Certificates by such Rating Agency
        below the lower of the  then-current  rating or the rating  assigned  to
        such  Certificates  as of the  Closing  Date by such Rating  Agency,  as
        evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

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

        Person:   Any  individual,   corporation,   limited  liability  company,
partnership,   joint   venture,   association,   joint-stock   company,   trust,
unincorporated organization or government or any agency or political subdivision
thereof.

     Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or


                                              18

<PAGE>



description  pledged by  Combined  Collateral  LLC as security in respect of any
Realized  Losses in connection  with such Mortgage Loan up to the Pledged Amount
for such Mortgage Loan, and any related collateral,  or such other collateral as
may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

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

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
prior to the month in which that Distribution Date occurs and ending on the 15th
day of the month in which such Distribution Date occurs.

     Primary  Insurance  Policy:   Each  primary  policy  of  mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).



                                              19

<PAGE>



     Principal  Only  Certificates:  A Class of  Certificates  not  entitled  to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

        Program Guide: Collectively, the Client Guide and the Servicer Guide for
Residential  Funding's  mortgage loan purchase and conduit servicing program and
all supplements  and amendments  thereto  published by Residential  Funding from
time to time.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;



                                              20

<PAGE>



        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi) have a Pool Strip Rate equal to or greater than that of the Deleted
Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

          (a)  as to which a Cash  Liquidation or REO  Disposition has occurred,
               an amount (not less than zero) equal to (i) the Stated  Principal
               Balance of the Mortgage  Loan (or REO Property) as of the date of
               Cash Liquidation or REO Disposition,  plus (ii) interest (and REO
               Imputed  Interest,  if any) at the Net Mortgage Rate from the Due
               Date  as  to  which   interest  was  last  paid  or  advanced  to
               Certificateholders  up to the Due Date in the Due Period  related
               to the  Distribution  Date on which  such  Realized  Loss will be
               allocated  pursuant  to  Section  4.05  on the  Stated  Principal
               Balance  of such  Mortgage  Loan  (or REO  Property)  outstanding
               during  each  Due  Period  that  such  interest  was not  paid or
               advanced,  minus (iii) the proceeds,  if any, received during the
               month  in  which  such  Cash  Liquidation  (or  REO  Disposition)
               occurred,  to the extent applied as recoveries of interest at the
               Net Mortgage Rate and to principal of the Mortgage  Loan,  net of
               the portion  thereof  reimbursable  to the Master Servicer or any
               Subservicer  with  respect to related  Advances or expenses as to
               which  the  Master   Servicer  or   Subservicer  is  entitled  to
               reimbursement  thereunder  but  which  have not  been  previously
               reimbursed,


                                              21

<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  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

        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.

     REMIC: A "real estate  mortgage  investment  conduit" within the meaning of
Section 860D of the Code.

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.



                                              22

<PAGE>



        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

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

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.



                                              23

<PAGE>



        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Seller: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

        (i)    for any Distribution Date after the 60th Distribution Date but on
               or  prior to the  72nd  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 70% of the  related
               Subordinate Percentage for such Distribution Date;

        (ii)   for any Distribution Date after the 72nd Distribution Date but on
               or  prior to the  84th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 60% of the  related
               Subordinate Percentage for such Distribution Date;

        (iii)  for any Distribution Date after the 84th Distribution Date but on
               or  prior to the  96th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 40% of the  related
               Subordinate Percentage for such Distribution Date;

        (iv)   for any Distribution Date after the 96th Distribution Date but on
               or prior to the  108th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 20% of the  related
               Subordinate Percentage for such Distribution Date; and

          (v)  for any Distribution  Date thereafter,  the Senior Percentage for
               such Distribution Date; provided, however,

        (i)    that  any   scheduled   reduction   to  the  Senior   Accelerated
               Distribution Percentage described above shall not occur as of any
               Distribution Date unless either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the Subordinate Certificates, is less than 50%


                                              24

<PAGE>



        or (Y) the outstanding principal balance of Mortgage Loans delinquent 60
        days or more averaged  over the last six months,  as a percentage of the
        aggregate  outstanding  principal balance of all Mortgage Loans averaged
        over the last six months,  does not exceed 2% and (2) Realized Losses on
        the  Mortgage  Loans  to date for such  Distribution  Date if  occurring
        during  the  sixth,  seventh,  eighth,  ninth or tenth year (or any year
        thereafter)  after the Closing Date are less than 30%,  35%, 40%, 45% or
        50%,  respectively,  of the  sum of the  Initial  Certificate  Principal
        Balances of the Subordinate Certificates or

               (b)(1)  the  outstanding  principal  balance  of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

     (ii) that for any  Distribution  Date on which  the  Senior  Percentage  is
          greater  than  the  Percentage  as of the  Closing  Date,  the  Senior
          Accelerated  Distribution  Percentage for such Distribution Date shall
          be 100%,  or, if the  Mortgage  Pool is  comprised of two or more Loan
          Groups, for any Distribution Date on which the weighted average of the
          Senior  Percentages for each Loan Group,  weighted on the basis of the
          Stated  Principal  Balances of the Mortgage  Loans in the related Loan
          Group,  exceeds the weighted average of the initial Senior Percentages
          (calculated  on such  basis) for each Loan  Group,  each of the Senior
          Accelerated  Distribution  Percentages for such Distribution Date will
          equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage:  As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

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

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.


                                              25

<PAGE>



        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

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

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such Mortgage Loan or REO Property, in each case


                                              26

<PAGE>



which were  distributed  pursuant to Section 4.02 on any  previous  Distribution
Date,  and (c) any Realized Loss  allocated to  Certificateholders  with respect
thereto for any previous Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation,


                                              27

<PAGE>



the Addendum and Assignment  Agreement,  dated as of November 24, 1998,  between
the Master  Servicer and GMAC  Mortgage  Corporation,  as such  agreement may be
amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any 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.

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

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

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


                                              28

<PAGE>



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

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

        (iv)   the hazard insurance policies and Primary Insurance Policies,  if
               any, the Pledged  Assets with respect to each Pledged Asset Loan,
               and the  interest in the Surety Bond  transferred  to the Trustee
               pursuant to Section 2.01, and

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States  Person:  A citizen or resident of the United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws  of,  the  United  States,  provided  that,  for  purposes  solely  of  the
restrictions  on the transfer of residual  interests,  no  partnership  or other
entity  treated as a partnership  for United States  federal income tax purposes
shall be treated  as a United  States  Person  unless  all  persons  that own an
interest in such partnership either directly or through any entity that is not a
corporation  for United States  federal  income tax purposes are required by the
applicable  operating agreement to be United States Persons,  any state thereof,
or the District of Columbia (except in the case of a partnership,  to the extent
provided in Treasury  regulations) or any political  subdivision  thereof, or an
estate that is described in Section  7701(a)(30)(D) of the Code, or a trust that
is described in Section 7701(a)(30)(E) of the Code.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

        Section 1.02  Use of Words and Phrases.

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



                                              29

<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  without  recourse  all the right,  title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).  In connection  with such transfer and  assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

        (b) In connection with such  assignment,  except as set forth in Section
2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby deliver
to, and deposit with, the Trustee, or to and with one or more Custodians, as the
duly  appointed  agent or agents of the Trustee for such purpose,  the following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii) The original Mortgage, noting the presence of the MIN
               of the Mortgage  Loan and language  indicating  that the Mortgage
               Loan is a MOM  Loan if the  Mortgage  Loan  is a MOM  Loan,  with
               evidence of recording indicated thereon or a copy of the Mortgage
               with evidence of recording indicated thereon;

                      (iii)  Unless  the  Mortgage  Loan  is  registered  on the
               MERS(R)  System,  an original  Assignment  of the Mortgage to the
               Trustee with evidence of recording indicated thereon or a copy of
               such assignment with evidence of recording indicated thereon;

                      (iv) The original  recorded  assignment or  assignments of
               the  Mortgage  showing  an  unbroken  chain  of  title  from  the
               originator  thereof to the Person assigning it to the Trustee (or
               to MERS, if the Mortgage Loan is registered on the MERS(R) System
               and noting the  presence of a MIN) with  evidence of  recordation
               noted thereon or attached  thereto,  or a copy of such assignment
               or  assignments  of  the  Mortgage  with  evidence  of  recording
               indicated thereon; and



                                              30

<PAGE>



                      (v)  The   original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Mortgage  Loan  or  a  copy  of  each  modification,   assumption
               agreement or preferred loan agreement.

               and (II) with respect to each Cooperative Loan so assigned:

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii)  A  counterpart  of the  Cooperative  Lease  and  the
               Assignment  of  Proprietary   Lease  to  the  originator  of  the
               Cooperative Loan with intervening assignments showing an unbroken
               chain of title from such originator to the Trustee;

                      (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
               Master  Servicer as debtor,  the Company as secured party and the
               Trustee as assignee and an executed


                                              31

<PAGE>



               UCC-1 financing  statement  showing the Company as debtor and the
               Trustee as secured party,  each in a form  sufficient for filing,
               evidencing the interest of such debtors in the Cooperative Loans.

        (c) The Company may, in lieu of delivering the original of the documents
set  forth  in  Section   2.01(b)(I)(ii),   (iii),  (iv)  and  (v)  and  Section
(b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies  thereof as  permitted  by
Section  2.01(b)) to the Trustee or the  Custodian or  Custodians,  deliver such
documents  to the  Master  Servicer,  and the  Master  Servicer  shall hold such
documents  in  trust  for  the  use  and  benefit  of  all  present  and  future
Certificateholders until such time as is set forth in the next sentence.  Within
thirty Business Days following the earlier of (i) the receipt of the original of
all of the documents or instruments set forth in Section 2.01(b)(I)(ii),  (iii),
(iv) and (v) and  Section  (b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies
thereof as permitted by such  Section) for any Mortgage  Loan and (ii) a written
request by the Trustee to deliver those  documents with respect to any or all of
the Mortgage Loans then being held by the Master  Servicer,  the Master Servicer
shall  deliver a complete set of such  documents to the Trustee or the Custodian
or Custodians that are the duly appointed agent or agents of the Trustee.

        (d)  Notwithstanding  the provisions of Section  2.01(c),  in connection
with any  Mortgage  Loan,  if the Company  cannot  deliver  the  original of the
Mortgage, any assignment,  modification,  assumption agreement or preferred loan
agreement  (or copy thereof as permitted by Section  2.01(b))  with  evidence of
recording thereon concurrently with the execution and delivery of this Agreement
because  of (i) a  delay  caused  by the  public  recording  office  where  such
Mortgage,  assignment,  modification,  assumption  agreement or  preferred  loan
agreement  as the case may be, has been  delivered  for  recordation,  or (ii) a
delay in the  receipt of certain  information  necessary  to prepare the related
assignments,  the Company  shall deliver or cause to be delivered to the Trustee
or the respective Custodian a copy of such Mortgage,  assignment,  modification,
assumption agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation


                                              32

<PAGE>



statements  with regard to each financing  statement and assignment  relating to
Cooperative  Loans as to which the  related  Cooperative  Apartment  is  located
outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

        (e)  Residential  Funding  hereby  assigns to the Trustee  its  security
interest in and to any  Additional  Collateral or Pledged  Assets,  its right to
receive amounts due or to become due in respect of any Additional  Collateral or
Pledged Assets pursuant to the related Subservicing  Agreement and its rights as
beneficiary under the Surety Bond in respect of any Additional Collateral Loans.
With  respect  to  any  Additional   Collateral  Loan  or  Pledged  Asset  Loan,
Residential Funding shall cause to be filed in the appropriate  recording office
a UCC-3  statement  giving  notice of the  assignment  of the  related  security
interest to the Trust Fund and shall  thereafter  cause the timely filing of all
necessary continuation statements with regard to such financing statements.

        (f) It is intended that the  conveyance by the Company to the Trustee of
the   Mortgage   Loans  as  provided  for  in  this  Section  2.01  be  and  the
Uncertificated  REMIC  Regular  Interests,  if any (as  provided  for in Section
2.06),  be  construed  as a sale by the Company to the  Trustee of the  Mortgage
Loans and any  Uncertificated  REMIC  Regular  Interests  for the benefit of the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction;


                                              33

<PAGE>



(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,   (C)  any
Uncertificated  REMIC Regular  Interests and (D) all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or
other property,  including without limitation all amounts from time to time held
or invested in the Certificate Account or the Custodial Account,  whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the  Company  to the  Trustee  of  any  security  interest  in  any  and  all of
Residential Funding's right (including the power to convey title thereto), title
and interest,  whether now owned or hereafter  acquired,  in and to the property
described  in the  foregoing  clauses  (1)(A),  (B),  (C)  and  (D)  granted  by
Residential Funding to the Company pursuant to the Assignment Agreement; (c) the
possession  by the Trustee,  the  Custodian or any other agent of the Trustee of
Mortgage Notes or such other items of property as constitute instruments, money,
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  party,  for  purposes of  perfecting  the security
interest  pursuant  to the  Minnesota  Uniform  Commercial  Code and the Uniform
Commercial Code of any other  applicable  jurisdiction as in effect  (including,
without  limitation,   Sections  8-106,  9-305  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 and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation


                                              34

<PAGE>



and filing shall be at the expense of the Trustee,  if occasioned by a change in
the Trustee's  name), (2) any change of location of the place of business or the
chief executive office of Residential  Funding or the Company,  (3) any transfer
of any interest of  Residential  Funding or the Company in any Mortgage  Loan or
(4) any  transfer of any interest of  Residential  Funding or the Company in any
Uncertificated REMIC Regular Interest.

        (g) The Master  Servicer  hereby  acknowledges  the receipt by it of the
Initial  Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial
Monthly  Payment Fund in the  Custodial  Account and shall  include such Initial
Monthly  Payment  Fund in the  Available  Distribution  Amount  for the  initial
Distribution Date.  Notwithstanding anything herein to the contrary, the Initial
Monthly  Payment Fund shall not be an asset of any REMIC. To the extent that the
Initial Monthly  Payment Fund  constitutes a reserve fund for federal income tax
purposes, (1) it shall be an outside reserve fund and not an asset of any REMIC,
(2) it shall be owned by the Seller and (3) amounts  transferred by any REMIC to
the Initial  Monthly  Payment Fund shall be treated as transferred to the Seller
or any successor,  all within the meaning of Section 1.860G-2(h) of the Treasury
Regulations.

        (h) The Company agrees that the sale of each Pledged Asset Loan pursuant
to this  Agreement  will also  constitute the  assignment,  sale,  setting-over,
transfer and  conveyance  to the Trustee,  without  recourse (but subject to the
Company's  covenants,   representations  and  warranties  specifically  provided
herein),  of all of the Company's  obligations  and all of the Company's  right,
title and interest in, to and under,  whether now existing or hereafter acquired
as owner of the Mortgage  Loan with respect to all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other property of whatever kind or  description  consisting of, arising from
or related to (i) the Assigned Contracts,  (ii) all rights,  powers and remedies
of the Company as owner of such Mortgage  Loan under or in  connection  with the
Assigned Contracts,  whether arising under the terms of such Assigned Contracts,
by statute,  at law or in equity, or otherwise arising out of any default by the
Mortgagor  under or in  connection  with the Assigned  Contracts,  including all
rights  to  exercise  any  election  or  option  or  to  make  any  decision  or
determination  or to give or receive  any  notice,  consent,  approval or waiver
thereunder,  (iii) all security interests in and lien of the Company as owner of
such Mortgage Loan in the Pledged  Amounts and all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other  property of whatever  kind or  description  and all cash and non-cash
proceeds of the sale,  exchange,  or redemption  of, and all stock or conversion
rights,  rights  to  subscribe,  liquidation  dividends  or  preferences,  stock
dividends,  rights to interest,  dividends,  earnings,  income,  rents,  issues,
profits, interest payments or other distributions of cash or other property that
is credited to the  Custodial  Account,  (iv) all  documents,  books and records
concerning the foregoing  (including  all computer  programs,  tapes,  disks and
related items containing any such  information)  and (v) all insurance  proceeds
(including  proceeds  from the  Federal  Deposit  Insurance  Corporation  or the
Securities  Investor  Protection  Corporation or any other insurance company) of
any of the foregoing or replacements thereof or substitutions therefor, proceeds
of proceeds and the conversion,  voluntary or involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Trustee, of any
obligation of the Company,  or any other person in  connection  with the Pledged
Assets or under any  agreement or  instrument  relating  thereto,  including any
obligation to the Mortgagor, other than as owner of the Mortgage Loan.


                                              35

<PAGE>




        Section 2.02  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(I)(i)  and Section  2.01(b)(II)(i),  (iii),  (v),  (vi) and (viii) above
(except that for purposes of such  acknowledgment  only, a Mortgage  Note may be
endorsed in blank) and declares that it, or a Custodian as its agent,  holds and
will hold such  documents  and the other  documents  constituting  a part of the
Mortgage Files  delivered to it, or a Custodian as its agent,  and the rights of
Residential  Funding with respect to any Pledged Assets,  Additional  Collateral
and the Surety Bond  assigned to the Trustee  pursuant to Section 2.01, in trust
for the use and  benefit  of all  present  and  future  Certificateholders.  The
Trustee or  Custodian  (such  Custodian  being so  obligated  under a  Custodial
Agreement)  agrees,  for the  benefit  of  Certificateholders,  to  review  each
Mortgage File  delivered to it pursuant to Section  2.01(b) within 45 days after
the Closing Date to ascertain that all required  documents  (specifically as set
forth in  Section  2.01(b)),  have been  executed  and  received,  and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented,  that have been conveyed to it, and to deliver to the Trustee a
certificate  (the  "Interim  Certification")  to the effect  that all  documents
required to be delivered  pursuant to Section  2.01(b)  above have been executed
and received and that such documents  relate to the Mortgage Loans identified on
the  Mortgage  Loan  Schedule,  except for any  exceptions  listed on Schedule A
attached to such Interim  Certification.  Upon delivery of the Mortgage Files by
the Company or the Master Servicer,  the Trustee shall acknowledge  receipt (or,
with  respect to  Mortgage  Loans  subject to a Custodial  Agreement,  and based
solely upon a receipt or certification executed by the Custodian, receipt by the
respective  Custodian  as  the  duly  appointed  agent  of the  Trustee)  of the
documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related


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<PAGE>



Mortgage  File and the Trustee  shall  execute and deliver such  instruments  of
transfer or  assignment  prepared by the Master  Servicer,  in each case without
recourse,  as shall be  necessary  to vest in the Seller or its  designee or the
Subservicer  or its  designee,  as the case may be, any Mortgage  Loan  released
pursuant hereto and thereafter such Mortgage Loan shall not be part of the Trust
Fund.  In  furtherance  of the  foregoing,  if the  Subservicer  or Seller  that
repurchases  the  Mortgage  Loan is not a  member  of MERS and the  Mortgage  is
registered on the MERS(R) System,  the Master  Servicer,  at its own expense and
without any right of  reimbursement,  shall cause MERS to execute and deliver an
assignment of the Mortgage in recordable form to transfer the Mortgage from MERS
to such  Subservicer  or Seller and shall cause such Mortgage to be removed from
registration   on  the  MERS(R)  System  in  accordance  with  MERS'  rules  and
regulations.  It is understood  and agreed that the  obligation of the Seller or
the Subservicer, as the case may be, to so cure or purchase any Mortgage Loan as
to which a material and adverse defect in or omission of a constituent  document
exists  shall  constitute  the sole  remedy  respecting  such defect or omission
available   to   Certificateholders   or   the   Trustee   on   behalf   of  the
Certificateholders.

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

        (a) The Master  Servicer  hereby  represents and warrants to the Trustee
for the benefit of the Certificateholders that:

                      (i) The Master  Servicer is a corporation  duly organized,
               validly  existing and in good standing  under the laws  governing
               its creation and existence  and is or will be in compliance  with
               the laws of each state in which any Mortgaged Property is located
               to the  extent  necessary  to ensure the  enforceability  of each
               Mortgage Loan in accordance with the terms of this Agreement;

                      (ii) The execution  and delivery of this  Agreement by the
               Master Servicer and its performance and compliance with the terms
               of  this  Agreement  will  not  violate  the  Master   Servicer's
               Certificate of  Incorporation  or Bylaws or constitute a material
               default  (or an event  which,  with  notice or lapse of time,  or
               both,  would  constitute a material  default) under, or result in
               the material breach of, any material contract, agreement or other
               instrument  to which the Master  Servicer is a party or which may
               be applicable to the Master Servicer or any of its assets;

                      (iii)  This   Agreement,   assuming   due   authorization,
               execution   and   delivery  by  the  Trustee  and  the   Company,
               constitutes a valid,  legal and binding  obligation of the Master
               Servicer,  enforceable  against it in  accordance  with the terms
               hereof    subject   to   applicable    bankruptcy,    insolvency,
               reorganization,   moratorium   and  other  laws   affecting   the
               enforcement  of  creditors'   rights  generally  and  to  general
               principles of equity,  regardless of whether such  enforcement is
               considered in a proceeding in equity or at law;

                      (iv) The Master Servicer is not in default with respect to
               any  order or decree of any  court or any  order,  regulation  or
               demand of any federal,  state,  municipal or governmental agency,
               which default might have consequences that


                                              37

<PAGE>



               would materially and adversely affect the condition (financial or
               other) or operations of the Master  Servicer or its properties or
               might have  consequences  that would materially  adversely affect
               its performance hereunder;

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

                      (vi) The  Master  Servicer  will  comply  in all  material
               respects in the performance of this Agreement with all reasonable
               rules  and  requirements  of each  insurer  under  each  Required
               Insurance Policy;

                      (vii) No information, certificate of an officer, statement
               furnished  in writing or report  delivered  to the  Company,  any
               Affiliate  of the Company or the  Trustee by the Master  Servicer
               will, to the knowledge of the Master Servicer, contain any untrue
               statement of a material fact or omit a material fact necessary to
               make  the  information,  certificate,  statement  or  report  not
               misleading;

                      (viii) The Master Servicer has examined each existing, and
               will examine each new,  Subservicing  Agreement and is or will be
               familiar  with the  terms  thereof.  The  terms of each  existing
               Subservicing   Agreement  and  each  designated  Subservicer  are
               acceptable  to the  Master  Servicer  and  any  new  Subservicing
               Agreements will comply with the provisions of Section 3.02; and

                      (ix)  The  Master  Servicer  is a  member  of MERS in good
               standing, and will comply in all material respects with the rules
               and  procedures of MERS in  connection  with the servicing of the
               Mortgage Loans that are registered with MERS.

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

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.


                                              38

<PAGE>



        (b)  Representations  and warranties  relating to the Mortgage Loans are
set forth in Section 2.03(b) of the Series Supplement.

        Section 2.04  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment  of the Mortgage in recordable  form if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted Mortgage Loan and the substitution


                                              39

<PAGE>



of the Qualified Substitute Mortgage Loan or Loans and the Master Servicer shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing
Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

     Section 2.05  Execution  and  Authentication  of  Certificates/Issuance  of
          Certificates Evidencing Interests in REMIC I.

               As provided in Section 2.05 of the Series Supplement.


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<PAGE>




     Section 2.06  Conveyance  of  Uncertificated  REMIC I and REMIC II  Regular
          Interests; Acceptance by the Trustee.

               As provided in Section 2.06 of the Series Supplement.

        Section 2.07 Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.


        Section 2.08 Purposes and Powers of the Trust.

        The  purpose of the trust,  as  created  hereunder,  is to engage in the
following activities:

     (a) to sell the  Certificates  to the Company in exchange  for the Mortgage
Loans;

     (b) to enter into and perform its obligations under this Agreement;

     (c)  to  engage  in  those  activities  that  are  necessary,  suitable  or
convenient to accomplish  the foregoing or are  incidental  thereto or connected
therewith; and

        (d) subject to compliance with this  Agreement,  to engage in such other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

        The trust is hereby  authorized to engage in the  foregoing  activities.
Notwithstanding  the provisions of Section 11.01,  the trust shall not engage in
any  activity  other  than in  connection  with the  foregoing  or other than as
required or authorized by the terms of this Agreement  while any  Certificate is
outstanding,  and this Section  2.08 may not be amended,  without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

        Section 3.01  Master Servicer to Act as Servicer.

        (a) The Master  Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate in its best judgment, to execute and


                                              41

<PAGE>



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 Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the case may be,  believes it is  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or re-  recording of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing  or becoming unable to continue  operations in connection with the
MERS System,  it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the  Trustee,  then any related  expenses  shall be  reimbursable  to the Master
Servicer.  Notwithstanding the foregoing, subject to Section 3.07(a), the Master
Servicer  shall not permit any  modification  with respect to any Mortgage  Loan
that would both  constitute a sale or exchange of such  Mortgage Loan within the
meaning  of  Section  1001 of the  Code  and any  proposed,  temporary  or final
regulations  promulgated  thereunder  (other than in connection  with a proposed
conveyance  or  assumption  of such Mortgage Loan that is treated as a Principal
Prepayment  in Full  pursuant  to Section  3.13(d)  hereof)  and cause any REMIC
formed under the Series Supplement to fail to qualify as a REMIC under the Code.
The Trustee  shall  furnish the Master  Servicer with any powers of attorney and
other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in accordance  with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee,  obtain credit  information in the form
of a "credit score" from a credit repository.

        (b) All costs  incurred  by the Master  Servicer or by  Subservicers  in
effecting the timely payment of taxes and assessments on the properties  subject
to the Mortgage Loans shall not, for the


                                              42

<PAGE>



purpose of calculating monthly distributions to the Certificateholders, be added
to the amount owing under the related Mortgage Loans,  notwithstanding  that the
terms of such Mortgage Loan so permit,  and such costs shall be  recoverable  to
the extent permitted by Section 3.10(a)(ii).

        (c) The  Master  Servicer  may  enter  into  one or more  agreements  in
connection with the offering of pass-through  certificates  evidencing interests
in one or more of the  Certificates  providing  for the  payment  by the  Master
Servicer of amounts  received by the Master  Servicer as servicing  compensation
hereunder and required to cover certain  Prepayment  Interest  Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.

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

        (a) The Master Servicer may continue in effect  Subservicing  Agreements
entered into by Residential  Funding and Subservicers prior to the execution and
delivery of this Agreement,  and may enter into new Subservicing Agreements with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer
may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

        (b) As part of its servicing activities hereunder,  the Master Servicer,
for the benefit of the Trustee  and the  Certificateholders,  shall use its best
reasonable  efforts to enforce the  obligations  of each  Subservicer  under the
related  Subservicing  Agreement  and of each Seller under the related  Seller's
Agreement  insofar as the Company's  rights with respect to such  obligation has
been assigned to the Trustee hereunder,  to the extent that the  non-performance
of any such Seller's  obligation  would have a material and adverse  effect on a
Mortgage  Loan,  including,  without  limitation,  the  obligation to purchase a
Mortgage Loan on account of defective documentation, as


                                              43

<PAGE>



described  in Section  2.02,  or on account of a breach of a  representation  or
warranty,  as described in Section 2.04. Such  enforcement,  including,  without
limitation,  the  legal  prosecution  of  claims,  termination  of  Subservicing
Agreements  or Seller's  Agreements,  as  appropriate,  and the pursuit of other
appropriate  remedies,  shall be in such form and  carried out to such an extent
and at such time as the Master  Servicer would employ in its good faith business
judgment  and  which are  normal  and usual in its  general  mortgage  servicing
activities.  The Master Servicer shall pay the costs of such  enforcement at its
own expense,  and shall be reimbursed  therefor only (i) from a general recovery
resulting  from such  enforcement  to the  extent,  if any,  that such  recovery
exceeds all amounts due in respect of the related  Mortgage  Loan or (ii) from a
specific recovery of costs, expenses or attorneys fees against the party against
whom such  enforcement  is directed.  For purposes of  clarification  only,  the
parties  agree that the  foregoing is not  intended to, and does not,  limit the
ability of the Master  Servicer to be reimbursed  for expenses that are incurred
in connection  with the  enforcement of a Seller's  obligations  (insofar as the
Company's rights with respect to such Seller's obligations have been assigned to
the Trustee hereunder) and are reimbursable pursuant to Section 3.10(a)(viii).

        Section 3.03  Successor Subservicers.
                      ----------------------

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

        Section 3.04  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.



                                              44

<PAGE>



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

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

     Section 3.06  Assumption  or  Termination  of  Subservicing  Agreements  by
          Trustee.

        (a) If the Master  Servicer shall for any reason no longer be the master
servicer (including by reason of an Event of Default), the Trustee, its designee
or its successor shall thereupon assume all of the rights and obligations of the
Master  Servicer  under each  Subservicing  Agreement that may have been entered
into. The Trustee,  its designee or the successor servicer for the Trustee shall
be deemed to have assumed all of the Master  Servicer's  interest therein and to
have replaced the Master  Servicer as a party to the  Subservicing  Agreement to
the same  extent  as if the  Subservicing  Agreement  had been  assigned  to the
assuming party except that the Master  Servicer shall not thereby be relieved of
any liability or obligations under the Subservicing Agreement.

        (b) The Master  Servicer  shall,  upon request of the Trustee but at the
expense of the Master Servicer,  deliver to the assuming party all documents and
records  relating to each  Subservicing  Agreement  and the Mortgage  Loans then
being  serviced  and an  accounting  of  amounts  collected  and  held by it and
otherwise use its best efforts to effect the orderly and  efficient  transfer of
each Subservicing Agreement to the assuming party.

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

        (a) The Master  Servicer  shall make  reasonable  efforts to collect all
payments  called for under the terms and provisions of the Mortgage  Loans,  and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary  Insurance  Policy,  follow such
collection procedures as it would employ in its good faith business judgment and
which  are  normal  and  usual in its  general  mortgage  servicing  activities.
Consistent  with the  foregoing,  the Master  Servicer may in its discretion (i)
waive any late payment  charge or any prepayment  charge or penalty  interest in
connection  with the  prepayment of a Mortgage Loan and (ii) extend the Due Date
for  payments  due on a Mortgage  Loan in  accordance  with the  Program  Guide;
provided,  however, that the Master Servicer shall first determine that any such
waiver  or  extension  will not  impair  the  coverage  of any  related  Primary
Insurance  Policy  or  materially  adversely  affect  the  lien  of the  related
Mortgage.  In the event of any such arrangement,  the Master Servicer shall make
timely  advances on the related  Mortgage  Loan during the  scheduled  period in
accordance  with  the  amortization  schedule  of  such  Mortgage  Loan  without
modification  thereof by reason of such arrangements  unless otherwise agreed to
by the Holders of the Classes of Certificates


                                              45

<PAGE>



affected thereby; provided, however, that no such extension shall be made if any
such advance would be a  Nonrecoverable  Advance.  Consistent  with the terms of
this Agreement,  the Master Servicer may also waive,  modify or vary any term of
any Mortgage Loan or consent to the  postponement of strict  compliance with any
such term or in any manner grant  indulgence  to any  Mortgagor if in the Master
Servicer's determination such waiver,  modification,  postponement or indulgence
is not  materially  adverse to the interests of the  Certificateholders  (taking
into account any estimated  Realized Loss that might result absent such action);
provided,  however, that the Master Servicer may not modify materially or permit
any Subservicer to modify any Mortgage Loan,  including  without  limitation any
modification  that would  change the Mortgage  Rate,  forgive the payment of any
principal or interest  (unless in connection with the liquidation of the related
Mortgage Loan or except in connection  with  prepayments to the extent that such
reamortization  is not  inconsistent  with the terms of the Mortgage  Loan),  or
extend the final maturity date of such Mortgage Loan,  unless such Mortgage Loan
is in default  or, in the  judgment  of the  Master  Servicer,  such  default is
reasonably foreseeable;  and provided,  further, that no such modification shall
reduce the interest rate on a Mortgage Loan below the sum of the Pool Strip Rate
and the sum of the rates at which the  Servicing  Fee and the  Subservicing  Fee
with respect to such Mortgage Loan accrues.  In connection  with any Curtailment
of a Mortgage Loan, the Master Servicer, to the extent not inconsistent with the
terms of the Mortgage Note and local law and  practice,  may permit the Mortgage
Loan to be  reamortized  such that the  Monthly  Payment is  recalculated  as an
amount that will fully amortize the remaining Stated  Principal  Balance thereof
by the original  Maturity Date based on the original  Mortgage  Rate;  provided,
that  such  re-amortization  shall not be  permitted  if it would  constitute  a
reissuance of the Mortgage Loan for federal income tax purposes,  except if such
reissuance is described in Treasury Regulation Section 1.860G-2(b)(3).

        (b) The Master Servicer shall establish and maintain a Custodial Account
in which the Master  Servicer  shall deposit or cause to be deposited on a daily
basis, except as otherwise  specifically provided herein, the following payments
and  collections  remitted by  Subservicers  or received by it in respect of the
Mortgage  Loans  subsequent  to the  Cut-off  Date  (other  than in  respect  of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):

                      (i)  All  payments  on  account  of  principal,  including
               Principal  Prepayments  made by Mortgagors on the Mortgage  Loans
               and the principal  component of any Subservicer Advance or of any
               REO  Proceeds  received in  connection  with an REO  Property for
               which an REO Disposition has occurred;

                      (ii) All  payments on account of interest at the  Adjusted
               Mortgage Rate on the Mortgage Loans,  including Buydown Funds, if
               any, and the interest component of any Subservicer  Advance or of
               any REO Proceeds  received in connection with an REO Property for
               which an REO Disposition has occurred;

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

                      (iv) All proceeds of any Mortgage Loans purchased pursuant
               to Section 2.02,  2.03, 2.04 or 4.07 and all amounts  required to
               be deposited in connection with


                                              46

<PAGE>



               the substitution of a Qualified Substitute Mortgage Loan pursuant
               to Section 2.03 or 2.04;

                    (v) Any amounts required to be deposited pursuant to Section
               3.07(c) or 3.21;

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

                    (vii) Any amounts  realized by the  Subservicer and received
               by the Master  Servicer in respect of any Additional  Collateral;
               and

                    (viii)  Any  amounts  received  by the  Master  Servicer  in
               respect of Pledged Assets.

        The foregoing requirements for deposit in the Custodial Account shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

        (c) The  Master  Servicer  shall  use its  best  efforts  to  cause  the
institution  maintaining  the  Custodial  Account  to  invest  the  funds in the
Custodial  Account  attributable to the Mortgage Loans in Permitted  Investments
which shall  mature not later than the  Certificate  Account  Deposit  Date next
following the date of such investment (with the exception of the Amount Held for
Future  Distribution)  and which shall not be sold or disposed of prior to their
maturities.  All income and gain realized from any such investment  shall be for
the benefit of the Master  Servicer as  additional  servicing  compensation  and
shall be subject to its withdrawal or order from time to time. The amount of any
losses  incurred  in  respect  of  any  such  investments  attributable  to  the
investment of


                                              47

<PAGE>



amounts in respect of the Mortgage  Loans shall be  deposited  in the  Custodial
Account by the Master  Servicer  out of its own funds  immediately  as  realized
without any right of reimbursement.

        (d) The Master Servicer shall give notice to the Trustee and the Company
of any change in the location of the  Custodial  Account and the location of the
Certificate Account prior to the use thereof.

        Section 3.08  Subservicing Accounts; Servicing Accounts.

        (a) In those  cases where a  Subservicer  is  servicing a Mortgage  Loan
pursuant  to a  Subservicing  Agreement,  the Master  Servicer  shall  cause the
Subservicer,  pursuant to the Subservicing  Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account,  shall generally satisfy the requirements of
the Program Guide and be otherwise  acceptable  to the Master  Servicer and each
Rating  Agency.  The  Subservicer  will be required  thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the  Subservicer,  less its  Subservicing  Fees and  unreimbursed  advances  and
expenses,  to  the  extent  permitted  by  the  Subservicing  Agreement.  If the
Subservicing  Account is not an Eligible  Account,  the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer  shall  not be  required  to  deposit  in the  Subservicing  Account
payments or collections  in the nature of prepayment  charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the  Determination  Date,  the Master  Servicer shall cause the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

        (b) The Subservicer may also be required,  pursuant to the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).



                                              48

<PAGE>



        (c) In addition to the Custodial  Account and the  Certificate  Account,
the Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause
the Subservicers  for Subserviced  Mortgage Loans to, establish and maintain one
or more Servicing  Accounts and deposit and retain therein all collections  from
the  Mortgagors  (or  advances  from  Subservicers)  for the  payment  of taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

        (d) The Master  Servicer  shall advance the payments  referred to in the
preceding  subsection  that are not timely paid by the Mortgagors or advanced by
the  Subservicers on the date when the tax, premium or other cost for which such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

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

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

        Section 3.10  Permitted Withdrawals from the Custodial Account.

        (a) The Master Servicer may, from time to time as provided herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:



                                              49

<PAGE>



                    (i) to make  deposits  into the  Certificate  Account in the
               amounts and in the manner provided for in Section 4.01;

                      (ii) to reimburse  itself or the related  Subservicer  for
               previously  unreimbursed  advances or expenses  made  pursuant to
               Sections 3.01,  3.07(a),  3.08, 3.11,  3.12(a),  3.14 and 4.04 or
               otherwise  reimbursable  pursuant to the terms of this Agreement,
               such  withdrawal  right  being  limited  to amounts  received  on
               particular  Mortgage  Loans  (including,  for this  purpose,  REO
               Proceeds,  Insurance Proceeds,  Liquidation Proceeds and proceeds
               from the purchase of a Mortgage  Loan  pursuant to Section  2.02,
               2.03,  2.04 or 4.07)  which  represent  (A) Late  Collections  of
               Monthly  Payments for which any such advance was made in the case
               of Subservicer  Advances or Advances pursuant to Section 4.04 and
               (B)  recoveries of amounts in respect of which such advances were
               made in the case of Servicing Advances;

                      (iii) to pay to itself or the related  Subservicer (if not
               previously  retained  by such  Subservicer)  out of each  payment
               received  by the Master  Servicer  on account  of  interest  on a
               Mortgage  Loan as  contemplated  by  Sections  3.14 and 3.16,  an
               amount equal to that remaining  portion of any such payment as to
               interest  (but  not  in  excess  of the  Servicing  Fee  and  the
               Subservicing  Fee,  if  not  previously   retained)  which,  when
               deducted,  will result in the  remaining  amount of such interest
               being interest at the Net Mortgage Rate (or Modified Net Mortgage
               Rate in the  case of a  Modified  Mortgage  Loan)  on the  amount
               specified in the  amortization  schedule of the related  Mortgage
               Loan as the  principal  balance  thereof at the  beginning of the
               period  respecting  which such  interest  was paid  after  giving
               effect to any previous Curtailments;

                      (iv) to pay to itself as additional servicing compensation
               any  interest  or  investment  income  earned  on funds and other
               property  deposited in or credited to the Custodial  Account that
               it is entitled to withdraw pursuant to Section 3.07(c);

                      (v) to pay to itself as additional servicing  compensation
               any Foreclosure  Profits, any amounts remitted by Subservicers as
               interest in respect of Curtailments  pursuant to Section 3.08(b),
               and  any  amounts  paid  by a  Mortgagor  in  connection  with  a
               Principal  Prepayment  in Full in  respect  of  interest  for any
               period  during  the  calendar   month  in  which  such  Principal
               Prepayment    in   Full   is   to   be    distributed    to   the
               Certificateholders;

                      (vi)  to  pay  to  itself,   a   Subservicer,   a  Seller,
               Residential Funding, the Company or any other appropriate Person,
               as the  case  may  be,  with  respect  to each  Mortgage  Loan or
               property  acquired in respect  thereof that has been purchased or
               otherwise  transferred pursuant to Section 2.02, 2.03, 2.04, 4.07
               or 9.01,  all amounts  received  thereon  and not  required to be
               distributed to the Certificateholders as of the date on which the
               related Stated Principal Balance or Purchase Price is determined;

                    (vii) to reimburse itself or the related Subservicer for any
               Nonrecoverable  Advance  or  Advances  in the  manner  and to the
               extent provided in subsection (c)


                                              50

<PAGE>



               below,  any Advance made in connection  with a modification  of a
               Mortgage  Loan  that is in  default  or, in the  judgment  of the
               Master Servicer,  default is reasonably  foreseeable  pursuant to
               Section 3.07(a), to the extent the amount of the Advance has been
               added to the outstanding  principal balance of the Mortgage Loan,
               or any Advance  reimbursable to the Master  Servicer  pursuant to
               Section 4.02(a);

                      (viii) to  reimburse  itself or the Company  for  expenses
               incurred by and  reimbursable  to it or the  Company  pursuant to
               Sections 3.01(a),  3.11, 3.13, 3.14(c), 6.03, 10.01 or otherwise,
               or  in  connection  with  enforcing,   in  accordance  with  this
               Agreement,   any  repurchase,   substitution  or  indemnification
               obligation of any Seller (other than an Affiliate of the Company)
               pursuant to the related Seller's Agreement;

                      (ix) to reimburse itself for Servicing  Advances  expended
               by it (a)  pursuant to Section  3.14 in good faith in  connection
               with the restoration of property  damaged by an Uninsured  Cause,
               and (b) in connection  with the liquidation of a Mortgage Loan or
               disposition  of an REO  Property  to  the  extent  not  otherwise
               reimbursed pursuant to clause (ii) or (viii) above; and

                      (x) to  withdraw  any amount  deposited  in the  Custodial
               Account that was not required to be deposited therein pursuant to
               Section 3.07.

        (b) Since,  in  connection  with  withdrawals  pursuant to clauses (ii),
(iii),  (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
collections  or other  recoveries  on the  related  Mortgage  Loan,  the  Master
Servicer  shall keep and maintain  separate  accounting,  on a Mortgage  Loan by
Mortgage  Loan basis,  for the purpose of  justifying  any  withdrawal  from the
Custodial Account pursuant to such clauses.

        (c) The Master  Servicer  shall be entitled to  reimburse  itself or the
related  Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

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

        (a) The Master  Servicer  shall not take, or permit any  Subservicer  to
take, any action which would result in non-coverage under any applicable Primary
Insurance  Policy of any loss which,  but for the actions of the Master Servicer
or Subservicer,  would have been covered  thereunder.  To the extent coverage is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance Policy was in place as of the Cut-off Date and the Company


                                              51

<PAGE>



had knowledge of such Primary  Insurance  Policy.  The Master  Servicer shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

        (b) In connection with its activities as  administrator  and servicer of
the  Mortgage  Loans,  the  Master  Servicer  agrees to  present or to cause the
related  Subservicer  to  present,  on  behalf  of  the  Master  Servicer,   the
Subservicer,  if any, the Trustee and Certificateholders,  claims to the related
Insurer under any Primary Insurance  Policies,  in a timely manner in accordance
with such  policies,  and,  in this  regard,  to take or cause to be taken  such
reasonable  action as shall be  necessary to permit  recovery  under any Primary
Insurance  Policies  respecting  defaulted  Mortgage Loans.  Pursuant to Section
3.07,  any Insurance  Proceeds  collected by or remitted to the Master  Servicer
under  any  Primary  Insurance  Policies  shall be  deposited  in the  Custodial
Account, subject to withdrawal pursuant to Section 3.10.

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

        (a) The Master  Servicer  shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property or property thus


                                              52

<PAGE>



acquired or amounts  released to the  Mortgagor  in  accordance  with the Master
Servicer's  normal  servicing  procedures)  shall be deposited in the  Custodial
Account,  subject to withdrawal  pursuant to Section 3.10.  Any cost incurred by
the Master Servicer in maintaining any such insurance shall not, for the purpose
of calculating monthly distributions to the Certificateholders,  be added to the
amount  owing under the  Mortgage  Loan,  notwithstanding  that the terms of the
Mortgage Loan so permit.  Such costs shall be recoverable by the Master Servicer
out of related late payments by the  Mortgagor or out of Insurance  Proceeds and
Liquidation  Proceeds to the extent  permitted by Section 3.10. It is understood
and agreed that no earthquake or other additional insurance is to be required of
any Mortgagor or  maintained on property  acquired in respect of a Mortgage Loan
other than pursuant to such applicable laws and regulations as shall at any time
be in  force  and as shall  require  such  additional  insurance.  Whenever  the
improvements  securing a  Mortgage  Loan  (other  than a  Cooperative  Loan) are
located  at the  time of  origination  of  such  Mortgage  Loan  in a  federally
designated  special  flood hazard area,  the Master  Servicer  shall cause flood
insurance (to the extent  available) to be maintained in respect  thereof.  Such
flood  insurance  shall be in an amount  equal to the  lesser of (i) the  amount
required to  compensate  for any loss or damage to the  Mortgaged  Property on a
replacement  cost basis and (ii) the maximum amount of such insurance  available
for the related  Mortgaged  Property under the national flood insurance  program
(assuming  that  the  area in  which  such  Mortgaged  Property  is  located  is
participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

        (b) The Master Servicer shall obtain and maintain at its own expense and
keep in full force and effect  throughout  the term of this  Agreement a blanket
fidelity bond and an errors and omissions  insurance  policy covering the Master
Servicer's  officers and  employees  and other  persons  acting on behalf of the
Master  Servicer in connection  with its activities  under this  Agreement.  The
amount  of  coverage  shall be at  least  equal to the  coverage  that  would be
required by Fannie Mae or Freddie Mac, whichever is greater, with respect to the
Master  Servicer if the Master  Servicer were  servicing and  administering  the
Mortgage Loans for Fannie Mae or Freddie Mac. In the event that any such bond or
policy  ceases to be in effect,  the Master  Servicer  shall obtain a comparable
replacement  bond or  policy  from an  issuer  or  insurer,  as the case may be,
meeting the  requirements,  if any, of the Program  Guide and  acceptable to the
Company.  Coverage of the Master  Servicer under a policy or bond obtained by an
Affiliate of the Master  Servicer and  providing  the coverage  required by this
Section 3.12(b) shall satisfy the requirements of this Section 3.12(b).



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<PAGE>



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

        (a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

                      (i) the  Master  Servicer  shall  not be  deemed  to be in
               default  under this Section  3.13(a) by reason of any transfer or
               assumption  which the Master  Servicer is  restricted by law from
               preventing; and

                      (ii)  if  the  Master  Servicer   determines  that  it  is
               reasonably  likely  that  any  Mortgagor  will  bring,  or if any
               Mortgagor  does  bring,   legal  action  to  declare  invalid  or
               otherwise avoid enforcement of a due-on-sale  clause contained in
               any Mortgage Note or Mortgage,  the Master  Servicer shall not be
               required to enforce  the  due-on-sale  clause or to contest  such
               action.

        (b) Subject to the Master  Servicer's  duty to enforce  any  due-on-sale
clause  to the  extent  set  forth in  Section  3.13(a),  in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an  assumption or  modification  agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction  involving  the  assumption  or transfer (A) the Mortgage  Loan will
continue  to be secured by a first  mortgage  lien  pursuant to the terms of the
Mortgage,  (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies,  (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest  rate on the  Mortgage  Loan) will be altered  nor will the term of the
Mortgage  Loan be  changed  and (E) if the  seller/transferor  of the  Mortgaged
Property is to be released from liability on the Mortgage Loan,


                                              54

<PAGE>



such  release will not (based on the Master  Servicer's  or  Subservicer's  good
faith  determination)  adversely affect the collectability of the Mortgage Loan.
Upon receipt of appropriate  instructions from the Master Servicer in accordance
with the foregoing, the Trustee shall execute any necessary instruments for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.

        (c) The Master Servicer or the related Subservicer,  as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property,  the granting of an easement thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

        (d)  Subject  to any  other  applicable  terms  and  conditions  of this
Agreement,  the  Trustee  and Master  Servicer  shall be  entitled to approve an
assignment in lieu of satisfaction  with respect to any Mortgage Loan,  provided
the  obligee  with  respect  to  such  Mortgage  Loan  following  such  proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for  Assignment of Mortgage  Loan" in the form attached  hereto as Exhibit M, in
form and substance  satisfactory to the Trustee and Master  Servicer,  providing
the  following:  (i) that the substance of the assignment is, and is intended to
be, a refinancing  of such  Mortgage;  (ii) that the Mortgage Loan following the
proposed  assignment will have a rate of interest at least 0.25 percent below or
above  the  rate of  interest  on such  Mortgage  Loan  prior  to such  proposed
assignment;  and (iii) that such  assignment  is at the request of the  borrower
under the related  Mortgage  Loan.  Upon  approval of an  assignment  in lieu of
satisfaction  with  respect to any  Mortgage  Loan,  the Master  Servicer  shall
receive cash in an amount equal to the unpaid  principal  balance of and accrued
interest on such Mortgage Loan and the Master  Servicer  shall treat such amount
as a Principal  Prepayment  in Full with respect to such  Mortgage  Loan for all
purposes hereof.

        Section 3.14  Realization Upon Defaulted Mortgage Loans.

        (a) The Master  Servicer shall  foreclose  upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory arrangements can be made for


                                              55

<PAGE>



collection of delinquent  payments  pursuant to Section 3.07. In connection with
such foreclosure or other conversion, the Master Servicer shall, consistent with
Section 3.11, follow such practices and procedures as it shall deem necessary or
advisable,  as shall be  normal  and  usual in its  general  mortgage  servicing
activities and as shall be required or permitted by the Program Guide;  provided
that the Master  Servicer  shall not be liable in any respect  hereunder  if the
Master  Servicer  is acting in  connection  with any such  foreclosure  or other
conversion in a manner that is consistent with the provisions of this Agreement.
The Master Servicer,  however,  shall not be required to expend its own funds or
incur  other  reimbursable  charges  in  connection  with  any  foreclosure,  or
attempted foreclosure which is not completed,  or towards the restoration of any
property unless it shall determine (i) that such restoration  and/or foreclosure
will  increase the proceeds of  liquidation  of the Mortgage  Loan to Holders of
Certificates  of one or more  Classes  after  reimbursement  to itself  for such
expenses or charges and (ii) that such  expenses or charges will be  recoverable
to  it  through  Liquidation  Proceeds,  Insurance  Proceeds,  or  REO  Proceeds
(respecting  which it shall have priority for purposes of  withdrawals  from the
Custodial  Account  pursuant to Section  3.10,  whether or not such expenses and
charges are actually  recoverable from related Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds).  In the event of such a  determination  by the Master
Servicer pursuant to this Section 3.14(a), the Master Servicer shall be entitled
to reimbursement of such amounts pursuant to Section 3.10.

        In addition to the  foregoing,  the Master  Servicer  shall use its best
reasonable  efforts to realize upon any  Additional  Collateral  for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory  arrangements can be made for collection of delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition  thereof or otherwise;  and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner  that would  impair the  ability to recover  against  the  related
Mortgaged  Property,  and (ii) the Master  Servicer  shall  proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional  Collateral  against amounts owed under the defaulted  Mortgage Loan.
Any proceeds realized from such Additional  Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the  Master  Servicer  would  follow in  servicing  loans  held for its own
account,  subject  to the terms  and  conditions  of the  related  Mortgage  and
Mortgage  Note  and to the  terms  and  conditions  of any  security  agreement,
guarantee  agreement,  mortgage or other agreement  governing the disposition of
the proceeds of such Additional  Collateral) shall be deposited in the Custodial
Account,  subject to  withdrawal  pursuant to Section  3.10.  Any other  payment
received by the Master Servicer in respect of such Additional  Collateral  shall
be deposited in the Custodial Account subject to withdrawal  pursuant to Section
3.10.

        For so long as the  Master  Servicer  is the Master  Servicer  under the
Credit  Support  Pledge  Agreement,   the  Master  Servicer  shall  perform  its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition thereof or otherwise; and provided


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further  that (i) the Master  Servicer  shall not proceed  with  respect to such
Pledged  Assets in any manner that would  impair the ability to recover  against
the related Mortgaged Property,  and (ii) the Master Servicer shall proceed with
any REO Acquisition in a manner that preserves the ability to apply the proceeds
of such Pledged Assets against  amounts owed under the defaulted  Mortgage Loan.
Any  proceeds  realized  from such  Pledged  Assets  (other  than  amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the  Master  Servicer  would  follow in  servicing  loans  held for its own
account,  subject  to the terms  and  conditions  of the  related  Mortgage  and
Mortgage  Note  and to the  terms  and  conditions  of any  security  agreement,
guarantee  agreement,  mortgage or other agreement  governing the disposition of
the  proceeds  of such  Pledged  Assets)  shall be  deposited  in the  Custodial
Account,  subject to  withdrawal  pursuant to Section  3.10.  Any other  payment
received  by the Master  Servicer  in respect of such  Pledged  Assets  shall be
deposited in the Custodial  Account  subject to  withdrawal  pursuant to Section
3.10.

        Concurrently  with the  foregoing,  the Master  Servicer  may pursue any
remedies that may be available in connection  with a breach of a  representation
and warranty with respect to any such Mortgage Loan in accordance  with Sections
2.03 and 2.04.  However,  the Master  Servicer  is not  required  to continue to
pursue both foreclosure (or similar remedies) with respect to the Mortgage Loans
and remedies in connection with a breach of a representation and warranty if the
Master Servicer determines in its reasonable  discretion that one such remedy is
more likely to result in a greater  recovery as to the Mortgage  Loan.  Upon the
occurrence of a Cash  Liquidation or REO  Disposition,  following the deposit in
the Custodial Account of all Insurance Proceeds,  Liquidation Proceeds and other
payments and recoveries  referred to in the definition of "Cash  Liquidation" or
"REO  Disposition,"  as  applicable,  upon  receipt  by the  Trustee  of written
notification of such deposit signed by a Servicing  Officer,  the Trustee or any
Custodian,  as the case may be, shall release to the Master Servicer the related
Mortgage  File and the Trustee  shall  execute and deliver such  instruments  of
transfer or  assignment  prepared by the Master  Servicer,  in each case without
recourse,  as shall be necessary to vest in the Master Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund.  Notwithstanding the foregoing or any other
provision of this  Agreement,  in the Master  Servicer's  sole  discretion  with
respect  to any  defaulted  Mortgage  Loan or REO  Property  as to either of the
following provisions, (i) a Cash Liquidation or REO Disposition may be deemed to
have occurred if substantially all amounts expected by the Master Servicer to be
received in connection with the related defaulted  Mortgage Loan or REO Property
have been  received,  and (ii) for  purposes  of  determining  the amount of any
Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any other unscheduled
collections  or the amount of any Realized  Loss,  the Master  Servicer may take
into account minimal amounts of additional  receipts  expected to be received or
any  estimated  additional  liquidation  expenses  expected  to be  incurred  in
connection with the related defaulted Mortgage Loan or REO Property.

        (b) If title to any Mortgaged  Property is acquired by the Trust Fund as
an REO Property by  foreclosure or by deed in lieu of  foreclosure,  the deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an Outstanding


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Mortgage Loan it shall be assumed that,  notwithstanding  that the  indebtedness
evidenced by the related Mortgage Note shall have been discharged, such Mortgage
Note and the  related  amortization  schedule  in effect at the time of any such
acquisition  of title  (after  giving  effect to any previous  Curtailments  and
before any adjustment  thereto by reason of any bankruptcy or similar proceeding
or any moratorium or similar waiver or grace period) remain in effect.

        (c) If the  Trust  Fund  acquires  any  REO  Property  as  aforesaid  or
otherwise in connection  with a default or imminent  default on a Mortgage Loan,
the  Master  Servicer  on behalf of the Trust  Fund  shall  dispose  of such REO
Property as soon as practicable,  giving due  consideration  to the interests of
the  Certificateholders,  but in all cases  within  three full  years  after the
taxable  year of its  acquisition  by the Trust  Fund for  purposes  of  Section
860G(a)(8)  of the  Code (or  such  shorter  period  as may be  necessary  under
applicable  state (including any state in which such property is located) law to
maintain  the  status of any  portion  of any  REMIC  formed  under  the  Series
Supplement as a REMIC under  applicable state law and avoid taxes resulting from
such property failing to be foreclosure property under applicable state law) or,
at the expense of the Trust Fund,  request,  more than 60 days before the day on
which such grace  period  would  otherwise  expire,  an  extension of such grace
period unless the Master Servicer  (subject to Section 10.01(f)) obtains for the
Trustee an Opinion of Counsel, addressed to the Trustee and the Master Servicer,
to the effect that the holding by the Trust Fund of such REO Property subsequent
to such  period  will not  result  in the  imposition  of  taxes on  "prohibited
transactions"  as defined in Section  860F of the Code or cause any REMIC formed
under the Series  Supplement  to fail to qualify as a REMIC (for federal (or any
applicable   State  or  local)  income  tax  purposes)  at  any  time  that  any
Certificates are outstanding,  in which case the Trust Fund may continue to hold
such REO  Property  (subject  to any  conditions  contained  in such  Opinion of
Counsel).  The Master  Servicer  shall be  entitled  to be  reimbursed  from the
Custodial  Account for any costs  incurred in obtaining such Opinion of Counsel,
as  provided  in  Section  3.10.  Notwithstanding  any other  provision  of this
Agreement,  no REO  Property  acquired  by the Trust  Fund  shall be rented  (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or  pursuant  to any terms  that  would (i) cause such REO
Property  to fail to qualify as  "foreclosure  property"  within the  meaning of
Section  860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition
of any  federal  income  taxes on the  income  earned  from  such REO  Property,
including any taxes imposed by reason of Section 860G(c) of the Code, unless the
Master  Servicer has agreed to indemnify  and hold  harmless the Trust Fund with
respect to the imposition of any such taxes.

        (d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property)(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


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<PAGE>



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);  fourth,  to all  Servicing  Fees and  Subservicing  Fees
payable  therefrom (and the Master  Servicer and the  Subservicer  shall have no
claims for any  deficiencies  with  respect to such fees which  result  from the
foregoing allocation); and fifth, to Foreclosure Profits.

        (e) In the event of a default  on a  Mortgage  Loan one or more of whose
obligors is not a United States Person,  in connection  with any  foreclosure or
acquisition  of a deed in  lieu  of  foreclosure  (together,  "foreclosure")  in
respect of such Mortgage Loan, the Master  Servicer will cause  compliance  with
the provisions of Treasury  Regulation Section  1.1445-2(d)(3) (or any successor
thereto)  necessary to assure that no  withholding  tax  obligation  arises with
respect to the proceeds of such foreclosure  except to the extent,  if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.

        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.

        (a) Upon becoming  aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master  Servicer of a notification  that payment in full
will be escrowed in a manner  customary for such purposes,  the Master  Servicer
will  immediately  notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a  certification  of a Servicing  Officer (which  certification
shall  include a  statement  to the effect  that all  amounts  received or to be
received in  connection  with such payment which are required to be deposited in
the  Custodial  Account  pursuant  to  Section  3.07  have  been  or  will be so
deposited),  substantially in one of the forms attached hereto as Exhibit F, or,
in the case of the Custodian,  an electronic request in a form acceptable to the
Custodian,  requesting  delivery to it of the Mortgage File. Within two Business
Days of receipt of such certification and request, the Trustee shall release, or
cause  the  Custodian  to  release,  the  related  Mortgage  File to the  Master
Servicer.  The Master  Servicer  is  authorized  to execute  and  deliver to the
Mortgagor  the  request for  reconveyance,  deed of  reconveyance  or release or
satisfaction of mortgage or such instrument  releasing the lien of the Mortgage,
together  with the  Mortgage  Note with,  as  appropriate,  written  evidence of
cancellation  thereon  and to cause the  removal  from the  registration  on the
MERS(R)  System of such  Mortgage and to execute and  deliver,  on behalf of the
Trustee and the  Certificateholders  or any of them, any and all  instruments of
satisfaction or cancellation or of partial or full release. No expenses incurred
in connection with any instrument of satisfaction or deed of reconveyance  shall
be chargeable to the Custodial Account or the Certificate Account.

        (b) From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee,  a certificate of a Servicing Officer  substantially in one
of the forms attached as Exhibit F hereto, or, in the case of the Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master Servicer no longer exists, unless (i) the Mortgage


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Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

        (c) The Trustee or the Master  Servicer on the  Trustee's  behalf  shall
execute and deliver to the Master Servicer,  if necessary,  any court pleadings,
requests for trustee's sale or other  documents  necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment  against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a  deficiency  judgment,  or to  enforce  any  other  remedies  or rights
provided by the Mortgage  Note or Mortgage or  otherwise  available at law or in
equity.  Together  with such  documents or pleadings (if signed by the Trustee),
the Master  Servicer  shall deliver to the Trustee a certificate  of a Servicing
Officer  requesting  that such pleadings or documents be executed by the Trustee
and  certifying  as to the reason such  documents or pleadings  are required and
that the execution and delivery  thereof by the Trustee will not  invalidate any
insurance  coverage  under  any  Required  Insurance  Policy  or  invalidate  or
otherwise affect the lien of the Mortgage,  except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.

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

        (a) The Master Servicer,  as compensation for its activities  hereunder,
shall be entitled to receive on each  Distribution Date the amounts provided for
by clauses (iii),  (iv), (v) and (vi) of Section 3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

        (b) Additional servicing compensation in the form of prepayment charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

        (c) The Master  Servicer  shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums for the Primary Insurance Policies,  if
any, to the extent such premiums are not required to be paid


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<PAGE>



by the  related  Mortgagors,  and the fees and  expenses  of the Trustee and any
Custodian)  and  shall  not be  entitled  to  reimbursement  therefor  except as
specifically provided in Sections 3.10 and 3.14.

        (d) The Master  Servicer's right to receive  servicing  compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its  responsibilities  and  obligations of the Master Servicer under this
Agreement.

        (e)  Notwithstanding any other provision herein, the amount of servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section  3.10(a)(iii) and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled  pursuant to Section  3.10(a)(iii)  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

        Section 3.17 Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

        Section 3.18  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate Insurer on or before March 31 of each year, beginning with the first
March 31 that occurs at least six months  after the Cut-off  Date,  an Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master  Servicer  has  complied in all  material  respects  with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage Bankers and has fulfilled all of its material  obligations  relating to
this Agreement in all material  respects  throughout such year, or, if there has
been material  noncompliance  with such servicing  standards or a default in the
fulfillment  in all material  respects of any such  obligation  relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each  Subservicer  has  complied  in all  material  respects  with  the  minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage


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Bankers and has fulfilled all of its material obligations under its Subservicing
Agreement in all material  respects  throughout such year, or, if there has been
material  noncompliance  with such servicing  standards or a material default in
the fulfillment of such obligations  relating to this Agreement,  such statement
shall include a description of such  noncompliance or specify each such default,
as the case may be, known to such officer and the nature and status thereof.

        Section 3.19  Annual Independent Public Accountants' Servicing Report.

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

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

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

        Section 3.21  Administration of Buydown Funds.

        (a) With  respect to any Buydown  Mortgage  Loan,  the  Subservicer  has
deposited  Buydown  Funds in an account that  satisfies the  requirements  for a
Subservicing Account (the


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<PAGE>



"Buydown Account").  The Master Servicer shall cause the Subservicing  Agreement
to require that upon receipt from the  Mortgagor of the amount due on a Due Date
for each Buydown  Mortgage Loan, the Subservicer  will withdraw from the Buydown
Account the predetermined amount that, when added to the amount due on such date
from the Mortgagor,  equals the full Monthly Payment and transmit that amount in
accordance with the terms of the  Subservicing  Agreement to the Master Servicer
together  with the  related  payment  made by the  Mortgagor  or advanced by the
Subservicer.

        (b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

        Section 4.01  Certificate Account.

        (a) The Master  Servicer on behalf of the Trustee  shall  establish  and
maintain a Certificate  Account in which the Master  Servicer  shall cause to be
deposited  on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount  equal to the sum of (i) any  Advance for the  immediately  succeeding
Distribution  Date,  (ii) any amount required to be deposited in the Certificate
Account pursuant to Section  3.12(a),  (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount  required to be paid  pursuant to Section 9.01 and (v) all other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

        (b) The Trustee shall,  upon written  request from the Master  Servicer,
invest or cause the institution  maintaining  the Certificate  Account to invest
the funds in the Certificate Account in Permitted Investments  designated in the
name of the  Trustee  for the  benefit of the  Certificateholders,  which  shall
mature or be payable on demand not later than the  Business  Day next  preceding
the  Distribution  Date next following the date of such investment  (except that
(i) any  investment in the  institution  with which the  Certificate  Account is
maintained may mature or be payable on demand


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on such Distribution Date and (ii) any other investment may mature or be payable
on demand on such  Distribution  Date if the Trustee shall advance funds on such
Distribution  Date to the  Certificate  Account  in the  amount  payable on such
investment on such  Distribution  Date,  pending  receipt  thereof to the extent
necessary to make  distributions on the  Certificates)  and shall not be sold or
disposed of prior to maturity.  Subject to Section 3.16(e),  all income and gain
realized  from  any  such  investment  shall be for the  benefit  of the  Master
Servicer and shall be subject to its  withdrawal or order from time to time. The
amount of any  losses  incurred  in  respect  of any such  investments  shall be
deposited in the Certificate Account by the Master Servicer out of its own funds
immediately as realized without any right of reimbursement.

        Section 4.02  Distributions.

        As provided in Section 4.02 of the Series Supplement.

        Section 4.03  Statements to Certificateholders.

        (a)  Concurrently  with each  distribution  charged  to the  Certificate
Account and with respect to each  Distribution  Date the Master  Servicer  shall
forward to the  Trustee  and the Trustee  shall  either  forward by mail or make
available to each Holder and the Company,  via the Trustee's internet website, a
statement  (and  at  its  option,  any  additional  files  containing  the  same
information in an alternative format) setting forth information as to each Class
of Certificates, the Mortgage Pool and, if the Mortgage Pool is comprised of two
or more Loan Groups,  each Loan Group, to the extent applicable.  This statement
will include the information  set forth in an exhibit to the Series  Supplement.
Such exhibit shall set forth the Trustee's  internet  website  address  together
with a phone number. The Trustee shall mail to each Holder that requests a paper
copy by telephone a paper copy via first class mail.  The Trustee may modify the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master Servicer.

        (b) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Certificate, other than a Class R Certificate,
a statement  containing the information set forth in clauses (i) and (ii) of the
exhibit to the Series Supplement  referred to in subsection (a) above aggregated
for such calendar year or applicable  portion  thereof  during which such Person
was a Certificateholder.  Such obligation of the Master Servicer shall be deemed
to have been satisfied to the extent that substantially  comparable  information
shall be provided by the Master  Servicer  pursuant to any  requirements  of the
Code.

        (c) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such Person was the Holder of a


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Class R Certificate.  Such  obligation of the Master Servicer shall be deemed to
have been  satisfied  to the extent that  substantially  comparable  information
shall be provided by the Master  Servicer  pursuant to any  requirements  of the
Code.

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

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

        (a) Prior to the close of business on the Determination Date, the Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

        (b) On or before  2:00 P.M.  New York time on each  Certificate  Account
Deposit Date, the Master  Servicer  shall either (i) deposit in the  Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific Monthly Payments due but delinquent for previous


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Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

        Section 4.05  Allocation of Realized Losses.

        As provided in Section 4.05 of the Series Supplement.

    Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price


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therefor.  If at any time the Master Servicer makes a payment to the Certificate
Account  covering the amount of the Purchase Price for such a Mortgage Loan, and
the  Master  Servicer  provides  to the  Trustee  a  certification  signed  by a
Servicing  Officer stating that the amount of such payment has been deposited in
the Certificate  Account,  then the Trustee shall execute the assignment of such
Mortgage  Loan at the  request of the Master  Servicer  without  recourse to the
Master  Servicer,  which shall  succeed to all the  Trustee's  right,  title and
interest in and to such Mortgage Loan,  and all security and documents  relative
thereto.  Such assignment shall be an assignment  outright and not for security.
The Master Servicer will thereupon own such Mortgage,  and all such security and
documents,   free   of  any   further   obligation   to  the   Trustee   or  the
Certificateholders with respect thereto.

        If,  however  the  Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

        Section 4.08  Surety Bond.

        (a) If a Required Surety Payment is payable  pursuant to the Surety Bond
with respect to any Additional  Collateral  Loan,  the Master  Servicer shall so
notify the  Trustee as soon as  reasonably  practicable  and the  Trustee  shall
promptly  complete the notice in the form of Attachment 1 to the Surety Bond and
shall  promptly  submit  such  notice to the  Surety  as a claim for a  Required
Surety.  The Master Servicer shall upon request assist the Trustee in completing
such  notice and shall  provide  any  information  requested  by the  Trustee in
connection therewith.

        (b) Upon receipt of a Required  Surety Payment from the Surety on behalf
of the Holders of  Certificates,  the Trustee shall deposit such Required Surety
Payment in the  Certificate  Account and shall  distribute  such Required Surety
Payment,  or the proceeds thereof,  in accordance with the provisions of Section
4.02.

        (c) The Trustee shall (i) receive as  attorney-in-fact of each Holder of
a Certificate  any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

                                    ARTICLE V

                                THE CERTIFICATES

        Section 5.01  The Certificates.

        (a) The  Senior,  Class M,  Class B and  Class R  Certificates  shall be
substantially  in the forms set forth in Exhibits  A, B, C and D,  respectively,
and shall,  on original  issue,  be executed and delivered by the Trustee to the
Certificate  Registrar for  authentication  and delivery to or upon the order of
the  Company  upon  receipt  by the  Trustee  or one or more  Custodians  of the
documents  specified in Section 2.01. The Certificates  shall be issuable in the
minimum  denominations  designated  in the  Preliminary  Statement to the Series
Supplement.



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<PAGE>



        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

        (b) Except as provided below,  registration  of Book-Entry  Certificates
may not be transferred by the Trustee except to another  Depository  that agrees
to hold such Certificates for the respective  Certificate  Owners with Ownership
Interests therein.  The Holders of the Book-Entry  Certificates shall hold their
respective  Ownership Interests in and to each of such Certificates  through the
book-entry facilities of the Depository and, except as provided below, shall not
be entitled to Definitive  Certificates in respect of such Ownership  Interests.
All transfers by Certificate Owners of their respective  Ownership  Interests in
the  Book-Entry  Certificates  shall be made in accordance  with the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions


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<PAGE>



taken by the Depository or its nominee, including, without limitation, any delay
in  delivery of such  instructions  and may  conclusively  rely on, and shall be
protected  in relying on, such  instructions.  Upon the  issuance of  Definitive
Certificates  all  references  herein  to  obligations  imposed  upon  or  to be
performed  by the Company in  connection  with the  issuance  of the  Definitive
Certificates  pursuant to this  Section  5.01 shall be deemed to be imposed upon
and  performed by the  Trustee,  and the Trustee and the Master  Servicer  shall
recognize  the  Holders of the  Definitive  Certificates  as  Certificateholders
hereunder.

        (c) From time to time Residential  Funding, as the initial Holder of the
Class A-V  Certificates,  may exchange such Holder's Class A-V  Certificates for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

        Section 5.02  Registration of Transfer and Exchange of Certificates.

        (a) The Trustee shall cause to be kept at one of the offices or agencies
to be appointed by the Trustee in accordance with the provisions of Section 8.12
a Certificate  Register in which,  subject to such reasonable  regulations as it
may prescribe,  the Trustee shall provide for the  registration  of Certificates
and of transfers and exchanges of Certificates as herein  provided.  The Trustee
is initially  appointed  Certificate  Registrar  for the purpose of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

        (b) Upon surrender for  registration  of transfer of any  Certificate at
any office or agency of the  Trustee  maintained  for such  purpose  pursuant to
Section  8.12 and,  in the case of any Class M, Class B or Class R  Certificate,
upon satisfaction of the conditions set forth below, the Trustee shall


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<PAGE>



execute and the Certificate  Registrar shall  authenticate  and deliver,  in the
name of the designated  transferee or transferees,  one or more new Certificates
of a like Class (or Subclass) and aggregate Percentage Interest.

        (c)  At  the  option  of  the  Certificateholders,  Certificates  may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest,  upon surrender of the Certificates
to be exchanged at any such office or agency.  Whenever any  Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

        (d) No  transfer,  sale,  pledge  or  other  disposition  of a  Class  B
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that a  transfer  of a Class B
Certificate  is to be made  either  (i)(A) the Trustee  shall  require a written
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable  exemption and the basis  therefor,  from said Act and
laws or is being made  pursuant to said Act and laws,  which  Opinion of Counsel
shall not be an  expense of the  Trustee,  the  Company  or the Master  Servicer
(except that, if such transfer is made by the Company or the Master  Servicer or
any Affiliate  thereof,  the Company or the Master  Servicer  shall provide such
Opinion of Counsel at their own expense);  provided that such Opinion of Counsel
will not be  required  in  connection  with  the  initial  transfer  of any such
Certificate  by the  Company  or any  Affiliate  thereof  to the  Company  or an
Affiliate of the Company and (B) the Trustee  shall  require the  transferee  to
execute a representation letter,  substantially in the form of Exhibit H hereto,
and the Trustee shall require the transferor to execute a representation letter,
substantially  in the form of Exhibit I hereto,  each  acceptable to and in form
and  substance  satisfactory  to the Company and the Trustee  certifying  to the
Company  and  the   Trustee  the  facts   surrounding   such   transfer,   which
representation  letters  shall not be an expense of the Trustee,  the Company or
the Master Servicer;  provided,  however, that such representation  letters will
not be required in connection  with any transfer of any such  Certificate by the
Company or any Affiliate  thereof to the Company or an Affiliate of the Company,
and the Trustee  shall be entitled to  conclusively  rely upon a  representation
(which, upon the request of the Trustee, shall be a written representation) from
the Company,  of the status of such transferee as an Affiliate of the Company or
(ii) the  prospective  transferee  of such a  Certificate  shall be  required to
provide the  Trustee,  the Company and the Master  Servicer  with an  investment
letter  substantially  in the form of Exhibit J  attached  hereto (or such other
form as the Company in its sole discretion deems  acceptable),  which investment
letter  shall not be an  expense  of the  Trustee,  the  Company  or the  Master
Servicer,  and which  investment  letter states that,  among other things,  such
transferee (A) is a "qualified  institutional buyer" as defined under Rule 144A,
acting for its own  account or the  accounts of other  "qualified  institutional
buyers"  as  defined  under  Rule  144A,  and (B) is  aware  that  the  proposed
transferor intends to rely on the exemption from registration requirements under
the Securities Act of 1933, as amended, provided by Rule 144A. The Holder of any
such  Certificate  desiring to effect any such transfer,  sale,  pledge or other
disposition


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<PAGE>



shall, and does hereby agree to, indemnify the Trustee,  the Company, the Master
Servicer and the Certificate  Registrar against any liability that may result if
the transfer,  sale, pledge or other disposition is not so exempt or is not made
in accordance with such federal and state laws.

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

                      (ii)  Any  Transferee  of a  Class M  Certificate  will be
               deemed to have  represented  by virtue of its purchase or holding
               of such  Certificate  (or interest  therein) that either (a) such
               Transferee  is not a Plan  Investor,  (b) it has  acquired and is
               holding such  Certificate  in reliance on Prohibited  Transaction
               Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as
               amended by PTE 97-34, 62 Fed. Reg. 39021 (July 21, 1997), and PTE
               2000-58,  65 Fed.  Reg.  67765  (November  13,  2000)  (the  "RFC
               Exemption"),  and that it  understands  that  there  are  certain
               conditions to the  availability  of the RFC  Exemption  including
               that such Certificate must be rated, at the time of purchase, not
               lower than "BBB-" (or its equivalent) by Standard & Poor's, Fitch
               or  Moody's  or (c)  such  Transferee  is a  Complying  Insurance
               Company.

                      (iii)  (A) If any  Class M  Certificate  (or any  interest
               therein)  is acquired or held by any Person that does not satisfy
               the conditions  described in paragraph (ii) above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a


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<PAGE>



               Complying  Insurance  Company  shall be  restored,  to the extent
               permitted by law, to all rights and  obligations  as  Certificate
               Owner  thereof  retroactive  to the date of such Transfer of such
               Class M  Certificate.  The Trustee shall be under no liability to
               any Person for making any  payments  due on such  Certificate  to
               such preceding Transferee.

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

        (f) (i) Each Person who has or who acquires any Ownership  Interest in a
Class R Certificate  shall be deemed by the  acceptance or  acquisition  of such
Ownership Interest to have agreed to be bound by the following provisions and to
have  irrevocably  authorized the Trustee or its designee under clause  (iii)(A)
below to deliver  payments to a Person  other than such Person and to  negotiate
the terms of any mandatory  sale under clause  (iii)(B) below and to execute all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

                             (A) Each Person  holding or acquiring any Ownership
                      Interest  in a Class R  Certificate  shall be a  Permitted
                      Transferee  and shall  promptly  notify the Trustee of any
                      change or  impending  change in its status as a  Permitted
                      Transferee.

                             (B) In connection with any proposed Transfer of any
                      Ownership  Interest in a Class R Certificate,  the Trustee
                      shall  require  delivery to it, and shall not register the
                      Transfer of any Class R Certificate  until its receipt of,
                      (I) an affidavit and agreement (a "Transfer  Affidavit and
                      Agreement,"  in the form  attached  hereto as Exhibit G-1)
                      from  the  proposed  Transferee,  in  form  and  substance
                      satisfactory  to the  Master  Servicer,  representing  and
                      warranting,  among  other  things,  that it is a Permitted
                      Transferee,   that  it  is  not  acquiring  its  Ownership
                      Interest in the Class R Certificate that is the subject of
                      the proposed  Transfer as a nominee,  trustee or agent for
                      any Person who is not a Permitted Transferee,  that for so
                      long as it retains  its  Ownership  Interest  in a Class R
                      Certificate,  it  will  endeavor  to  remain  a  Permitted
                      Transferee,  and that it has  reviewed the  provisions  of
                      this Section  5.02(f) and agrees to be bound by them,  and
                      (II) a certificate, in the form attached hereto as Exhibit
                      G-2,  from the  Holder  wishing  to  transfer  the Class R
                      Certificate,  in form and  substance  satisfactory  to the
                      Master Servicer,  representing and warranting, among other
                      things,  that no purpose of the  proposed  Transfer  is to
                      impede the assessment or collection of tax.



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<PAGE>



                             (C)  Notwithstanding  the  delivery  of a  Transfer
                      Affidavit  and  Agreement by a proposed  Transferee  under
                      clause (B) above, if a Responsible  Officer of the Trustee
                      who is assigned  to this  Agreement  has actual  knowledge
                      that  the   proposed   Transferee   is  not  a   Permitted
                      Transferee,  no  Transfer  of an  Ownership  Interest in a
                      Class R Certificate to such proposed  Transferee  shall be
                      effected.

                             (D) Each Person  holding or acquiring any Ownership
                      Interest  in a  Class R  Certificate  shall  agree  (x) to
                      require a Transfer  Affidavit and Agreement from any other
                      Person  to whom  such  Person  attempts  to  transfer  its
                      Ownership Interest in a Class R Certificate and (y) not to
                      transfer  its  Ownership  Interest  unless it  provides  a
                      certificate to the Trustee in the form attached  hereto as
                      Exhibit G-2.

                             (E) Each Person  holding or  acquiring an Ownership
                      Interest  in a  Class  R  Certificate,  by  purchasing  an
                      Ownership Interest in such Certificate, agrees to give the
                      Trustee written notice that it is a "pass-through interest
                      holder"   within  the   meaning  of   Temporary   Treasury
                      Regulations Section  1.67-3T(a)(2)(i)(A)  immediately upon
                      acquiring an Ownership  Interest in a Class R Certificate,
                      if it is, or is holding an Ownership Interest in a Class R
                      Certificate  on  behalf  of,  a   "pass-through   interest
                      holder."

                      (ii) The Trustee will register the Transfer of any Class R
               Certificate only if it shall have received the Transfer Affidavit
               and  Agreement,  a  certificate  of the  Holder  requesting  such
               transfer  in the form  attached  hereto as Exhibit G-2 and all of
               such other  documents as shall have been  reasonably  required by
               the Trustee as a condition to such registration. Transfers of the
               Class  R   Certificates   to   Non-United   States   Persons  and
               Disqualified  Organizations (as defined in Section  860E(e)(5) of
               the Code) are prohibited.

                      (iii) (A) If any Disqualified  Organization shall become a
               holder  of  a  Class  R  Certificate,  then  the  last  preceding
               Permitted  Transferee shall be restored,  to the extent permitted
               by  law,  to  all  rights  and   obligations  as  Holder  thereof
               retroactive to the date of  registration of such Transfer of such
               Class R Certificate. If a Non-United States Person shall become a
               holder of a Class R Certificate,  then the last preceding  United
               States Person shall be restored,  to the extent permitted by law,
               to all rights and  obligations as Holder  thereof  retroactive to
               the  date of  registration  of  such  Transfer  of  such  Class R
               Certificate.   If  a  transfer  of  a  Class  R  Certificate   is
               disregarded  pursuant to the  provisions of Treasury  Regulations
               Section  1.860E-1 or Section  1.860G-3,  then the last  preceding
               Permitted  Transferee shall be restored,  to the extent permitted
               by  law,  to  all  rights  and   obligations  as  Holder  thereof
               retroactive to the date of  registration of such Transfer of such
               Class R  Certificate.  The Trustee shall be under no liability to
               any  Person  for  any  registration  of  Transfer  of a  Class  R
               Certificate that is in fact not permitted by this Section 5.02(f)
               or for making any payments due on such  Certificate to the holder
               thereof  or for  taking  any other  action  with  respect to such
               holder under the provisions of this Agreement.


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<PAGE>




                             (B) If any  purported  Transferee  shall  become  a
                      Holder  of a  Class  R  Certificate  in  violation  of the
                      restrictions  in this  Section  5.02(f)  and to the extent
                      that the  retroactive  restoration  of the  rights  of the
                      Holder of such Class R Certificate  as described in clause
                      (iii)(A) above shall be invalid, illegal or unenforceable,
                      then the Master  Servicer  shall  have the right,  without
                      notice to the  holder or any prior  holder of such Class R
                      Certificate,  to  sell  such  Class  R  Certificate  to  a
                      purchaser selected by the Master Servicer on such terms as
                      the Master Servicer may choose. Such purported  Transferee
                      shall   promptly   endorse  and   deliver   each  Class  R
                      Certificate  in accordance  with the  instructions  of the
                      Master Servicer. Such purchaser may be the Master Servicer
                      itself  or any  Affiliate  of  the  Master  Servicer.  The
                      proceeds of such sale, net of the  commissions  (which may
                      include  commissions payable to the Master Servicer or its
                      Affiliates),  expenses  and  taxes  due,  if any,  will be
                      remitted  by  the  Master   Servicer  to  such   purported
                      Transferee.  The terms and  conditions  of any sale  under
                      this  clause  (iii)(B)  shall  be  determined  in the sole
                      discretion of the Master Servicer, and the Master Servicer
                      shall  not be  liable to any  Person  having an  Ownership
                      Interest  in a  Class R  Certificate  as a  result  of its
                      exercise of such discretion.

                      (iv) The Master Servicer, on behalf of the Trustee,  shall
               make  available,  upon  written  request  from the  Trustee,  all
               information  necessary to compute any tax imposed (A) as a result
               of the Transfer of an Ownership Interest in a Class R Certificate
               to any Person who is a Disqualified  Organization,  including the
               information   regarding  "excess  inclusions"  of  such  Class  R
               Certificates  required  to be provided  to the  Internal  Revenue
               Service and certain Persons as described in Treasury  Regulations
               Sections  1.860D-1(b)(5) and 1.860E-2(a)(5),  and (B) as a result
               of any  regulated  investment  company,  real  estate  investment
               trust,   common  trust  fund,   partnership,   trust,  estate  or
               organization  described in Section 1381 of the Code that holds an
               Ownership  Interest in a Class R Certificate  having as among its
               record  holders  at any time  any  Person  who is a  Disqualified
               Organization.   Reasonable   compensation   for  providing   such
               information  may be  required  by the Master  Servicer  from such
               Person.

                      (v) The provisions of this Section 5.02(f) set forth prior
               to this  clause  (v) may be  modified,  added  to or  eliminated,
               provided that there shall have been  delivered to the Trustee the
               following:

                             (A) written notification from each Rating Agency to
                      the  effect   that  the   modification,   addition  to  or
                      elimination of such  provisions will not cause such Rating
                      Agency to downgrade its then-current  ratings,  if any, of
                      any Class of the Senior,  Class M or Class B  Certificates
                      below the lower of the  then-current  rating or the rating
                      assigned to such  Certificates  as of the Closing  Date by
                      such Rating Agency; and



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                             (B)  subject  to  Section  10.01(f),  an  Officers'
                      Certificate of the Master Servicer stating that the Master
                      Servicer has  received an Opinion of Counsel,  in form and
                      substance  satisfactory  to the  Master  Servicer,  to the
                      effect that such  modification,  addition to or absence of
                      such  provisions  will not cause any  portion of any REMIC
                      formed under the Series  Supplement to cease to qualify as
                      a REMIC and will not cause  (x) any  portion  of any REMIC
                      formed  under the  Series  Supplement  to be subject to an
                      entity-level  tax  caused by the  Transfer  of any Class R
                      Certificate   to  a   Person   that   is  a   Disqualified
                      Organization or (y) a Certificateholder  or another Person
                      to  be  subject  to a  REMIC-related  tax  caused  by  the
                      Transfer of a Class R Certificate  to a Person that is not
                      a Permitted Transferee.

        (g) No service  charge  shall be made for any  transfer  or  exchange of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

     (h) All  Certificates  surrendered  for  transfer  and  exchange  shall  be
destroyed by the Certificate Registrar.

        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

        Section 5.04  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the


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<PAGE>



Company,  the Master  Servicer,  the  Trustee,  any  Certificate  Insurer or the
Certificate  Registrar  shall be  affected by notice to the  contrary  except as
provided in Section 5.02(f).

        Section 5.05  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.



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                                          ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

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

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

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

        (a) The  Company and the Master  Servicer  will each keep in full effect
its  existence,  rights and  franchises as a  corporation  under the laws of the
state of its incorporation,  and will each obtain and preserve its qualification
to do  business  as a foreign  corporation  in each  jurisdiction  in which such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

        (b) Any Person  into which the  Company  or the Master  Servicer  may be
merged  or  consolidated,  or any  corporation  resulting  from  any  merger  or
consolidation  to which the Company or the Master  Servicer shall be a party, or
any Person  succeeding  to the  business of the Company or the Master  Servicer,
shall be the  successor of the Company or the Master  Servicer,  as the case may
be,  hereunder,  without the execution or filing of any paper or any further act
on the  part of any of the  parties  hereto,  anything  herein  to the  contrary
notwithstanding;  provided,  however,  that the successor or surviving Person to
the Master  Servicer  shall be qualified to service  mortgage loans on behalf of
Fannie Mae or Freddie  Mac;  and  provided  further  that each  Rating  Agency's
ratings,  if any,  of the  Senior,  Class M or Class B  Certificates  in  effect
immediately prior to such merger or consolidation will not be qualified, reduced
or withdrawn as a result  thereof (as  evidenced by a letter to such effect from
each Rating Agency).

        (c) Notwithstanding  anything else in this Section 6.02 and Section 6.04
to the  contrary,  the Master  Servicer  may assign its rights and  delegate its
duties and obligations under this Agreement;  provided that the Person accepting
such  assignment or  delegation  shall be a Person which is qualified to service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's


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rating of the Classes of Certificates that have been rated in effect immediately
prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

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

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.



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        Section 6.04  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

                                   ARTICLE VII

                                     DEFAULT

        Section 7.01  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

                      (i) the Master  Servicer shall fail to distribute or cause
               to be distributed to the Holders of Certificates of any Class any
               distribution   required  to  be  made  under  the  terms  of  the
               Certificates  of such  Class and this  Agreement  and,  in either
               case,  such failure shall  continue  unremedied for a period of 5
               days after the date upon which  written  notice of such  failure,
               requiring  such failure to be remedied,  shall have been given to
               the  Master  Servicer  by the  Trustee  or the  Company or to the
               Master  Servicer,  the  Company and the Trustee by the Holders of
               Certificates  of  such  Class  evidencing   Percentage  Interests
               aggregating not less than 25%; or

                      (ii) the Master  Servicer shall fail to observe or perform
               in any material  respect any other of the covenants or agreements
               on the part of the Master Servicer  contained in the Certificates
               of any Class or in this Agreement and such failure shall continue
               unremedied  for a period of 30 days  (except  that such number of
               days shall be 15 in the case of a failure to pay the  premium for
               any Required  Insurance  Policy)  after the date on which written
               notice of such failure,  requiring the same to be remedied, shall
               have been  given to the  Master  Servicer  by the  Trustee or the
               Company,  or to the Master Servicer,  the Company and the Trustee
               by the Holders of  Certificates of any Class  evidencing,  in the
               case of any such Class, Percentage Interests aggregating not less
               than 25%; or

                      (iii)  a  decree   or  order  of  a  court  or  agency  or
               supervisory  authority having  jurisdiction in the premises in an
               involuntary  case under any  present  or future  federal or state
               bankruptcy, insolvency or similar law or appointing a conservator
               or receiver or  liquidator  in any  insolvency,  readjustment  of
               debt,   marshalling   of  assets  and   liabilities   or  similar
               proceedings, or for the winding-up or liquidation of its affairs,


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

                      (iv) the Master  Servicer shall consent to the appointment
               of a conservator  or receiver or  liquidator  in any  insolvency,
               readjustment of debt,  marshalling of assets and liabilities,  or
               similar  proceedings  of, or relating to, the Master  Servicer or
               of, or relating to, all or  substantially  all of the property of
               the Master Servicer; or

                      (v)  the  Master  Servicer  shall  admit  in  writing  its
               inability to pay its debts  generally as they become due,  file a
               petition  to take  advantage  of, or  commence a  voluntary  case
               under, any applicable insolvency or reorganization  statute, make
               an assignment  for the benefit of its  creditors,  or voluntarily
               suspend payment of its obligations; or

                      (vi) the Master Servicer shall notify the Trustee pursuant
               to  Section   4.04(b)  that  it  is  unable  to  deposit  in  the
               Certificate Account an amount equal to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.



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<PAGE>



        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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

        (a) On and  after  the time the  Master  Servicer  receives  a notice of
termination pursuant to Section 7.01 or resigns in accordance with Section 6.04,
the Trustee or, upon notice to the Company and with the Company's consent (which
shall not be  unreasonably  withheld) a designee  (which meets the standards set
forth  below) of the  Trustee,  shall be the  successor  in all  respects to the
Master  Servicer  in its  capacity  as  servicer  under this  Agreement  and the
transactions  set forth or  provided  for herein and shall be subject to all the
responsibilities,  duties and liabilities  relating thereto placed on the Master
Servicer (except for the  responsibilities,  duties and liabilities contained in
Sections 2.02 and 2.03(a),  excluding the duty to notify related Subservicers or
Sellers as set forth in such Sections, and its obligations to deposit amounts in
respect of losses incurred prior to such notice or termination on the investment
of funds  in the  Custodial  Account  or the  Certificate  Account  pursuant  to
Sections  3.07(c) and  4.01(b) by the terms and  provisions  hereof);  provided,
however,  that any failure to perform such duties or responsibilities  caused by
the  preceding  Master  Servicer's  failure to provide  information  required by
Section  4.04 shall not be  considered  a default by the Trustee  hereunder.  As
compensation  therefor,  the Trustee shall be entitled to all funds  relating to
the Mortgage Loans which the Master  Servicer would have been entitled to charge
to the Custodial  Account or the Certificate  Account if the Master Servicer had
continued to act  hereunder  and, in  addition,  shall be entitled to the income
from any Permitted  Investments  made with amounts  attributable to the Mortgage
Loans held in the Custodial Account or the Certificate  Account.  If the Trustee
has become the successor to the Master  Servicer in accordance with Section 6.04
or Section 7.01, then notwithstanding the above, the Trustee may, if it shall be
unwilling to so act, or shall, if it is unable to so act, appoint, or petition a
court of competent  jurisdiction to appoint,  any  established  housing and home
finance  institution,  which  is  also a  Fannie  Mae- or  Freddie  Mac-approved
mortgage servicing institution,  having a net worth of not less than $10,000,000
as the successor to the Master  Servicer  hereunder in the  assumption of all or
any part of the  responsibilities,  duties or liabilities of the Master Servicer
hereunder.  Pending appointment of a successor to the Master Servicer hereunder,
the Trustee shall become  successor to the Master Servicer and shall act in such
capacity as  hereinabove  provided.  In  connection  with such  appointment  and
assumption,  the Trustee may make such arrangements for the compensation of such
successor  out of  payments  on Mortgage  Loans as it and such  successor  shall
agree;  provided,  however, that no such compensation shall be in excess of that
permitted the initial Master Servicer hereunder.  The Company,  the Trustee, the
Custodian  and such  successor  shall  take such  action,  consistent  with this
Agreement,  as  shall be  necessary  to  effectuate  any  such  succession.  The
Servicing  Fee for any  successor  Master  Servicer  appointed  pursuant to this
Section 7.02 will be lowered with respect to those Mortgage Loans, if any, where
the Subservicing Fee accrues at a rate of less than 0.20% per annum in the event
that the


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<PAGE>



successor  Master  Servicer is not servicing such Mortgage Loans directly and it
is necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum
in order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

        Section 7.03  Notification to Certificateholders.

        (a) Upon any such  termination  or  appointment  of a  successor  to the
Master  Servicer,  the Trustee shall give prompt  written  notice thereof to the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

        (b) Within 60 days after the  occurrence  of any Event of  Default,  the
Trustee  shall  transmit by mail to all Holders of  Certificates  notice of each
such Event of  Default  hereunder  known to the  Trustee,  unless  such Event of
Default shall have been cured or waived.

        Section 7.04  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.


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                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

        Section 8.01  Duties of Trustee.

        (a) The  Trustee,  prior to the  occurrence  of an Event of Default  and
after the  curing or waiver of all Events of  Default  which may have  occurred,
undertakes to perform such duties and only such duties as are  specifically  set
forth in this Agreement. In case an Event of Default has occurred (which has not
been cured or waived),  the Trustee shall exercise such of the rights and powers
vested  in it by this  Agreement,  and use the same  degree of care and skill in
their  exercise  as  a  prudent   investor  would  exercise  or  use  under  the
circumstances in the conduct of such investor's own affairs.

        (b)  The  Trustee,  upon  receipt  of  all  resolutions,   certificates,
statements,  opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically  required to be furnished  pursuant to any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

        (c) No  provision  of this  Agreement  shall be construed to relieve the
Trustee from liability for its own negligent  action,  its own negligent failure
to act or its own willful misconduct; provided, however, that:

                      (i) Prior to the  occurrence  of an Event of Default,  and
               after the curing or waiver of all such  Events of  Default  which
               may have  occurred,  the duties and  obligations  of the  Trustee
               shall be  determined  solely by the  express  provisions  of this
               Agreement,  the  Trustee  shall  not be  liable  except  for  the
               performance of such duties and  obligations  as are  specifically
               set forth in this Agreement,  no implied covenants or obligations
               shall be read into this Agreement against the Trustee and, in the
               absence of bad faith on the part of the Trustee,  the Trustee may
               conclusively  rely,  as to the  truth of the  statements  and the
               correctness  of  the  opinions   expressed   therein,   upon  any
               certificates or opinions  furnished to the Trustee by the Company
               or the


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<PAGE>



               Master  Servicer and which on their face, do not  contradict  the
               requirements of this Agreement;

                      (ii) The  Trustee  shall not be  personally  liable for an
               error of judgment made in good faith by a Responsible  Officer or
               Responsible  Officers of the  Trustee,  unless it shall be proved
               that the Trustee was  negligent  in  ascertaining  the  pertinent
               facts;

                      (iii) The  Trustee  shall not be  personally  liable  with
               respect to any action  taken,  suffered or omitted to be taken by
               it  in  good  faith  in   accordance   with  the   direction   of
               Certificateholders   of  any  Class  holding  Certificates  which
               evidence, as to such Class,  Percentage Interests aggregating not
               less than 25% as to the time,  method and place of conducting any
               proceeding for any remedy available to the Trustee, or exercising
               any  trust  or  power  conferred  upon the  Trustee,  under  this
               Agreement;

                      (iv) The Trustee  shall not be charged  with  knowledge of
               any  default  (other  than a default in  payment to the  Trustee)
               specified  in clauses (i) and (ii) of Section 7.01 or an Event of
               Default under clauses (iii),  (iv) and (v) of Section 7.01 unless
               a Responsible  Officer of the Trustee  assigned to and working in
               the  Corporate  Trust  Office  obtains  actual  knowledge of such
               failure or event or the Trustee  receives  written notice of such
               failure or event at its  Corporate  Trust  Office from the Master
               Servicer, the Company or any Certificateholder; and

                      (v) Except to the extent  provided  in  Section  7.02,  no
               provision in this  Agreement  shall require the Trustee to expend
               or risk its own funds (including,  without limitation, the making
               of  any  Advance)  or  otherwise  incur  any  personal  financial
               liability  in the  performance  of any of its  duties as  Trustee
               hereunder,  or in the exercise of any of its rights or powers, if
               the Trustee  shall have  reasonable  grounds for  believing  that
               repayment  of funds or adequate  indemnity  against  such risk or
               liability is not reasonably assured to it.

        (d) The Trustee shall timely pay, from its own funds,  the amount of any
and all federal,  state and local taxes  imposed on the Trust Fund or its assets
or transactions  including,  without  limitation,  (A) "prohibited  transaction"
penalty  taxes as defined in Section 860F of the Code,  if, when and as the same
shall be due and  payable,  (B) any tax on  contributions  to a REMIC  after the
Closing  Date  imposed  by  Section  860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such  taxes  arise out of a breach  by the  Trustee  of its  obligations
hereunder,  which breach  constitutes  negligence  or willful  misconduct of the
Trustee.

        Section 8.02  Certain Matters Affecting the Trustee.

        (a)    Except as otherwise provided in Section 8.01:



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                      (i) The Trustee may rely and shall be  protected in acting
               or  refraining  from  acting  upon  any   resolution,   Officers'
               Certificate,  certificate  of auditors or any other  certificate,
               statement, instrument, opinion, report, notice, request, consent,
               order, appraisal,  bond or other paper or document believed by it
               to be genuine and to have been signed or  presented by the proper
               party or parties;

                      (ii) The Trustee may consult  with counsel and any Opinion
               of  Counsel  shall  be  full  and  complete   authorization   and
               protection  in respect of any action taken or suffered or omitted
               by it hereunder in good faith and in accordance with such Opinion
               of Counsel;

                      (iii) The Trustee shall be under no obligation to exercise
               any of the trusts or powers vested in it by this  Agreement or to
               institute,  conduct  or defend  any  litigation  hereunder  or in
               relation hereto at the request,  order or direction of any of the
               Certificateholders, pursuant to the provisions of this Agreement,
               unless such Certificateholders  shall have offered to the Trustee
               reasonable security or indemnity against the costs,  expenses and
               liabilities  which may be incurred  therein or  thereby;  nothing
               contained  herein  shall,  however,  relieve  the  Trustee of the
               obligation, upon the occurrence of an Event of Default (which has
               not been cured or  waived),  to  exercise  such of the rights and
               powers vested in it by this Agreement, and to use the same degree
               of care and skill in their  exercise as a prudent  investor would
               exercise  or use under the  circumstances  in the conduct of such
               investor's own affairs;

                      (iv) The Trustee  shall not be  personally  liable for any
               action  taken,  suffered  or  omitted  by it in  good  faith  and
               believed  by it to be  authorized  or within  the  discretion  or
               rights or powers conferred upon it by this Agreement;

                      (v)  Prior  to  the  occurrence  of an  Event  of  Default
               hereunder and after the curing or waiver of all Events of Default
               which may have  occurred,  the Trustee shall not be bound to make
               any  investigation  into  the  facts  or  matters  stated  in any
               resolution,  certificate, statement, instrument, opinion, report,
               notice, request, consent, order, approval, bond or other paper or
               document,  unless  requested  in  writing  so to do by Holders of
               Certificates  of  any  Class   evidencing,   as  to  such  Class,
               Percentage  Interests,  aggregating not less than 50%;  provided,
               however,  that if the  payment  within a  reasonable  time to the
               Trustee  of the  costs,  expenses  or  liabilities  likely  to be
               incurred  by it in the  making of such  investigation  is, in the
               opinion of the Trustee,  not reasonably assured to the Trustee by
               the security  afforded to it by the terms of this Agreement,  the
               Trustee may require reasonable  indemnity against such expense or
               liability as a condition to so proceeding. The reasonable expense
               of every such  examination  shall be paid by the Master Servicer,
               if an Event of Default shall have occurred and is continuing, and
               otherwise by the Certificateholder requesting the investigation;

                      (vi) The  Trustee  may execute any of the trusts or powers
               hereunder or perform any duties  hereunder  either directly or by
               or through agents or attorneys; and



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<PAGE>



                      (vii)  To the  extent  authorized  under  the Code and the
               regulations  promulgated  thereunder,  each  Holder  of a Class R
               Certificate  hereby  irrevocably   appoints  and  authorizes  the
               Trustee to be its  attorney-in-fact  for  purposes of signing any
               Tax Returns required to be filed on behalf of the Trust Fund. The
               Trustee shall sign on behalf of the Trust Fund and deliver to the
               Master Servicer in a timely manner any Tax Returns prepared by or
               on behalf of the Master  Servicer that the Trustee is required to
               sign as determined by the Master Servicer  pursuant to applicable
               federal,  state or  local  tax  laws,  provided  that the  Master
               Servicer  shall  indemnify  the  Trustee for signing any such Tax
               Returns that contain errors or omissions.

        (b)  Following the issuance of the  Certificates,  the Trustee shall not
accept any  contribution  of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect  that such  contribution  will not (i) cause any portion of any REMIC
formed  under the  Series  Supplement  to fail to qualify as a REMIC at any time
that any Certificates are outstanding or (ii) cause the Trust Fund to be subject
to any federal tax as a result of such contribution (including the imposition of
any federal tax on "prohibited  transactions"  imposed under Section  860F(a) of
the Code).

        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

        Section 8.04  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

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

        (a) The Master  Servicer  covenants and agrees to pay to the Trustee and
any co-trustee  from time to time,  and the Trustee and any co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and


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<PAGE>



any  co-trustee,  and the Master  Servicer will pay or reimburse the Trustee and
any  co-trustee  upon request for all  reasonable  expenses,  disbursements  and
advances  incurred or made by the Trustee or any  co-trustee in accordance  with
any of the provisions of this Agreement  (including the reasonable  compensation
and the  expenses  and  disbursements  of its  counsel  and of all  persons  not
regularly  in its  employ,  and the  expenses  incurred  by the  Trustee  or any
co-trustee in connection with the appointment of an office or agency pursuant to
Section 8.12) except any such expense, disbursement or advance as may arise from
its negligence or bad faith.

        (b) The Master Servicer agrees to indemnify the Trustee for, and to hold
the Trustee harmless  against,  any loss,  liability or expense incurred without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

                      (i) with respect to any such claim, the Trustee shall have
               given the Master Servicer  written notice thereof  promptly after
               the Trustee shall have actual knowledge thereof;

                      (ii) while maintaining  control over its own defense,  the
               Trustee  shall  cooperate  and  consult  fully  with  the  Master
               Servicer in preparing such defense; and

                      (iii)  notwithstanding  anything in this  Agreement to the
               contrary,  the Master Servicer shall not be liable for settlement
               of any  claim by the  Trustee  entered  into  without  the  prior
               consent  of  the  Master  Servicer  which  consent  shall  not be
               unreasonably withheld.

        No termination of this Agreement shall affect the obligations created by
this Section  8.05(b) of the Master  Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

        Section 8.06  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined


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capital  and  surplus as set forth in its most  recent  report of  condition  so
published.  In case at any time  the  Trustee  shall  cease  to be  eligible  in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

        Section 8.07 Resignation and Removal of the Trustee.

        (a) The Trustee may at any time resign and be discharged from the trusts
hereby created by giving  written notice thereof to the Company.  Upon receiving
such notice of  resignation,  the  Company  shall  promptly  appoint a successor
trustee by written instrument,  in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee.  If
no successor trustee shall have been so appointed and have accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

        (b) If at any time the Trustee  shall cease to be eligible in accordance
with the  provisions  of  Section  8.06 and shall fail to resign  after  written
request  therefor by the  Company,  or if at any time the Trustee  shall  become
incapable of acting, or shall be adjudged  bankrupt or insolvent,  or a receiver
of the Trustee or of its  property  shall be  appointed,  or any public  officer
shall take  charge or control of the  Trustee or of its  property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a  successor  trustee by written  instrument,  in
duplicate,  one copy of which  instrument  shall be  delivered to the Trustee so
removed and one copy to the successor  trustee.  In addition,  in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the  Certificateholders  any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

        (c) The Holders of  Certificates  entitled to at least 51% of the Voting
Rights may at any time remove the  Trustee  and  appoint a successor  trustee by
written  instrument or  instruments,  in  triplicate,  signed by such Holders or
their  attorneys-in-fact duly authorized,  one complete set of which instruments
shall be delivered  to the  Company,  one complete set to the Trustee so removed
and one complete set to the successor so appointed.

        (d) Any  resignation  or removal of the  Trustee  and  appointment  of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.



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        Section 8.08  Successor Trustee.

        (a) Any  successor  trustee  appointed as provided in Section 8.07 shall
execute,  acknowledge and deliver to the Company and to its predecessor  trustee
an  instrument   accepting  such  appointment   hereunder,   and  thereupon  the
resignation  or removal of the  predecessor  trustee shall become  effective and
such  successor  trustee  shall become  effective  and such  successor  trustee,
without any further act, deed or conveyance,  shall become fully vested with all
the rights,  powers, duties and obligations of its predecessor  hereunder,  with
the like  effect as if  originally  named as  trustee  herein.  The  predecessor
trustee shall deliver to the  successor  trustee all Mortgage  Files and related
documents and statements held by it hereunder  (other than any Mortgage Files at
the time held by a  Custodian,  which  shall  become the agent of any  successor
trustee  hereunder),  and the Company,  the Master  Servicer and the predecessor
trustee shall execute and deliver such  instruments  and do such other things as
may  reasonably be required for more fully and certainly  vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.

        (b) No successor  trustee shall accept  appointment  as provided in this
Section unless at the time of such  acceptance  such successor  trustee shall be
eligible under the provisions of Section 8.06.

        (c) Upon acceptance of appointment by a successor trustee as provided in
this Section,  the Company  shall mail notice of the  succession of such trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

        Section 8.09  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

        Section 8.10 Appointment of Co-Trustee or Separate Trustee.

        (a)  Notwithstanding  any other provisions  hereof, at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section


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8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

        (b) In the case of any  appointment of a co-trustee or separate  trustee
pursuant  to this  Section  8.10 all  rights,  powers,  duties  and  obligations
conferred  or imposed  upon the Trustee  shall be  conferred or imposed upon and
exercised or performed by the Trustee,  and such separate  trustee or co-trustee
jointly,  except to the extent that under any law of any  jurisdiction  in which
any particular act or acts are to be performed  (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

        (c) Any notice,  request or other  writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as  effectively  as if given to each of them.  Every  instrument  appointing any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

        (d) Any separate trustee or co-trustee may, at any time,  constitute the
Trustee,  its agent or attorney-in-fact,  with full power and authority,  to the
extent not  prohibited  by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name.  If any separate  trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

        Section 8.11  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the


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Certificateholders of the appointment of any Custodian (other than the Custodian
appointed as of the Closing Date) pursuant to this Section 8.11.

        Section 8.12  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

     Section 9.01 Optional  Purchase by the Master Servicer of All Certificates;
          Termination Upon Purchase by the Master Servicer or Liquidation of All
          Mortgage Loans.

        (a)  Subject  to  Section   9.02,   the   respective   obligations   and
responsibilities  of the Company,  the Master  Servicer and the Trustee  created
hereby in respect of the Certificates  (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the  obligation of the Company to send certain  notices as  hereinafter  set
forth) shall  terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:

                      (i) the later of the final  payment  or other  liquidation
               (or any Advance with respect  thereto) of the last  Mortgage Loan
               remaining  in the Trust Fund or the  disposition  of all property
               acquired upon  foreclosure  or deed in lieu of foreclosure of any
               Mortgage Loan, or

                      (ii) the  purchase by the Master  Servicer of all Mortgage
               Loans and all property  acquired in respect of any Mortgage  Loan
               remaining  in the  Trust  Fund  at a price  equal  to 100% of the
               unpaid  principal  balance of each Mortgage Loan or, if less than
               such  unpaid  principal  balance,  the fair  market  value of the
               related underlying property of such Mortgage Loan with respect to
               Mortgage  Loans as to which title has been  acquired if such fair
               market value is less than such unpaid  principal  balance (net of
               any unreimbursed  Advances  attributable to principal) on the day
               of repurchase plus accrued  interest  thereon at the Net Mortgage
               Rate (or Modified  Net Mortgage  Rate in the case of any Modified
               Mortgage Loan) to, but not including,  the first day of the month
               in which such repurchase price is distributed, provided, however,
               that in no event shall the trust created hereby  continue  beyond
               the expiration of 21 years from the death of the last survivor of
               the descendants of Joseph P. Kennedy,  the late ambassador of the
               United  States  to the  Court of St.  James,  living  on the date
               hereof and provided  further  that the  purchase  price set forth
               above shall be increased as is  necessary,  as  determined by the
               Master Servicer, to avoid  disqualification of any portion of any
               REMIC formed under the Series Supplement as a REMIC.


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        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal  Balance of the Mortgage  Loans.  If such right is
exercised by the Master  Servicer,  the Master  Servicer shall be deemed to have
been  reimbursed for the full amount of any  unreimbursed  Advances  theretofore
made by it with respect to the Mortgage Loans. In addition,  the Master Servicer
shall provide to the Trustee the certification  required by Section 3.15 and the
Trustee and any  Custodian  shall,  promptly  following  payment of the purchase
price,  release to the Master  Servicer the  Mortgage  Files  pertaining  to the
Mortgage Loans being purchased.

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage  Loans,  Master  Servicer  shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

        (b) The Master  Servicer  shall give the  Trustee not less than 60 days'
prior notice of the Distribution  Date on which the Master Servicer  anticipates
that the final  distribution  will be made to  Certificateholders  (whether as a
result of the  exercise  by the Master  Servicer  of its right to  purchase  the
assets  of the  Trust  Fund  or  otherwise)  or on  which  the  Master  Servicer
anticipates that the Certificates will be purchased (as a result of the exercise
by the Master Servicer to purchase the outstanding Certificates).  Notice of any
termination,  specifying the anticipated Final Distribution Date (which shall be
a  date  that  would   otherwise  be  a   Distribution   Date)  upon  which  the
Certificateholders  may  surrender  their  Certificates  to the  Trustee  (if so
required  by the  terms  hereof)  for  payment  of the  final  distribution  and
cancellation  or  notice  of  any  purchase  of  the  outstanding  Certificates,
specifying  the  Distribution  Date upon which the Holders may  surrender  their
Certificates  to the Trustee for payment,  shall be given promptly by the Master
Servicer (if it is exercising its right to purchase the assets of the Trust Fund
or to purchase the  outstanding  Certificates),  or by the Trustee (in any other
case) by letter to the  Certificateholders  mailed not earlier than the 15th day
and not later  than the 25th day of the month next  preceding  the month of such
final distribution specifying:

                      (i) the  anticipated  Final  Distribution  Date upon which
               final payment of the  Certificates is anticipated to be made upon
               presentation  and  surrender  of  Certificates  at the  office or
               agency of the Trustee  therein  designated or, in the case of the
               purchase by the Master Servicer of the outstanding  Certificates,
               the Distribution Date on which such purchase is to be made,

                      (ii) the amount of any such final payment,  or in the case
               of the  purchase of the  outstanding  Certificates,  the purchase
               price, in either case, if known, and



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                      (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 Master Servicer is obligated to give notice to Certificateholders
as aforesaid, it shall give such notice to the Certificate Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account  before  the  Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

        (c) In the case of the  Senior,  Class M or Class B  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
Master  Servicer's  election to  repurchase  the assets of the Trust Fund or the
outstanding  Certificates,  or  (ii)  if  the  Master  Servicer  elected  to  so
repurchase  the assets of the Trust  Fund or the  outstanding  Certificates,  an
amount  determined  as  follows:  (A)  with  respect  to  each  Certificate  the
outstanding  Certificate  Principal  Balance thereof,  plus Accrued  Certificate
Interest for the related  Interest  Accrual  Period  thereon and any  previously
unpaid  Accrued  Certificate  Interest,  subject  to the  priority  set forth in
Section 4.02(a), and (B) with respect to the Class R Certificates, any excess of
the amounts available for distribution (including the repurchase price specified
in  clause  (ii) of  subsection  (a) of this  Section)  over  the  total  amount
distributed under the immediately preceding clause (A).

        (d) If any Certificateholders shall not surrender their Certificates for
final payment and cancellation on or before the Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have


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been surrendered for cancellation,  the Trustee shall pay to the Master Servicer
all amounts  distributable  to the holders thereof and the Master Servicer shall
thereafter  hold such amounts until  distributed  to such  Holders.  No interest
shall  accrue or be payable to any  Certificateholder  on any amount held in the
escrow account or by the Master Servicer as a result of such Certificateholder's
failure to surrender its  Certificate(s) for final payment thereof in accordance
with this Section 9.01.

        (e) If any  Certificateholders do not surrender their Certificates on or
before the Distribution Date on which a purchase of the outstanding Certificates
is to be made, the Trustee shall on such date cause all funds in the Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain outstanding hereunder.  The Master Servicer shall
be for all purposes the Holder thereof as of such date.

        Section 9.02  Additional Termination Requirements.

        (a) Each REMIC that  comprises  the Trust  Fund shall be  terminated  in
accordance  with the  following  additional  requirements,  unless  (subject  to
Section  10.01(f)) the Trustee and the Master  Servicer have received an Opinion
of Counsel  (which Opinion of Counsel shall not be an expense of the Trustee) to
the effect that the  failure of each such REMIC to comply with the  requirements
of this Section 9.02 will not (i) result in the imposition on the Trust of taxes
on "prohibited  transactions," as described in Section 860F of the Code, or (ii)
cause  any  such  REMIC  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding:

                      (i)  The  Master   Servicer   shall   establish  a  90-day
               liquidation  period for each such REMIC and specify the first day
               of such period in a statement  attached to the Trust Fund's final
               Tax Return pursuant to Treasury regulations Section 1.860F-1. The
               Master  Servicer also shall satisfy all of the  requirements of a
               qualified  liquidation for a REMIC under Section 860F of the Code
               and regulations thereunder;



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                      (ii) The Master  Servicer  shall notify the Trustee at the
               commencement of such 90-day  liquidation  period and, at or prior
               to the time of making of the final  payment on the  Certificates,
               the  Trustee  shall  sell  or  otherwise  dispose  of  all of the
               remaining  assets of the Trust Fund in accordance  with the terms
               hereof; and

                      (iii) If the Master  Servicer or the Company is exercising
               its right to purchase  the assets of the Trust  Fund,  the Master
               Servicer shall,  during the 90-day  liquidation  period and at or
               prior to the Final Distribution Date,  purchase all of the assets
               of the Trust Fund for cash.

        (b) Each  Holder of a  Certificate  and the Trustee  hereby  irrevocably
approves  and appoints the Master  Servicer as its  attorney-in-fact  to adopt a
plan of complete  liquidation for each REMIC at the expense of the Trust Fund in
accordance with the terms and conditions of this Agreement.

        Section 9.03 Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

                                    ARTICLE X

                                       REMIC PROVISIONS

        Section 10.01 REMIC Administration.

        (a) The REMIC  Administrator  shall make an  election to treat the Trust
Fund as one or more REMICs under the Code and, if  necessary,  under  applicable
state  law.  The  assets of each  such  REMIC  will be set  forth in the  Series
Supplement. Such election will be made on Form 1066 or other appropriate federal
tax or information  return (including Form 8811) or any appropriate state return
for the taxable  year ending on the last day of the  calendar  year in which the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

        (b) The Closing Date is hereby  designated  as the "startup  day" of the
Trust Fund within the meaning of Section 860G(a)(9) of the Code.

        (c)  The  REMIC   Administrator   shall  hold  a  Class  R   Certificate
representing a 0.01% Percentage  Interest each Class of the Class R Certificates
and shall be designated  as "the tax matters  person" with respect to each REMIC
in the manner  provided  under  Treasury  regulations  section  1.860F-4(d)  and
Treasury regulations section 301.6231(a)(7)-1. The REMIC Administrator, as tax


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matters  person,  shall (i) act on behalf of each REMIC in  relation  to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental  taxing authority with respect thereto.  The legal expenses,
including without  limitation  attorneys' or accountants' fees, and costs of any
such proceeding and any liability  resulting  therefrom shall be expenses of the
Trust  Fund and the  REMIC  Administrator  shall be  entitled  to  reimbursement
therefor out of amounts  attributable  to the  Mortgage  Loans on deposit in the
Custodial  Account as provided by Section  3.10 unless such legal  expenses  and
costs are incurred by reason of the REMIC  Administrator's  willful misfeasance,
bad faith or gross  negligence.  If the  REMIC  Administrator  is no longer  the
Master Servicer  hereunder,  at its option the REMIC  Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable  compensation not
to exceed  $3,000 per year by any  successor  Master  Servicer  hereunder for so
acting as the REMIC Administrator.

        (d) The REMIC Administrator shall prepare or cause to be prepared all of
the Tax Returns  that it  determines  are  required  with  respect to each REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the  Trustee  shall sign and file such Tax Returns in a timely  manner.  The
expenses of  preparing  such returns  shall be borne by the REMIC  Administrator
without any right of reimbursement  therefor.  The REMIC Administrator agrees to
indemnify  and hold  harmless  the Trustee  with respect to any tax or liability
arising  from the  Trustee's  signing  of Tax  Returns  that  contain  errors or
omissions.  The Trustee and Master  Servicer  shall  promptly  provide the REMIC
Administrator with such information as the REMIC  Administrator may from time to
time request for the purpose of enabling the REMIC  Administrator to prepare Tax
Returns.

        (e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a
Class R Certificate  such information as is necessary for the application of any
tax relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

        (f) The  Master  Servicer  and the REMIC  Administrator  shall take such
actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Master Servicer's or the REMIC Administrator's control and
the scope of its duties more specifically set forth herein as shall be necessary
or  desirable  to  maintain  the status of each REMIC as a REMIC under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d)


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of the Code) (either such event,  in the absence of an Opinion of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

        (g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC  created  hereunder as defined in Section  860F(a)(2)  of the Code, on
"net income from  foreclosure  property" of any such REMIC as defined in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such reimbursement the aggregate of such taxes shall be


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allocated  in  reduction  of the  Accrued  Certificate  Interest  on each  Class
entitled  thereto in the same manner as if such taxes  constituted  a Prepayment
Interest Shortfall.

        (h) The Trustee and the Master  Servicer  shall,  for federal income tax
purposes,  maintain  books  and  records  with  respect  to each  REMIC  created
hereunder  on a calendar  year and on an accrual  basis or as  otherwise  may be
required by the REMIC Provisions.

        (i)  Following  the Startup  Day,  neither the Master  Servicer  nor the
Trustee shall accept any  contributions of assets to any REMIC created hereunder
unless  (subject to Section  10.01(f)) the Master Servicer and the Trustee shall
have received an Opinion of Counsel (at the expense of the party seeking to make
such contribution) to the effect that the inclusion of such assets in such REMIC
will not  cause  the  REMIC to fail to  qualify  as a REMIC at any time that any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

        (j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to
Section  10.01(f))  enter  into any  arrangement  by  which  any  REMIC  created
hereunder will receive a fee or other  compensation  for services nor permit any
such REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted  investments" as defined
in Section 860G(a)(5) of the Code.

        (k)  Solely  for the  purposes  of  Section  1.860G-1(a)(4)(iii)  of the
Treasury  Regulations,   the  "latest  possible  maturity  date"  by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only  Certificates)  representing a regular  interest in the applicable
REMIC and the  Uncertificated  Principal  Balance of each  Uncertificated  REMIC
Regular  Interest  (other  than  each  Uncertificated   REMIC  Regular  Interest
represented by a Class A-V  Certificate,  if any) and the rights to the Interest
Only Certificates and Uncertificated  REMIC Regular Interest  represented by any
Class A-V  Certificate  would be reduced to zero is the  Maturity  Date for each
such Certificate and Interest.

        (l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare  and file with the  Internal  Revenue  Service  Form 8811,  "Information
Return for Real  Estate  Mortgage  Investment  Conduits  (REMIC)  and Issuers of
Collateralized Debt Obligations" for each REMIC created hereunder.

        (m) Neither the Trustee nor the Master  Servicer shall sell,  dispose of
or substitute for any of the Mortgage  Loans (except in connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify the Trust Fund against such tax, cause such REMIC


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to be subject to a tax on "prohibited  transactions" or "contributions" pursuant
to the REMIC Provisions.

     Section  10.02   Master   Servicer,   REMIC   Administrator   and   Trustee
          Indemnification.

        (a) The Trustee  agrees to indemnify  the Trust Fund,  the Company,  the
REMIC  Administrator  and the Master Servicer for any taxes and costs including,
without limitation,  any reasonable attorneys fees imposed on or incurred by the
Trust Fund, the Company or the Master  Servicer,  as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.

        (b) The REMIC  Administrator  agrees to  indemnify  the Trust Fund,  the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company,  the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions,  including without  limitation,
any penalties  arising from the Trustee's  execution of Tax Returns  prepared by
the REMIC  Administrator  that contain errors or omissions;  provided,  however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information  provided to the REMIC  Administrator by the
Master Servicer in which case Section 10.02(c) will apply.

        (c) The Master Servicer agrees to indemnify the Trust Fund, the Company,
the REMIC  Administrator  and the  Trustee  for any taxes and costs  (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the REMIC Administrator or the Trustee, as a result
of a breach of the Master Servicer's covenants set forth in this Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.


        Section 10.03 Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.


                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.

        (a) This  Agreement or any Custodial  Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:

                      (i)    to cure any ambiguity,



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                      (ii) to correct or  supplement  any  provisions  herein or
               therein,  which may be  inconsistent  with any  other  provisions
               herein or therein or to correct any error,

                      (iii) to modify, eliminate or add to any of its provisions
               to such extent as shall be necessary or desirable to maintain the
               qualification  of the Trust Fund as a REMIC at all times that any
               Certificate  is  outstanding  or to avoid or minimize the risk of
               the  imposition of any tax on the Trust Fund pursuant to the Code
               that would be a claim  against the Trust Fund,  provided that the
               Trustee has received an Opinion of Counsel to the effect that (A)
               such  action  is  necessary   or   desirable  to  maintain   such
               qualification  or to avoid or minimize the risk of the imposition
               of any such tax and (B) such action will not adversely  affect in
               any material respect the interests of any Certificateholder,

                      (iv) to change the timing  and/or  nature of deposits into
               the Custodial Account or the Certificate Account or to change the
               name in which the Custodial Account is maintained,  provided that
               (A) the  Certificate  Account  Deposit  Date shall in no event be
               later than the related  Distribution  Date, (B) such change shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any  Certificateholder  and
               (C) such  change  shall not result in a  reduction  of the rating
               assigned  to any  Class of  Certificates  below  the lower of the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,

                      (v) to  modify,  eliminate  or add  to the  provisions  of
               Section  5.02(f)  or  any  other  provision  hereof   restricting
               transfer  of the Class R  Certificates,  by virtue of their being
               the  "residual  interests"  in a  REMIC,  provided  that (A) such
               change shall not result in  reduction  of the rating  assigned to
               any  such   Class  of   Certificates   below  the  lower  of  the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,  and (B) such change shall not (subject to
               Section 10.01(f)),  as evidenced by an Opinion of Counsel (at the
               expense of the party seeking so to modify,  eliminate or add such
               provisions),  cause any  REMIC  created  hereunder  or any of the
               Certificateholders (other than the transferor) to be subject to a
               federal  tax  caused  by a  transfer  to a  Person  that is not a
               Permitted Transferee,

                      (vi) to make any other  provisions with respect to matters
               or  questions  arising  under this  Agreement  or such  Custodial
               Agreement  which shall not be  materially  inconsistent  with the
               provisions  of this  Agreement,  provided  that such action shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any Certificateholder, or

                    (vii) to amend any  provision  herein or therein that is not
               material to any of the Certificateholders.

        (b) This  Agreement or any Custodial  Agreement may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates


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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 Master  Servicer,  the
Company or the Trustee in accordance  with such amendment will not result in the
imposition  of a federal tax on the Trust Fund or cause any REMIC  created under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding.

        (d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to the Custodian
and each  Certificateholder.  It  shall  not be  necessary  for the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

        (e) The Company shall have the option, in its sole discretion, to obtain
and  deliver  to  the  Trustee  any  corporate  guaranty,   payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other  shortfalls.  Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders,  but shall not
be and shall not be deemed to be under any  circumstances  included in the Trust
Fund. To the extent that any such instrument or fund  constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside  reserve fund and not an asset of the Trust Fund,  (ii) any such reserve
fund shall be owned by the Company,  and (iii) amounts  transferred by the Trust
Fund to any such  reserve  fund shall be treated as amounts  distributed  by the
Trust Fund to the Company or any  successor,  all within the meaning of Treasury
Regulations  Section  1.860G-2(h)  as  it  reads  as of  the  Cut-off  Date.  In
connection with the provision of any such instrument or fund, this Agreement and
any provision hereof may be modified,  added to, deleted or otherwise amended in
any manner  that is  related or  incidental  to such  instrument  or fund or the
establishment or  administration  thereof,  such amendment to be made by written
instrument  executed or  consented  to by the Company but without the consent of
any


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Certificateholder  and without the consent of the Master Servicer or the Trustee
being required unless any such amendment would impose any additional  obligation
on,   or   otherwise    adversely   affect   the   interests   of   the   Senior
Certificateholders,  the Class M Certificateholders,  the Master Servicer or the
Trustee,  as applicable;  provided that the Company obtains  (subject to Section
10.01(f))  an Opinion of Counsel  (which  need not be an opinion of  Independent
counsel)  to the effect that any such  amendment  will not cause (a) any federal
tax to be imposed on the Trust Fund,  including without limitation,  any federal
tax imposed on "prohibited transactions" under Section 860F(a)(1) of the Code or
on "contributions  after the startup date" under Section  860G(d)(1) of the Code
and (b) any REMIC  created  hereunder  to fail to qualify as a REMIC at any time
that any  Certificate  is  outstanding.  In the event that the Company elects to
provide  such  coverage  in the form of a limited  guaranty  provided by General
Motors  Acceptance  Corporation,  the  Company  may elect  that the text of such
amendment to this Agreement shall be  substantially  in the form attached hereto
as Exhibit K (in which case Residential Funding's  Subordinate  Certificate Loss
Obligation  as described in such exhibit  shall be  established  by  Residential
Funding's  consent to such  amendment)  and that the limited  guaranty  shall be
executed  in the form  attached  hereto as Exhibit  K, with such  changes as the
Company shall deem to be appropriate;  it being  understood that the Trustee has
reviewed and approved the content of such forms and that the  Trustee's  consent
or approval to the use thereof is not required.

        Section 11.02 Recordation of Agreement; Counterparts.

        (a) To the extent permitted by applicable law, this Agreement is subject
to recordation in all  appropriate  public offices for real property  records in
all the counties or other  comparable  jurisdictions  in which any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

        (b) For the purpose of facilitating the recordation of this Agreement as
herein  provided  and  for  other  purposes,  this  Agreement  may  be  executed
simultaneously in any number of counterparts,  each of which  counterparts shall
be deemed to be an original,  and such counterparts shall constitute but one and
the same instrument.

        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


                                             102

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members  of an  association;  nor  shall  any  Certificateholder  be  under  any
liability  to any third  person by reason of any action  taken by the parties to
this Agreement pursuant to any provision hereof.

        (c) No Certificateholder shall have any right by virtue of any provision
of this  Agreement to institute  any suit,  action or proceeding in equity or at
law  upon or  under  or with  respect  to this  Agreement,  unless  such  Holder
previously  shall have given to the  Trustee a written  notice of default and of
the continuance thereof, as hereinbefore  provided,  and unless also the Holders
of  Certificates  of any Class  evidencing in the aggregate not less than 25% of
the related Percentage  Interests of such Class, shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee  hereunder  and  shall  have  offered  to the  Trustee  such  reasonable
indemnity as it may require  against the costs,  expenses and  liabilities to be
incurred therein or thereby,  and the Trustee,  for 60 days after its receipt of
such notice, request and offer of indemnity,  shall have neglected or refused to
institute any such action,  suit or proceeding it being understood and intended,
and being  expressly  covenanted  by each  Certificateholder  with  every  other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

        Section 11.04 Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

        Section 11.05 Notices.

        As provided in Section 11.05 of the Series Supplement.

        Section 11.06 Required Notices to Rating Agency and Subservicer.

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

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

        (b)    the occurrence of an Event of Default,



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

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

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

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

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

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

        (i)    the occurrence of the Final Distribution Date, and

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

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

        Section 11.07 Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

        Section 11.08 Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective interests would not be materially adversely affected


                                             104

<PAGE>


thereby. To the extent that the terms of the Supplemental  Article do not in any
way  affect  any  provisions  of this  Agreement  as to any of the  Certificates
initially issued hereunder,  the adoption of the Supplemental  Article shall not
constitute an "amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

        Section 11.09 Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.





                                             105

<PAGE>


                                    EXHIBIT A

       FORM OF CLASS A CERTIFICATE, [PRINCIPAL ONLY/CLASS A-P] CERTIFICATE
                    AND [INTEREST ONLY/CLASS A-V] CERTIFICATE


        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]





<PAGE>


<TABLE>


<S>                                              <C>
Certificate No. ________                         [________%][Adjustable][Variable] Pass-Through
Class [A- ___] Senior                            Rate [based on a Notional Amount]
Date of Pooling and Servicing                    [Percentage Interest: ____%]
Agreement and Cut-off Date:                      Aggregate Initial [Certificate Principal
________________                                 Balance] [[Interest Only/Class A-V] Notional
First Distribution Date:                         Amount] [Subclass Notional Amount] of the
________________                                 Class [A-____] Certificates:
Master Servicer:                                 [Initial] [Certificate Principal
Residential Funding                              Balance] [Interest Only/Class A-V] [Subclass]
Corporation                                      Notional Amount] of this Certificate:
Assumed Final                                    $______________________]
Distribution Date:                               CUSIP _______- ________
__________________

</TABLE>
                              MORTGAGE PASS-THROUGH CERTIFICATE
                                       SERIES ________

               EVIDENCING A PERCENTAGE  INTEREST IN THE DISTRIBUTIONS  ALLOCABLE
               TO THE CLASS [A- ]  CERTIFICATES  WITH  RESPECT  TO A TRUST  FUND
               CONSISTING   PRIMARILY  OF  A  POOL  OF   CONVENTIONAL   ONE-  TO
               FOUR-FAMILY  FIXED  INTEREST RATE FIRST MORTGAGE LOANS FORMED AND
               SOLD BY RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

               THIS  CERTIFICATE  IS PAYABLE SOLELY FROM THE ASSETS OF THE TRUST
FUND, AND DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN RESIDENTIAL FUNDING
MORTGAGE SECURITIES I, INC., THE MASTER SERVICER,  THE TRUSTEE REFERRED TO BELOW
OR  GMAC  MORTGAGE  GROUP,  INC.  OR  ANY  OF  THEIR  AFFILIATES.  NEITHER  THIS
CERTIFICATE  NOR THE UNDERLYING  MORTGAGE LOANS ARE GUARANTEED OR INSURED BY ANY
GOVERNMENTAL  AGENCY  OR  INSTRUMENTALITY  OR BY  RESIDENTIAL  FUNDING  MORTGAGE
SECURITIES I, INC.,  THE MASTER  SERVICER,  THE TRUSTEE OR GMAC MORTGAGE  GROUP,
INC. OR ANY OF THEIR AFFILIATES.  NONE OF THE COMPANY, THE MASTER SERVICER, GMAC
MORTGAGE  GROUP,  INC. OR ANY OF THEIR  AFFILIATES WILL HAVE ANY OBLIGATION WITH
RESPECT TO ANY  CERTIFICATE  OR OTHER  OBLIGATION  SECURED  BY OR  PAYABLE  FROM
PAYMENTS ON THE CERTIFICATES.

               THIS  CERTIFIES  THAT IS THE  REGISTERED  OWNER OF THE PERCENTAGE
INTEREST  EVIDENCED  BY THIS  CERTIFICATE  [(OBTAINED  BY DIVIDING  THE [INITIAL
CERTIFICATE  PRINCIPAL  BALANCE]  [INITIAL  [INTEREST  ONLY/CLASS  A-V] NOTIONAL
AMOUNT] OF THIS  CERTIFICATE  BY THE AGGREGATE  [INITIAL  CERTIFICATE  PRINCIPAL
BALANCE  OF ALL  CLASS  A-  CERTIFICATES]  [INITIAL  [INTEREST  ONLY/CLASS  A-V]
NOTIONAL  AMOUNTS  OF ALL  [INTEREST  ONLY/CLASS  A-V]  CERTIFICATES],  BOTH  AS
SPECIFIED  ABOVE)]  IN  CERTAIN  DISTRIBUTIONS  WITH  RESPECT  TO THE TRUST FUND
CONSISTING  PRIMARILY  OF  AN  INTEREST  IN  A  POOL  OF  CONVENTIONAL  ONE-  TO
FOUR-FAMILY  FIXED INTEREST RATE FIRST  MORTGAGE  LOANS (THE "MORTGAGE  LOANS"),
FORMED AND SOLD BY RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.  (HEREINAFTER
CALLED THE  "COMPANY,"  WHICH  TERM  INCLUDES  ANY  SUCCESSOR  ENTITY  UNDER THE
AGREEMENT  REFERRED TO BELOW).  THE TRUST FUND WAS CREATED  PURSUANT TO A SERIES
SUPPLEMENT, DATED AS SPECIFIED ABOVE, TO THE STANDARD



<PAGE>



TERMS OF POOLING AND SERVICING AGREEMENT DATED AS OF ________________ (TOGETHER,
THE "POOLING AND SERVICING AGREEMENT" OR THE "AGREEMENT") AMONG THE COMPANY, THE
MASTER SERVICER AND  _______________,  AS TRUSTEE (THE "TRUSTEE"),  A SUMMARY OF
CERTAIN OF THE  PERTINENT  PROVISIONS  OF WHICH IS SET FORTH  HEREAFTER.  TO THE
EXTENT NOT DEFINED HEREIN,  THE CAPITALIZED  TERMS USED HEREIN HAVE THE MEANINGS
ASSIGNED IN THE  AGREEMENT.  THIS  CERTIFICATE IS ISSUED UNDER AND IS SUBJECT TO
THE TERMS,  PROVISIONS AND CONDITIONS OF THE AGREEMENT,  TO WHICH  AGREEMENT THE
HOLDER OF THIS  CERTIFICATE  BY VIRTUE OF THE  ACCEPTANCE  HEREOF ASSENTS AND BY
WHICH SUCH HOLDER IS BOUND.

               PURSUANT TO THE TERMS OF THE AGREEMENT,  A  DISTRIBUTION  WILL BE
MADE ON THE 25TH DAY OF EACH MONTH OR, IF SUCH 25TH DAY IS NOT A  BUSINESS  DAY,
THE BUSINESS DAY IMMEDIATELY FOLLOWING (THE "DISTRIBUTION DATE"),  COMMENCING AS
DESCRIBED  IN THE  AGREEMENT,  TO THE PERSON IN WHOSE NAME THIS  CERTIFICATE  IS
REGISTERED  AT THE CLOSE OF BUSINESS ON THE LAST DAY (OR IF SUCH LAST DAY IS NOT
A BUSINESS  DAY, THE BUSINESS DAY  IMMEDIATELY  PRECEDING  SUCH LAST DAY) OF THE
MONTH IMMEDIATELY  PRECEDING THE MONTH OF SUCH DISTRIBUTION (THE "RECORD DATE"),
FROM THE AVAILABLE  DISTRIBUTION AMOUNT IN AN AMOUNT EQUAL TO THE PRODUCT OF THE
PERCENTAGE  INTEREST  EVIDENCED BY THIS CERTIFICATE AND THE AMOUNT [(OF INTEREST
AND  PRINCIPAL,  IF ANY)]  REQUIRED  TO BE  DISTRIBUTED  TO  HOLDERS OF CLASS A-
CERTIFICATES ON SUCH DISTRIBUTION DATE. [THE [INTEREST  ONLY/CLASS A-V] NOTIONAL
AMOUNT  OF  THE  [INTEREST  ONLY/CLASS  A-V]  CERTIFICATES  AS OF  ANY  DATE  OF
DETERMINATION IS EQUAL TO THE AGGREGATE STATED PRINCIPAL BALANCE OF THE MORTGAGE
LOANS CORRESPONDING TO THE UNCERTIFICATED REMIC REGULAR INTERESTS REPRESENTED BY
SUCH [INTEREST ONLY/CLASS A-V] CERTIFICATES.]

               DISTRIBUTIONS  ON THIS  CERTIFICATE  WILL BE MADE  EITHER  BY THE
MASTER  SERVICER  ACTING ON BEHALF OF THE TRUSTEE OR BY A PAYING AGENT APPOINTED
BY THE TRUSTEE IN  IMMEDIATELY  AVAILABLE  FUNDS (BY WIRE TRANSFER OR OTHERWISE)
FOR THE  ACCOUNT OF THE PERSON  ENTITLED  THERETO IF SUCH  PERSON  SHALL HAVE SO
NOTIFIED  THE MASTER  SERVICER OR SUCH PAYING  AGENT,  OR BY CHECK MAILED TO THE
ADDRESS OF THE PERSON ENTITLED THERETO, AS SUCH NAME AND ADDRESS SHALL APPEAR ON
THE CERTIFICATE REGISTER.

               NOTWITHSTANDING   THE  ABOVE,  THE  FINAL  DISTRIBUTION  ON  THIS
CERTIFICATE  WILL BE MADE AFTER DUE NOTICE OF THE PENDENCY OF SUCH  DISTRIBUTION
AND ONLY UPON  PRESENTATION  AND SURRENDER OF THIS  CERTIFICATE AT THE OFFICE OR
AGENCY  APPOINTED  BY THE TRUSTEE FOR THAT  PURPOSE IN THE CITY AND STATE OF NEW
YORK. THE [INITIAL CERTIFICATE  PRINCIPAL BALANCE] [INITIAL [INTEREST ONLY/CLASS
A-V] NOTIONAL  AMOUNT] OF THIS CERTIFICATE IS SET FORTH ABOVE.] [THE CERTIFICATE
PRINCIPAL  BALANCE  HEREOF  WILL  BE  REDUCED  TO THE  EXTENT  OF  DISTRIBUTIONS
ALLOCABLE TO PRINCIPAL AND ANY REALIZED LOSSES ALLOCABLE HERETO.]

               THIS   CERTIFICATE  IS  ONE  OF  A  DULY   AUTHORIZED   ISSUE  OF
CERTIFICATES  ISSUED IN SEVERAL  CLASSES  DESIGNATED  AS  MORTGAGE  PASS-THROUGH
CERTIFICATES  OF THE SERIES  SPECIFIED  HEREON (HEREIN  COLLECTIVELY  CALLED THE
"CERTIFICATES").

               THE  CERTIFICATES  ARE  LIMITED  IN RIGHT OF  PAYMENT  TO CERTAIN
COLLECTIONS  AND  RECOVERIES   RESPECTING  THE  MORTGAGE  LOANS,   ALL  AS  MORE
SPECIFICALLY SET FORTH HEREIN AND IN THE AGREEMENT. IN THE EVENT MASTER SERVICER
FUNDS  ARE  ADVANCED  WITH  RESPECT  TO  ANY  MORTGAGE  LOAN,  SUCH  ADVANCE  IS
REIMBURSABLE  TO THE MASTER  SERVICER,  TO THE EXTENT PROVIDED IN THE AGREEMENT,
FROM RELATED RECOVERIES ON SUCH MORTGAGE LOAN OR FROM OTHER CASH THAT WOULD HAVE
BEEN DISTRIBUTABLE TO CERTIFICATEHOLDERS.

     AS PROVIDED IN THE AGREEMENT, WITHDRAWALS FROM THE CUSTODIAL ACCOUNT AND/OR
THE



<PAGE>



CERTIFICATE ACCOUNT CREATED FOR THE BENEFIT OF CERTIFICATEHOLDERS MAY BE MADE BY
THE MASTER SERVICER FROM TIME TO TIME FOR PURPOSES OTHER THAN  DISTRIBUTIONS  TO
CERTIFICATEHOLDERS,  SUCH PURPOSES INCLUDING WITHOUT LIMITATION REIMBURSEMENT TO
THE  COMPANY  AND THE MASTER  SERVICER OF  ADVANCES  MADE,  OR CERTAIN  EXPENSES
INCURRED, BY EITHER OF THEM.

               THE AGREEMENT PERMITS,  WITH CERTAIN EXCEPTIONS THEREIN PROVIDED,
THE  AMENDMENT  OF  THE  AGREEMENT  AND  THE  MODIFICATION  OF  THE  RIGHTS  AND
OBLIGATIONS OF THE COMPANY,  THE MASTER  SERVICER AND THE TRUSTEE AND THE RIGHTS
OF THE  CERTIFICATEHOLDERS  UNDER THE AGREEMENT AT ANY TIME BY THE COMPANY,  THE
MASTER  SERVICER AND THE TRUSTEE WITH THE CONSENT OF THE HOLDERS OF CERTIFICATES
EVIDENCING  IN THE AGGREGATE  NOT LESS THAN 66% OF THE  PERCENTAGE  INTERESTS OF
EACH CLASS OF CERTIFICATES  AFFECTED THEREBY.  ANY SUCH CONSENT BY THE HOLDER OF
THIS  CERTIFICATE  SHALL BE  CONCLUSIVE  AND BINDING ON SUCH HOLDER AND UPON ALL
FUTURE  HOLDERS  OF THIS  CERTIFICATE  AND OF ANY  CERTIFICATE  ISSUED  UPON THE
TRANSFER HEREOF OR IN EXCHANGE HEREFOR OR IN LIEU HEREOF WHETHER OR NOT NOTATION
OF SUCH CONSENT IS MADE UPON THE  CERTIFICATE.  THE  AGREEMENT  ALSO PERMITS THE
AMENDMENT THEREOF IN CERTAIN CIRCUMSTANCES WITHOUT THE CONSENT OF THE HOLDERS OF
ANY OF THE CERTIFICATES AND, IN CERTAIN  ADDITIONAL  CIRCUMSTANCES,  WITHOUT THE
CONSENT OF THE HOLDERS OF CERTAIN CLASSES OF CERTIFICATES.

               AS PROVIDED IN THE AGREEMENT  AND SUBJECT TO CERTAIN  LIMITATIONS
THEREIN  SET FORTH,  THE  TRANSFER OF THIS  CERTIFICATE  IS  REGISTRABLE  IN THE
CERTIFICATE  REGISTER UPON SURRENDER OF THIS  CERTIFICATE  FOR  REGISTRATION  OF
TRANSFER  AT THE OFFICES OR  AGENCIES  APPOINTED  BY THE TRUSTEE IN THE CITY AND
STATE OF NEW YORK, DULY ENDORSED BY, OR ACCOMPANIED BY AN ASSIGNMENT IN THE FORM
BELOW OR OTHER  WRITTEN  INSTRUMENT  OF  TRANSFER  IN FORM  SATISFACTORY  TO THE
TRUSTEE AND THE CERTIFICATE REGISTRAR DULY EXECUTED BY THE HOLDER HEREOF OR SUCH
HOLDER'S  ATTORNEY  DULY  AUTHORIZED  IN WRITING,  AND THEREUPON ONE OR MORE NEW
CERTIFICATES OF AUTHORIZED DENOMINATIONS EVIDENCING THE SAME CLASS AND AGGREGATE
PERCENTAGE INTEREST WILL BE ISSUED TO THE DESIGNATED TRANSFEREE OR TRANSFEREES.

               THE  CERTIFICATES  ARE ISSUABLE ONLY AS  REGISTERED  CERTIFICATES
WITHOUT COUPONS IN CLASSES AND IN DENOMINATIONS  SPECIFIED IN THE AGREEMENT.  AS
PROVIDED IN THE AGREEMENT AND SUBJECT TO CERTAIN  LIMITATIONS THEREIN SET FORTH,
CERTIFICATES ARE  EXCHANGEABLE FOR NEW CERTIFICATES OF AUTHORIZED  DENOMINATIONS
EVIDENCING THE SAME CLASS AND AGGREGATE PERCENTAGE INTEREST, AS REQUESTED BY THE
HOLDER SURRENDERING THE SAME.

               NO  SERVICE  CHARGE  WILL BE MADE  FOR ANY SUCH  REGISTRATION  OF
TRANSFER OR EXCHANGE, BUT THE TRUSTEE MAY REQUIRE PAYMENT OF A SUM SUFFICIENT TO
COVER ANY TAX OR OTHER GOVERNMENTAL CHARGE PAYABLE IN CONNECTION THEREWITH.

               THE COMPANY, THE MASTER SERVICER, THE TRUSTEE AND THE CERTIFICATE
REGISTRAR AND ANY AGENT OF THE COMPANY, THE MASTER SERVICER,  THE TRUSTEE OR THE
CERTIFICATE  REGISTRAR  MAY TREAT THE PERSON IN WHOSE NAME THIS  CERTIFICATE  IS
REGISTERED  AS THE OWNER HEREOF FOR ALL PURPOSES,  AND NEITHER THE COMPANY,  THE
MASTER  SERVICER,  THE TRUSTEE NOR ANY SUCH AGENT SHALL BE AFFECTED BY NOTICE TO
THE CONTRARY.

               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



<PAGE>



FUND CREATED THEREBY SHALL TERMINATE UPON THE PAYMENT TO  CERTIFICATEHOLDERS  OF
ALL AMOUNTS  HELD BY OR ON BEHALF OF THE TRUSTEE AND REQUIRED TO BE PAID TO THEM
PURSUANT TO THE  AGREEMENT  FOLLOWING  THE EARLIER OF (I) THE  MATURITY OR OTHER
LIQUIDATION OF THE LAST MORTGAGE LOAN SUBJECT  THERETO OR THE DISPOSITION OF ALL
PROPERTY  ACQUIRED  UPON  FORECLOSURE  OR DEED IN  LIEU  OF  FORECLOSURE  OF ANY
MORTGAGE  LOAN AND (II) THE PURCHASE BY THE MASTER  SERVICER FROM THE TRUST FUND
OF ALL  REMAINING  MORTGAGE  LOANS AND ALL PROPERTY  ACQUIRED IN RESPECT OF SUCH
MORTGAGE LOANS,  THEREBY  EFFECTING EARLY  RETIREMENT OF THE  CERTIFICATES.  THE
AGREEMENT PERMITS,  BUT DOES NOT REQUIRE, THE MASTER SERVICER TO (I) PURCHASE AT
A PRICE DETERMINED AS PROVIDED IN THE AGREEMENT ALL REMAINING MORTGAGE LOANS AND
ALL PROPERTY ACQUIRED IN RESPECT OF ANY MORTGAGE LOAN OR (II) PURCHASE IN WHOLE,
BUT NOT IN PART, ALL OF THE  CERTIFICATES  FROM THE HOLDERS  THEREOF;  PROVIDED,
THAT ANY SUCH OPTION MAY ONLY BE EXERCISED IF THE POOL STATED PRINCIPAL  BALANCE
OF THE MORTGAGE LOANS AS OF THE DISTRIBUTION DATE UPON WHICH THE PROCEEDS OF ANY
SUCH  PURCHASE  ARE  DISTRIBUTED  IS LESS THAN TEN PERCENT OF THE  CUT-OFF  DATE
PRINCIPAL BALANCE OF THE MORTGAGE LOANS.

               REFERENCE  IS  HEREBY  MADE  TO THE  FURTHER  PROVISIONS  OF THIS
CERTIFICATE SET FORTH ON THE REVERSE HEREOF,  WHICH FURTHER PROVISIONS SHALL FOR
ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

               UNLESS THE CERTIFICATE OF AUTHENTICATION HEREON HAS BEEN EXECUTED
BY THE CERTIFICATE REGISTRAR, BY MANUAL SIGNATURE, THIS CERTIFICATE SHALL NOT BE
ENTITLED TO ANY BENEFIT UNDER THE AGREEMENT OR BE VALID FOR ANY PURPOSE.



<PAGE>



               IN WITNESS WHEREOF, THE TRUSTEE HAS CAUSED THIS CERTIFICATE TO BE
DULY EXECUTED.

DATED:  ________________                           [TRUSTEE],
                                                          AS TRUSTEE

                                                   BY: _________________________
                                                          AUTHORIZED SIGNATORY


                                 CERTIFICATE OF AUTHENTICATION

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

                                                   [Trustee],
                                                        as Certificate Registrar

                                                   By: _________________________
                                                          Authorized Signatory




<PAGE>



                                          ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:                        Signature by or on behalf of assignor

                                       Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available funds to _______________________for  the account of __________________
account    number    ______________-,    or,   if    mailed    by   check,    to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

     This information is provided by  _____________________,  the assignee named
above, or ________________, as its agent.






<PAGE>



                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED BY
VIRTUE OF ITS PURCHASE OR HOLDING OF THIS  CERTIFICATE (OR INTEREST HEREIN) THAT
EITHER (A) SUCH TRANSFEREE IS NOT AN INVESTMENT  MANAGER, A NAMED FIDUCIARY OR A
TRUSTEE OF ANY PLAN) ACTING, DIRECTLY OR INDIRECTLY,  ON BEHALF OF OR PURCHASING
ANY CERTIFICATE WITH "PLAN ASSETS" OF ANY PLAN (A "PLAN  INVESTOR"),  (B) IT HAS
ACQUIRED AND IS HOLDING SUCH  CERTIFICATE IN RELIANCE ON PROHIBITED  TRANSACTION
EXEMPTION  ("PTE") 94-29, 59 FED. REG. 14674 (MARCH 29, 1994), AS AMENDED BY PTE
97-34, 62 FED. REG. 39021 (JULY 21, 1997),  AND PTE 2000-58,  65 FED. REG. 67765
(NOVEMBER 13, 2000) (THE "RFC  EXEMPTION"),  AND THAT IT UNDERSTANDS  THAT THERE
ARE CERTAIN  CONDITIONS TO THE AVAILABILITY OF THE RFC EXEMPTION  INCLUDING THAT
SUCH CERTIFICATE  MUST BE RATED, AT THE TIME OF PURCHASE,  NOT LOWER THAN "BBB-"
(OR ITS  EQUIVALENT)  BY  STANDARD  & POOR'S,  FITCH OR  MOODY'S  OR (C)(I)  THE
TRANSFEREE IS AN INSURANCE COMPANY, (II) THE SOURCE OF FUNDS TO BE USED BY IT TO
PURCHASE THE CERTIFICATE IS AN "INSURANCE  COMPANY GENERAL  ACCOUNT" (WITHIN THE
MEANING OF U.S.  DEPARTMENT  OF LABOR  PROHIBITED  TRANSACTION  CLASS  EXEMPTION
("PTCE")  95-60),  AND (III) THE  CONDITIONS  SET FORTH IN SECTIONS I AND III OF
PTCE 95-60 HAVE BEEN  SATISFIED  (EACH ENTITY THAT  SATISFIES THIS CLAUSE (C), A
"COMPLYING INSURANCE COMPANY").




<PAGE>



        IF THIS  CERTIFICATE  (OR ANY  INTEREST  HEREIN) IS  ACQUIRED OR HELD IN
VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH,  THEN THE LAST PRECEDING
TRANSFEREE  THAT  EITHER  (I)  IS  NOT  A  PLAN  INVESTOR,  (II)  ACQUIRED  SUCH
CERTIFICATE  IN  COMPLIANCE  WITH THE RFC  EXEMPTION  OR  (III)  IS A  COMPLYING
INSURANCE  COMPANY  SHALL BE  RESTORED,  TO THE EXTENT  PERMITTED BY LAW, TO ALL
RIGHTS AND OBLIGATIONS AS CERTIFICATE  OWNER THEREOF  RETROACTIVE TO THE DATE OF
SUCH  TRANSFER OF THIS  CERTIFICATE.  THE TRUSTEE SHALL BE UNDER NO LIABILITY TO
ANY PERSON FOR MAKING ANY PAYMENTS  DUE ON THIS  CERTIFICATE  TO SUCH  PRECEDING
TRANSFEREE.

        ANY PURPORTED  CERTIFICATE  OWNER WHOSE  ACQUISITION  OR HOLDING OF THIS
CERTIFICATE (OR INTEREST  HEREIN) WAS EFFECTED IN VIOLATION OF THE  RESTRICTIONS
IN SECTION  5.02(E) OF THE POOLING AND SERVICING  AGREEMENT  SHALL INDEMNIFY AND
HOLD HARMLESS THE COMPANY,  THE TRUSTEE,  THE MASTER SERVICER,  ANY SUBSERVICER,
AND THE TRUST FUND FROM AND AGAINST ANY AND ALL  LIABILITIES,  CLAIMS,  COSTS OR
EXPENSES INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.




<PAGE>




Certificate No._______                           [______]% Pass-Through Rate
Class M-    Subordinate                          Aggregate Certificate
        ---
Date of Pooling and Servicing                    Principal Balance
Agreement and Cut-off Date:                      of the Class M Certificates:
________________                                 $___________________________
First Distribution Date:                         Initial Certificate Principal
________________                                 Balance of this Certificate:
Master Servicer:                                 $__________________________
Residential Funding Corporation                  CUSIP: _______- _________
Assumed Final Distribution Date:
__________________


                       MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES ________

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

               This  Certificate  is payable solely from the assets of the Trust
Fund, and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

               This  certifies  that is the  registered  owner of the Percentage
Interest  evidenced by this  Certificate  (obtained by dividing the  Certificate
Principal  Balance of this  Certificate by the aggregate  Certificate  Principal
Balance  of all Class M-  Certificates,  both as  specified  above)  in  certain
distributions  with  respect to a Trust Fund  consisting  primarily of a pool of
conventional  one- to four-family  fixed interest rate first mortgage loans (the
"Mortgage Loans"), formed and sold by Residential Funding Mortgage Securities I,
Inc. (hereinafter called the "Company," which term includes any successor entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Series  Supplement,  dated as specified  above, to the Standard Terms of Pooling
and Servicing Agreement dated as of ________________ (together, the "Pooling and
Servicing  Agreement" or the "Agreement") among the Company, the Master Servicer
and  ___________,  as  trustee  (the  "Trustee"),  a summary  of  certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement. This Certificate is issued under and is



<PAGE>



subject to the terms,  provisions  and  conditions  of the  Agreement,  to which
Agreement  the Holder of this  Certificate  by virtue of the  acceptance  hereof
assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above,  any transferee of this  Certificate will be
deemed  to have  represented  by  virtue  of its  purchase  or  holding  of this
Certificate  (or interest  herein) that either (A) such transferee is not a Plan
Investor, (B) it has acquired and is holding this Certificate in reliance on the
RFC Exemption and that it understands  that there are certain  conditions to the
availability of the RFC Exemption including that this Certificate must be rated,
at the time of purchase, not lower than "BBB-" (or its equivalent) by Standard &
Poor's, Fitch or Moody's or (C) the transferee is a Complying Insurance Company.
In addition,  any purported  Certificate  Owner whose  acquisition or holding of
this  Certificate  (or  interest  herein)  was  effected  in  violation  of  the
restrictions  in  Section  5.02(e) of the  Agreement  shall  indemnify  and hold
harmless the Company, the Trustee, the Master Servicer, any Subservicer, and the
Trust Fund from and against any and all liabilities,  claims,  costs or expenses
incurred by such parties as a result of such acquisition or holding.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Pass-Through
Certificates  of the Series  specified  hereon (herein  collectively  called the
"Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries



<PAGE>



on such Mortgage Loan or from other cash that would have been  distributable  to
Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

     This Certificate  shall be governed by and construed in accordance with the
laws of



<PAGE>



the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.



<PAGE>



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

Dated:  ________________                [Trustee],
                                               as Trustee


                                        By: _________________________
                                             Authorized Signatory


                                 CERTIFICATE OF AUTHENTICATION

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


                                        [Trustee],
                                               as Certificate Registrar


                                        By: _________________________
                                               Authorized Signatory




<PAGE>



                                          ASSIGNMENT


     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
        -------
                                    ----------------------------
                                   Signature by or on behalf of assignor


                                    ----------------------------
                                    Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available funds to _______________________for  the account of __________________
account    number    ______________-,    or,   if    mailed    by   check,    to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

     This information is provided by  _____________________,  the assignee named
above, or ________________, as its agent.




<PAGE>



                                    EXHIBIT C

                           FORM OF CLASS B CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES AND CLASS M CERTIFICATES  [AND CLASS B-1] [CLASS B-2  CERTIFICATES]
DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).

        THIS  CERTIFICATE  HAS NOT BEEN AND WILL  NOT BE  REGISTERED  UNDER  THE
SECURITIES ACT OF 1933, AS AMENDED,  OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR  TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND
LAWS  OR  IS  SOLD  OR  TRANSFERRED  IN  TRANSACTIONS   WHICH  ARE  EXEMPT  FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

        NO TRANSFER OF THIS  CERTIFICATE  MAY BE MADE TO ANY PERSON,  UNLESS THE
TRANSFEREE  PROVIDES EITHER A  CERTIFICATION  PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT  OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE MASTER  SERVICER,  THE
COMPANY  AND THE  TRUSTEE  THAT  THE  PURCHASE  OF  THIS  CERTIFICATE  WILL  NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE  RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER  SERVICER,  THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.





<PAGE>






Certificate No.________                          [_______]% Pass-Through Rate
Class B- _____Subordinate                         Aggregate Certificate
Date of Pooling and Servicing                    Principal Balance
Agreement and Cut-off Date:                      of the Class B- _______
________________                                 Certificates as of
First Distribution Date:                         the Cut-off Date:
________________                                 $ ____________________
Master Servicer:                                 Initial Certificate Principal
Residential Funding Corporation                  Balance of this Certificate:
Assumed Final Distribution Date:                 $ ___________________________
____________________
                                                 CUSIP _______________________

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                        SERIES _______

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

               This  Certificate  is payable solely from the assets of the Trust
Fund, and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

               This  certifies  that  _______________________  is the registered
owner of the  Percentage  Interest  evidenced by this  Certificate  (obtained by
dividing the Certificate  Principal Balance of this Certificate by the aggregate
Certificate  Principal  Balance of all Class B- Certificates,  both as specified
above)  in  certain  distributions  with  respect  to a  Trust  Fund  consisting
primarily of a pool of  conventional  one- to  four-family  fixed  interest rate
first  mortgage  loans (the  "Mortgage  Loans"),  formed and sold by Residential
Funding  Mortgage  Securities I, Inc.  (hereinafter  called the "Company," which
term includes any successor entity under the Agreement  referred to below).  The
Trust Fund was  created  pursuant  to a Series  Supplement,  dated as  specified
above,  to the Standard  Terms of Pooling and  Servicing  Agreement  dated as of
________________  (together,  the  "Pooling  and  Servicing  Agreement"  or  the
"Agreement") among the Company, the Master Servicer and ___________,  as trustee
(the "Trustee"), a summary of certain of the pertinent



<PAGE>



provisions of which is set forth  hereafter.  To the extent not defined  herein,
the capitalized  terms used herein have the meanings  assigned in the Agreement.
This  Certificate  is issued under and is subject to the terms,  provisions  and
conditions of the Agreement,  to which Agreement the Holder of this  Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               No transfer of this Class B Certificate  will be made unless such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by Section  5.02(e) of the  Agreement.  The Holder hereof
desiring to effect such transfer shall,  and does hereby agree to, indemnify the
Trustee, the Company,  the Master Servicer and the Certificate  Registrar acting
on behalf of the Trustee  against any liability  that may result if the transfer
is not so exempt or is not made in accordance  with such Federal and state laws.
In connection  with any such transfer,  the Trustee will also require either (i)
an opinion of counsel  acceptable to and in form and substance  satisfactory  to
the  Trustee,   the  Company  and  the  Master  Servicer  with  respect  to  the
permissibility  of such transfer under the Employee  Retirement  Income Security
Act of 1974, as amended ("ERISA"), and Section 4975 of the Internal Revenue Code
(the "Code") and stating, among other things, that the transferee's  acquisition
of a  Class  B  Certificate  will  not  constitute  or  result  in a  non-exempt
prohibited transaction under Section 406 of ERISA or Section 4975 of the



<PAGE>



Code or (ii) a representation letter, in the form as described by the Agreement,
either  stating  that the  transferee  is not an employee  benefit or other plan
subject to the prohibited transaction provisions of ERISA or Section 4975 of the
Code (a "Plan"),  or any other person (including an investment  manager, a named
fiduciary or a trustee of any Plan) acting, directly or indirectly, on behalf of
or purchasing  any  Certificate  with "plan assets" of any Plan, or stating that
the transferee is an insurance company,  the source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of Department of Labor Prohibited  Transaction Class Exemption  ("PTCE")
95-60),  and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Sections I and III of PTCE 95-60.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Pass-Through
Certificates  of the Series  specified  hereon (herein  collectively  called the
"Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.



<PAGE>



               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.



<PAGE>



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

Dated:  ________________                [Trustee],
                                               as Trustee


                                        By: _________________________
                                               Authorized Signatory


                                 CERTIFICATE OF AUTHENTICATION

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


                                       [Trustee],
                                              as Certificate Registrar


                                       By: _________________________
                                              Authorized Signatory




<PAGE>



                                          ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
        -------
                              -----------------------------
                             Signature by or on behalf of assignor

                              -----------------------------
                                    Signature Guaranteed


                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available funds to _______________________for  the account of __________________
account    number    ______________-,    or,   if    mailed    by   check,    to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

     This information is provided by  _____________________,  the assignee named
above, or ________________, as its agent.




<PAGE>



                                    EXHIBIT D

                           FORM OF CLASS R CERTIFICATE

        THIS  CERTIFICATE  MAY NOT BE HELD BY OR  TRANSFERRED  TO A NON-  UNITED
STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"RESIDUAL  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        NO TRANSFER OF THIS  CERTIFICATE  MAY BE MADE TO ANY PERSON,  UNLESS THE
TRANSFEREE  PROVIDES EITHER A  CERTIFICATION  PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT  OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE MASTER  SERVICER,  THE
COMPANY  AND THE  TRUSTEE  THAT  THE  PURCHASE  OF  THIS  CERTIFICATE  WILL  NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE  RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER  SERVICER,  THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.

        ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS  CERTIFICATE  MAY BE
MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER
SERVICER AND THE TRUSTEE THAT (1) SUCH  TRANSFEREE IS NOT (A) THE UNITED STATES,
ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES,
OR  ANY  AGENCY  OR  INSTRUMENTALITY  OF ANY OF THE  FOREGOING  (OTHER  THAN  AN
INSTRUMENTALITY  WHICH IS A CORPORATION  IF ALL OF ITS ACTIVITIES ARE SUBJECT TO
TAX AND EXCEPT FOR  FREDDIE  MAC, A MAJORITY  OF ITS BOARD OF  DIRECTORS  IS NOT
SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL
ORGANIZATION,  OR ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING,  (C)
ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION
521 OF THE CODE)  WHICH IS EXEMPT  FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
UNLESS  SUCH  ORGANIZATION  IS SUBJECT TO THE TAX  IMPOSED BY SECTION 511 OF THE
CODE (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS
TAXABLE  INCOME),  (D) RURAL  ELECTRIC AND TELEPHONE  COOPERATIVES  DESCRIBED IN
SECTION  1381(A)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER
SECTION 775(A) OF THE CODE (ANY SUCH PERSON  DESCRIBED IN THE FOREGOING  CLAUSES
(A),  (B),  (C),  (D)  OR  (E)  BEING  HEREIN  REFERRED  TO  AS A  "DISQUALIFIED
ORGANIZATION"),  OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE
OF SUCH TRANSFER IS TO IMPEDE THE



<PAGE>



ASSESSMENT  OR  COLLECTION  OF TAX AND (3)  SUCH  TRANSFEREE  SATISFIES  CERTAIN
ADDITIONAL  CONDITIONS  RELATING  TO THE  FINANCIAL  CONDITION  OF THE  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.




<PAGE>




Certificate No.________                          [______]% Pass-Through Rate
Class R[-__] Senior                              Aggregate Initial Certificate
Date of Pooling and Servicing                    Principal Balance of the
Agreement and Cut-off Date:                      Class R[-__] Certificates:
________________                                 $100.00
First Distribution Date:                         Initial Certificate Principal
________________                                 Balance of this Certificate:
Master Servicer:                                 $ ____________________
Residential Funding Corporation                  Percentage Interest:
Assumed Final Distribution Date:                 ______________ %
________________                                 CUSIP _______- __________


                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                        SERIES _______

        evidencing a percentage  interest in any distributions  allocable to the
        Class  R[-__]  Certificates  with  respect to the Trust Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate  first  mortgage  loans  formed  and  sold by  RESIDENTIAL  FUNDING
        MORTGAGE SECURITIES I, INC.

               This  Certificate  is payable solely from the assets of the Trust
Fund, and does not represent an obligation of or interest in Residential Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

               This  certifies  that is the  registered  owner of the Percentage
Interest  evidenced  by this  Certificate  (obtained  by  dividing  the  Initial
Certificate  Principal  Balance of this  Certificate  by the  aggregate  Initial
Certificate  Principal  Balance  of  all  Class  R[-__]  Certificates,  both  as
specified  above) in  certain  distributions  with  respect  to the  Trust  Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Funding  Mortgage  Securities  I,  Inc.   (hereinafter  called  the
"Company," which term includes any successor entity under the Agreement referred
to below). The Trust Fund was created pursuant to a Series Supplement,  dated as
specified above, to the Standard Terms of Pooling and Servicing  Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement" or the
"Agreement") among the Company, the Master Servicer and ___________,  as trustee
(the  "Trustee"),  a summary of certain of the pertinent  provisions of which is
set forth  hereafter.  To the extent not defined herein,  the capitalized  terms
used herein have the meanings  assigned in the  Agreement.  This  Certificate is
issued  under and is subject  to the terms,  provisions  and  conditions  of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.



<PAGE>



               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

               No transfer of this Class R[-__]  Certificate will be made unless
the Trustee has received  either (i) an opinion of counsel  acceptable to and in
form and  substance  satisfactory  to the  Trustee,  the  Company and the Master
Servicer with respect to the  permissibility of such transfer under the 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



<PAGE>



any Plan.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Pass-Through
Certificates  of the Series  specified  hereon (herein  collectively  called the
"Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               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



<PAGE>



the Trustee may require  payment of a sum  sufficient  to cover any tax or other
governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.



<PAGE>



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

Dated:  ________________               [Trustee],
                                              as Trustee


                                       By: _________________________
                                              Authorized Signatory


                                 CERTIFICATE OF AUTHENTICATION

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


                                          [Trustee],
                                                 as Certificate Registrar


                                          By: _________________________
                                                 Authorized Signatory




<PAGE>



                                          ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
        -------


                                Signature by or on behalf of assignor


                                  Signature Guaranteed


                                   DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available funds to _______________________for  the account of __________________
account    number    ______________-,    or,   if    mailed    by   check,    to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

     This information is provided by  _____________________,  the assignee named
above, or ________________, as its agent.





<PAGE>



                                    EXHIBIT E

                        FORM OF SELLER/SERVICER CONTRACT

        This  Seller/Servicer  Contract  (as  may be  amended,  supplemented  or
otherwise  modified from time to time, this "Contract") is made this day of , 20
, by and between  Residential  Funding  Corporation,  its successors and assigns
("Residential   Funding")  and  (the   "Seller/Servicer,"   and,  together  with
Residential Funding, the "parties" and each, individually, a "party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.




<PAGE>



3.      REPRESENTATIONS AND WARRANTIES.

     a. Reciprocal Representations and Warranties.

               The  Seller/Servicer  and Residential Funding each represents and
warrants to the other that as of the date of this Contract:

               (1)    Each party is duly  organized,  validly  existing,  and in
                      good  standing  under  the  laws  of its  jurisdiction  of
                      organization,  is qualified,  if necessary, to do business
                      and in good standing in each  jurisdiction  in which it is
                      required to be so qualified,  and has the requisite  power
                      and  authority  to enter into this  Contract and all other
                      agreements  which are contemplated by this Contract and to
                      carry out its  obligations  hereunder and under the Guides
                      and under such other agreements.

               (2)    This  Contract  has been  duly  authorized,  executed  and
                      delivered  by each  party  and  constitutes  a  valid  and
                      legally  binding  agreement of each party  enforceable  in
                      accordance with its terms.

               (3)    There is no action, proceeding or investigation pending or
                      threatened,  and no basis  therefor  is  known  to  either
                      party,  that could  affect  the  validity  or  prospective
                      validity of this Contract.

               (4)    Insofar as its capacity to carry out any obligation  under
                      this Contract is concerned,  neither party is in violation
                      of  any  charter,   articles  of  incorporation,   bylaws,
                      mortgage, indenture, indebtedness,  agreement, instrument,
                      judgment,  decree,  order, statute, rule or regulation and
                      none of the  foregoing  adversely  affects its capacity to
                      fulfill any of its  obligations  under this Contract.  Its
                      execution of, and  performance  pursuant to, this Contract
                      will not result in a violation of any of the foregoing.

     b.        Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.




<PAGE>



        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:





Attention:
Telefacsimile Number:  (_____)  _____-_________


9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other substantive or procedural rights or remedies it may have with



<PAGE>



respect to the  maintenance  of any such action or proceeding in any such forum.
Each  of the  parties  agrees  that a  final  judgment  in any  such  action  or
proceeding shall be conclusive and may be enforced in any other  jurisdiction by
suit on the judgment or in any other manner provided by law. Each of the parties
further  agrees not to institute  any legal actions or  proceedings  against the
other party or any director,  officer, employee,  attorney, agent or property of
the other party,  arising out of or relating to this Contract in any court other
than as hereinabove specified in this paragraph 9.

10.     MISCELLANEOUS.

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.



<PAGE>



        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.


ATTEST:                                SELLER/SERVICER
[Corporate Seal]                       ______________________________________

                            (Name of Seller/Servicer)

By: _________________________          By:___________________________________
        (Signature)                            (Signature)


By:_________________________           By:___________________________________
               (Typed Name)                    (Typed Name)
Title: _______________________         Title:_________________________________

ATTEST:                                RESIDENTIAL FUNDING CORPORATION

[Corporate Seal]


By:_________________________           By:___________________________________
        (Signature)                                   (Signature)

By:_________________________           By:___________________________________
        (Typed Name)                                  (Typed Name)
Title:________________________         Title:_________________________________





<PAGE>



                                          EXHIBIT F

                                 FORMS OF REQUEST FOR RELEASE


DATE:
TO:
RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Series Supplement, to the Standard Terms of Pooling and Servicing Agreement,
Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):

Reason for Document Request: (circle one)

        Mortgage Loan Prepaid in Full       Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

Residential Funding Corporation
Authorized Signature
******************************************************************************
TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.


Enclosed Documents:         [ ]   Promissory Note
                            [ ]   Primary Insurance Policy
                            [ ]   Mortgage or Deed of Trust
                            [ ]   Assignment(s) of Mortgage or Deed of Trust
                            [ ]   Title Insurance Policy
                            [ ]   Other:

Name:
Title:
Date:



<PAGE>



                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT


STATE OF                        )
                                )     ss.:
COUNTY OF                       )

               [NAME OF OFFICER], being first duly sworn, deposes and says:

        1.  That he is  [Title  of  Officer]  of  [Name  of  Owner]  (record  or
beneficial  owner of the Mortgage  Pass-Through  Certificates,  Series  _______,
Class  R[-__]  (the  "Owner")),  a  [savings  institution]   [corporation]  duly
organized and existing under the laws of [the State of ] [the United States], on
behalf of which he makes this affidavit and agreement.

        2.  That  the  Owner  (i)  is  not  and  will  not  be  a  "disqualified
organization"  or an electing large  partnership as of [date of transfer] within
the  meaning of  Sections  860E(e)(5)  and 775,  respectively,  of the  Internal
Revenue Code of 1986, as amended (the "Code") or an electing  large  partnership
under  Section  775(a) of the Code,  (ii) will  endeavor to remain  other than a
disqualified  organization  for so long as it retains its ownership  interest in
the  Class  R[-__]  Certificates,  and  (iii)  is  acquiring  the  Class  R[-__]
Certificates  for its own account or for the account of another Owner from which
it has received an affidavit  and  agreement in  substantially  the same form as
this affidavit and agreement.  (For this purpose, a "disqualified  organization"
means an electing  large  partnership  under Section 775 of the Code, the United
States,   any  state  or   political   subdivision   thereof,   any   agency  or
instrumentality  of any of the foregoing (other than an  instrumentality  all of
the activities of which are subject to tax and, except for the Federal Home Loan
Mortgage Corporation,  a majority of whose board of directors is not selected by
any  such  governmental   entity)  or  any  foreign  government,   international
organization  or any agency or  instrumentality  of such foreign  government  or
organization,  any rural electric or telephone cooperative,  or any organization
(other than certain farmers' cooperatives) that is generally exempt from federal
income tax unless such organization is subject to the tax on unrelated  business
taxable income).

        3.  That the  Owner is aware  (i) of the tax that  would be  imposed  on
transfers of Class R[-__] Certificates to disqualified organizations or electing
large  partnerships,  under the Code,  that  applies to all  transfers  of Class
R[-__]  Certificates  after March 31,  1988;  (ii) that such tax would be on the
transferor  (or, with respect to transfers to electing  large  partnerships,  on
each such  partnership),  or, if such transfer is through an agent (which person
includes a broker, nominee or middleman) for a disqualified organization, on the
agent;  (iii) that the person  (other than with respect to transfers to electing
large partnerships)  otherwise liable for the tax shall be relieved of liability
for the tax if the  transferee  furnishes to such person an  affidavit  that the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R[-__] Certificates may be "noneconomic residual interests" within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes
due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment



<PAGE>



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  Code or if at any time
during the taxable year of the pass-through  entity a disqualified  organization
is the record holder of an interest in such entity.  (For this purpose,  a "pass
through  entity"  includes  a  regulated   investment  company,  a  real  estate
investment  trust or common  trust fund,  a  partnership,  trust or estate,  and
certain cooperatives.)

        5.  The  Owner  is 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
and for the benefit of the person from whom it acquired the



<PAGE>



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. (a) The  Purchaser  is not an  employee  benefit  plan or other plan
subject to the  prohibited  transaction  provisions  of the Employee  Retirement
Income  Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
Internal  Revenue  Code of 1986,  as  amended  (the  "Code"),  or an  investment
manager,  named  fiduciary  or a trustee of any such plan,  or any other  Person
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any such plan; or

               (b) The Purchaser  will provide the Trustee,  the Company and the
Master  Servicer  with an  opinion  of  counsel  acceptable  to and in form  and
substance  satisfactory  to the Trustee,  the Company and the Master Servicer to
the effect that the purchase of  Certificates  is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under ERISA or Section  4975 of the Code and will not subject the  Trustee,  the
Company  or the  Master  Servicer  to any  obligation  or  liability  (including
obligations or liabilities  under ERISA or Section 4975 of the Code) in addition
to those undertaken in the Pooling and Servicing Agreement.

               In addition,  the  Purchaser  hereby  certifies,  represents  and
warrants  to, and  covenants  with,  the  Company,  the  Trustee  and the Master
Servicer that the Purchaser will not transfer such  Certificates  to any Plan or
person  unless  either such Plan or person meets the  requirements  set forth in
either (a) or (b) above.

               Capitalized  terms  used but not  defined  herein  shall have the
meanings assigned in the Pooling and Servicing Agreement.



<PAGE>



               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this day of _____,___ 200__.

                                             [NAME OF OWNER]

                                             By:__________________________
                                                    [Name of Officer]
                                                    [Title of Officer]


[Corporate Seal]

ATTEST:

-----------------------------------
[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

               Subscribed and sworn before me this ___ day of ________, 200 __.

                  -----------------------------------
                                NOTARY PUBLIC

                  COUNTY OF _______________________

                  STATE OF _________________________

                  My  Commission  expires the ____ day of _____, 20__ .



<PAGE>



                                         EXHIBIT G-2

                                FORM OF TRANSFEROR CERTIFICATE

                                          __________ , 20__

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

[Trustee]

Attention:  Residential Funding Corporation Series _______
                      Re:    Mortgage Pass-Through Certificates,
                             Series ________, Class R[-__]

Ladies and Gentlemen:

     This  letter  is  delivered  to you in  connection  with  the  transfer  by
_____________________ (the "Seller") to  _____________________(the  "Purchaser")
of   $______________   Initial   Certificate   Principal   Balance  of  Mortgage
Pass-Through  Certificates,  Series ________, Class R[-__] (the "Certificates"),
pursuant to Section 5.02 of the Series Supplement, dated as of ________________,
to  the  Standard  Terms  of  Pooling  and  Servicing   Agreement  dated  as  of
________________   (together,  the  "Pooling  and  Servicing  Agreement")  among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and __________, as trustee
(the "Trustee").  All terms used herein and not otherwise defined shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

     1. No purpose of the Seller  relating to the transfer of the Certificate by
the Seller to the Purchaser is or will be to impede the assessment or collection
of any tax.

        2. The  Seller  understands  that the  Purchaser  has  delivered  to the
Trustee and the Master  Servicer a transfer  affidavit and agreement in the form
attached to the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does
not know or believe that any representation contained therein is false.

        3. The Seller has at the time of the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-  1(c)(4)(i)  and,  as a  result  of that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the future.  The Seller  understands  that the transfer of a Class R[-__]
Certificate  may not be respected for United States income tax purposes (and the
Seller may continue to be liable for United States income taxes



<PAGE>



associated therewith) unless the Seller has conducted such an investigation.

     4. The Seller has no actual  knowledge that the proposed  Transferee is not
both a United States Person and a Permitted Transferee.

                                            Very truly yours,

                                            __________________________________
                                            (Seller)


                                            By:________________________________
                                            Name:______________________________
                                            Title:_____________________________


<PAGE>



                                          EXHIBIT H

                            FORM OF INVESTOR REPRESENTATION LETTER

                                    ______________ , 20___




Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

[Trustee]

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ________

               RE:    Mortgage Pass-Through Certificates,
                      Series ________, [Class B-]

Ladies and Gentlemen:

     _________________-    (the   "Purchaser")    intends   to   purchase   from
_________________  (the "Seller")  $_____________  Initial Certificate Principal
Balance of  Mortgage  Pass-Through  Certificates,  Series  ________,  Class (the
"Certificates"),   issued  pursuant  to  the  Series  Supplement,  dated  as  of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation, as master servicer (the "Master Servicer"), and
_____________,  as  trustee  (the  "Trustee").  All terms  used  herein  and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement.  The  Purchaser  hereby  certifies,  represents  and warrants to, and
covenants with, the Company, the Trustee and the Master Servicer that:

               1. The Purchaser  understands that (a) the Certificates  have not
        been and will not be registered or qualified under the Securities Act of
        1933,  as  amended  (the  "Act") or any state  securities  law,  (b) the
        Company is not required to so register or qualify the Certificates,  (c)
        the Certificates may be resold only if registered and qualified pursuant
        to the  provisions  of the Act or any  state  securities  law,  or if an
        exemption from such registration and qualification is available, (d) the
        Pooling and  Servicing  Agreement  contains  restrictions  regarding the
        transfer of the Certificates and (e) the Certificates will bear a legend
        to the foregoing effect.




<PAGE>



               2.  The  Purchaser  is  acquiring  the  Certificates  for its own
        account  for  investment  only  and not  with a view  to or for  sale in
        connection  with any  distribution  thereof  in any  manner  that  would
        violate the Act or any applicable state securities laws.

                      3.  The  Purchaser  is  (a) a  substantial,  sophisticated
               institutional  investor  having such  knowledge and experience in
               financial  and  business  matters,  and, in  particular,  in such
               matters related to securities  similar to the Certificates,  such
               that  it is  capable  of  evaluating  the  merits  and  risks  of
               investment  in the  Certificates,  (b) able to bear the  economic
               risks  of such an  investment  and (c) an  "accredited  investor"
               within the  meaning of Rule  501(a)  promulgated  pursuant to the
               Act.

                    4. The Purchaser  has been  furnished  with,  and has had an
               opportunity  to  review  (a) [a  copy  of the  Private  Placement
               Memorandum,   dated   ___________,   20___,   relating   to   the
               Certificates  (b)] a copy of the Pooling and Servicing  Agreement
               and [b] [c] such other  information  concerning the Certificates,
               the Mortgage  Loans and the Company as has been  requested by the
               Purchaser  from the  Company or the Seller and is relevant to the
               Purchaser's decision to purchase the Certificates.  The Purchaser
               has had any  questions  arising from such review  answered by the
               Company or the Seller to the  satisfaction of the Purchaser.  [If
               the Purchaser did not purchase the  Certificates  from the Seller
               in connection with the initial  distribution of the  Certificates
               and was provided with a copy of the Private Placement  Memorandum
               (the  "Memorandum")  relating to the original sale (the "Original
               Sale")  of  the  Certificates  by  the  Company,   the  Purchaser
               acknowledges  that  such  Memorandum  was  provided  to it by the
               Seller,  that the  Memorandum  was prepared by the Company solely
               for use in connection  with the Original Sale and the Company did
               not  participate  in or facilitate in any way the purchase of the
               Certificates by the Purchaser from the Seller,  and the Purchaser
               agrees  that it will  look  solely to the  Seller  and not to the
               Company with respect to any damage,  liability,  claim or expense
               arising out of, resulting from or in connection with (a) error or
               omission,  or  alleged  error  or  omission,   contained  in  the
               Memorandum, or (b) any information,  development or event arising
               after the date of the Memorandum.]

                      5.  The  Purchaser  has  not  and  will  not  nor  has  it
               authorized or will it authorize any person to (a) offer,  pledge,
               sell,  dispose of or  otherwise  transfer  any  Certificate,  any
               interest in any Certificate or any other similar  security to any
               person in any manner, (b) solicit any offer to buy or to accept a
               pledge,  disposition  of other transfer of any  Certificate,  any
               interest in any  Certificate  or any other similar  security from
               any person in any manner,  (c)  otherwise  approach or  negotiate
               with respect to any Certificate,  any interest in any Certificate
               or any other similar security with any person in any manner,  (d)
               make any general  solicitation by means of general advertising or
               in any other manner or (e) take any other action, that (as to any
               of (a) through (e) above) would  constitute a distribution of any
               Certificate  under the Act, that would render the  disposition of
               any  Certificate a violation of Section 5 of the Act or any state
               securities   law,   or  that  would   require   registration   or
               qualification  pursuant  thereto.  The Purchaser will not sell or
               otherwise transfer any of the Certificates,  except in compliance
               with the provisions of the Pooling and Servicing Agreement.




<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 ("Plan"),  or any other person
        (including an investment  manager, a named fiduciary or a trustee of any
        Plan) acting,  directly or  indirectly,  on behalf of or purchasing  any
        Certificate  with "plan  assets" of any Plan  within the  meaning of the
        Department of Labor ("DOL") regulation at 29 C.F.R. ss.2510.3-101;

                      (b) is an  insurance  company,  the  source of funds to be
               used by it to purchase the Certificates is an "insurance  company
               general   account"   (within  the   meaning  of  DOL   Prohibited
               Transaction Class Exemption  ("PTCE") 95-60), and the purchase is
               being made in reliance  upon the  availability  of the  exemptive
               relief afforded under Sections I and III of PTCE 95-60; or

               (c) has provided the Trustee, the Company and the Master Servicer
        with an  opinion  of  counsel  acceptable  to and in form and  substance
        satisfactory to the Trustee,  the Company and the Master Servicer to the
        effect that the purchase of Certificates is permissible under applicable
        law,  will  not  constitute  or  result  in  any  non-exempt  prohibited
        transaction under ERISA or Section 4975 of the Code and will not subject
        the Trustee,  the Company or the Master  Servicer to any  obligation  or
        liability  (including  obligations or liabilities under ERISA or Section
        4975 of the Code) in  addition  to those  undertaken  in the Pooling and
        Servicing Agreement.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person  meets the  requirements  set  forth in either  6(a),  (b) or (c)
above.

                                Very truly yours,



                                            By:________________________________
                                            Name:  _____________________________
                                            Title:______________________________




<PAGE>



                                          EXHIBIT I

                           FORM OF TRANSFEROR REPRESENTATION LETTER

                                                   _________, 20___

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

[Trustee]

Attention: Residential Funding Corporation Series ________

                      Re:    Mortgage Pass-Through Certificates,
                             Series ________, [Class B-]

Ladies and Gentlemen:

     In  connection  with the sale by  ____________________  (the  "Seller")  to
____________________ (the "Purchaser") of __________________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates,  Series ________, Class
(the  "Certificates"),  issued  pursuant to the Series  Supplement,  dated as of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and __________, as trustee
(the "Trustee").  The Seller hereby  certifies,  represents and warrants to, and
covenants with, the Company and the Trustee that:

               Neither  the  Seller  nor  anyone  acting on its  behalf  has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner



<PAGE>



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 Master Servicer (as defined in the Series Supplement,  dated
as of ________________, to the Standard Terms of Pooling and Servicing Agreement
dated  as  of  ________________  (the  "Agreement")  among  Residential  Funding
Corporation as Master Servicer,  Residential Funding Mortgage Securities I, Inc.
as  depositor  pursuant to Section  5.02 of the  Agreement  and  __________,  as
trustee, as follows:

               (a) The Buyer  understands that the Rule 144A Securities have not
        been registered under the 1933 Act or the securities laws of any state.

                      (b)   The   Buyer   considers    itself   a   substantial,
               sophisticated  institutional  investor  having such knowledge and
               experience in financial  and business  matters that it is capable
               of evaluating the merits and risks of investment in the Rule 144A
               Securities.

               (c) The Buyer has been furnished with all  information  regarding
        the Rule 144A  Securities  that it has  requested  from the Seller,  the
        Trustee or the Servicer.




<PAGE>



                      (d) Neither the Buyer nor anyone  acting on its behalf has
               offered, transferred,  pledged, sold or otherwise disposed of the
               Rule 144A Securities, any interest in the Rule 144A Securities or
               any other  similar  security to, or solicited any offer to buy or
               accept a transfer,  pledge or other  disposition of the Rule 144A
               Securities, any interest in the Rule 144A Securities or any other
               similar security from, or otherwise approached or negotiated with
               respect to the Rule 144A  Securities,  any  interest  in the Rule
               144A Securities or any other similar security with, any person in
               any manner, or made any general  solicitation by means of general
               advertising  or in any other  manner,  or taken any other action,
               that would  constitute a distribution of the Rule 144A Securities
               under the 1933 Act or that would  render the  disposition  of the
               Rule 144A  Securities a violation of Section 5 of the 1933 Act or
               require  registration  pursuant thereto, nor will it act, nor has
               it  authorized  or will it  authorize  any person to act, in such
               manner with respect to the Rule 144A Securities.

                      (e) The Buyer is a "qualified institutional buyer" as that
               term is defined in Rule 144A under the 1933 Act and has completed
               either  of the forms of  certification  to that  effect  attached
               hereto as Annex 1 or Annex 2. The Buyer is aware that the sale to
               it is being made in reliance on Rule 144A. The Buyer is acquiring
               the Rule 144A  Securities  for its own account or the accounts of
               other qualified institutional buyers,  understands that such Rule
               144A Securities may be resold, pledged or transferred only (i) to
               a person  reasonably  believed  to be a  qualified  institutional
               buyer that  purchases for its own account or for the account of a
               qualified  institutional  buyer to whom  notice is given that the
               resale,  pledge or  transfer  is being made in  reliance  on Rule
               144A, or (ii)  pursuant to another  exemption  from  registration
               under the 1933 Act.

               [3.    The Buyer

                      (a) is not an  employee  benefit or other plan  subject to
               the prohibited  transaction provisions of the Employee Retirement
               Income  Security Act of 1974,  as amended  ("ERISA"),  or Section
               4975 of the Internal Revenue Code of 1986, as amended (a "Plan"),
               or any other person  (including  an investment  manager,  a named
               fiduciary  or  a  trustee  of  any  Plan)  acting,   directly  or
               indirectly, on behalf of or purchasing any Certificate with "plan
               assets" of any Plan within the meaning of the Department of Labor
               ("DOL") regulation at 29 C.F.R. ss.2510.3-101;

                      (b) is an  insurance  company,  the  source of funds to be
               used by it to purchase the Certificates is an "insurance  company
               general   account"   (within  the   meaning  of  DOL   Prohibited
               Transaction Class Exemption  ("PTCE") 95-60), and the purchase is
               being made in reliance  upon the  availability  of the  exemptive
               relief afforded under Sections I and III of PTCE 95-60; or

               (c) has provided the Trustee, the Company and the Master Servicer
        with an  opinion  of  counsel  acceptable  to and in form and  substance
        satisfactory to the Trustee,  the Company and the Master Servicer to the
        effect that the purchase of Certificates is permissible under applicable
        law,  will  not  constitute  or  result  in  any  non-exempt  prohibited
        transaction under ERISA or Section 4975 of the Code and will not subject
        the Trustee,  the Company or the Master  Servicer to any  obligation  or
        liability (including obligations or liabilities under



<PAGE>



        ERISA or Section  4975 of the Code) in addition to those  undertaken  in
        the Pooling and Servicing Agreement. ]

               4. This document may be executed in one or more  counterparts and
        by the different parties hereto on separate counterparts, each of which,
        when so executed,  shall be deemed to be an original; such counterparts,
        together, shall constitute one and the same document.
               IN  WITNESS  WHEREOF,  each  of the  parties  has  executed  this
document as of the date set forth below.



Print Name of Seller                             Print Name of Buyer


By:________________________________              By:____________________________
      Name:                                            Name:
      Title:                                           Title:
Taxpayer Identification                          Taxpayer Identification:
No. ________________________________             No:____________________________
Date: ______________________________             Date:__________________________




<PAGE>



                              ANNEX 1 TO EXHIBIT J

          QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A [For
               Buyers Other Than Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

     1. As indicated  below,  the undersigned is the President,  Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

        2. In connection with purchases by the Buyer,  the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary basis $ in securities (except for the excluded securities referred
to below) as of the end of the  Buyer's  most recent  fiscal  year (such  amount
being  calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the
criteria in the category marked below.

        Corporation, etc. The Buyer is a corporation (other than a bank, savings
and loan association or similar institution),  Massachusetts or similar business
trust, partnership, or charitable organization described in Section 501(c)(3) of
the Internal Revenue Code.

        Bank. The Buyer (a) is a national bank or banking institution  organized
under the laws of any State, territory or the District of Columbia, the business
of which is substantially  confined to banking and is supervised by the State or
territorial  banking  commission  or similar  official  or is a foreign  bank or
equivalent institution, and (b) has an audited net worth of at least $25,000,000
as demonstrated in its latest annual  financial  statements,  a copy of which is
attached hereto.

        Savings  and Loan.  The Buyer  (a) is a  savings  and loan  association,
building  and loan  association,  cooperative  bank,  homestead  association  or
similar  institution,  which is  supervised  and  examined by a State or Federal
authority having  supervision over any such institutions or is a foreign savings
and loan association or equivalent  institution and (b) has an audited net worth
of  at  least  $25,000,000  as  demonstrated  in  its  latest  annual  financial
statements.

        Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15
of the Securities Exchange Act of 1934.

        Insurance  Company.  The Buyer is an insurance company whose primary and
predominant  business  activity is the writing of insurance or the reinsuring of
risks underwritten by insurance companies and which is subject to supervision by
the  insurance  commissioner  or a  similar  official  or  agency  of a State or
territory or the District of Columbia.

        State or Local Plan. The Buyer is a plan established and maintained by a
State, its political subdivisions, or any agency or instrumentality of the State
or its political subdivisions, for the benefit of its employees.




<PAGE>



        ERISA Plan. The Buyer is an employee  benefit plan within the meaning of
Title I of the Employee Retirement Income Security Act of 1974.

     Investment Adviser. The Buyer is an investment adviser registered under the
Investment Advisers Act of 1940.

     SBIC. The Buyer is a Small Business Investment Company licensed by the U.S.
Small Business  Administration under Section 301(c) or (d) of the Small Business
Investment Act of 1958.

     Business  Development  Company. The Buyer is a business development company
as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

        Trust Fund.  The Buyer is a trust fund whose  trustee is a bank or trust
company  and  whose  participants  are  exclusively  (a) plans  established  and
maintained  by  a  State,   its  political   subdivisions,   or  any  agency  or
instrumentality of the State or its political  subdivisions,  for the benefit of
its  employees,  or (b) employee  benefit plans within the meaning of Title I of
the Employee  Retirement  Income  Security Act of 1974,  but is not a trust fund
that includes as participants individual retirement accounts or H.R. 10 plans.

        3. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer,  (ii) securities that are part of
an unsold  allotment to or  subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

        4. For purposes of determining the aggregate  amount of securities owned
and/or invested on a discretionary  basis by the Buyer,  the Buyer used the cost
of such  securities  to the  Buyer  and did not  include  any of the  securities
referred to in the preceding  paragraph.  Further, in determining such aggregate
amount,  the Buyer may have included  securities  owned by  subsidiaries  of the
Buyer,  but only if such  subsidiaries  are  consolidated  with the Buyer in its
financial  statements  prepared in accordance with generally accepted accounting
principles  and if the  investments of such  subsidiaries  are managed under the
Buyer's direction.  However, such securities were not included if the Buyer is a
majority-owned,  consolidated  subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

        5.  The  Buyer  acknowledges  that it is  familiar  with  Rule  144A and
understands  that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements  made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.


                       Will the Buyer be purchasing the Rule 144A
Yes       No           Securities only for the Buyer's own account?
        6. If the answer to the  foregoing  question is "no",  the Buyer  agrees
that,  in connection  with any purchase of securities  sold to the Buyer for the
account of a third party  (including  any separate  account) in reliance on Rule
144A,  the Buyer will only purchase for the account of a third party that at the
time is a "qualified  institutional  buyer"  within the meaning of Rule 144A. In
addition,  the Buyer  agrees that the Buyer will not purchase  securities  for a
third party unless the



<PAGE>



Buyer has  obtained a current  representation  letter  from such third  party or
taken other  appropriate  steps  contemplated by Rule 144A to conclude that such
third party  independently  meets the  definition  of  "qualified  institutional
buyer" set forth in Rule 144A.

        7. The Buyer will notify each of the parties to which this certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice is given,  the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.

                          Print Name of Buyer

                          By:
                                 -------------------------------------------
                                 Name:
                                       -------------------------------------
                                 Title:
                                        ------------------------------------

                          Date:
                                 -------------------------------------------



<PAGE>



                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

        8. 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.

        9. 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).

        10. 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).

        11. 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.

        12. The Buyer is familiar  with Rule 144A and  understands  that each of
the parties to which this certification is made are relying and will continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.




<PAGE>



        13.  The  undersigned  will  notify  each of the  parties  to which this
certification is made of any changes in the information and conclusions  herein.
Until such notice,  the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this  certification by the undersigned as of the date of such
purchase.


                         Print Name of Buyer

                         By:
                                -------------------------------------------
                                Name:
                                       ------------------------------------
                                Title:
                                       ------------------------------------

                         IF AN ADVISOR:


                         Print Name of Buyer

                         Date:
                                -------------------------------------------



<PAGE>



                                    EXHIBIT K

                   [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                LIMITED GUARANTY]

                                   ARTICLE XII
             Subordinate Certificate Loss Coverage; Limited Guaranty

        Section 12.01. Subordinate Certificate Loss Coverage;  Limited Guaranty.
(a) Subject to subsection  (c) below,  prior to the later of the third  Business
Day prior to each  Distribution  Date or the  related  Determination  Date,  the
Master Servicer shall determine  whether it or any Sub-Servicer will be entitled
to any  reimbursement  pursuant to Section 4.02(a) on such Distribution Date for
Advances or Sub-Servicer  Advances  previously made, (which will not be Advances
or Sub-Servicer Advances that were made with respect to delinquencies which were
subsequently determined to be Excess Special Hazard Losses, Excess Fraud Losses,
Excess  Bankruptcy  Losses or  Extraordinary  Losses)  and,  if so,  the  Master
Servicer shall demand payment from Residential Funding of an amount equal to the
amount of any Advances or Sub-Servicer  Advances  reimbursed pursuant to Section
4.02(a),  to the extent such  Advances or  Sub-Servicer  Advances  have not been
included in the amount of the Realized Loss in the related  Mortgage  Loan,  and
shall distribute the same to the Class B  Certificateholders  in the same manner
as if such amount were to be distributed pursuant to Section 4.02(a).
               (b) Subject to  subsection  (c) below,  prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c) Demands for payments  pursuant to this Section  shall be made
prior to the later of the third Business Day prior to each  Distribution Date or
the  related  Determination  Date by the Master  Servicer  with  written  notice
thereof to the Trustee.  The maximum  amount that  Residential  Funding shall be
required to pay pursuant to this Section on any  Distribution  Date (the "Amount
Available")  shall  be  equal  to the  lesser  of (X)  minus  the sum of (i) all
previous  payments made under  subsections (a) and (b) hereof and (ii) all draws
under the Limited  Guaranty made in lieu of such payments as described  below in
subsection (d) and (Y) the then outstanding



<PAGE>



Certificate Principal Balances of the Class B Certificates, or such lower amount
as  may  be  established  pursuant  to  Section  12.02.   Residential  Funding's
obligations  as  described  in  this  Section  are  referred  to  herein  as the
"Subordinate Certificate Loss Obligation."

               (d) The Trustee will promptly  notify General  Motors  Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

               (e) All payments  made by  Residential  Funding  pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

               (f) The Company shall have the option, in its sole discretion, to
substitute  for  either  or  both of the  Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute



<PAGE>



instrument  constitutes a legal,  valid and binding obligation of the substitute
guarantor or obligor,  enforceable in accordance with its terms,  and concerning
such other  matters as the Master  Servicer  and the  Trustee  shall  reasonably
request.  Neither the  Company,  the Master  Servicer  nor the Trustee  shall be
obligated  to  substitute  for or replace  the Limited  Guaranty or  Subordinate
Certificate Loss Obligation under any circumstance.

        Section   12.02.   Amendments   Relating   to  the   Limited   Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supersession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supersession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.



<PAGE>



                                    EXHIBIT L

                           [FORM OF LIMITED GUARANTY]
                                LIMITED GUARANTY
                 RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
                       Mortgage Pass-Through Certificates
                                 Series ________

                                                  ___________, 20____




[Trustee]

Attention:  Residential Funding Corporation Series ________
Ladies and Gentlemen:

               WHEREAS,  Residential Funding Corporation, a Delaware corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations as described under Section 12.01 of the Series Supplement,  dated as
of  ________________,  to the Standard Terms of Pooling and Servicing  Agreement
dated  as of  ________________  (together,  the  "Servicing  Agreement"),  among
Residential  Funding Mortgage  Securities I, Inc. (the  "Company"),  Residential
Funding and  __________  (the  "Trustee") as amended by Amendment  No.  thereto,
dated as of , with respect to the  Mortgage  Pass-Through  Certificates,  Series
________ (the "Certificates"); and

               WHEREAS,  pursuant to Section 12.01 of the  Servicing  Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

               WHEREAS,  GMAC desires to provide certain assurances with respect
to the ability of Residential  Funding to secure sufficient funds and faithfully
to perform its Subordinate Certificate Loss Obligation;

               NOW THEREFORE,  in consideration of the premises herein contained
and  certain  other good and  valuable  consideration,  the  receipt of which is
hereby acknowledged, GMAC agrees as follows:

        1. Provision of Funds.  (a) GMAC agrees to contribute and deposit in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to
perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.





<PAGE>



               (b) The agreement set forth in the preceding  clause (a) shall be
absolute,  irrevocable  and  unconditional  and  shall  not be  affected  by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

        2.  Waiver.  GMAC  hereby  waives  any  failure  or delay on the part of
Residential  Funding,  the Trustee or any other person in asserting or enforcing
any  rights or in making  any  claims or demands  hereunder.  Any  defective  or
partial  exercise of any such  rights  shall not  preclude  any other or further
exercise  of  that  or  any  other  such  right.  GMAC  further  waives  demand,
presentment,  notice of default,  protest,  notice of  acceptance  and any other
notices with respect to this Limited Guaranty,  including,  without  limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.

        3. Modification, Amendment and Termination. This Limited Guaranty may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

     4. Successor.  Except as otherwise expressly provided herein, the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

     5.  Governing  Law. This Limited  Guaranty shall be governed by the laws of
the State of New York.

     6. Authorization and Reliance. GMAC understands that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

     7.  Definitions.  Capitalized  terms used but not otherwise  defined herein
shall have the meaning given them in the Servicing Agreement.

     8.  Counterparts.  This  Limited  Guaranty may be executed in any number of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.



<PAGE>




               IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to be
executed and delivered by its respective  officers  thereunto duly authorized as
of the day and year first above written.

                                  GENERAL MOTORS ACCEPTANCE
                                  CORPORATION

                                  By:
                                          -----------------------------
                                  Name:
                                         -----------------------------
                                  Title:
                                         -----------------------------

Acknowledged by:
[Trustee],
               as Trustee
By:
        ------------------------------------
Name:
        ------------------------------------
Title:
        ------------------------------------


RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
By:
        ------------------------------------
Name:
        ------------------------------------
Title:
        ------------------------------------




<PAGE>



                                    EXHIBIT M

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN


                                        _____________, 20______




Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

[Trustee]

Attention:  Residential Funding Corporation Series ________

        Re:    Mortgage Pass-Through Certificates, Series ________ Assignment
               of Mortgage Loan

Ladies and Gentlemen:

     This  letter is  delivered  to you in  connection  with the  assignment  by
___________   (the  "Trustee")  to   _____________________   (the  "Lender")  of
__________________(the  "Mortgage  Loan")  pursuant  to  Section  3.13(d) of the
Series  Supplement,  dated  as of  ________________,  to the  Standard  Terms of
Pooling and Servicing  Agreement  dated as of  ________________  (together,  the
"Pooling and Servicing Agreement") among Residential Funding Mortgage Securities
I, Inc., as seller (the "Company"),  Residential Funding Corporation,  as master
servicer, and the Trustee. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing  Agreement.  The Lender
hereby  certifies,  represents  and warrants to, and covenants  with, the Master
Servicer and the Trustee that:

        the  Mortgage  Loan  is  secured  by  Mortgaged  Property  located  in a
jurisdiction  in which an  assignment  in lieu of  satisfaction  is  required to
preserve lien priority,  minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;

        the substance of the assignment is, and is intended to be, a refinancing
of such Mortgage Loan and the form of the  transaction is solely to comply with,
or facilitate the transaction under, such local laws;

        the Mortgage Loan following the proposed  assignment will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest  on such  Mortgage  Loan prior to such  proposed  assignment;  and such
assignment is at the request of the borrower under the related Mortgage Loan.


                                Very truly yours,






<PAGE>







                           (Lender)


                           By:
                                  ------------------------------------
                           Name:
                                  ------------------------------------
                           Title:
                                  ------------------------------------



<PAGE>




                                    EXHIBIT N

                          FORM OF REQUEST FOR EXCHANGE

                                     [Date]


Bank One, National Association
1 Bank One Plaza
Suite IL1-0126
Chicago, Illinois 60670-0126


               Re:    Residential Funding Mortgage Securities I, Inc.
                      Mortgage Pass-Through Certificates, Series [________]

               Residential  Funding  Corporation,  as  the  Holder  of  a  ____%
Percentage Interest of the  [Class/Subclass]  of Class A-V Certificates,  hereby
requests  the  Trustee to exchange  the  above-referenced  Certificates  for the
Subclasses referred to below:

               1.     Class A-V  Certificates,  corresponding  to the  following
                      Uncertificated  REMIC  Regular  Interests:  [List  numbers
                      corresponding  to the  related  loans and Pool Strip Rates
                      from the Mortgage  Loan  Schedule].  The Initial  Subclass
                      Notional Amount and the initial  Pass-Through  Rate on the
                      Class A-V  Certificates  will be $___________  and _____%,
                      respectively.

               [2.    Repeat as appropriate.]

               The  Subclasses  requested  above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the Class A-V
Certificates surrendered for exchange.

               The capitalized  terms used but not defined herein shall have the
meanings set forth in the Pooling and Servicing Agreement,  dated as of _______,
among  Residential  Funding  Mortgage  Securities I, Inc.,  Residential  Funding
Corporation and Bank One National Association , as trustee.

                                            RESIDENTIAL FUNDING CORPORATION

                                            By:
                                               ---------------------------------

                                            Name:
                                                 -------------------------------

                                            Title:
                                                  ------------------------------



<PAGE>

</TEXT>
</DOCUMENT>
