RESIDENTIAL FUNDING MORTGAGE SECURITIES I INC
8-K, 1998-09-01
ASSET-BACKED SECURITIES
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934


Date of Report (Date of earliest event reported) August 28, 1998

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC. (as company under a Pooling and
Servicing Agreement,  dated as of August 1, 1998, providing for, inter alia, the
issuance of Mortgage Pass-Through Certificates, Series 1998-S18)


                 Residential Funding Mortgage Securities I, Inc.
             (Exact name of registrant as specified in its charter)

         DELAWARE                   333-57481                   75-2006294
(State or Other Jurisdiction        (Commission               (I.R.S. Employer
of Incorporation)                   File Number)            Identification No.)


 8400 Normandale Lake Blvd.
 Suite 600
 Minneapolis, Minnesota                                          55437
 (Address of Principal                                        (Zip Code)
 Executive Offices)


Registrant's telephone number, including area code, is (612) 832-7000







<PAGE>





Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.

                  (a)      Not applicable

                  (b)      Not applicable

                  (c)      Exhibits:

                  1.  Pooling  and  Servicing  Agreement,  dated as of August 1,
1998,  among  Residential  Funding  Mortgage  Securities  I, Inc.,  as  company,
Residential Funding Corporation, as master servicer, and The First National Bank
of Chicago, as trustee.




<PAGE>





                                   SIGNATURES

                  Pursuant to the requirements of the Securities Exchange Act of
1934,  the  registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                          RESIDENTIAL FUNDING MORTGAGE
                                          SECURITIES I, INC.


                                          By:
                                          Name:      Diane S. Wold
                                          Title:     Vice President


Dated: August 28, 1998




<PAGE>



                                   SIGNATURES

                  Pursuant to the requirements of the Securities Exchange Act of
1934,  the  registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                          RESIDENTIAL FUNDING MORTGAGE
                                          SECURITIES I, INC.


                                          By:        /s/Diane S. Wold
                                          Name:      Diane S. Wold
                                          Title:     Vice President


Dated: August 28, 1998



<PAGE>


                                    EXHIBITS



<PAGE>




                RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,

                                    COMPANY,

                        RESIDENTIAL FUNDING CORPORATION,

                                MASTER SERVICER,

                                       AND

                       THE FIRST NATIONAL BANK OF CHICAGO,

                                     TRUSTEE




                         POOLING AND SERVICING AGREEMENT

                           DATED AS OF AUGUST 1, 1998



                       MORTGAGE PASS-THROUGH CERTIFICATES

                                 SERIES 1998-S18






  
                                        1

<PAGE>



                                TABLE OF CONTENTS
                                                                            Page

ARTICLE I

DEFINITIONS....................................................................3
Section 1.01. Definitions......................................................3
Accrued Certificate Interest...................................................3
Adjusted Mortgage Rate.........................................................4
Advance........................................................................4
Affiliate......................................................................4
Agreement......................................................................4
Amount Held for Future Distribution............................................4
Appraised Value................................................................4
Assignment.....................................................................4
Assignment Agreement...........................................................4
Assignment of Proprietary Lease................................................4
Available Distribution Amount..................................................5
Bankruptcy Amount..............................................................5
Bankruptcy Code................................................................5
Bankruptcy Loss................................................................5
Book-Entry Certificate.........................................................6
Business Day...................................................................6
Buydown Funds..................................................................6
Buydown Mortgage Loan..........................................................6
Cash Liquidation...............................................................6
Certificate....................................................................6
Certificate Account............................................................6
Certificate Account Deposit Date...............................................6
Certificateholder or Holder....................................................6
Certificate Owner..............................................................7
Certificate Principal Balance..................................................7
Certificate Register and Certificate Registrar.................................7
Class..........................................................................8
Class A Certificate............................................................8
Class A-5 Collection Shortfall.................................................8
Class A-5 Principal Distribution Amount........................................8
Class B Certificate............................................................8
Class B Percentage.............................................................8
Class B-1 Percentage...........................................................8
Class B-1 Prepayment Distribution Trigger......................................8
Class B-2 Percentage...........................................................8

  
                                        i

<PAGE>


                                                                            Page

Class B-2 Prepayment Distribution Trigger......................................9
Class B-3 Percentage...........................................................9
Class B-3 Prepayment Distribution Trigger......................................9
Class M Certificate............................................................9
Class M Percentage.............................................................9
Class M-1 Percentage...........................................................9
Class M-2 Percentage...........................................................9
Class M-2 Prepayment Distribution Trigger......................................9
Class M-3 Percentage..........................................................10
Class M-3 Prepayment Distribution Trigger.....................................10
Class R Certificate...........................................................10
Closing Date..................................................................10
Code .........................................................................10
Compensating Interest.........................................................10
Cooperative...................................................................10
Cooperative Apartment.........................................................10
Cooperative Lease.............................................................10
Cooperative Loans.............................................................11
Cooperative Stock.............................................................11
Cooperative Stock Certificate.................................................11
Corporate Trust Office........................................................11
Credit Support Depletion Date.................................................11
Curtailment...................................................................11
Custodial Account.............................................................11
Custodial Agreement...........................................................11
Custodian.....................................................................11
Cut-off Date..................................................................11
Cut-off Date Principal Balance................................................11
DCR  .........................................................................11
Debt Service Reduction........................................................11
Defaulted Mortgage Loss.......................................................12
Deficient Valuation...........................................................12
Definitive Certificate........................................................12
Deleted Mortgage Loan.........................................................12
Depository....................................................................12
Depository Participant........................................................12
Destroyed Mortgage Note.......................................................12
Determination Date............................................................12
Discount Fraction.............................................................12
Discount Mortgage Loan........................................................13
Disqualified Organization.....................................................13
Distribution Date.............................................................13

  
                                        2

<PAGE>


                                                                            Page

 Due Date.....................................................................13
 Due Period...................................................................13
 Eligible Account.............................................................13
 Eligible Funds...............................................................14
 Event of Default.............................................................14
 Excess Bankruptcy Loss.......................................................14
 Excess Fraud Loss............................................................14
 Excess Special Hazard Loss...................................................14
 Excess Subordinate Principal Amount..........................................14
 Extraordinary Events.........................................................14
 Extraordinary Losses.........................................................15
 FDIC ........................................................................15
 FHLMC........................................................................15
 Final Distribution Date......................................................15
 FNMA ........................................................................15
 Foreclosure Profits..........................................................15
 Fraud Loss Amount............................................................16
 Fraud Losses.................................................................16
 Independent..................................................................16
 Initial Certificate Principal Balance........................................16
 Initial Monthly Payment Fund.................................................17
 Initial Notional Amount......................................................17
 Insurance Proceeds...........................................................17
 Insurer......................................................................17
 Interest Accrual Period......................................................17
 Late Collections.............................................................17
 Liquidation Proceeds.........................................................17
 Loan-to-Value Ratio..........................................................17
 Lockout Prepayment Percentage................................................17
 Maturity Date................................................................17
 Modified Mortgage Loan.......................................................17
 Modified Net Mortgage Rate...................................................18
 Monthly Payment..............................................................18
 Moody's......................................................................18
 Mortgage.....................................................................18
 Mortgage File................................................................18
 Mortgage Loan Schedule.......................................................18
 Mortgage Loans...............................................................19
 Mortgage Note................................................................19
 Mortgage Rate................................................................19
 Mortgaged Property...........................................................19
 Mortgagor....................................................................19

  
                                        3

<PAGE>


                                                                            Page

Net Mortgage Rate.............................................................19
Non-Discount Mortgage Loan....................................................19
Non-Primary Residence Loans...................................................19
Non-United States Person......................................................19
Nonrecoverable Advance........................................................19
Nonsubserviced Mortgage Loan..................................................20
Notional Amount...............................................................20
Opinion of Counsel............................................................20
Original Senior Percentage....................................................20
Outstanding Mortgage Loan.....................................................20
Ownership Interest............................................................20
Pass-Through Rate.............................................................20
Paying Agent..................................................................21
Percentage Interest...........................................................21
Permitted Investments.........................................................21
Permitted Transferee..........................................................22
Person........................................................................22
Pool Stated Principal Balance.................................................23
Pool Strip Rate...............................................................23
Prepayment Assumption.........................................................23
Prepayment Distribution Percentage............................................23
Prepayment Distribution Trigger...............................................24
Prepayment Interest Shortfall.................................................24
Prepayment Lockout Certificates...............................................24
Prepayment Period.............................................................24
Primary Insurance Policy......................................................24
Principal Prepayment..........................................................25
Principal Prepayment in Full..................................................25
Program Guide.................................................................25
Purchase Price................................................................25
Qualified Substitute Mortgage Loan............................................25
Rating Agency.................................................................26
Realized Loss.................................................................26
Record Date...................................................................26
Regular Certificate...........................................................26
REMIC.........................................................................26
REMIC Administrator...........................................................27
REMIC Provisions..............................................................27
REO Acquisition...............................................................27
REO Disposition...............................................................27
REO Imputed Interest..........................................................27
REO Proceeds..................................................................27

  
                                        4

<PAGE>


                                                                            Page

REO Property..................................................................27
Request for Release...........................................................27
Required Insurance Policy.....................................................27
Residential Funding...........................................................27
Responsible Officer...........................................................27
Schedule of Discount Fractions................................................28
Security Agreement............................................................28
Seller........................................................................28
Seller's Agreement............................................................28
Senior Accelerated Distribution Percentage....................................28
Senior Certificates...........................................................29
Senior Interest Distribution Amount...........................................29
Senior Percentage.............................................................29
Senior Principal Distribution Amount..........................................29
Servicing Accounts............................................................29
Servicing Advances............................................................29
Servicing Fee.................................................................30
Servicing Officer.............................................................30
Servicing Modification........................................................30
Special Hazard Amount.........................................................30
Special Hazard Loss...........................................................31
Standard & Poor's.............................................................31
Stated Principal Balance......................................................31
Subclass......................................................................31
Subclass Notional Amount......................................................31
Subordinate Percentage........................................................31
Subordinate Principal Distribution Amount.....................................31
Subserviced Mortgage Loan.....................................................32
Subservicer...................................................................32
Subservicer Advance...........................................................32
Subservicing Account..........................................................32
Subservicing Agreement........................................................32
Subservicing Fee..............................................................32
Tax Returns...................................................................32
Transfer......................................................................33
Transferee....................................................................33
Transferor....................................................................33
Uncertificated Accrued Interest...............................................33
Uncertificated Notional Amount................................................33
Uncertificated Pass-Through Rate..............................................34
Uncertificated REMIC Regular Interest Pool Strip Rate.........................34
Uncertificated REMIC Regular Interests........................................34

  
                                        5

<PAGE>


                                                                            Page

Uncertificated REMIC Regular Interest Distribution Amount.....................34
Uniform Single Attestation Program for Mortgage Bankers.......................34
Uninsured Cause...............................................................34
United States Person..........................................................34
Voting Rights.................................................................34

ARTICLE II

CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES
 .............................................................................35
Section 2.01. Conveyance of Mortgage Loans....................................35
Section 2.02. Acceptance by Trustee...........................................39
Section 2.03. Representations, Warranties and Covenants of the Master
                               Servicer and the Company.......................41
Section 2.04. Representations and Warranties of Sellers.......................45
Section 2.05. Execution and Authentication of Certificates....................46

ARTICLE III

ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
 .............................................................................48
Section 3.01. Master Servicer to Act as Servicer..............................48
Section 3.02. Subservicing Agreements Between Master Servicer and Subservicers;
              Enforcement of Subservicers' and Sellers' Obligations...........49
Section 3.03. Successor Subservicers..........................................50
Section 3.04. Liability of the Master Servicer................................50
Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
              Certificateholders..............................................51
Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee.
               ...............................................................51
Section 3.07. Collection of Certain Mortgage Loan Payments; Deposits to
              Custodial Account...............................................51
Section 3.08. Subservicing Accounts; Servicing Accounts.......................54
Section 3.09. Access to Certain Documentation and Information Regarding the
              Mortgage Loans..................................................55
Section 3.10. Permitted Withdrawals from the Custodial Account................55
Section 3.11. Maintenance of the Primary Insurance Policies; Collections
               Thereunder.....................................................57
Section 3.12. Maintenance of Fire Insurance and Omissions and Fidelity Coverage.
               ...............................................................58

  
                                        6

<PAGE>


                                                                            Page

Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and Modification
              Agreements; Certain Assignments.................................59
Section 3.14. Realization Upon Defaulted Mortgage Loans.......................61
Section 3.15. Trustee to Cooperate; Release of Mortgage Files.................64
Section 3.16. Servicing and Other Compensation; Compensating Interest.........65
Section 3.17. Reports to the Trustee and the Company..........................66
Section 3.18. Annual Statement as to Compliance...............................66
Section 3.19. Annual Independent Public Accountants' Servicing Report.........66
Section 3.20. Rights of the Company in Respect of the Master Servicer.........67

ARTICLE IV

PAYMENTS TO CERTIFICATEHOLDERS
 .............................................................................68
Section 4.01. Certificate Account.............................................68
Section 4.02. Distributions...................................................68
Section 4.03. Statements to Certificateholders................................77
Section 4.04. Distribution of Reports to the Trustee and the Company; Advances
              by the Master Servicer..........................................79
Section 4.05. Allocation of Realized Losses...................................80
Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property...82
Section 4.07. Optional Purchase of Defaulted Mortgage Loans...................82
Section 4.08. Distributions on the Uncertificated REMIC Regular Interests.....82
Section 4.09.     Compliance with Withholding Requirements....................83

ARTICLE V

THE CERTIFICATES
 .............................................................................84
Section 5.01. The Certificates................................................84
Section 5.02. Registration of Transfer and Exchange of Certificates...........86
Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates...............91
Section 5.04. Persons Deemed Owners...........................................91
Section 5.05. Appointment of Paying Agent.....................................91
Section 5.06. Optional Purchase of Certificates...............................92

ARTICLE VI

THE COMPANY AND THE MASTER SERVICER
 .............................................................................94
Section 6.01. Respective Liabilities of the Company and the Master Servicer...94

  
                                        7

<PAGE>


                                                                            Page

Section 6.02. Merger or Consolidation of the Company or the Master Servicer;
              Assignment of Rights and Delegation of Duties by Master
               Servicer.......................................................94
Section 6.03. Limitation on Liability of the Company, the Master Servicer and
               Others. .......................................................95
Section 6.04. Company and Master Servicer Not to Resign.......................96

ARTICLE VII

DEFAULT
 .............................................................................97
Section 7.01. Events of Default...............................................97
Section 7.02. Trustee or Company to Act; Appointment of Successor.............99
Section 7.03. Notification to Certificateholders..............................99
Section 7.04. Waiver of Events of Default....................................100

ARTICLE VIII

CONCERNING THE TRUSTEE
 ............................................................................101
Section 8.01. Duties of Trustee..............................................101
Section 8.02. Certain Matters Affecting the Trustee..........................102
Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans..........104
Section 8.04. Trustee May Own Certificates...................................104
Section 8.05. Master Servicer to Pay Trustee's Fees and Expenses;
               Indemnification...............................................104
Section 8.06. Eligibility Requirements for Trustee...........................105
Section 8.07. Resignation and Removal of the Trustee.........................105
Section 8.08. Successor Trustee..............................................106
Section 8.09. Merger or Consolidation of Trustee.............................107
Section 8.11. Appointment of Custodians......................................108
Section 8.12. Appointment of Office or Agency................................108

ARTICLE IX

TERMINATION
 ............................................................................110
Section 9.01. Termination Upon Purchase by the Master Servicer or the Company or
              Liquidation of All Mortgage Loans..............................110
Section 9.02. Additional Termination Requirements............................112

ARTICLE X

REMIC PROVISIONS
 ............................................................................114
Section 10.01.     REMIC Administration......................................114
Section 10.02.     Master Servicer, REMIC Administrator and Trustee
                   Indemnification...........................................117

ARTICLE XI

[RESERVED]...................................................................118

ARTICLE XII

MISCELLANEOUS PROVISIONS
 ............................................................................119
Section 12.01.     Amendment.................................................119
Section 12.02.     Recordation of Agreement; Counterparts....................121
Section 12.03.     Limitation on Rights of Certificateholders................122
Section 12.04.     Governing Law.............................................122
Section 12.05.     Notices...................................................122
Section 12.06.     Notices to Rating Agency..................................123
Section 12.07.     Severability of Provisions................................124
Section 12.08.     Supplemental Provisions for Resecuritization..............124


  
                                        8

<PAGE>





                                    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 Custodial Agreement
Exhibit F:        Mortgage Loan Schedule
Exhibit G:        Form of Seller/Servicer Contract
Exhibit H:        Forms of Request for Release
Exhibit I-1:      Form of Transfer Affidavit and Agreement
Exhibit I-2:      Form of Transferor Certificate
Exhibit J-1:      Form of Investor Representation Letter
Exhibit J-2:      Form of ERISA Representation Letter
Exhibit K:        Form of Transferor Representation Letter
Exhibit L:        Form of Rule 144A Investment Representation Letter
Exhibit M:        Text of Amendment to Pooling and Servicing Agreement 
                  Pursuant to Section 12.01(e) for a Limited Guaranty
Exhibit N:        Form of Limited Guaranty
Exhibit O:        Form of Lender Certification for Assignment of Mortgage Loan
Exhibit P:        Schedule of Discount Fractions
Exhibit Q:        Form of Request for Exchange



  
                                        9

<PAGE>




     This is a Pooling  and  Servicing  Agreement,  dated as of August 1,  1998,
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 FIRST  NATIONAL BANK OF CHICAGO,  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  Mortgage  Loans  (as  defined  herein).   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 (as  defined  herein),  and
subject to this  Agreement  (including  the  Mortgage  Loans but  excluding  the
Initial Monthly Payment Fund), as a real estate mortgage  investment  conduit (a
"REMIC") for federal income tax purposes and such segregated pool of assets will
be designated as the "REMIC." The Class A-1,  Class A-2,  Class A-3,  Class A-4,
Class A-5,  Class M-1,  Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3
Certificates  and the  Uncertificated  REMIC Regular  Interests will be "regular
interests"  in the Trust  Fund,  and the Class R  Certificates  will be the sole
class of "residual interests" in the Trust Fund in each case for purposes of the
REMIC Provisions (as defined herein) under federal income tax law. The Class A-6
Certificates  will  represent the entire  beneficial  ownership  interest in the
Uncertificated REMIC Regular Interests.

         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  issued on the
Closing Date comprising the interests in the Trust Fund created hereunder.


  
                                                         1

<PAGE>


<TABLE>
<CAPTION>



                                           Aggregate Initial
                                              Certificate
                   Pass-Through                Principal                                         Maturity
  Designation          Rate                     Balance                 Features                   Date              S&P        DCR
  -----------         ------                   ---------                --------                  ------            -----       ---
<S>                <C>                  <C>                      <C>                          <C>                   <C>         <C>

Class A-1              6.50%            $         150,000,000.00         Senior               August 25, 2013        AAA        AAA
Class A-2              6.50%            $         268,113,600.00         Senior               August 25, 2013        AAA        AAA
Class A-3              6.50%            $          11,684,000.00         Senior               August 25, 2013        AAA        AAA
Class A-4              6.50%            $          69,949,400.00 Prepayment Lockout/Senior    August 25, 2013        AAA        AAA
Class A-5              0.00%            $           1,624,355.59 Principal Only/Senior        August 25, 2013       AAAr        AAA
Class A-6            Variable           $                   0.00 Variable Strip/Interest      August 25, 2013       AAAr        AAA
                                                                      Only/Senior
Class R                6.50%            $                 100.00    Residual/Senior           August 25, 2013        AAA        AAA
Class M-1              6.50%            $           3,579,300.00       Mezzanine              August 25, 2013        AA         N/A
Class M-2              6.50%            $           1,278,400.00       Mezzanine              August 25, 2013         A         N/A
Class M-3              6.50%            $           2,556,800.00       Mezzanine              August 25, 2013        BBB        N/A
Class B-1              6.50%            $           1,022,700.00      Subordinate             August 25, 2013        BB         N/A
Class B-2              6.50%            $             767,100.00      Subordinate             August 25, 2013         B         N/A
Class B-3              6.50%            $             767,094.49      Subordinate             August 25, 2013        N/A        N/A
</TABLE>


     The Mortgage Loans have an aggregate  Cut-off Date Principal  Balance equal
to  $511,342,850.08.  The Mortgage  Loans are fixed rate  mortgage  loans having
terms to maturity at origination or modification of not more than 15 years.

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

  
                                        2

<PAGE>



                                    ARTICLE I

                                   DEFINITIONS

SECTION 1.01. DEFINITIONS.

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

     Accrued Certificate Interest: With respect to each Distribution Date, as to
any Class A Certificate  (other than the Class A-5 and Class A-6  Certificates),
any Class M  Certificate,  any Class B Certificate  or any Class R  Certificate,
interest  accrued  during the  related  Interest  Accrual  Period at the related
Pass-Through Rate on the Certificate Principal Balance thereof immediately prior
to such  Distribution  Date. With respect to each  Distribution  Date, as to the
Class A-6 Certificates  (other than any Subclass of the Class A-6 Certificates),
interest  accrued  during the  related  Interest  Accrual  Period at the related
Pass-Through  Rate on the related Notional Amount thereof.  With respect to each
Distribution  Date,  as to any  Subclass  of the Class A-6  Certificates  issued
pursuant  to Section  5.01(c),  interest  accrued  during the  related  Interest
Accrual  Period at the  related  Pass-  Through  Rate on the  Subclass  Notional
Amount.  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 of Certificates will be reduced by the amount
of (i)  Prepayment  Interest  Shortfalls (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) of Realized Losses
(including Excess Special Hazard Losses,  Excess Fraud Losses, Excess Bankruptcy
Losses and  Extraordinary  Losses) not allocated  solely to one or more specific
Classes of Certificates  pursuant to Section 4.05, (iii) the interest portion of
Advances  previously  made with respect to a Mortgage Loan or REO Property which
remained unreimbursed  following the Cash Liquidation or REO Disposition of such
Mortgage Loan or REO Property that were made with respect to delinquencies  that
were  ultimately  determined to be Excess Special  Hazard  Losses,  Excess Fraud
Losses,  Excess  Bankruptcy  Losses or  Extraordinary  Losses and (iv) any other
interest  shortfalls  not covered by the  subordination  provided by the Class M
Certificates  and  Class  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 among all of the
Certificates in proportion to their  respective  amounts of Accrued  Certificate
Interest payable on such Distribution Date which would have resulted absent such
reductions. Any portion of the reductions described in the immediately preceding
sentence  that are  allocated to the Class A-6  Certificates  shall be allocated
among the Subclasses  thereof, if any, in proportion to their respective amounts
of Accrued  Certificate  Interest payable on such  Distribution Date which would
have  resulted  absent  such  reductions.  In  addition  to that  portion of the
reductions  described in the second 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.



  
                                        3

<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.

     Agreement:  This Pooling and Servicing  Agreement and all amendments hereof
and supplements hereto.

     Amount Held for Future Distribution: As to any Distribution Date, the total
of the  amounts  held in the  Custodial  Account at the close of business on the
preceding  Determination Date on account of (i) Liquidation Proceeds,  Insurance
Proceeds,  Principal  Prepayments,  Mortgage  Loan  purchases  made  pursuant to
Section  2.02,  2.03 or 2.04 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 (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.

     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 the  Certificateholders,
which assignment, notice of transfer or equivalent instrument may be in the form
of one or more  blanket  assignments  covering  Mortgages  secured by  Mortgaged
Properties located in the same county, if permitted by law and accompanied by an
Opinion of Counsel to that effect.

     Assignment Agreement: The Assignment and Assumption Agreement, dated August
28, 1998, 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.

  
                                        4

<PAGE>



     Available Distribution Amount: As to any Distribution Date, an amount equal
to (a) the sum of (i) the amount  relating to the  Mortgage  Loans on deposit in
the Custodial  Account as of the close of business on the immediately  preceding
Determination  Date and amounts deposited in the Custodial Account in connection
with the substitution of Qualified Substitute Mortgage Loans, (ii) the amount of
any Advance made on the immediately  preceding Certificate Account Deposit Date,
(iii) any amount deposited in the Custodial  Account pursuant to Section 3.12(a)
and (iv) any amount  deposited in the  Certificate  Account  pursuant to Section
4.07,  reduced  by (b) the sum as of the close of  business  on the  immediately
preceding  Determination  Date of (w)  aggregate  Foreclosure  Profits,  (x) the
Amount Held for Future  Distribution,  and (y) amounts permitted to be withdrawn
by the Master  Servicer  from the  Custodial  Account in respect of the Mortgage
Loans pursuant to clauses (ii)-(x), inclusive, of Section 3.10(a).

     Bankruptcy  Amount:  As of any date of  determination  prior  to the  first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$100,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific Classes of Certificates in accordance with Section 4.05. As
of any date of  determination  on or after the first  anniversary of the Cut-off
Date,  an  amount  equal to the  excess,  if any,  of (1) the  lesser of (a) the
Bankruptcy  Amount  calculated  as of the close of business on the  Business Day
immediately preceding the most recent anniversary of the Cut-off Date coinciding
with or preceding such date of determination  (or, if such date of determination
is an anniversary of the Cut-off Date,  the Business Day  immediately  preceding
such date of  determination)  (for  purposes of this  definition,  the "Relevant
Anniversary")  and (b) the greater of (i) 0.0006 times the  aggregate  principal
balance  of all the  Mortgage  Loans  in the  Mortgage  Pool as of the  Relevant
Anniversary  having a Loan-to-Value  Ratio at origination  which exceeds 75% and
(ii)  $100,000,  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.

     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

  
                                        5

<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.

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

     Certificate   Account:   The  separate  account  or  accounts  created  and
maintained pursuant to Section 4.01, which shall be entitled "The First National
Bank of Chicago,  as trustee, in trust for the registered holders of Residential
Funding Mortgage Securities I, Inc., Mortgage Pass-Through Certificates,  Series
1998-S18" and which must be an Eligible Account.

     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,  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

  
                                        6

<PAGE>



thereof,  except as otherwise  specified  herein;  provided,  however,  that the
Trustee shall be required to recognize as a "Holder" or "Certificateholder" only
the  Person  in  whose  name a  Certificate  is  registered  in the  Certificate
Register.

     Certificate Owner: With respect to a Book-Entry Certificate, the Person who
is the  beneficial  owner of such  Certificate,  as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

     Certificate  Principal  Balance:  With respect to each Class A  Certificate
(other than the Class A-6 Certificates) and Class R 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,  minus (ii) the sum of (x)
the  aggregate  of all  amounts  previously  distributed  with  respect  to such
Certificate  (or  any  predecessor   Certificate)  and  applied  to  reduce  the
Certificate  Principal Balance or amount 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.
With  respect  to each Class M  Certificate,  on any date of  determination,  an
amount equal to (i) the Initial  Certificate  Principal  Balance of such Class M
Certificate  as  specified  on the face  thereof,  minus (ii) the sum of (x) the
aggregate of all amounts previously distributed with respect to such Certificate
(or any predecessor Certificate) and applied to reduce the Certificate Principal
Balance  thereof  pursuant  to  Section  4.02(a)  and (y) the  aggregate  of all
reductions  in  Certificate   Principal  Balance  deemed  to  have  occurred  in
connection  with  Realized  Losses  which  were  previously  allocated  to  such
Certificate (or any predecessor Certificate) pursuant to Section 4.05; provided,
that if the Certificate Principal Balances of the Class B Certificates have been
reduced to zero, the Certificate  Principal  Balance of each Class M Certificate
of those Class M Certificates outstanding with the highest numerical designation
at any given  time  shall  thereafter  be  calculated  to equal  the  Percentage
Interest evidenced by such Certificate times the excess, if any, of (A) the then
aggregate  Stated  Principal  Balance  of the  Mortgage  Loans over (B) the then
aggregate  Certificate  Principal  Balance of all other Classes of  Certificates
then  outstanding.  With  respect  to each Class B  Certificate,  on any date of
determination,  an amount equal to (i) the Initial Certificate Principal Balance
of such Class B Certificate as specified on the face thereof, minus (ii) the sum
of (x) the aggregate of all amounts previously  distributed with respect to such
Certificate  (or  any  predecessor   Certificate)  and  applied  to  reduce  the
Certificate  Principal  Balance thereof  pursuant to Section 4.02(a) and (y) the
aggregate of all  reductions in  Certificate  Principal  Balance  deemed to have
occurred in connection with Realized  Losses which were previously  allocated to
such  Certificate  (or any  predecessor  Certificate)  pursuant to Section 4.05;
provided,  that the Certificate Principal Balance of each Class B Certificate of
those Class B Certificates outstanding with the highest numerical designation 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.  The
Class A-6  Certificates  (or any  Subclass  thereof)  will  have no  Certificate
Principal Balance.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.


  
                                        7

<PAGE>



     Class: Collectively,  all of the Certificates bearing the same designation.
The initial Class A-6  Certificates  and any Subclass thereof issued pursuant to
Section 5.01(c) shall be a single Class for purposes of this Agreement.

     Class A Certificate:  Any one of the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5 or Class A-6 Certificates,  each such Certificate (other than the
Class  A-6  Certificates)  evidencing  an  interest  designated  as  a  "regular
interest"  in the Trust Fund for purposes of the REMIC  Provisions  and, in each
case,  executed by the Trustee and  authenticated  by the Certificate  Registrar
substantially   in  the  form  annexed  hereto  as  Exhibit  A.  The  Class  A-6
Certificates  will  represent the entire  beneficial  ownership  interest in the
Uncertificated REMIC Regular Interests. On and after the date of issuance of any
Subclass  of Class  A-6  Certificates  pursuant  to  Section  5.01(c),  any such
Subclass will represent the  Uncertificated  REMIC Regular Interest or Interests
specified by the Initial Holder of the Class A-6 Certificates.

     Class A-5 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-5 Principal Distribution Amount: As defined in Section 4.02(b)(i).

     Class B  Certificate:  Any one of the  Class  B-1  Certificates,  Class B-2
Certificates or Class B-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
C and  evidencing an interest  designated  as a "regular  interest" in the Trust
Fund for purposes of the REMIC Provisions.

     Class B Percentage:  The Class B-1  Percentage,  Class B-2  Percentage  and
Class B-3 Percentage.

     Class B-1 Percentage:  With respect to any  Distribution  Date, a fraction,
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class B-1 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.

     Class B-1 Prepayment Distribution Trigger: With respect to any Distribution
Date, a test that shall be satisfied if the fraction (expressed as a percentage)
equal  to  the  sum of the  Certificate  Principal  Balances  of the  Class  B-1
Certificates,  Class B-2  Certificates  and Class B-3  Certificates  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 0.50%.

     Class B-2 Percentage:  With respect to any  Distribution  Date, a fraction,
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class B-2 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.

  
                                        8

<PAGE>



     Class B-2 Prepayment Distribution Trigger: With respect to any Distribution
Date, a test that shall be satisfied if the fraction (expressed as a percentage)
equal  to  the  sum of the  Certificate  Principal  Balances  of the  Class  B-2
Certificates and Class B-3 Certificates  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 0.30%.

     Class B-3  Percentage:  With respect to any  Distribution  Date, a fraction
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class B-3 Certificates  immediately prior to such date
and the denominator of which is the aggregate  Stated  Principal  Balance of all
the Mortgage Loans (or related REO Properties)  (other than the related Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

     Class B-3 Prepayment Distribution Trigger: With respect to any Distribution
Date, a test that shall be satisfied if the fraction (expressed as a percentage)
equal  to  the  sum of the  Certificate  Principal  Balances  of the  Class  B-3
Certificates  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 0.15%.

     Class M  Certificate:  Any one of the  Class  M-1  Certificates,  Class M-2
Certificates or Class M-3 Certificates executed by the Trustee and authenticated
by the Certificate Registrar substantially in the form annexed hereto as Exhibit
B and  evidencing an interest  designated  as a "regular  interest" in the Trust
Fund for purposes of the REMIC Provisions.

     Class M Percentage:  The Class M-1  Percentage,  Class M-2  Percentage  and
Class M-3 Percentage.

     Class M-1 Percentage:  With respect to any  Distribution  Date, a fraction,
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class M-1 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.

     Class M-2 Percentage:  With respect to any  Distribution  Date, a fraction,
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class M-2 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.

     Class M-2 Prepayment Distribution Trigger: With respect to any Distribution
Date, a test that shall be satisfied if the fraction (expressed as a percentage)
equal  to  the  sum of the  Certificate  Principal  Balances  of the  Class  M-2
Certificates,   Class  M-3  Certificates,  Class  B-1  Certificates,  Class  B-2
Certificates and Class B-3 Certificates  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 1.25%.


  
                                        9

<PAGE>



     Class M-3 Percentage:  With respect to any  Distribution  Date, a fraction,
expressed as a percentage,  the numerator of which is the aggregate  Certificate
Principal  Balance of the Class M-3 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.

     Class M-3 Prepayment Distribution Trigger: With respect to any Distribution
Date, a test that shall be satisfied if the fraction (expressed as a percentage)
equal  to  the  sum of the  Certificate  Principal  Balances  of the  Class  M-3
Certificates,  Class  B-1  Certificates,  Class B-2  Certificates  and Class B-3
Certificates  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 1.00%.

     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 hereto as Exhibit D and evidencing an interest designated as a "residual
interest" in the Trust Fund for purposes of the REMIC Provisions.

     Closing Date: August 28, 1998.

     Code: The Internal Revenue Code of 1986.

     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, 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,  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 and servicing compensation to which the Master Servicer may be
entitled pursuant to Section 3.10(a)(v) and (vi);  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 organized under the
laws of, and  headquartered  in, the State of New York which owns or leases land
and all or part of a  building  or  buildings  located in the State of New York,
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.

  
                                       10

<PAGE>



     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.

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

     Corporate Trust Office: The principal office of the Trustee at which at any
particular  time its corporate  trust  business  with respect to this  Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at One First National Plaza, Suite 0126, Chicago, Illinois
60670-0126, Attention: Residential Funding Corporation Series 1998-S18.

     Credit Support  Depletion  Date: The first  Distribution  Date on which the
Senior Percentage equals 100%.

     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 in substantially the
form of Exhibit E hereto.

     Custodian: A custodian appointed pursuant to a Custodial Agreement.

     Cut-off Date: August 1, 1998.

     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.

     DCR: Duff & Phelps Credit Rating Co., or its successor in interest.

     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

  
                                       11

<PAGE>



the Bankruptcy Code, except such a reduction  constituting a Deficient Valuation
or any reduction that results in a permanent forgiveness of principal.

     Defaulted  Mortgage Loss:  With respect to any Mortgage Loan, any loss that
is attributable  to the Mortgagor's  failure to make any payment of principal or
interest as required  under the Mortgage  Note,  except that such loss shall not
include any Special Hazard Loss, Fraud Loss, Bankruptcy Loss, Extraordinary Loss
or other loss resulting from damage to the related Mortgaged  Property (or, with
respect  to a  Cooperative  Loan,  the  related  Cooperative  Apartment)  or any
interest shortfalls not covered by the subordination  described in Section 4.05,
including interest that is not covered by the subordination described in Section
4.05,  including interest that is not collectible from the Mortgagor pursuant to
the Soldiers' and Sailors'  Civil Relief Act of 1940 or similar  legislation  or
regulations as in effect from time to time..

     Deficient  Valuation:  With respect to any Mortgage  Loan, a valuation by a
court of competent jurisdiction of the Mortgaged Property in an amount less than
the then outstanding  indebtedness  under the Mortgage Loan, or any reduction in
the amount of  principal to be paid in  connection  with any  scheduled  Monthly
Payment that constitutes a permanent  forgiveness of principal,  which valuation
or reduction results from a proceeding under the Bankruptcy Code.

     Definitive Certificate: Any definitive, fully registered Certificate.

     Deleted  Mortgage  Loan: A Mortgage  Loan replaced or to be replaced with a
Qualified Substitute Mortgage Loan.

     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(3) of the Uniform  Commercial Code of the State of New York and a
"clearing  agency"  registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

     Depository   Participant:   A  broker,  dealer,  bank  or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

     Determination Date: With respect to any Distribution Date, the 20th day (or
if such 20th day is not a Business Day, the Business Day  immediately  following
such 20th day) of the month of the related Distribution Date.

     Discount  Fraction:  With  respect  to each  Discount  Mortgage  Loan,  the
fraction  expressed as a  percentage,  the numerator of which is 6.50% 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 6.50%. The

  
                                       12

<PAGE>



Discount  Fraction with respect to each  Discount  Mortgage Loan is set forth on
Exhibit P attached hereto.

     Discount  Mortgage  Loan:  Any Mortgage Loan having a Net Mortgage Rate (or
the initial  Net  Mortgage  Rate) of less than 6.50% per annum and any  Mortgage
Loan  deemed to be a  Discount  Mortgage  Loan  pursuant  to the  definition  of
Qualified Substitute Mortgage Loan.

     Disqualified  Organization:  Any  organization  defined as a  "disqualified
organization"  under Section  860E(e)(5) of the Code,  which includes 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 the FHLMC, 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 and (v)
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, the first day of the month
in which such Distribution Date occurs.

     Due Period: With respect to any Distribution Date, the period commencing on
the second day of the month  preceding the month of such  Distribution  Date and
ending on the related Due Date.

     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,  either (A) a trust
account or accounts  maintained in the corporate  trust  department of The First
National Bank of

  
                                       13

<PAGE>



Chicago or (B) an account or accounts maintained in the corporate asset services
department of The First National Bank of Chicago, as long as its short term debt
obligations  are rated P-1 (or the  equivalent)  or better by each Rating Agency
and its long term debt  obligations  are rated A2 (or the equivalent) or better,
by each Rating Agency, or (iv) in the case of the Certificate  Account,  a trust
account or accounts  maintained  in the  corporate  trust  division of The First
National  Bank  of  Chicago,  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).

     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 Class A and Class R
Certificates,  (ii) the Senior Principal Distribution Amount (determined without
regard to  Section  4.02(a)(ii)(Y)(D)  hereof),  (iii)  the Class A-5  Principal
Distribution Amount (determined without regard to Section  4.02(b)(i)(E) hereof)
and (iv) the aggregate  amount of Accrued  Certificate  Interest on the Class M,
Class B-1 and Class B-2 Certificates.

     ERISA: The Employment Retirement Income Security Act of 1974, as amended.

     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  Certificate  Principal  Balance of the most  subordinate  class or
classes of Certificates (as established in Section 4.05 hereof) then outstanding
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
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 such  amount  that is included in Section
4.02(b)(i)(E) hereof.

     Extraordinary  Events:  Any of the following  conditions  with respect to a
Mortgaged  Property or Mortgage Loan causing or resulting in a loss which causes
the liquidation of such Mortgage Loan:


  
                                       14

<PAGE>



                    (a) losses that are of the type that would be covered by the
         fidelity bond and the errors and omissions insurance policy required to
         be  maintained  pursuant  to Section  3.12(b)  but are in excess of the
         coverage maintained thereunder;

                    (b) nuclear  reaction or nuclear  radiation  or  radioactive
         contamination, all whether controlled or uncontrolled, and whether such
         loss be direct or  indirect,  proximate  or remote or be in whole or in
         part caused by,  contributed to or aggravated by a peril covered by the
         definition of the term "Special Hazard Loss";

                    (c)  hostile  or  warlike  action  in time of  peace or war,
         including  action in  hindering,  combating  or  defending  against  an
         actual, impending or expected attack:

               1.   by any government or sovereign  power,  de jure or de facto,
                    or by any authority maintaining or using military,  naval or
                    air forces; or

               2.   by military, naval or air forces; or

               3.   by an agent  of any such  government,  power,  authority  or
                    forces;

                    (d)  any  weapon  of  war   employing   atomic   fission  or
         radioactive force whether in time of peace or war; or

                    (e) insurrection,  rebellion, revolution, civil war, usurped
         power or action taken by governmental authority in hindering, combating
         or defending  against such an occurrence,  seizure or destruction under
         quarantine  or  customs  regulations,  confiscation  by  order  of  any
         government  or public  authority;  or risks of  contraband  or  illegal
         transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

     FDIC: Federal Deposit Insurance Corporation or any successor thereto.

     FHLMC: 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.

     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.

     FNMA:  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.

     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

  
                                       15

<PAGE>



(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 Loss Amount: As of any date of determination  after the Cut-off Date,
an amount  equal to: (Y) prior to the third  anniversary  of the Cut-off Date an
amount equal to 1.00% of the aggregate  outstanding  principal balance of all of
the Mortgage  Loans as of the Cut-off Date minus the  aggregate  amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance  with  Section  4.05  since  the  Cut-off  Date  up to  such  date of
determination  and (Z) from the third to the fifth  anniversary  of the  Cut-off
Date,  an amount  equal to (1) the lesser of (a) the Fraud Loss Amount as of the
most  recent  anniversary  of the  Cut-off  Date and (b) 0.50% of the  aggregate
outstanding principal balance of all of the Mortgage Loans as of the most recent
anniversary of the Cut-off Date minus (2) the Fraud Losses  allocated  solely to
one or more specific  Classes of  Certificates  in accordance  with Section 4.05
since  the  most  recent  anniversary  of the  Cut-off  Date up to such  date of
determination.  On and after the fifth anniversary of the Cut-off Date the Fraud
Loss Amount shall be zero.

     The Fraud  Loss  Amount  may be  further  reduced  by the  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.

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

     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.

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

     Initial  Certificate  Principal  Balance:  With  respect  to each  Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date as set forth in the Preliminary Statement hereto.

  
                                       16

<PAGE>



     Initial Monthly Payment Fund: As defined in Section 2.01(f).

     Initial Notional Amount:  With respect to any Class A-6  Certificates,  the
Cut-off  Date  Principal  Balance of the  Mortgage  Loans  corresponding  to the
Uncertificated   REMIC  Regular   Interests   represented   by  such  Class  A-6
Certificates.

     Insurance Proceeds: Proceeds paid in respect of the Mortgage Loans pursuant
to any Primary Insurance Policy or any other related insurance policy covering a
Mortgage  Loan, to the extent such  proceeds are payable to the mortgagee  under
the Mortgage,  any  Subservicer,  the Master Servicer or the Trustee and are not
applied to the restoration of the related Mortgaged  Property 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:  With  respect  to  any  Certificate,   and  any
Distribution  Date,  the  calendar  month  preceding  the  month in  which  such
Distribution Date occurs.

     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-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.

     Lockout Prepayment Percentage: For any Distribution Date occurring prior to
the Distribution Date in September 2003, 0%. For any Distribution Date occurring
after August 2003 but prior to September  2004, 30%. For any  Distribution  Date
occurring  after  August  2004  but  prior  to  September  2005,  40%.  For  any
Distribution  Date occurring after August 2005 but prior to September 2006, 60%.
For any  Distribution  Date  occurring  after August 2006 but prior to September
2007, 80%. For any Distribution Date after August 2007, 100%.

     Maturity Date:  Solely for purposes of Section  1.860G-1(a)(4)(iii)  of the
Treasury  regulations,  the  latest  possible  maturity  date of  each  "regular
interest" of the REMIC, which is August 25, 2013.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.


  
                                       17

<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.

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

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

         (ii)               the  street   address  of  the  Mortgaged   Property
                            including state and zip code ("ADDRESS");

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

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

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

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

         (vii)              the Pool Strip Rate ("SPREAD");

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

         (ix)              the Cut-off Date Principal Balance ("PRINCIPAL BAL");


  
                                       18

<PAGE>



         (x)                the Loan-to-Value Ratio at origination ("LTV");

         (xi)               the  rate at  which  the  Subservicing  Fee  accrues
                            ("SUBSERV  FEE")  and at  which  the  Servicing  Fee
                            accrues ("MSTR SERV FEE");

         (xii)              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

         (xiii)             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.

     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  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  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

     Mortgaged Property: The underlying real property securing a Mortgage Loan.

     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

  
                                       19

<PAGE>



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 and the Trustee.

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

     Notional Amount: As of any Distribution Date, with respect to the Class A-6
Certificates,  the  aggregate  Stated  Principal  Balance of the Mortgage  Loans
corresponding  to the  Uncertificated  REMIC Regular  Interests Pool Strip Rates
represented by such Class A-6 Certificate immediately prior to such date.

     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 "Permitted  Transferee"  or (ii) relating to the  qualification  of the Trust
Fund as a REMIC or compliance with the REMIC Provisions  must,  unless otherwise
specified, be an opinion of Independent counsel.

     Original Senior Percentage:  The fraction,  expressed as a percentage,  the
numerator of which is the aggregate Initial Certificate Principal Balance of the
Senior  Certificates (other than the Class A-5 Certificates) and the denominator
of which is the aggregate Stated Principal  Balance of the Mortgage Loans (other
than  the  Discount  Fraction  of  the  Discount   Mortgage  Loans),   which  is
approximately 98.04% as of the Closing Date.

     Outstanding  Mortgage Loan: As to any Due Date, a Mortgage Loan  (including
an REO  Property)  which was not the subject of a Principal  Prepayment in Full,
Cash  Liquidation or REO  Disposition  and which was not  purchased,  deleted or
substituted for prior to such Due Date pursuant to Section 2.02, 2.03 or 2.04.

     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: With respect to the Class A Certificates (other than the
Class A-5 Certificates and Class A-6 Certificates),  Class M Certificates, Class
B Certificates and Class R Certificates and any Distribution Date, the per annum
rate set forth in the Preliminary  Statement  hereto.  With respect to the Class
A-6 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

  
                                       20

<PAGE>



Rates of all Mortgage  Loans as of the Due Date in the month next  preceding the
month in which  such  Distribution  Date  occurs,  weighted  on the basis of the
respective  Stated  Principal  Balances of such  Mortgage  Loans,  which  Stated
Principal Balances shall be the Stated Principal Balances of such Mortgage Loans
at the close of business on the immediately  preceding  Distribution  Date after
giving effect to distributions  thereon allocable to principal to the Holders of
the  Certificates.  With respect to the Class A-6  Certificates  and the initial
Distribution  Date, the  Pass-Through  Rate is equal to 0.2201% per annum.  With
respect to any Subclass of the Class A-6 Certificate 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  REMIC
Regular  Interests  represented by such Subclass as of the Due Date in the month
next preceding the month in which such Distribution Date occurs, weighted on the
basis of the respective Stated Principal  Balances of such Mortgage Loans, which
Stated  Principal  Balances  shall  be the  Stated  Principal  Balances  of such
Mortgage  Loans  at  the  close  of  business  on  the   immediately   preceding
Distribution  Date after giving  effect to  distributions  thereon  allocable to
principal  to the Holder of such  Certificate  (or with  respect to the  initial
Distribution  Date, at the close of business on the Cut-off Date). The Class A-5
Certificates  have  no  Pass-Through  Rate  and  are  not  entitled  to  Accrued
Certificate Interest.

     Paying Agent:  The First  National Bank of Chicago 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  thereof  (in the case of any  Class  A-6  Certificates)  divided  by the
aggregate Initial  Certificate  Principal Balance or Initial Notional Amount, as
applicable,  of all of 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

  
                                       21

<PAGE>



         institution  or trust  company;  provided that the debt  obligations of
         such  depository  institution  or trust company (or, if the only Rating
         Agency is Standard & Poor's,  in the case of the  principal  depository
         institution  in  a  depository   institution   holding  company,   debt
         obligations of the depository  institution holding company) at the date
         of  acquisition  thereof  have been rated by each Rating  Agency in its
         highest short-term rating available;  and provided further that, if the
         only Rating Agency is Standard & Poor's and if the  depository or trust
         company is a principal  subsidiary  of a bank  holding  company and the
         debt  obligations  of such  subsidiary are not  separately  rated,  the
         applicable  rating  shall be that of the  bank  holding  company;  and,
         provided  further  that,  if the original  maturity of such  short-term
         obligations of a domestic branch of a foreign depository institution or
         trust  company  shall  exceed 30 days,  the  short-term  rating of such
         institution  shall be A-1+ in the case of Standard & Poor's if Standard
         & Poor's is the Rating Agency;

                    (iv)  commercial  paper and demand  notes  (having  original
         maturities of not more than 365 days) of any  corporation  incorporated
         under the laws of the United  States or any state  thereof which on the
         date of acquisition has been rated by each Rating Agency in its highest
         short-term  rating  available;  provided that such commercial  paper or
         demand notes 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,  that 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 DCR 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 D-1 by DCR in the case of DCR.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified  Organization,  any  "electing  large  partnership"  as  defined in
Section 775(a) of the Code, or a Non-United States Person.

     Person:   Any   individual,   corporation,   partnership,   joint  venture,
association,   joint-stock  company,  trust,   unincorporated   organization  or
government or any agency or political subdivision thereof.

  
                                       22

<PAGE>



     Pool  Stated  Principal  Balance:  As to any  date  of  determination,  the
aggregate of the Stated  Principal  Balances of each  Mortgage  Loan that was an
Outstanding  Mortgage  Loan on the Due Date in the month  preceding the month of
such date of determination.

     Pool Strip Rate: With respect to each Mortgage Loan, a per annum rate equal
to the excess, if any, of (a) the Net Mortgage Rate of such Mortgage Loan on the
Cut-off Date over (b) 6.50% per annum (but not less than 0.00% per annum).

     Prepayment  Assumption:  A  prepayment  assumption  of 285% of the standard
prepayment  assumption,  used for  determining  the  accrual of  original  issue
discount and market discount and premium on the  Certificates for federal income
tax  purposes.  The standard  prepayment  assumption  assumes a constant rate of
prepayment  of  mortgage  loans of  0.20%  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  0.20% 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 Class M  Certificates  and  Class B  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
                    September,  2003 (unless the Certificate  Principal Balances
                    of the  Class A  Certificates,  other  than  the  Class  A-5
                    Certificates, have been reduced to zero), 0%;

         (ii)       For any  Distribution  Date on which any Class of Class M or
                    Class B Certificates are outstanding not discussed in clause
                    (i) above:

                            (a) in the case of the Class of Class M Certificates
                    then outstanding with the lowest numerical  designation,  or
                    in  the  event  the  Class  M  Certificates  are  no  longer
                    outstanding,   the  Class  of  Class  B  Certificates   then
                    outstanding with the lowest  numerical  designation and each
                    other Class of Class M Certificates and Class B 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
                    Class  M  Certificates  then  outstanding  with  the  lowest
                    numerical   designation,   or  in  the  event  the  Class  M
                    Certificates are no longer outstanding, the Class of Class B
                    Certificates  then  outstanding  with the  lowest  numerical
                    designation   and  (2)  all   other   Classes   of  Class  M
                    Certificates   and  Class  B  Certificates   for  which  the
                    respective   Prepayment   Distribution  Triggers  have  been
                    satisfied; and

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


  
                                       23

<PAGE>



       (iii)        Notwithstanding  the  foregoing,  if the  application of the
                    foregoing  percentages on any Distribution  Date as provided
                    in Section 4.02 (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 Class M  Certificates
                    and  Class B  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 Class M  Certificates  and
                    Class  B  Certificates  (any  such  Class,  a  "Non-Maturing
                    Class")  shall  be   recalculated  in  accordance  with  the
                    provisions in paragraph  (ii) above,  as if the  Certificate
                    Principal Balance of each Maturing Class had been reduced to
                    zero (such  percentage as  recalculated,  the  "Recalculated
                    Percentage");  (c) the total amount of the reductions in the
                    Prepayment Distribution Percentages of the Maturing Class or
                    Classes  pursuant to clause (a) of this sentence,  expressed
                    as an aggregate  percentage,  shall be  allocated  among the
                    Non-Maturing  Classes  in  proportion  to  their  respective
                    Recalculated  Percentages  (the  portion  of such  aggregate
                    reduction  so  allocated  to  any  Non-Maturing  Class,  the
                    "Adjustment  Percentage");  and  (d)  for  purposes  of such
                    Distribution Date, the Prepayment Distribution Percentage of
                    each Non-Maturing Class shall be equal to the sum of (1) the
                    Prepayment  Distribution  Percentage thereof,  calculated in
                    accordance with the provisions in paragraph (ii) above as if
                    the Certificate Principal Balance of each Maturing Class had
                    not been  reduced to zero,  plus (2) the related  Adjustment
                    Percentage.

     Prepayment  Distribution  Trigger:  The Class M-2  Prepayment  Distribution
Trigger,  Class  M-3  Prepayment  Distribution  Trigger,  Class  B-1  Prepayment
Distribution  Trigger,  Class B-2 Prepayment  Distribution  Trigger or Class B-3
Prepayment Distribution Trigger.

     Prepayment Interest Shortfall: As to any Distribution Date and any Mortgage
Loan  (other than a Mortgage  Loan  relating  to an REO  Property)  that was the
subject of (a) a Principal  Prepayment  in Full  during the  related  Prepayment
Period,  an  amount  equal to the  excess  of one  month's  interest  at the Net
Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified  Mortgage
Loan) on the Stated  Principal  Balance of such Mortgage Loan over the amount of
interest  (adjusted to the Net Mortgage  Rate (or Modified Net Mortgage  Rate in
the case of a Modified Mortgage Loan)) paid by the Mortgagor for such Prepayment
Period to the date of such  Principal  Prepayment  in Full or (b) a  Curtailment
during the prior calendar month, an amount equal to one month's  interest at the
Net Mortgage Rate on the amount of such Curtailment.

     Prepayment Lockout Certificates: Each of the Class A-4 Certificates.

     Prepayment  Period:  As  to  any  Distribution  Date,  the  calendar  month
preceding the month of distribution.

     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).

  
                                       24

<PAGE>



     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 made by a Mortgagor
of the entire principal balance of a Mortgage Loan.

     Program  Guide:  Collectively,  the Seller 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 plus the rate per annum at which the  Servicing
Fee is  calculated  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 first day of 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,  (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;  (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

  
                                       25

<PAGE>



equal to the Pool Strip Rate of the related  Deleted  Mortgage Loan for purposes
of calculating the Pass-Through Rate for the Class A-5 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:  DCR and  Standard & Poor's with respect to the Class A and
Class R Certificates  and Standard & Poor's with respect to the Class M-1, Class
M-2,  Class M-3,  Class B-1 and Class B-2  Certificates.  If either  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) 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 last day of the month in which the Cash  Liquidation (or REO Disposition)
occurred 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.  With respect to each Mortgage Loan which is the subject
of a Servicing  Modification:  (i) to the extent constituting a reduction of the
principal balance of such Mortgage Loan, the amount of such reduction;  and (ii)
to the  extent  constituting  a  reduction  of the  interest  rate  borne by the
Mortgage Note, and with respect to each respective  Monthly Payment  (determined
by taking into  account such  Servicing  Modification)  the interest  portion of
which was reduced by such Servicing Modification,  including any 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, the amount of such reduction of the
interest  portion  thereof.  With respect to each Mortgage Loan 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.  With respect to each  Mortgage  Loan which has become the
object of a Debt Service Reduction, the amount of such 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.

  
                                       26

<PAGE>



     REMIC  Administrator:   Residential  Funding  Corporation.  If  Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

     REMIC Provisions: Provisions of the federal income tax law relating to real
estate mortgage investment conduits,  which appear at Sections 860A through 860G
of Subchapter M of Chapter 1 of the Code, and related provisions,  and temporary
and final regulations (or, to the extent not inconsistent with such temporary or
final  regulations,  proposed  regulations) and published  rulings,  notices and
announcements  promulgated  thereunder,  as the  foregoing may be in effect from
time to time.

     REO  Acquisition:  The  acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

     REO  Disposition:  As to any REO Property,  a  determination  by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

     REO Imputed  Interest:  As to any REO Property,  for any period,  an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

     REO  Proceeds:  Proceeds,  net of expenses,  received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property)  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 H 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.

     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

  
                                       27

<PAGE>



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.

     Schedule of Discount  Fractions:  The schedule  setting  forth the Discount
Fractions  with  respect to the  Discount  Mortgage  Loans,  attached  hereto as
Exhibit P.

     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 respects with those set
forth in the Program Guide.

     Senior   Accelerated   Distribution   Percentage:   With   respect  to  any
Distribution Date, the percentage indicated below:


                                                         Senior Accelerated
Distribution Date                                      Distribution Percentage

September 1998 through
August 2003............................................. 100%

September 2003 through
August 2004.................................. Senior Percentage, plus 70% of the
                                                       Subordinate Percentage

September 2004 through
August 2005.................................  Senior Percentage, plus 60% of the
                                                       Subordinate Percentage

September 2005 through
August 2006.................................. Senior Percentage, plus 40% of the
                                                      Subordinate Percentage

September 2006 through
August 2007.................................. Senior Percentage, plus 20% of the
                                                       Subordinate Percentage

September 2007 and
thereafter.............................................. Senior Percentage

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
Class  M and  Class B  Certificates,  is less  than  50% or (Y) the  outstanding
principal balance of Mortgage Loans delinquent 60 days or more averaged over the
last six months, as a percentage of the aggregate  outstanding principal balance
of all Mortgage Loans averaged over the last six months,  does not exceed 2% and
(2) Realized Losses on the Mortgage Loans to date for such  Distribution Date if
occurring during the sixth,  seventh,  eighth,  ninth or tenth year (or any year
thereafter)  after the Closing  Date are less than 30%,  35%,  40%,  45% or 50%,
respectively,  of the sum of the Initial  Certificate  Principal Balances of the
Class M  Certificates  and  Class  B  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) are less than 10%, 15%, 20%, 25% or 30%, respectively, of the sum of
the Initial Certificate Principal Balances of the Class M Certificates and Class
B  Certificates  and (ii) that for any  Distribution  Date on which  the  Senior
Percentage  is  greater  than  the  Original  Senior   Percentage,   the  Senior
Accelerated  Distribution  Percentage for such  Distribution Date shall be 100%.
Notwithstanding the foregoing,  upon the reduction of the aggregate  Certificate
Principal  Balance  of  the  Senior  Certificates  (other  than  the  Class  A-5
Certificates)  to zero, the Senior  Accelerated  Distribution  Percentage  shall
thereafter be 0%.

     Senior  Certificates:  Any  one of the  Class  A  Certificates  or  Class R
Certificates.

     Senior Interest Distribution Amount: As defined in Section 4.02(a)(i).

     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
Certificate  Principal Balance of the Class A-5 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 Discount Fraction of the Discount Mortgage Loans)  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) and (b) the sum of the amounts required to
be distributed to the Class A Certificateholders  and Class R Certificateholders
on such Distribution Date pursuant to Section 4.02(a)(ii)(Y), (xvi) and (xvii).

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.

     Servicing Advances: All customary, reasonable and necessary "out of pocket"
costs and expenses  incurred in connection with a default,  delinquency or other
unanticipated event by the

  
                                       28

<PAGE>



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,  (ii) any enforcement or judicial  proceedings,  including
foreclosures,  (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  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.

     Servicing  Modification:   Any  reduction  of  the  interest  rate  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).

     Special  Hazard  Amount:  As of any  Distribution  Date, an amount equal to
$6,442,209  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with  Section  4.05 and (ii) the  Adjustment  Amount (as defined  below) as most
recently  calculated.  For each  anniversary of the Cut-off Date, the Adjustment
Amount shall be equal to the amount,  if any, by which the amount  calculated in
accordance with the preceding  sentence  (without giving effect to the deduction
of the Adjustment  Amount for such  anniversary)  exceeds the greater of (A) the
greatest of (i) twice the outstanding  principal balance of the Mortgage Loan in
the Trust  Fund  which has the  largest  outstanding  principal  balance  on the
Distribution Date immediately  preceding such  anniversary,  (ii) the product of
1.00% multiplied by the outstanding  principal  balance of all Mortgage Loans on
the  Distribution  Date  immediately  preceding such  anniversary  and (iii) the
aggregate  outstanding  principal  balance  (as  of  the  immediately  preceding
Distribution Date) of the Mortgage Loans in any single five-digit California zip
code area with the  largest  amount of  Mortgage  Loans by  aggregate  principal
balance as of such  anniversary  and (B) the greater of (i) the product of 0.50%
multiplied by the  outstanding  principal  balance of all Mortgage  Loans on the
Distribution  Date  immediately  preceding  such  anniversary  multiplied  by  a
fraction, the numerator of which is equal to the aggregate outstanding principal
balance  (as of  the  immediately  preceding  Distribution  Date)  of all of the
Mortgage  Loans  secured  by  Mortgaged  Properties  located  in  the  State  of
California  divided by the aggregate  outstanding  principal  balance (as of the
immediately preceding Distribution Date) of all of the Mortgage Loans, expressed
as a  percentage,  and the  denominator  of  which is  equal  to  39.94%  (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

  
                                       29

<PAGE>



preceding Distribution Date) of the largest Mortgage Loan secured by a Mortgaged
Property 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.

     Special  Hazard Loss:  Any  Realized  Loss not in excess of the cost of the
lesser  of  repair or  replacement  of a  Mortgaged  Property  suffered  by such
Mortgaged Property 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 Ratings  Services,  a division of the
McGraw-Hill Companies, or its successor in interest.

     Stated Principal Balance:  With respect to any Mortgage Loan or related REO
Property,  at any given time,  (i) the  Cut-off  Date  Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.

     Subclass: With respect to the Class A-6 Certificates,  any Subclass thereof
issued  pursuant  to Section  5.01(c).  Any such  Subclass  will  represent  the
Uncertificated  REMIC  Regular  Interest or  Interests  specified by the initial
Holder of the Class A-6 Certificates pursuant to Section 5.01(c).

     Subclass Notional Amount: As of any Distribution  Date, with respect to any
Subclass of the Class A-6 Certificates  issued pursuant to Section 5.01(c),  the
aggregate  Stated Principal  Balance of the Mortgage Loans  corresponding to the
Uncertificated  REMIC  Regular  Interest  Pool Strip Rates  represented  by such
Subclass immediately prior to such date.

     Subordinate Percentage:  As of any Distribution Date, 100% minus the Senior
Percentage as of such Distribution Date.

     Subordinate Principal Distribution Amount: With respect to any Distribution
Date and each Class of Class M Certificates  and Class B  Certificates,  (a) the
sum of (i)  the  product  of (x)  the  related  Class M  Percentage  or  Class B
Percentage for such Class and (y) the aggregate of the amounts

  
                                       30

<PAGE>



calculated for such  Distribution Date under clauses (1), (2) and (3) of Section
4.02(a)(ii)(Y)(A);  (ii) such Class's pro rata share,  based on the  Certificate
Principal Balance of each Class of Class M Certificates and Class B Certificates
then   outstanding,   of  the   principal   collections   described  in  Section
4.02(a)(ii)(Y)(B)(b)   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 and Curtailments  received in the related  Prepayment Period
(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 most senior Class
of Certificates  then  outstanding (as established in Section 4.05 hereof),  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 subordinate
Class  of Class M or  Class B  Certificates  minus  (b) any  Excess  Subordinate
Principal Amount not payable to such Class on such Distribution Date pursuant to
the definition thereof;  provided,  however,  that such amount shall in no event
exceed  the  outstanding   Certificate   Principal  Balance  of  such  Class  of
Certificates immediately prior to such 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.

     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.

     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,

  
                                       31

<PAGE>



Quarterly  Notice to Residual  Interest  Holders of REMIC Taxable  Income or Net
Loss Allocation, or any successor forms, to be filed on behalf of the Trust Fund
due to its  classification as a REMIC under the REMIC Provisions,  together with
any and all other  information,  reports or returns  that may be  required to be
furnished to the  Certificateholders  or filed with the Internal Revenue Service
or any other  governmental  taxing authority under any applicable  provisions of
federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

     Transferor:  Any Person  who is  disposing  by  Transfer  of any  Ownership
Interest in a Certificate.

     Trust Fund:  The segregated  pool of assets,  with respect to which a REMIC
election is to be made, consisting of:

                    (i)     the Mortgage Loans and the related Mortgage Files,

                    (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,

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

                    (iv)    the hazard insurance  policies and Primary Insurance
                            Policies, if any, and certain proceeds thereof.

     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  was equal to the related  Uncertificated
Pass-Through  Rate and the notional amount of such  uncertificated  interest was
equal  to  the  related  Uncertificated  Notional  Amount;  provided,  that  any
reduction  in the  amount of Accrued  Certificate  Interest  resulting  from the
allocation of Prepayment Interest  Shortfalls,  Realized Losses or other amounts
to the Class A-6 Certificateholders pursuant to Sections 4.02(a) and 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
Non-Discount Mortgage Loan.


  
                                       32

<PAGE>



     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 Interests:  The 1,532  uncertificated  partial
undivided  beneficial  ownership interests in the Trust Fund, each relating to a
particular  Mortgage Loan,  each having no principal  balance,  and each bearing
interest   at  the   respective   Uncertificated   Pass-Through   Rate   on  the
Uncertificated Notional Amount.

     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 4.08(a).

     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 or any political  subdivision thereof (except, in the
case of a partnership, to the extent provided in regulations) or an estate whose
income is subject to United States  federal income tax regardless of its source,
or a trust if a court  within  the  United  States is able to  exercise  primary
supervision over the  administration  of the trust and one or more United States
Persons have the authority to control all substantial decisions of the trust. To
the extent  prescribed in  regulations  by the Secretary of the Treasury,  which
have not yet been  issued,  a trust  which was in  existence  on August 20, 1996
(other than a trust treated as owned by the grantor under subpart E of part I of
subchapter J of chapter 1 of the Code), and which was treated as a United States
Person on August 20, 1996 may elect to continue to be treated as a United States
Person notwithstanding the previous sentence.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated to any Certificate.  98% of all of the Voting Rights shall be
allocated among Holders of  Certificates,  other than the Class A-6 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-6  Certificates  (and any  Subclass
thereof);  and 1% of all Voting  Rights shall be allocated  among Holders of the
Class R  Certificates  allocated  among the  Certificates  of each such Class in
accordance with their respective Percentage Interests.


  
                                       33

<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).

         (b) In connection with such assignment,  except as set forth in Section
2.01(c)  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  with  evidence of recording
         indicated  thereon or a copy of the  Mortgage  certified  by the public
         recording office in which such Mortgage has been recorded;

                       (iii)  An  original  Assignment  of the  Mortgage  to the
         Trustee with evidence of recording  indicated thereon or a copy of such
         assignment  certified  by the  public  recording  office in which  such
         assignment has been recorded;

                        (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 a copy of such
         assignment  or  assignments  of the  Mortgage  certified  by the public
         recording  office in which such  assignment  or  assignments  have been
         recorded; and

                         (v)  The  original  of  each  modification,  assumption
         agreement  or  preferred  loan  agreement,  if  any,  relating  to such
         Mortgage Loan or a copy of each modification,  assumption  agreement or
         preferred loan agreement  certified by the public  recording  office in
         which such document has been recorded.

         and (II) with respect to each Cooperative Loan so assigned:


  
                                       34

<PAGE>



                    (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 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.





  
                                       35

<PAGE>



         (c) The Company may, in lieu of  delivering  the documents set forth in
Section  2.01(b)(I)(iv) and (v) and Section  2.01(b)(II)(ii),  (iv), (vii), (ix)
and (x) 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 below.  Within ten Business  Days  following the earlier of
(i) the receipt of the  original of each of the  documents  or  instruments  set
forth in  Section  2.01(b)(I)(iv)  and (v) and  Section  2.01(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.

         On the Closing Date,  the Master  Servicer shall certify that it has in
its  possession  an  original  or copy of each of the  documents  referred to in
Section  2.01(b)(I)(iv) and (v) and Section  2.01(b)(II)(ii),  (iv), (vii), (ix)
and (x) which has been  delivered to it by the  Company.  Every six months after
the  Closing  Date,  for so long as the Master  Servicer  is  holding  documents
pursuant to this  Section  2.01(c),  the Master  Servicer  shall  deliver to (i)
Moody's if it is one of the Rating  Agencies,  (ii) the  Trustee  and (iii) each
Custodian  a report  setting  forth  the  status  of the  documents  which it is
holding.

         (d) In the event that in connection  with any Mortgage Loan the Company
cannot deliver the Mortgage, any assignment, modification,  assumption agreement
or preferred loan agreement (or copy thereof  certified by the public  recording
office) with evidence of recording  thereon  concurrently with the execution and
delivery  of this  Agreement  solely  because  of 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,  the Company  shall deliver or cause to be delivered to the Trustee
or the  respective  Custodian a true and  correct  photocopy  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 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 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 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 certified by the public recording office)
with  evidence of recording  indicated  thereon  upon  receipt  thereof from the
public recording office or from the related Subservicer.  In connection with its
subservicing  of the  Cooperative  Loans,  the Master Servicer will use its best
efforts to file timely continuation statements with regard to each financing

  
                                       36

<PAGE>



statement and assignment  relating to Cooperative  Loans as to which the related
Cooperative Apartment is located outside the State of New York.

         In the event that 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  within 45 days  after the
Closing Date, as contemplated by Section 2.02.

         Any of the  items  set  forth in  Sections  2.01(I)(b)(iv)  and (v) and
Section  2.01(b)(II)(ii),  (iv),  (vii), (ix) and (x) that may be delivered as a
copy rather than the original may be delivered in microfiche form.

         (e) It is intended that the  conveyances  by the Company to the Trustee
of the  Mortgage  Loans as provided  for in this  Section 2.01 be construed as a
sale by the Company to the Trustee of the Mortgage  Loans for the benefit of the
Certificateholders.  Further,  it is not intended  that any such  conveyance  be
deemed to be a pledge of the  Mortgage  Loans by the  Company to the  Trustee to
secure a debt or other obligation of the Company. However, in the event that the
Mortgage Loans 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,  then it is intended  that (a) this  Agreement
shall also be deemed to be a security agreement within the meaning of Articles 8
and 9 of the New York Uniform Commercial Code and the Uniform Commercial Code of
any other applicable  jurisdiction;  (b) the conveyance  provided for in Section
2.01  shall be  deemed  to be (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 (A) the Mortgage  Loans,  including (i) with respect to each  Cooperative
Loan, the related Mortgage Note, Security  Agreement,  Assignment of Proprietary
Lease, Cooperative Stock Certificate,  Cooperative Lease, any insurance policies
and all other  documents in the related  Mortgage  File and (ii) with respect to
each Mortgage Loan other than a Cooperative Loan, the related Mortgage Note, the
Mortgage, any insurance policies and all other documents in the related Mortgage
File, (B) all amounts payable  pursuant to the Mortgage Loans in accordance with
the terms  thereof and (C) any and all general  intangibles,  accounts,  chattel
paper, instruments, documents, money, deposit accounts, certificates of deposit,
goods, letters of credit, advices of credit and investment property,  consisting
of,  arising from or relating to any of the  foregoing,  and 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,
certificated  securities or chattel paper shall be deemed to be  "possession  by
the secured  party," or possession by a purchaser for purposes of perfecting the
security  interest  pursuant to the Minnesota  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction (including, without
limitation,

  
                                       37

<PAGE>



Sections  9-115,  9-305,  8-102,  8-301,  8-501  and  8-503  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
deemed  to  create a  security  interest  in the  Mortgage  Loans  and the other
property  described  above,  such  security  interest  would be  deemed  to be a
perfected  security  interest of first priority under applicable law and will be
maintained as such throughout the term of this Agreement.  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  as  evidenced  by an  Officer's  Certificate  of  the  Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company or (3) any  transfer  of any  interest  of
Residential Funding or the Company in any Mortgage Loan.

         (f) The Master Servicer hereby  acknowledges  the receipt by it of cash
in  an  amount  equal  to  $341,175  (the  "Initial   Monthly   Payment  Fund"),
representing  scheduled principal  amortization and interest at the Net Mortgage
Rate for the Due Date in August  1998,  for those  Mortgage  Loans for which the
Trustee will not be entitled to receive such payment.  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 Distribution Date in September 1998.  Notwithstanding anything herein to
the  contrary,  the Initial  Monthly  Payment  Fund shall not be an asset of the
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 the  REMIC,  (2) it  shall  be owned by the  Seller  and (3)
amounts  transferred by the 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.

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)   through   (iii)  above   (except   that  for  purposes  of  such
acknowledgment  only, a Mortgage Note may be endorsed in blank and an Assignment
of Mortgage may be 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, in trust for
the use and benefit of all present and future Certificateholders. The Trustee or
Custodian

  
                                                        38

<PAGE>



(such Custodian being so obligated under a Custodial  Agreement) agrees, for the
benefit of the 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. 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. The Trustee or Custodian (such Custodian being so obligated under
a Custodial  Agreement)  agrees to review each  Mortgage  File  delivered  to it
pursuant to Section  2.01(c)  within 45 days after receipt  thereof to ascertain
that all documents  required to be delivered  pursuant to such Section have been
received, and that such documents relate to the Mortgage Loans identified on the
Mortgage Loan Schedule, as supplemented, that have been conveyed to it.

         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 in
any material  respect,  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.
The Master Servicer shall promptly  notify the related  Subservicer or Seller of
such omission or defect and request that such  Subservicer  or Seller correct or
cure such  omission or defect  within 60 days from the date the Master  Servicer
was notified of such omission or defect and, if such  Subservicer or Seller does
not  correct or cure such  omission  or defect  within  such  period,  that such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. 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  defect in or  omission  of a  constituent
document  exists  shall  constitute  the sole remedy  respecting  such defect or
omission  available  to the  Certificateholders  or the Trustee on behalf of the
Certificateholders.

  
                                       39

<PAGE>




SECTION 2.03. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE MASTER
                   SERVICER AND THE COMPANY.

         (a) The Master Servicer  hereby  represents and warrants to the Trustee
for the benefit of the Certificateholders that:

                         (i)  The  Master   Servicer  is  a   corporation   duly
         organized,  validly  existing  and in  good  standing  under  the  laws
         governing  its creation and  existence  and is or will be in compliance
         with the laws of each state in which any Mortgaged  Property is located
         to the extent necessary to ensure the  enforceability  of each Mortgage
         Loan in accordance with the terms of this Agreement;

                        (ii) The execution and delivery of this Agreement by the
         Master  Servicer and its  performance  and compliance with the terms of
         this  Agreement will not violate the Master  Servicer's  Certificate of
         Incorporation  or Bylaws or  constitute  a default (or an event  which,
         with  notice or lapse of time,  or both,  would  constitute  a material
         default)  under,  or result in the  material  breach of,  any  material
         contract, agreement or other instrument to which the Master Servicer is
         a party or which may be applicable to the Master Servicer or any of its
         assets;

                       (iii)  This   Agreement,   assuming  due   authorization,
         execution  and delivery by the Trustee and the Company,  constitutes  a
         valid, legal and binding obligation of the Master Servicer, enforceable
         against it in  accordance  with the terms hereof  subject to applicable
         bankruptcy,  insolvency,  reorganization,  moratorium  and  other  laws
         affecting the enforcement of creditors' rights generally and to general
         principles  of  equity,  regardless  of  whether  such  enforcement  is
         considered in a proceeding in equity or at law;

                        (iv) The Master  Servicer is not in default with respect
         to any order or decree of any court or any order,  regulation or demand
         of any Federal,  state, municipal or governmental agency, which default
         might have  consequences that would materially and adversely affect the
         condition  (financial or other) or operations of the Master Servicer or
         its  properties  or  might  have  consequences  that  would  materially
         adversely affect its performance hereunder;

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

                        (vi) The Master  Servicer  will  comply in all  material
         respects in the performance of this Agreement with all reasonable rules
         and requirements of each insurer under each Required Insurance Policy;

                       (vii)  No   information,   certificate   of  an  officer,
         statement furnished in writing or report delivered to the Company,  any
         Affiliate of the Company or the Trustee by the Master Servicer will, to
         the knowledge of the Master Servicer, contain any untrue statement

  
                                       40

<PAGE>



          of a  material  fact or omit a  material  fact  necessary  to make the
          information, certificate, statement or report not misleading; and

                      (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.

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 must  occur  within 90 days from the date such  breach  was
discovered.  The obligation of the Master  Servicer to cure such breach or to so
purchase  such Mortgage  Loan shall  constitute  the sole remedy in respect of a
breach  of a  representation  and  warranty  set forth in this  Section  2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

         (b) 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 one month or more 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 F 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 15 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 (a) at least 25% of

  
                                       41

<PAGE>



         the  principal  balance  of the  Mortgage  Loan at  origination  if the
         Loan-to-Value Ratio is between 95% and 90.01%, (b) at least 12% of such
         balance if the Loan-to-Value Ratio is between 90% and 85.01% and (c) at
         least 6% of such balance if the Loan-to-Value  Ratio is between 85% 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;

                        (vi)  No  more  than  1.3%  of  the  Mortgage  Loans  by
         aggregate Stated  Principal  Balance as of the Cut-off Date are secured
         by Mortgaged  Properties located in any one zip code area in California
         and no more  than  0.9%  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) If the improvements securing a Mortgage Loan are in
         a federally  designated  special flood hazard area,  flood insurance in
         the  amount  required  under  the  Program  Guide  covers  the  related
         Mortgaged   Property  (either  by  coverage  under  the  federal  flood
         insurance program or by coverage by private insurers);

                      (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) None of the Mortgage Loans were underwritten  under
         a reduced loan documentation  program requiring no income  verification
         and no asset verification;

                         (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 were 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;

                       (xiv)  With  respect  to  a  Mortgage   Loan  that  is  a
         Cooperative Loan, the Cooperative Stock that is pledged as security for
         the Mortgage Loan is held by a person as

  
                                       42

<PAGE>



         a  tenant-stockholder  (as  defined  in  Section  216 of the Code) in a
         cooperative  housing  corporation  (as  defined in  Section  216 of the
         Code);

                        (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 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; and

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

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)  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);  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.


  
                                       43

<PAGE>



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  the
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 such Seller's  Agreement  relates 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
Certificate holders. 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 or 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 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,  and such other  documents  and  agreements as are
required by Section 2.01, with the Mortgage Note endorsed as required by Section
2.01. No substitution will be made in any calendar month after the Determination
Date for such month.  Monthly Payments due with respect to Qualified  Substitute
Mortgage Loans in the month of substitution  shall not be part of the Trust Fund
and will be retained by the Master  Servicer and remitted by the Master Servicer
to Residential  Funding on the next succeeding  Distribution Date. For the month
of  substitution,  distributions  to the  Certificateholders  will  include  the
Monthly  Payment due on a Deleted  Mortgage  Loan for such month and  thereafter
Residential  Funding shall be entitled to retain all amounts received in respect
of such Deleted  Mortgage Loan.  The Master  Servicer shall amend or cause to be
amended the Mortgage  Loan  Schedule,  and, if the Deleted  Mortgage  Loan was a
Discount Mortgage Loan, the Schedule of Discount  Fractions,  for the benefit of
the  Certificateholders to reflect the removal of such Deleted Mortgage Loan and
the  substitution  of the  Qualified  Substitute  Mortgage Loan or Loans and the
Master  Servicer shall deliver the amended  Mortgage Loan Schedule,  and, if the
Deleted  Mortgage Loan was a Discount  Mortgage  Loan,  the amended  Schedule of
Discount  Fractions,  to the  Trustee.  Upon such  substitution,  the  Qualified
Substitute  Mortgage  Loan or  Loans  shall  be  subject  to the  terms  of this
Agreement and the related  Subservicing  Agreement in all respects,  the related
Seller shall be deemed to have made the

  
                                       44

<PAGE>



representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
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 the
Trust  Fund to fail to qualify  as a REMIC 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 the  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 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.

         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 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.

  
                                       45

<PAGE>





  
                                                        

<PAGE>



                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

SECTION 3.01. MASTER SERVICER TO ACT AS SERVICER.

         (a) The Master Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain, the taking of a deed in lieu of foreclosure,  the completion of judicial
or  non-judicial  foreclosure,  the  conveyance  of a  Mortgaged  Property to an
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. 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 the Trust  Fund to fail to qualify as such 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 customarily provided
by Persons  other than  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

  
                                       47

<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 G. 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,  to the extent that the  non-performance of any such obligation would
have a material  and  adverse  effect on a  Mortgage  Loan,  including,  without
limitation,  the  obligation to purchase a Mortgage Loan on account of defective
documentation,  as  described  in Section  2.02,  or on account of a breach of a
representation or warranty, as described in Section 2.04. Such

  
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<PAGE>



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.

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.


  
                                       49

<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) In the event 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

  
                                       50

<PAGE>



affected thereby; provided, however, that no such extension shall be made if any
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.

         (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 the  substitution  of a Qualified
         Substitute Mortgage Loan pursuant to Section 2.03 or 2.04;


  
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<PAGE>



                         (v)   Any amounts required to be deposited pursuant to 
         Section 3.07(c) or 3.21; and

                        (vi)  All  amounts   transferred  from  the  Certificate
         Account to the Custodial Account in accordance with Section 4.02(a).

The  foregoing  requirements  for  deposit  in the  Custodial  Account  shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

         With respect to Insurance Proceeds,  Liquidation Proceeds, REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

         (c) The  Master  Servicer  shall  use its best  efforts  to  cause  the
institution  maintaining  the  Custodial  Account  to  invest  the  funds in the
Custodial  Account  attributable to the Mortgage Loans in Permitted  Investments
which shall  mature not later than the  Certificate  Account  Deposit  Date next
following the date of such investment (with the exception of the Amount Held for
Future  Distribution)  and which shall not be sold or disposed of prior to their
maturities.  All income and gain realized from any such investment  shall be for
the benefit of the Master  Servicer as  additional  servicing  compensation  and
shall be subject to its withdrawal or order from time to time. The amount of any
losses  incurred  in  respect  of  any  such  investments  attributable  to  the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial  Account by the Master  Servicer out of its own funds  immediately  as
realized.

         (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.


  
                                       52

<PAGE>



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).

         (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

  
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<PAGE>



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.

         In the event  that  compliance  with this  Section  3.09 shall make any
Class of Certificates legal for investment by federally insured savings and loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

SECTION 3.10. PERMITTED WITHDRAWALS FROM THE CUSTODIAL ACCOUNT.

         (a) The Master Servicer may, from time to time as provided herein, make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

                        (i)       to make deposits into the Certificate Account 
         in the amounts and in the manner provided for in Section 4.01;

                        (ii) to reimburse itself or the related  Subservicer for
         previously  unreimbursed advances or expenses made pursuant to Sections
         3.01,  3.07(a),  3.08,  3.11,  3.12(a),  3.14  and  4.04  or  otherwise
         reimbursable  pursuant to the terms of this Agreement,  such withdrawal
         right being limited to amounts  received on particular  Mortgage  Loans
         (including,  for  this  purpose,  REO  Proceeds,   Insurance  Proceeds,
         Liquidation Proceeds and

  
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<PAGE>



         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
         deposited  in the  Custodial  Account  that it is  entitled to withdraw
         pursuant to Section 3.07(c);

                         (v)  to  pay  to   itself   as   additional   servicing
         compensation  any  Foreclosure  Profits,  and any  amounts  remitted by
         Subservicers as interest in respect of Curtailments pursuant to Section
         3.08(b);

                        (vi)  to  pay  to  itself,  a  Subservicer,   a  Seller,
         Residential  Funding,  the Company or any other appropriate  Person, as
         the  case  may be,  with  respect  to each  Mortgage  Loan or  property
         acquired  in  respect  thereof  that has been  purchased  or  otherwise
         transferred  pursuant to Section 2.02,  2.03,  2.04,  4.07 or 9.01, all
         amounts  received  thereon and not  required to be  distributed  to the
         Certificateholders as of the date on which the related Stated Principal
         Balance or Purchase Price is determined;

                       (vii) to reimburse itself or the related  Subservicer for
         any Nonrecoverable  Advance or Advances in the manner and to the extent
         provided in subsection (c) below, any Advance made in connection with a
         modification  of a Mortgage Loan that is in default or, in the judgment
         of the Master Servicer,  default is reasonably  foreseeable pursuant to
         Section 3.07(a), to the extent the amount of the Advance has been added
         to the  outstanding  principal  balance of the  Mortgage  Loan,  or any
         Advance  reimbursable  to  the  Master  Servicer  pursuant  to  Section
         4.02(a)(iii);

                      (viii) to  reimburse  itself or the Company  for  expenses
         incurred by and  reimbursable to it or the Company pursuant to Sections
         3.13,  3.14(c),  6.03,  10.01  or  otherwise,  or  in  connection  with
         enforcing any repurchase, substitution or indemnification obligation of
         any Seller  (other than an Affiliate  of the  Company)  pursuant to the
         related Seller's Agreement;


  
                                       55

<PAGE>



                        (ix) to reimburse  itself for amounts 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 the
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

SECTION 3.11. MAINTENANCE OF THE PRIMARY INSURANCE POLICIES; COLLECTIONS 
                THEREUNDER.

         (a) The Master  Servicer  shall not take, or permit any  Subservicer to
take, any action which would result in non-coverage under any applicable Primary
Insurance  Policy of any loss which,  but for the actions of the Master Servicer
or Subservicer,  would have been covered  thereunder.  To the extent coverage is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary Insurance Policy

  
                                       56

<PAGE>



applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

         (b) In connection with its activities as administrator  and servicer of
the  Mortgage  Loans,  the  Master  Servicer  agrees to  present or to cause the
related  Subservicer  to  present,  on  behalf  of  the  Master  Servicer,   the
Subservicer,  if any,  the  Trustee  and the  Certificateholders,  claims to the
Insurer under any Primary Insurance  Policies,  in a timely manner in accordance
with such  policies,  and,  in this  regard,  to take or cause to be taken  such
reasonable  action as shall be  necessary to permit  recovery  under any Primary
Insurance  Policies  respecting  defaulted  Mortgage Loans.  Pursuant to Section
3.07,  any Insurance  Proceeds  collected by or remitted to the Master  Servicer
under  any  Primary  Insurance  Policies  shall be  deposited  in the  Custodial
Account, subject to withdrawal pursuant to Section 3.10.

SECTION 3.12. MAINTENANCE OF FIRE INSURANCE AND OMISSIONS AND FIDELITY COVERAGE.

         (a) The Master  Servicer shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders  be  added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such

  
                                       57

<PAGE>



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).

         In the event  that 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 FNMA or FHLMC,  whichever  is greater,  with  respect to the Master
Servicer if the Master  Servicer were servicing and  administering  the Mortgage
Loans for FNMA or FHLMC.  In the event that any such bond or policy ceases to be
in effect,  the Master  Servicer shall obtain a comparable  replacement  bond or
policy from an issuer or insurer,  as the case may be, meeting the requirements,
if any, of the Program  Guide and  acceptable  to the  Company.  Coverage of the
Master  Servicer  under a policy or bond  obtained by an Affiliate of the Master
Servicer and  providing  the coverage  required by this  Section  3.12(b)  shall
satisfy the requirements of this Section 3.12(b).

SECTION 3.13. ENFORCEMENT OF DUE-ON-SALE CLAUSES; ASSUMPTION AND MODIFICATION
                    AGREEMENTS; CERTAIN ASSIGNMENTS.

         (a) When any  Mortgaged  Property  is conveyed  by the  Mortgagor,  the
Master  Servicer  or  Subservicer,  to the  extent  it  has  knowledge  of  such
conveyance,  shall enforce any due-on-sale clause contained in any Mortgage Note
or Mortgage,  to the extent  permitted  under  applicable  law and  governmental
regulations,  but only to the extent that such  enforcement  will not  adversely
affect  or   jeopardize   coverage   under  any   Required   Insurance   Policy.
Notwithstanding the foregoing:


  
                                       58

<PAGE>



                         (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  both  (a)   constitute  a  "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the Code (or final,  temporary  or  proposed  Treasury  Regulations  promulgated
thereunder) and (b) cause the Trust Fund 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 constitute  "contributions" after the start-up date
under the REMIC  Provisions.  The Master Servicer shall execute and deliver such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction  involving  the  assumption  or transfer (A) the Mortgage  Loan will
continue  to be secured by a first  mortgage  lien  pursuant to the terms of the
Mortgage,  (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies,  (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest  rate on the  Mortgage  Loan) will be altered  nor will the term of the
Mortgage  Loan be  changed  and (E) if the  seller/transferor  of the  Mortgaged
Property is to be released  from  liability on the Mortgage  Loan,  such release
will  not  (based  on  the  Master   Servicer's  or  Subservicer's   good  faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution

  
                                       59

<PAGE>



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 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 the Trust Fund would 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 the  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 O, in
form and substance  satisfactory to the Trustee and Master  Servicer,  providing
the  following:  (i) 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;  (ii) that the substance of the  assignment is, and is intended to
be, a refinancing of such Mortgage Loan and that the form of the  transaction is
solely to comply with, or facilitate  the  transaction  under,  such local laws;
(iii) 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 (iv) that such assignment
is at the request of the borrower under the related Mortgage Loan. Upon approval
of an assignment in lieu of satisfaction  with respect to any Mortgage Loan, the
Master  Servicer  shall receive cash in an amount equal to the unpaid  principal
balance of and accrued  interest on such Mortgage  Loan and the Master  Servicer
shall treat such amount as a Principal  Prepayment  in Full with respect to such
Mortgage Loan for all purposes hereof.

SECTION 3.14. REALIZATION UPON DEFAULTED MORTGAGE LOANS.

         (a) The Master  Servicer shall  foreclose upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments  pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the

  
                                       60

<PAGE>



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 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.  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) In the event that 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 the  Certificateholders.  Notwithstanding  any such
acquisition of title and  cancellation  of the related  Mortgage Loan,  such REO
Property shall (except as otherwise  expressly provided herein) be considered to
be an  Outstanding  Mortgage  Loan held in the Trust Fund until such time as the
REO Property  shall be sold.  Consistent  with the foregoing for purposes of all
calculations hereunder so long as such REO Property shall be considered to be an
Outstanding  Mortgage  Loan it shall be assumed that,  notwithstanding  that the
indebtedness  evidenced by the related Mortgage Note shall have been discharged,
such Mortgage

  
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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) In the event  that 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  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,
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 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 the Trust Fund to
fail to qualify as a REMIC at any time that any Certificates are outstanding, in
which case the Trust Fund may continue to hold such 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 any such Class of Certificates to which such Realized
Loss was allocated is no longer  outstanding,  such subsequent recovery shall be
distributed  to the persons  who were the Holders of such Class of  Certificates
when it was  retired);  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.


  
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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 H 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. Upon receipt of such
certification  and request,  the Trustee shall  promptly  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.  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 H hereto,  or, in the case
of the Custodian,  an electronic  request in a form  acceptable to the Custodian
requesting  that  possession of all, or any document  constituting  part of, the
Mortgage File be released to the Master Servicer and certifying as to the reason
for such  release  and that  such  release  will not  invalidate  any  insurance
coverage  provided in respect of the Mortgage Loan under any Required  Insurance
Policy.  Upon receipt of the foregoing,  the Trustee shall deliver, or cause the
Custodian to deliver,  the Mortgage  File or any document  therein to the Master
Servicer.  The Master  Servicer  shall cause each  Mortgage File or any document
therein so released to be returned to the Trustee, or the Custodian as agent for
the  Trustee  when the need  therefor by the Master  Servicer no longer  exists,
unless (i) the Mortgage Loan has been  liquidated and the  Liquidation  Proceeds
relating to the Mortgage Loan have been  deposited in the  Custodial  Account or
(ii) the Mortgage File or such document has been delivered directly or through a
Subservicer to an attorney,  or to a public trustee or other public  official as
required by law, for purposes of  initiating  or pursuing  legal action or other
proceedings for the foreclosure of the Mortgaged  Property either  judicially or
non-judicially,  and the Master  Servicer  has  delivered  directly or through a
Subservicer to the Trustee a certificate of a Servicing Officer certifying as to
the name and address of the Person to which such  Mortgage File or such document
was delivered and the purpose or purposes of such delivery.  In the event of the
liquidation  of a Mortgage  Loan,  the  Trustee  shall  deliver  the Request for
Release with respect  thereto to the Master Servicer upon deposit of the related
Liquidation Proceeds in the Custodial Account.

         (c) The Trustee or the Master  Servicer on the  Trustee's  behalf shall
execute and deliver to the Master Servicer,  if necessary,  any court pleadings,
requests for trustee's sale or other  documents  necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any 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

  
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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 the  related  Net  Mortgage  Rate,  the Master  Servicer  shall be
entitled to retain therefrom and to pay to itself and/or the related Subservicer
any Servicing Fee or Subservicing Fee considered to be accrued but unpaid.

         (b)  Additional  servicing  compensation  in  the  form  of  prepayment
charges,  assumption fees, late payment charges, investment income on amounts in
the Custodial Account or the Certificate  Account or otherwise shall be retained
by the Master Servicer or the Subservicer to the extent provided herein, subject
to clause (e) below.

         (c) The Master  Servicer shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums for the Primary Insurance Policies,  if
any,  to the extent  such  premiums  are not  required to be paid by the related
Mortgagors,  and the fees and  expenses of the Trustee  and any  Custodian)  and
shall not be entitled to reimbursement  therefor except as specifically provided
in Sections 3.10 and 3.14.

         (d) The Master Servicer's right to receive  servicing  compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its  responsibilities  and  obligations of the Master Servicer under this
Agreement.

         (e) Notwithstanding any other provision herein, the amount of servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled  pursuant to Section  3.10(a)(iii);  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; and third, to any amounts
of servicing  compensation to which the Master Servicer is entitled  pursuant to
Section  3.10(a)(v) or (vi). In making such  reduction,  the Master Servicer (i)
will not withdraw from the Custodial Account any

  
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such amount  representing  all or a portion of the  Servicing Fee to which it is
entitled  pursuant  to Section  3.10(a)(iii);  (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)  and (iii) will not  withdraw  from the
Custodial  Account  any such  amount of  servicing  compensation  to which it is
entitled pursuant to Section 3.10(a)(v) or (vi).

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 and the Trustee on or
before March 31 of each year,  beginning  with the first March 31 that occurs at
least six months after the Cut-off Date, an Officers' Certificate stating, as to
each signer thereof,  that (i) a review of the activities of the Master Servicer
during the preceding  calendar  year related to its servicing of mortgage  loans
and its  performance  under pooling and  servicing  agreements,  including  this
Agreement,  has been made under such officers' supervision,  (ii) to the best of
such officers' knowledge, based on such review, the Master Servicer has complied
in all material respects with the minimum  servicing  standards set forth in the
Uniform Single Attestation Program for Mortgage Bankers and has fulfilled all of
its material  obligations  relating to this  Agreement in all material  respects
throughout  such year,  or, if there has been material  noncompliance  with such
servicing  standards or a default in the fulfillment in all material respects of
any such obligation  relating to this Agreement,  such statement shall include a
description of such noncompliance or specify each such default,  as the case may
be,  known to such  officer  and the nature and status  thereof and (iii) to the
best of such officers' knowledge,  each Subservicer has complied in all material
respects with the minimum  servicing  standards set forth in the Uniform  Single
Attestation  Program for Mortgage  Bankers and has fulfilled all of its material
obligations under its Subservicing Agreement in all material respects throughout
such year,  or, if there has been  material  noncompliance  with such  servicing
standards or a material default in the fulfillment of such obligations  relating
to  this  Agreement,   such  statement  shall  include  a  description  of  such
noncompliance  or specify each such  default,  as the case may be, known to such
officer and the nature and status thereof.

SECTION 3.19. ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS' SERVICING REPORT.

         On or before March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions made pursuant

  
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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.



  
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                                   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 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 on such
Distribution  Date and (ii) any other investment may mature 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.

         (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),  the amount required to be distributed to the Master Servicer or a
Subservicer pursuant to Section 4.02(a)(iii),  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-6  Certificates),
shall be based on the  aggregate  of the  Percentage  Interests  represented  by
Certificates of the applicable Class held by such Holder

  
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or (B) with  respect to any  Subclass  of the Class A-6  Certificates,  shall be
equal to the amount (if any) distributed pursuant to Section 4.02(a)(i) below to
the initial Holder of the Class A-6  Certificate or to each Holder of a Subclass
thereof,  as applicable)  of the following  amounts,  in the following  order of
priority  (subject to the  provisions of Section  4.02(b)),  in each case to the
extent of the Available Distribution Amount:

                         (i) to the Class A  Certificateholders  (other than the
         Class A-5  Certificateholders)  and Class R Certificateholders 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-6  Certificates),  as applicable,  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");

                        (ii)   (X)to the Class A-5 Certificateholders, the Class
         A-5 Principal Distribution Amount; and

                               (Y) to the Class A Certificateholders (other than
          Class   A-5  or   ClassA-6   or  any   Subclass   of  the   Class  A-6
          Certificateholders) and Class R Certificateholders,  in the priorities
          and amounts set forth in Section  4.02(b)(ii) through (iv) and Section
          4.02(c)  and (d),  the sum of the  following  (applied  to reduce  the
          Certificate Principal Balances of such Class A Certificates or Class R
          Certificates, as applicable):

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

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

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

  
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                                    (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),    including   without
                            limitation Insurance Proceeds,  Liquidation Proceeds
                            and  REO  Proceeds)   received  during  the  related
                            Prepayment   Period  (or  deemed  to  have  been  so
                            received in accordance with Section  3.07(b)) to the
                            extent applied by the Master  Servicer as recoveries
                            of principal of the related  Mortgage  Loan pursuant
                            to Section  3.14 (other  than the  related  Discount
                            Fraction   of  the   principal   portion   of   such
                            unscheduled collections,  with respect to a Discount
                            Mortgage Loan);

                            (B) with respect to each  Mortgage  Loan for which a
                    Cash  Liquidation or a REO  Disposition  occurred during the
                    related  Prepayment  Period (or was deemed to have  occurred
                    during such period in accordance  with Section  3.07(b)) and
                    did not result in any Excess Special  Hazard Losses,  Excess
                    Fraud  Losses,  Excess  Bankruptcy  Losses or  Extraordinary
                    Losses,  an amount  equal to the  lesser  of (a) the  Senior
                    Percentage  for such  Distribution  Date  times  the  Stated
                    Principal  Balance of such  Mortgage  Loan  (other  than the
                    related Discount Fraction of such Stated Principal  Balance,
                    with respect to a 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 (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));

                            (C) the Senior Accelerated  Distribution  Percentage
                    for  such  Distribution  Date  times  the  aggregate  of all
                    Principal  Prepayments in Full and Curtailments  received in
                    the  related  Prepayment  Period  (other  than  the  related
                    Discount Fraction of such Principal  Prepayments in Full and
                    Curtailments, with respect to a 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   Class  M   Certificates   or  Class  B
                    Certificates;

                       (iii) if the Certificate  Principal Balances of the Class
         M Certificates and Class B Certificates  have not been reduced to zero,
         to the Master  Servicer or a  Subservicer,  by remitting for deposit to
         the Custodial  Account,  to the extent of and in reimbursement  for any
         Advances or Subservicer  Advances  previously  made with respect to any
         Mortgage Loan

  
                                       69

<PAGE>



         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  Distribution  Date, minus (y) the
         amount of any Class A-5  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) 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-5  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) 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-5  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) 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;


  
                                       70

<PAGE>



                        (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-5  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) are  insufficient  therefor,  applied in
         reduction  of  the  Certificate  Principal  Balance  of the  Class  B-1
         Certificates;

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

                      (xiii) to the  Holders of the Class B-2  Certificates,  an
         amount equal to (x) the Subordinate  Principal  Distribution Amount for
         such Class of  Certificates  for such  Distribution  Date minus (y) the
         amount of any Class A-5  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) 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-5  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)  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-5  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  Class  A  Certificateholders  and  Class R
         Certificateholders  in the priority set forth in Section  4.02(b),  the
         portion,  if any, of the Available  Distribution Amount remaining after
         the  foregoing   distributions,   applied  to  reduce  the  Certificate
         Principal Balances of such Class A and Class R Certificates,  but in no
         event more than the aggregate of the outstanding  Certificate Principal
         Balances  of each such Class of Class A and Class R  Certificates,  and
         thereafter,  to each  Class of Class M  Certificates  then  outstanding
         beginning with such Class with the lowest  numerical  designation,  any
         portion of the Available  Distribution Amount remaining after the Class
         A Certificates and Class R Certificates  have been retired,  applied to
         reduce the Certificate  Principal Balance of each such Class of Class M
         Certificates,  but in no event  more than the  outstanding  Certificate
         Principal  Balance  of each  such  Class of Class M  Certificates;  and
         thereafter to each such Class of Class B Certificates  then outstanding
         beginning with such Class with the lowest  numerical  designation,  any
         portion of the Available  Distribution Amount remaining after the Class
         M

  
                                       71

<PAGE>



         Certificates  have been  retired,  applied  to reduce  the  Certificate
         Principal Balance of each such Class of Class B Certificates, but in no
         event more than the outstanding  Certificate  Principal Balance of each
         such Class of Class B Certificates; and

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

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

         (b) Distributions of principal on the Class A Certificates  (other than
the Class A-6  Certificates)  and Class R Certificates on each Distribution Date
occurring  prior to the occurrence of the Credit Support  Depletion Date will be
made as follows:

                         (i)  first,  to the Class A-5  Certificates,  until the
         Certificate  Principal  Balance  thereof is reduced to zero,  an amount
         (the "Class A-5 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
                    (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  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

  
                                       72

<PAGE>



                    amount  equal to the lesser of (1) the  applicable  Discount
                    Fraction of the Stated  Principal  Balance of such  Discount
                    Mortgage Loan immediately  prior to such  Distribution  Date
                    and (2) the  aggregate  amount  of the  collections  on such
                    Discount  Mortgage Loan to the extent  applied as recoveries
                    of principal;

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

                            (E)  the   amount  of  any   Class  A-4   Collection
                    Shortfalls for such  Distribution Date and the amount of any
                    Class A-4  Collection  Shortfalls  remaining  unpaid for all
                    previous  Distribution  Dates, but only to the extent of the
                    Eligible Funds for such Distribution Date;

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

                       (iii) third, the balance, if any, of the Senior Principal
         Distribution  Amount  remaining  after the  distribution  described  in
         clause 4.02(b)(ii) above shall be distributed concurrently as follows:

                            (A)  30.0151876850%  of  the  amount  available  for
                    distribution under this clause (iii) shall be distributed to
                    the Class A-1 Certificates,  until the Certificate Principal
                    Balance thereof has been reduced to zero; and

                            (B)  69.9848123150%  of  the  amount  available  for
                    distribution under this clause (iii) shall be distributed in
                    the following order of priority:

                                    (I)  first,   to  the   Prepayment   Lockout
                            Certificates   in  reduction   of  the   Certificate
                            Principal Balance thereof, in an amount equal to the
                            sum of the following:

                                            (X)    the    Prepayment     Lockout
                                    Certificates'  pro rata share  (based on the
                                    aggregate   Certificate   Principal  Balance
                                    thereof    relative    to   the    aggregate
                                    Certificate   Principal   Balance   of   the
                                    Certificates   (other  than  the  Class  A-5
                                    Certificates)),  of  the  aggregate  of  the
                                    collections     described     in     clauses
                                    4.02(a)(ii)(Y)(A),   (B)  and  (E)   without
                                    application  of the  Senior  Percentage  and
                                    Senior Accelerated  Distribution Percentage;
                                    and

                                            (Y)    the    Lockout     Prepayment
                                    Percentage   of   the   Prepayment   Lockout
                                    Certificates'  pro rata share  (based on the
                                    aggregate   Certificate   Principal  Balance
                                    thereof    relative    to   the    aggregate
                                    Certificate   Principal   Balance   of   the
                                    Certificates   (other  than  the  Class  A-5
                                    Certificates))   of  the  aggregate  of  the
                                    collections described in

  
                                       73

<PAGE>



                                   clause 4.02(a)(ii)(Y)(C) without application 
                                   of the Senior Accelerated Distribution 
                                   Percentage;

                            provided  that,  if the aggregate of the amounts set
                    forth in clauses 4.02(a)(ii)(Y)(A), (B), (C) and (E) is more
                    than  the  balance  of  the  Available  Distribution  Amount
                    remaining after the amounts set forth in Sections 4.02(a)(i)
                    and (b)(i)  have been  distributed,  the amount  paid to the
                    Prepayment  Lockout  Certificates  pursuant  to this  clause
                    (iii)(B)(I)  shall  be  reduced  by an  amount  equal to the
                    Prepayment  Lockout  Certificates'  pro rata share (based on
                    the aggregate Certificate Principal Balance thereof relative
                    to the aggregate Certificate Principal Balance of the Senior
                    Certificates   other  than  the  Class  A-1  and  Class  A-5
                    Certificates) of such difference;

                                    (II) second,  to the Class A-2 Certificates,
                            until the Certificate  Principal  Balance thereof is
                            reduced to zero;

                                    (III) third, to the Class A-3  Certificates,
                            until the Certificate  Principal  Balance thereof is
                            reduced to zero; and

                                    (IV)  fourth,  to  the  Prepayment   Lockout
                            Certificates,   until  the   Certificate   Principal
                            Balance thereof is reduced to zero.

         (c) On or after the occurrence of the Credit Support Depletion Date all
priorities  relating to distributions as described above in respect of principal
among the  various  classes  of Senior  Certificates  (other  than the Class A-5
Certificates)  will be disregarded and an amount equal to the Discount  Fraction
of the  principal  portion of  scheduled  payments and  unscheduled  collections
received or advanced in respect of Discount  Mortgage  Loans will be distributed
to the Class A-5 Certificates and the Senior Principal  Distribution Amount will
be distributed to all Classes of Senior  Certificates  (other than the Class A-5
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.

         (d) After reduction of the Certificate Principal Balances of the Senior
Certificates  (other than the Class A-5  Certificates)  to zero but prior to the
Credit Support Depletion Date, the Senior Certificates (other than the Class A-5
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-5, Class M and Class B Certificates.

         (e) 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), the Master

  
                                       74


<PAGE>



Servicer  shall  distribute  such  amounts to the Class or Classes to which such
Realized Loss was allocated,  if applicable  (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 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  12.01(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  was  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  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-6 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-6  Certificates,  to the Class
A-6  Certificates or any Subclass thereof to which the related Realized Loss (or
portion  thereof) was  previously  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.

         (f) Each distribution with respect to a Book-Entry Certificate shall be
paid  to the  Depository,  as  Holder  thereof,  and  the  Depository  shall  be
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" or "indirect  participating  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  except as  otherwise  provided  by this  Agreement  or
applicable law.

         (g)  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  prior   calendar   month.   In  the  event   that
Certificateholders  required to surrender their Certificates pursuant to Section
9.01(c) do not

  
                                       75

<PAGE>



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).

         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 forward by mail to each Holder and
the Company a statement setting forth the following information as to each Class
of Certificates to the extent applicable:

                         (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 each of the  Senior,  Class M and  Class B
         Percentages,  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 Subservicers,  the number and aggregate  principal balances of
         Mortgage Loans that are  delinquent  (A) one month,  (B) two months and
         (C) three  months  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;


  
                                       76

<PAGE>



                         (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  on  the  Class  A-6
         Certificates and each Subclass, if any, thereof;

                     (xiii) the occurrence of the Credit Support Depletion Date;

                       (xiv) the Senior Accelerated Distribution Percentage 
         applicable to such distribution;

                        (xv)   the Senior Percentage for such Distribution Date;

                       (xvi)  the aggregate amount of Realized Losses for such
         Distribution Date;

                      (xvii)  the   aggregate   amount  of  any   recoveries  on
         previously   foreclosed   loans  from   Sellers  due  to  a  breach  of
         representation or warranty;

                     (xviii) the weighted average  remaining term to maturity of
         the Mortgage  Loans after giving effect to the amounts  distributed  on
         such Distribution Date;

                       (xix) the weighted average Mortgage Rates of the Mortgage
         Loans  after  giving  effect  to  the  amounts   distributed   on  such
         Distribution Date; and

                        (xx)        each Notional Amount.

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.  In addition to the statement provided to the Trustee as set forth
in this Section  4.03(a),  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
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.

  
                                       77

<PAGE>



         (c) Within a reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

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

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 Business Day next  succeeding
each  Determination  Date, the Master Servicer shall furnish a written statement
to the  Trustee,  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

  
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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)(iii)  in respect of
outstanding  Advances on any  Distribution  Date shall be  allocated to specific
Monthly  Payments due but delinquent for previous Due Periods,  which allocation
shall be made, to the extent  practicable,  to Monthly  Payments which have been
delinquent for the longest period of time. Such allocations  shall be conclusive
for purposes of  reimbursement to the Master Servicer from recoveries on related
Mortgage Loans pursuant to Section 3.10.

         The   determination   by  the  Master  Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be  evidenced  by a  certificate  of a Servicing
Officer delivered to the Seller and the Trustee.

         In the event that 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.

         Prior to each  Distribution  Date, the Master  Servicer shall determine
the  total  amount of  Realized  Losses,  if any,  that  resulted  from any Cash
Liquidation,  Debt Service Reduction,  Deficient  Valuation,  REO Disposition or
Servicing  Modification (to the extent constituting a reduction of the principal
balance of the Mortgage Loan) 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 in the month in which such  Distribution Date
occurs.  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

  
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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 such Realized Losses are on a Discount Mortgage Loan,
to the Class A-5  Certificates,  in an amount equal to the Discount  Fraction of
the principal portion thereof, and the remainder of such Realized Losses and the
entire amount of such Realized Losses on  Non-Discount  Mortgage Loans among all
the  Class A  Certificates  (other  than the Class  A-5  Certificates),  Class R
Certificates and, in respect of the interest portion of such Realized Losses, on
a pro rata basis, as described below.  Any Excess Special Hazard Losses,  Excess
Bankruptcy Losses, Excess Fraud Losses and Extraordinary Losses on Non- Discount
Mortgage  Loans will be  allocated  among the Class A (other  than the Class A-5
Certificates), Class M, Class B and Class R Certificates, and, in respect of the
interest  portion of such  Realized  Losses,  on a pro rata basis,  as described
below. The principal  portion of such losses on Discount  Mortgage Loans will be
allocated  to the  Class A-5  Certificates  in an  amount  equal to the  related
Discount Fraction thereof, and the remainder of such losses on Discount Mortgage
Loans will be allocated among the Class A Certificates (other than the Class A-5
Certificates), Class M, Class B and Class R Certificates on a pro rata basis, as
described below.

         As used herein,  an allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation  shall be deemed to have  occurred  on such  Distribution  Date.  Any
allocation of the principal  portion of Realized Losses (other than Debt Service
Reductions)  to the Class B  Certificates  or, after the  Certificate  Principal
Balances of the Class B Certificates  have been reduced to zero, to the Class of
Class M Certificates  then  outstanding with the highest  numerical  designation
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  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 (other than the Class A-6  Certificates)  evidenced
thereby.  All Realized  Losses and all other  losses  allocated to the Class A-6
Certificates  hereunder will be allocated to the Class A-6 Certificates  and, if
any  Subclasses  thereof  have been  issued  pursuant to Section  5.01(c),  such
Realized Losses and other losses shall be allocated among the Subclasses of such
Class in proportion to the respective  amounts of Accrued  Certificate  Interest
payable  on  such  Distribution  Date  that  would  have  resulted  absent  such
reductions.


  
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SECTION 4.06. REPORTS OF FORECLOSURES AND ABANDONMENT OF MORTGAGED PROPERTY.

         The Master Servicer or the Subservicers shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

SECTION 4.07. OPTIONAL PURCHASE OF DEFAULTED MORTGAGE LOANS.

         As to any Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer,  the Trustee or the Trust Fund
whereupon the Master Servicer shall succeed to all of 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.   Notwithstanding  anything  to  the
contrary in this Section 4.07, the Master Servicer shall continue to service any
such Mortgage Loan after the date of such purchase in accordance  with the terms
of this  Agreement  and, if any Realized Loss with respect to such Mortgage Loan
occurs, allocate such Realized Loss to the Class or Classes of Certificates that
would have borne such Realized  Loss in  accordance  with the terms hereof as if
such Mortgage Loan had not been so purchased.  For purposes of this Agreement, a
payment of the Purchase  Price by the Master  Servicer  pursuant to this Section
4.07 will be viewed as an advance,  and the amount of any Realized Loss shall be
recoverable pursuant to the provisions for the recovery of unreimbursed Advances
under Section 4.02(a) or, to the extent not recoverable  under such  provisions,
as a Nonrecoverable Advance as set forth herein.

SECTION 4.08. 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-6
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.

  
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<PAGE>



         (c)  On  each  Distribution  Date,  the  Trustee  shall  be  deemed  to
distribute  from the Trust Fund, in the priority set forth in Sections  4.02(a),
to the  Class A-6  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 4.08.  The amount
deemed distributable  hereunder with respect to the Class A-6 Certificates shall
equal 100% of the  amounts  payable  with  respect to the  Uncertificated  REMIC
Regular Interests.

         (d)  Notwithstanding  the deemed  distributions  on the  Uncertificated
REMIC Regular Interests  described in this Section 4.08,  distributions of funds
from the Certificate Account shall be made only in accordance with Section 4.02.

SECTION 4.09. COMPLIANCE WITH WITHHOLDING REQUIREMENTS.

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



  
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                                    ARTICLE V

                                THE CERTIFICATES

SECTION 5.01. THE CERTIFICATES.

         (a)  The  Class  A,  Class  M,  Class  B  and  Class  R   Certificates,
respectively,  shall be substantially in the forms set forth in Exhibits A, B, C
and D 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 and in the case of any  Certificates  issued on the Closing Date,
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Class A- 1, Class A-2, Class A-3 and Class A-4 Certificates
shall be  issuable  in minimum  dollar  denominations  of $25,000  and  integral
multiples  of $1 in excess  thereof;  the  Class A-5 and Class M-1  Certificates
shall be  issuable  in minimum  dollar  denominations  of $25,000  and  integral
multiples  of $1,000 in excess  thereof,  the Class M-2,  Class M-3,  Class B-1,
Class  B-2 and  Class B-3  Certificates  shall be  issuable  in  minimum  dollar
denominations  of $250,000 and integral  multiples of $1,000 in excess thereof),
except that one Certificate of the Class A-5, Class B-1, Class B-2 and Class B-3
Certificates may be issued in a denomination equal to the denomination set forth
as  follows  for such  Class  or the sum of such  denomination  and an  integral
multiple of $1,000:

                           Class A-5             $      25,355.59
                           Class B-1             $     250,700.00
                           Class B-2             $     250,100.00
                           Class B-3             $     250,094.49

         The Class A-6 Certificates  and Class R Certificates  shall be issuable
in minimum  denominations of not less than a 20% Percentage  Interest (except as
provided  in  Section  5.01(c)  with  respect  to the Class  A-3  Certificates);
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%.
Each  Subclass  of the Class  A-5  Certificates  shall be  issuable  in  minimum
denominations of not less than a 100% Percentage Interest, except as provided in
Section 5.01(c).

         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.


  
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<PAGE>



         (b) The Class A  Certificates,  other  than the Class A-5 and Class A-6
Certificates,  shall initially be issued as one or more Certificates  registered
in the name of the  Depository  or its nominee  and,  except as provided  below,
registration of such  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  Certificateholders
shall hold their  respective  Ownership  Interests in and to each of the Class A
Certificates,  other than the Class A-5 Certificates and Class A-6 Certificates,
through the  book-entry  facilities of the  Depository  and,  except as provided
below,  shall not be  entitled  to  Definitive  Certificates  in respect of such
Ownership  Interests.  All transfers by Certificate  Owners of their  respective
Ownership  Interests in the Book-Entry  Certificates shall be made in accordance
with the procedures  established by the Depository Participant or brokerage firm
representing such Certificate Owner. Each Depository  Participant shall transfer
the Ownership  Interests  only in the  Book-Entry  Certificates  of  Certificate
Owners  it  represents  or of  brokerage  firms  for  which  it acts as agent in
accordance with the Depository's normal procedures.

         The Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

         If  (i)(A)  the  Company  advises  the  Trustee  in  writing  that  the
Depository   is  no  longer   willing  or  able  to   properly   discharge   its
responsibilities  as  Depository  and (B) the  Company  is  unable  to  locate a
qualified  successor  or (ii) the  Company at its option  advises the Trustee in
writing  that  it  elects  to  terminate  the  book-entry   system  through  the
Depository,  the  Trustee  shall  notify all  Certificate  Owners,  through  the
Depository,  of the  occurrence  of any such  event and of the  availability  of
Definitive   Certificates  to  Certificate  Owners  requesting  the  same.  Upon
surrender  to the  Trustee of the  Book-Entry  Certificates  by the  Depository,
accompanied by registration instructions from the Depository for registration of
transfer,  the Trustee  shall  issue the  Definitive  Certificates.  Neither the
Company,  the Master  Servicer  nor the Trustee  shall be liable for any actions
taken by the Depository or its nominee, including, without limitation, any delay
in  delivery of such  instructions  and may  conclusively  rely on, and shall be
protected  in relying on, such  instructions.  Upon the  issuance of  Definitive
Certificates  all  references  herein  to  obligations  imposed  upon  or  to be
performed  by the Company in  connection  with the  issuance  of the  Definitive
Certificates  pursuant to this  Section  5.01 shall be deemed to be imposed upon
and  performed by the  Trustee,  and the Trustee and the Master  Servicer  shall
recognize  the  Holders of the  Definitive  Certificates  as  Certificateholders
hereunder.


  
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<PAGE>



         (c) From time to time,  Residential  Funding,  as the initial Holder of
the Class A-6 Certificates may exchange such Holder's Class A-6 Certificates for
Subclasses  of Class A-6  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit Q executed by an authorized officer, which Subclasses, in the aggregate,
will represent the Uncertificated  REMIC Regular Interests  corresponding to the
Class A-6 Certificates so surrendered for exchange. Any Subclass so issued shall
bear  a  numerical  designation  commencing  with  Class  A-6-1  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. 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 transfer or
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 Holder thereof or his attorney duly authorized in writing.  The Certificates
of any Subclass of Class A-6  Certificates  may be transferred in whole, but not
in part, in accordance with the provisions of Section 5.02.

SECTION 5.02. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES.

         (a)  The  Trustee  shall  cause  to be kept  at one of the  offices  or
agencies to be appointed by the Trustee in  accordance  with the  provisions  of
Section  8.12 a  Certificate  Register  in  which,  subject  to such  reasonable
regulations as it may prescribe,  the Trustee shall provide for the registration
of  Certificates  and of  transfers  and  exchanges  of  Certificates  as herein
provided.  The Trustee is  initially  appointed  Certificate  Registrar  for the
purpose of registering  Certificates and transfers and exchanges of Certificates
as herein provided. The Certificate Registrar, or the Trustee, shall provide the
Master  Servicer with a certified list of  Certificateholders  as of each Record
Date prior to the related Determination Date.

         (b) Upon surrender for  registration  of transfer of any Certificate at
any office or agency of the  Trustee  maintained  for such  purpose  pursuant to
Section  8.12 and,  in the case of any Class M, Class B or Class R  Certificate,
upon  satisfaction of the conditions set forth below,  the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class 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.


  
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<PAGE>



         (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. Except as provided in Section 5.02(e), 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 its 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 J-1
hereto, and the Trustee shall require the transferor to execute a representation
letter, substantially in the form of Exhibit K 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 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 L  attached  hereto (or such other
form as the Company in its sole discretion deems  acceptable),  which investment
letter  shall not be an  expense  of the  Trustee,  the  Company  or the  Master
Servicer,  and which  investment  letter states that,  among other things,  such
transferee (A) is a "qualified  institutional buyer" as defined under Rule 144A,
acting for its own  account or the  accounts of other  "qualified  institutional
buyers"  as  defined  under  Rule  144A,  and (B) is  aware  that  the  proposed
transferor intends to rely on the exemption from registration requirements under
the Securities Act of 1933, as amended, provided by Rule 144A. The Holder of any
such  Certificate  desiring to effect any such transfer,  sale,  pledge or other
disposition shall, and does hereby agree to, indemnify the Trustee, the Company,
the Master Servicer and the Certificate Registrar against any liability that may
result if the transfer, sale, pledge or other disposition is not so exempt or is
not made in accordance with such federal and state laws.

         (e) In the  case  of any  Class  M,  Class  B or  Class  R  Certificate
presented  for  registration  in the name of any Person,  either (i) 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 M, 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 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

  
                                       86

<PAGE>



shall not be an expense of the  Trustee,  the Company or the Master  Servicer or
(ii) 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 J-1 (with respect to any Class B Certificate),  Exhibit
J-2 (with respect to any Class M  Certificate)  or with a  certification  to the
effect set forth in paragraph fourteen of Exhibit I-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  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.

         (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 I-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 I-2, from the Holder wishing to
         transfer the Class R Certificate, in form and substance satisfactory to
         the Master Servicer,  representing and warranting,  among other things,
         that no purpose of the proposed Transfer is to impede the assessment or
         collection of tax.

                  (C)  Notwithstanding  the delivery of a Transfer Affidavit and
         Agreement  by a  proposed  Transferee  under  clause  (B)  above,  if a
         Responsible  Officer of the Trustee  who is assigned to this  Agreement
         has actual  knowledge  that the proposed  Transferee is not a Permitted
         Transferee,  no  Transfer  of  an  Ownership  Interest  in  a  Class  R
         Certificate to such proposed Transferee shall be effected.


  
                                       87

<PAGE>



                  (D) Each Person holding or acquiring any Ownership Interest in
         a Class R Certificate  shall agree (x) to require a Transfer  Affidavit
         and  Agreement  from any other  Person to whom such Person  attempts to
         transfer its Ownership Interest in a Class R Certificate and (y) not to
         transfer its Ownership Interest unless it provides a certificate to the
         Trustee in the form attached hereto as Exhibit I-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
         Regulation  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 I-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 Persons
         other than Permitted Transferees are prohibited.

                      (iii) (A) If any Person other than a Permitted  Transferee
         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
         transfer  of a Class  R  Certificate  is  disregarded  pursuant  to the
         provisions of Treasury Regulation Section 1.860E-1 or Section 1.860G-3,
         then the last preceding Permitted Transferee shall be restored,  to the
         extent  permitted  by law,  to all  rights  and  obligations  as Holder
         thereof  retroactive  to the date of  registration  of such Transfer of
         such Class R  Certificate.  The Trustee  shall be under no liability to
         any Person for any  registration  of Transfer of a Class R  Certificate
         that is in fact not permitted by this Section 5.02(f) or for making any
         payments due on such  Certificate  to the holder  thereof or for taking
         any other action with respect to such holder  under the  provisions  of
         this Agreement.

                           (B) If any purported Transferee shall become a Holder
                  of a Class R Certificate in violation of the  restrictions  in
                  this  Section  5.02(f) and to the extent that the  retroactive
                  restoration  of the  rights  of the  Holder  of  such  Class R
                  Certificate  as  described in clause  (iii)(A)  above shall be
                  invalid,  illegal or  unenforceable,  then the Master Servicer
                  shall  have the  right,  without  notice to the  holder or any
                  prior holder of such Class R Certificate, to sell such Class 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

  
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<PAGE>



                  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 Class A,  Class M, Class B or Class R  Certificates  below
                  the lower of the then-current rating or the rating assigned to
                  such  Certificates  as of the  Closing  Date  by  such  Rating
                  Agency; and

                           (B) subject to Section 10.01(f), a 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 the
                  Trust  Fund to cease to  qualify as a REMIC and will not cause
                  (x) the Trust Fund to be subject to an entity-level tax caused
                  by the Transfer of any Class R Certificate to a Person that is
                  not a  Permitted  Transferee  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.


  
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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,  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 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,
and neither the  Company,  the Master  Servicer,  the Trustee,  the  Certificate
Registrar nor any agent of the Company, the Master Servicer,  the Trustee 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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SECTION 5.06. OPTIONAL PURCHASE OF CERTIFICATES.

         (a) On any Distribution Date on which the Pool Stated Principal Balance
is less than ten percent of the Cut-off Date  Principal  Balance of the Mortgage
Loans,  either the Master  Servicer or the Company shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the sum of the outstanding Certificate Principal Balance of such Certificates
plus  the  sum of one  month's  Accrued  Certificate  Interest  thereon  and any
previously unpaid Accrued Certificate Interest.

         (b) The Master Servicer or the Company,  as applicable,  shall give the
Trustee not less than 60 days' prior  notice of the  Distribution  Date on which
the Master  Servicer or the Company,  as  applicable,  anticipates  that it will
purchase  the  Certificates  pursuant  to  Section  5.06(a).  Notice of any such
purchase,  specifying the Distribution Date upon which the Holders may surrender
their  Certificates  to the Trustee for payment in accordance  with this Section
5.06,  shall be  given  promptly  by the  Master  Servicer  or the  Company,  as
applicable,  by letter  to  Certificateholders  (with a copy to the  Certificate
Registrar and each Rating  Agency)  mailed not earlier than the 15th day and not
later  than the 25th day of the month  next  preceding  the month of such  final
distribution, specifying:

                        (i) the  Distribution  Date upon which  purchase  of the
         Certificates is anticipated to be made upon  presentation and surrender
         of such  Certificates  at the office or agency of the  Trustee  therein
         designated,

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

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

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

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

         (d) In the event that any  Certificateholders  do not  surrender  their
Certificates on or before the Distribution  Date on which a purchase pursuant to
this Section 5.06 is to be made,  the Trustee shall on such date cause all funds
in the  Certificate  Account  deposited  therein by the Master  Servicer  or the
Company,  as applicable,  pursuant to Section 5.06(b) to be withdrawn  therefrom
and   deposited  in  a  separate   escrow   account  for  the  benefit  of  such
Certificateholders, and the Master Servicer or the Company, as applicable, 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

  
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<PAGE>



notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee shall take  appropriate  steps as directed by the Master Servicer or the
Company, as applicable,  to contact the Holders of such Certificates  concerning
surrender  of their  Certificates.  The costs and  expenses of  maintaining  the
escrow  account and of  contacting  Certificateholders  shall be paid out of the
assets  which  remain in the escrow  account.  If within nine  months  after the
second notice any Certificates  shall not have been surrendered for cancellation
in  accordance  with this  Section  5.06,  the  Trustee  shall pay to the Master
Servicer or the Company, as applicable, all amounts distributable to the Holders
thereof and the Master Servicer or the Company, as applicable,  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  or the  Company,  as  applicable,  as a result of such
Certificateholder's  failure to  surrender  its  Certificate(s)  for  payment in
accordance  with this Section 5.06. Any  Certificate  that is not surrendered on
the Distribution  Date on which a purchase  pursuant to this Section 5.06 occurs
as  provided  above will be deemed to have been  purchased  and the Holder as of
such date will  have no  rights  with  respect  thereto  except to  receive  the
purchase price therefor minus any costs and expenses associated with such escrow
account and notices allocated  thereto.  Any Certificates so purchased or deemed
to have been  purchased  on such  Distribution  Date  shall  remain  outstanding
hereunder.  The Master Servicer or the Company, as applicable,  shall be for all
purposes the Holder thereof as of such date.

  
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<PAGE>



                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER               

  SECTION 6.01. RESPECTIVE LIABILITIES OF THE COMPANY AND THE MASTER SERVICER.

         The Company and the Master  Servicer shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

SECTION 6.02. MERGER OR CONSOLIDATION OF THE COMPANY OR THE MASTER SERVICER;
               ASSIGNMENT OF RIGHTS AND DELEGATION OF DUTIES BY MASTER SERVICER.
                           

         (a) The Company and the Master  Servicer  will each keep in full effect
its  existence,  rights and  franchises as a  corporation  under the laws of the
state of its incorporation,  and will each obtain and preserve its qualification
to do  business  as a foreign  corporation  in each  jurisdiction  in which such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

         (b) Any Person  into which the  Company or the Master  Servicer  may be
merged  or  consolidated,  or any  corporation  resulting  from  any  merger  or
consolidation  to which the Company or the Master  Servicer shall be a party, or
any Person  succeeding  to the  business of the Company or the Master  Servicer,
shall be the  successor of the Company or the Master  Servicer,  as the case may
be,  hereunder,  without the execution or filing of any paper or any further act
on the  part of any of the  parties  hereto,  anything  herein  to the  contrary
notwithstanding;  provided,  however,  that the successor or surviving Person to
the Master  Servicer  shall be qualified to service  mortgage loans on behalf of
FNMA or FHLMC; and provided further that each Rating Agency's  ratings,  if any,
of the Class A, Class M, Class B or Class R 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 FNMA or FHLMC,  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 rating of the
Classes of Certificates that have been rated in effect immediately prior to such

  
                                       93

<PAGE>



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.

  
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                                   ARTICLE VII

                                     DEFAULT

SECTION 7.01. EVENTS OF DEFAULT.

         Event of Default,  wherever used herein, means any one of the following
events  (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,  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

  
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<PAGE>



         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.

         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.


  
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SECTION 7.02. TRUSTEE OR COMPANY TO ACT; APPOINTMENT OF SUCCESSOR.

         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 FNMA- or FHLMC-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  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.

         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.


  
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<PAGE>



         (b) Within 60 days after the  occurrence  of any Event of Default,  the
Trustee  shall  transmit by mail to all Holders of  Certificates  notice of each
such Event of  Default  hereunder  known to the  Trustee,  unless  such Event of
Default shall have been cured or waived.

SECTION 7.04. WAIVER OF EVENTS OF DEFAULT.

         The Holders  representing at least 66% of the Voting Rights affected by
a default  or Event of  Default  hereunder  may waive  such  default or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  12.01(b)(i),  (ii) or (iii). Upon any such waiver of a default or Event
of Default by the Holders representing the requisite percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

  
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<PAGE>



                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

SECTION 8.01. DUTIES OF TRUSTEE.

         (a) The  Trustee,  prior to the  occurrence  of an Event of Default and
after the curing 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 the Trust Fund 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
         Master  Servicer  and  which  on  their  face,  do not  contradict  the
         requirements of this Agreement;


  
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<PAGE>



                       (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:

                        (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;


  
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<PAGE>



                       (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), 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 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

                      (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

  
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         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 the Trust Fund 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.  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 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.


  
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         (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 its 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, 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 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.

  
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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.

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

  
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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
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

  
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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  12.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

SECTION 8.12. APPOINTMENT OF OFFICE OR AGENCY.

         The Trustee  will  maintain an office or agency in the City of New York
where  Certificates may be surrendered for registration of transfer or exchange.
The Trustee  initially  designates  its offices  located at 14 Wall Street,  New
York, New York 10005 for the purpose of keeping the  Certificate  Register.  The
Trustee will maintain an office at the address stated in Section 12.05(c)

  
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hereof  where  notices  and  demands  to or upon the  Trustee in respect of this
Agreement may be served.

  
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                                   ARTICLE IX

                                   TERMINATION

SECTION 9.01. TERMINATION UPON PURCHASE BY THE MASTER SERVICER OR THE COMPANY OR
               LIQUIDATION OF ALL MORTGAGE LOANS.

         (a)  Subject  to  Section  9.03,   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 or the Company
         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), as reduced by
         any Servicing  Modification that constituted an interest rate reduction
         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 the
         Trust Fund as a REMIC.

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


  
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         (b) The Master  Servicer or, in the case of a final  distribution  as a
result of the exercise by the Company of its right to purchase the assets of the
Trust  Fund,  the  Company  shall give the  Trustee not less than 60 days' prior
notice of the Distribution Date on which the Master Servicer or the Company,  as
applicable,   anticipates   that  the  final   distribution   will  be  made  to
Certificateholders  (whether as a result of the exercise by the Master  Servicer
or the  Company  of its  right to  purchase  the  assets  of the  Trust  Fund or
otherwise).  Notice  of  any  termination,   specifying  the  anticipated  Final
Distribution  Date (which shall be a date that would otherwise be a Distribution
Date) upon which the  Certificateholders may surrender their Certificates to the
Trustee  (if  so  required  by the  terms  hereof)  for  payment  of  the  final
distribution and cancellation, shall be given promptly by the Master Servicer or
the Company, as applicable (if it is exercising its right to purchase the assets
of the Trust  Fund),  or by the  Trustee  (in any  other  case) by letter to the
Certificateholders  mailed not earlier  than the 15th day and not later than the
25th day of the  month  next  preceding  the  month of such  final  distribution
specifying:

                        (i) the anticipated  Final  Distribution Date upon which
         final  payment  of the  Certificates  is  anticipated  to be made  upon
         presentation  and surrender of  Certificates at the office or agency of
         the Trustee therein designated,

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

                      (iii) that the Record Date  otherwise  applicable  to such
         Distribution  Date is not  applicable,  and in the case of the  Class A
         Certificates,  Class M Certificates,  Class B Certificates  and Class R
         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 or the  Company,  as  applicable,  is  obligated to give
notice to  Certificateholders  as  aforesaid,  it shall give such  notice to the
Certificate Registrar at the time such notice is given to Certificateholders. In
the event such notice is given by the Master Servicer or the Company, the Master
Servicer or the Company, as applicable, 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 above
provided.

         (c) In the  case of the  Class  A,  Class  M,  Class B and the  Class R
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 or the Company's  election
to  repurchase,  or (ii) if the Master  Servicer  or the  Company  elected to so
repurchase,   an  amount  determined  as  follows:  (A)  with  respect  to  each
Certificate the outstanding  Certificate  Principal  Balance  thereof,  plus one
month's  Accrued  Certificate  Interest  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) In the event that 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

  
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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 or the Company,  as  applicable  (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 or the Company, as applicable, to contact the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for cancellation,  the Trustee shall pay to the Master
Servicer or the Company, as applicable, all amounts distributable to the holders
thereof and the Master Servicer or the Company, as applicable,  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  or the  Company,  as  applicable,  as a result of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

SECTION 9.02. ADDITIONAL TERMINATION REQUIREMENTS.

         (a) 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 the Trust Fund, as the case may be, 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  the  Trust  Fund 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 the Trust Fund, as the case may be, 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 the Trust Fund, as the case
         may be, under Section 860F of the Code and regulations thereunder;

                       (ii) The Master  Servicer shall notify the Trustee at the
         commencement of such 90-day  liquidation period and, at or prior to the
         time of making of the final  payment on the  Certificates,  the Trustee
         shall sell or otherwise  dispose of all of the remaining  assets of the
         Trust Fund in accordance with the terms hereof; and

                      (iii) If the Master  Servicer or the Company is exercising
         its right to purchase the assets of the Trust Fund, the Master Servicer
         shall,  during  the  90-day  liquidation  period and at or prior to the
         Final Distribution  Date,  purchase all of the assets of the Trust Fund
         for cash; provided,  however, that in the event that a calendar quarter
         ends after the commencement of the 90-day  liquidation period but prior
         to the Final Distribution Date, the

  
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         Master  Servicer or the Company shall not purchase any of the assets of
         the Trust Fund prior to the close of that calendar quarter.

         (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 the Trust Fund at the expense of the Trust Fund
in accordance with the terms and conditions of this Agreement.

  
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                                    ARTICLE X

                                REMIC PROVISIONS

SECTION 10.01. REMIC ADMINISTRATION.

                  (a) The REMIC  Administrator  shall make an  election to treat
the Trust Fund (other than the Initial  Monthly  Payment  Fund) as a REMIC under
the Code and, if necessary,  under  applicable  state law. Such election will be
made on  Form  1066 or  other  appropriate  federal  tax or  information  return
(including  Form 8811) or any  appropriate  state  return for the  taxable  year
ending  on the  last day of the  calendar  year in which  the  Certificates  are
issued.  For the  purposes  of the REMIC  election in respect of the Trust Fund,
each of the Class A Certificates (other than the Class A-6 Certificates),  Class
M  Certificates,  Class B  Certificates  and the  Uncertificated  REMIC  Regular
Interests  shall  be  designated  as the  "regular  interests"  and the  Class R
Certificates  shall be designated  as the sole class of "residual  interests" in
the REMIC. The REMIC Administrator and the Trustee shall not permit the creation
of any "interests" (within the meaning of Section 860G of the Code) in the Trust
Fund other than the regular interests and the interests represented by the Class
R Certificates, respectively.

                  (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 of the Class R Certificates and shall
be designated as "the tax matters  person" with respect to the Trust Fund in the
manner  provided under Treasury  regulations  section  1.860F-4(d)  and Treasury
regulations section  301.6231(a)(7)-1.  The REMIC Administrator,  as tax matters
person,  shall (i) act on behalf of the Trust Fund 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 a 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
the Trust Fund  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

  
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<PAGE>



the REMIC Administrator with such information,  within their respective control,
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 the Trust Fund.

                  (f) The Master Servicer and the REMIC Administrator shall take
such  actions  and shall  cause the Trust Fund  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  thereof 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 the Trust Fund as a REMIC or (ii)  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 set forth in Section 860G(d) of the Code) (either such
event, in the absence of an Opinion of Counsel or the  indemnification  referred
to in this sentence, an "Adverse REMIC Event") unless the Master Servicer or the
REMIC Administrator,  as applicable,  has received an Opinion of Counsel (at the
expense of the party  seeking to take such action or, if such party fails to pay
such expense, and the Master Servicer or the REMIC Administrator, as applicable,
determines that taking such action is in the best interest of the Trust Fund and
the Certificateholders, at the expense of the Trust Fund, but in no event at the
expense of the Master Servicer,  the REMIC  Administrator or the Trustee) to the
effect that the  contemplated  action will not,  with  respect to the Trust Fund
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 the Trust Fund or its  assets,  or causing the Trust Fund to take any
action, which is not

  
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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 the Trust Fund,  and the Trustee  shall not
take any such action or cause the Trust Fund 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 the Trust Fund 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 the  Trust  Fund  created  hereunder  as  defined  in  Section
860F(a)(2) of the Code, on "net income from  foreclosure  property" of the Trust
Fund as defined in Section  860G(c)  of the Code,  on any  contributions  to the
Trust Fund 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 otherwise (iii) against amounts
on  deposit in the  Custodial  Account as  provided  by Section  3.10 and on the
Distribution  Date(s)  following such  reimbursement the aggregate of such taxes
shall be  allocated in  reduction  of the Accrued  Certificate  Interest on each
Class  entitled  thereto  in the same  manner  as if such  taxes  constituted  a
Prepayment Interest Shortfall.

                  (h) The Trustee  and the Master  Servicer  shall,  for federal
income tax purposes,  maintain  books and records with respect to the Trust Fund
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 the Trust Fund 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 the Trust Fund
will not cause the Trust Fund to fail to qualify as a REMIC at any time that any
Certificates  are out  standing  or subject  the Trust Fund 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 the Trust Fund will
receive a fee or other compensation for services nor permit either 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.


  
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<PAGE>



                  (k) Solely for the purposes of Section  1.860G-1(a)(4)(iii) of
the Treasury  Regulations,  the "latest possible maturity date" of each "regular
interest" of the REMIC is August 25, 2013.

                  (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 the Trust Fund.

                  (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 the Trust Fund,
(iii) the termination of the Trust Fund 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 the Trust Fund, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to the Trust Fund 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 the Trust Fund as a
REMIC or (b) unless the Master Servicer has determined in its sole discretion to
indemnify the Trust Fund against such tax, cause the Trust Fund 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 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.

  
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                                   ARTICLE XI

                                   [RESERVED]

  
                                       117

<PAGE>



                                   ARTICLE XII

                            MISCELLANEOUS PROVISIONS

SECTION 12.01. AMENDMENT.

         (a) This Agreement or any Custodial  Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:

                        (i)         to cure any ambiguity,

                       (ii) to correct or supplement  any  provisions  herein or
         therein,  which may be inconsistent with any other provisions herein or
         therein or to correct any error,

                      (iii) to modify, eliminate or add to any of its provisions
         to such extent as shall be  necessary  or  desirable  to  maintain  the
         qualification  of the  Trust  Fund as a REMIC  at all  times  that  any
         Certificate  is  outstanding  or to avoid or  minimize  the risk of the
         imposition of any tax on the Trust Fund pursuant to the Code that would
         be a claim  against  the Trust  Fund,  provided  that the  Trustee  has
         received  an Opinion of Counsel to the effect  that (A) such  action is
         necessary or desirable to maintain  such  qualification  or to avoid or
         minimize the risk of the imposition of any such tax and (B) such action
         will not adversely  affect in any material respect the interests of any
         Certificateholder,

                       (iv) to change the timing  and/or nature of deposits into
         the Custodial Account or the Certificate  Account or to change the name
         in which the  Custodial  Account is  maintained,  provided that (A) the
         Certificate  Account  Deposit  Date shall in no event be later than the
         related  Distribution  Date, (B) such change shall not, as evidenced by
         an Opinion of Counsel,  adversely  affect in any  material  respect the
         interests of any Certificateholder and (C) such change shall not result
         in a  reduction  of the rating  assigned  to any Class of  Certificates
         below the lower of the  then-current  rating or the rating  assigned to
         such Certificates as of the Closing Date, as evidenced by a letter from
         each Rating Agency to such effect,

                        (v) to modify,  eliminate  or add to the  provisions  of
         Section 5.02(f) or any other provision hereof  restricting  transfer of
         the  Class R  Certificates,  by virtue  of their  being  the  "residual
         interests"  in the Trust Fund,  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  either  the  Trust  Fund  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, or


  
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<PAGE>



                       (vi) to make any other provisions with respect to matters
         or questions  arising under this Agreement or such Custodial  Agreement
         which shall not be materially  inconsistent with the provisions of this
         Agreement,  provided  that such action  shall not, as  evidenced  by an
         Opinion  of  Counsel,  adversely  affect in any  material  respect  the
         interests of any Certificateholder.

         (b) This Agreement or any Custodial  Agreement may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates evidencing in the aggregate not less than
66% of the Percentage Interests of each Class of Certificates  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 the Trust Fund to fail to
qualify as a REMIC at any time that any Certificate is outstanding.  The Trustee
may but shall not be  obligated  to enter into any  amendment  pursuant  to this
Section that affects its rights,  duties and  immunities  and this  agreement or
otherwise; provided however, such consent shall not be unreasonably withheld.

         (d)  Promptly  after the  execution of any such  amendment  the Trustee
shall furnish  written  notification  of the substance of such amendment to each
Certificateholder.   It   shall   not  be   necessary   for   the   consent   of
Certificateholders  under this Section 12.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

         (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

  
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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
Regulation Section 1.860G-2(h) as it reads as of the Cut-off Date. In connection
with the  provision  of any such  instrument  or fund,  this  Agreement  and any
provision hereof may be modified,  added to, deleted or otherwise amended in any
manner  that  is  related  or  incidental  to  such  instrument  or  fund or the
establishment or  administration  thereof,  such amendment to be made by written
instrument  executed or  consented  to by the Company but without the consent of
any  Certificateholder  and without  the  consent of the Master  Servicer or the
Trustee being  required  unless any such  amendment  would impose any additional
obligation  on, or  otherwise  adversely  affect  the  interests  of the Class A
Certificateholders,    the   Class   R    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) the Trust Fund 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  M  (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  N,  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 12.02. 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.


  
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SECTION 12.03. LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS.

         (a) The death or incapacity of any Certificateholder  shall not operate
to   terminate   this   Agreement   or  the  Trust  Fund,   nor   entitle   such
Certificateholder's  legal representatives or heirs to claim an accounting or to
take any action or  proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights,  obligations and liabilities of any
of the parties hereto.

         (b) No  Certificateholder  shall  have  any  right to vote  (except  as
expressly  provided herein) or in any manner otherwise control the operation and
management  of the Trust Fund, or the  obligations  of the parties  hereto,  nor
shall anything herein set forth, or contained in the terms of the  Certificates,
be construed so as to  constitute  the  Certificateholders  from time to time as
partners or members of an association;  nor shall any Certificateholder be under
any  liability  to any third person by reason of any action taken by the parties
to this Agreement pursuant to any provision hereof.

         (c)  No  Certificateholder  shall  have  any  right  by  virtue  of any
provision of this  Agreement  to institute  any suit,  action or  proceeding  in
equity or at law upon or under or with  respect to this  Agreement,  unless such
Holder  previously  shall have given to the Trustee a written  notice of default
and of the continuance  thereof, as hereinbefore  provided,  and unless also the
Holders of Certificates  of any Class  evidencing in the aggregate not less than
25% of the related  Percentage  Interests of such Class, shall have made written
request upon the Trustee to institute such action, suit or proceeding in its own
name as Trustee  hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require  against the costs,  expenses and  liabilities to be
incurred therein or thereby,  and the Trustee,  for 60 days after its receipt of
such notice, request and offer of indemnity,  shall have neglected or refused to
institute any such action,  suit or proceeding it being understood and intended,
and being  expressly  covenanted  by each  Certificateholder  with  every  other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  12.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

SECTION 12.04. 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 12.05. 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 (a) in the case of the
Company,  8400  Normandale  Lake Boulevard,  Suite 600,  Minneapolis,  Minnesota
55437,

  
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<PAGE>



Attention:  President or such other address as may hereafter be furnished to the
Master  Servicer and the Trustee in writing by the  Company,  (b) in the case of
the Master  Servicer,  10  Universal  City Plaza,  Suite 2100,  Universal  City,
California  91608,  Attention:  Ms.  Becker  or  such  other  address  as may be
hereafter  furnished  to the Company  and the Trustee by the Master  Servicer in
writing,  (c) in the case of the Trustee,  One First National Plaza, Suite 0126,
Chicago, Illinois 60670-0126,  Attention: Residential Funding Corporation Series
1998-S18 or such other  address as may hereafter be furnished to the Company and
the Master  Servicer in writing by the Trustee,  (d) in the case of DCR,  Duff &
Phelps Credit Rating Co., 55 East Monroe Street, 35th Floor,  Chicago,  Illinois
60603,  Attention:  MBS  Monitoring  or such other  address as may  hereafter be
furnished to the Company,  Trustee and the Master Servicer in writing by DCR and
(e) in the case of Standard & Poor's,  26 Broadway,  New York, New York 10004 or
such other  address as may be hereafter  furnished  to the Company,  Trustee and
Master  Servicer by Standard & Poor's.  Any notice  required or  permitted to be
mailed  to a  Certificateholder  shall be given by  first  class  mail,  postage
prepaid, at the address of such holder as shown in the Certificate Register. Any
notice  so  mailed  within  the  time  prescribed  in this  Agreement  shall  be
conclusively   presumed   to  have  been  duly   given,   whether   or  not  the
Certificateholder receives such notice.

SECTION 12.06. NOTICES TO RATING AGENCY.

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

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

                  (b)      the occurrence of an Event of Default,

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

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

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

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

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

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

  
                                       122

<PAGE>



                  (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 12.07. 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 12.08. 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  or  custodial  arrangement  (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

         Each  Supplemental  Article  shall set forth all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will qualify as a REMIC,  grantor  trust 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).

  
                                       123

<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.

                                          RESIDENTIAL FUNDING MORTGAGE
                                          SECURITIES I, INC.

[Seal]
                                          By:
                                          Name: Diane S. Wold
                                          Title:   Vice President

Attest:
             Name: Timothy A. Kruse
             Title:   Vice President


                                          RESIDENTIAL FUNDING CORPORATION

[Seal]
                                          By:
                                          Name: Timothy A. Kruse
                                          Title:    Director

Attest:
             Name: Diane S. Wold
             Title:   Director


                                          THE FIRST NATIONAL BANK OF CHICAGO, as
                                                     Trustee

[Seal]
                                          By:
                                          Name:
                                          Title:


Attest:
             Name:
             Title:




  
                                       124

<PAGE>



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


                  On the 28th day of August,  1998 before me, a notary public in
and for said State,  personally appeared Diane S. Wold, 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]




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


                  On the 28th day of August,  1998 before me, a notary public in
and for said State,  personally  appeared Timothy A. Kruse,  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]

  
                                                        

<PAGE>


STATE OF                              )
                                      ) ss.:
COUNTY OF                             )


                  On the 28th day of August,  1998 before me, a notary public in
and for said State, personally appeared _________________,  known to me to be an
Vice  President  of The First  National  Bank of  Chicago,  a  national  banking
corporation 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]

  
      


                                    EXHIBIT A

                           FORM OF CLASS A CERTIFICATE

                  SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES,  THIS CERTIFICATE
IS A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

                  [THE FOLLOWING INFORMATION IS PROVIDED SOLELY FOR THE PURPOSES
OF APPLYING THE U.S. FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO
THIS  CERTIFICATE.  THE  ISSUE  DATE OF THIS  CERTIFICATE  IS AUGUST  28,  1998.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT 285% OF THE  STANDARD  PREPAYMENT
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH RATE EQUAL TO THE INITIAL  PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED  WITH NO MORE THAN  $_____ OF OID PER $1,000 OF INITIAL  CERTIFICATE
PRINCIPAL  BALANCE,  THE  YIELD  TO  MATURITY  IS  ___%  AND THE  AMOUNT  OF OID
ATTRIBUTABLE  TO THE INITIAL  ACCRUAL PERIOD IS NO MORE THAN $_______ PER $1,000
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED USING THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE STANDARD  PREPAYMENT  ASSUMPTION OR AT ANY OTHER RATE OR AS TO THE CONSTANCY
OF THE PASS-THROUGH RATE.]

 
                                       A-1

<PAGE>

<TABLE>
<CAPTION>
<S>                                       <C>   


Certificate No. __                        [_____%] [Adjustable][Variable] Pass-Through
                                            Rate
Class A-__ Senior

Date of Pooling and Servicing             Percentage Interest: ____%
Agreement and Cut-off Date:
August 1, 1998

First Distribution Date:                  Aggregate Initial [Certificate Principal Balance]
September 25, 1998                        [Notional Amount] of the Class A-__ Certificates:
                                          $------------

Master Servicer:                          Initial [Certificate Principal
Residential Funding Corporation           Balance] [Notional Amount] of this Certificate:
                                          $------------

Assumed Final                             CUSIP _________
Distribution Date:
August 25, 2013
</TABLE>
 

                        MORTGAGE PASS-THROUGH CERTIFICATE
                                 SERIES 1998-S18

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 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 or any of their affiliates.  None
of the Company,  the Master  Servicer,  GMAC Mortgage 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]  [Notional  Amount]  of  this
Certificate by the aggregate Initial  [Certificate  Principal Balance] [Notional
Amount] of all Class A-___  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"),


                                       A-2

<PAGE>



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 Pooling
and Servicing  Agreement  dated as specified above (the  "Agreement")  among the
Company,  the Master  Servicer and The First National Bank of Chicago as trustee
(the  "Trustee"),  a summary of certain of the pertinent  provisions of which is
set forth  hereafter.  To the extent not defined herein,  the capitalized  terms
used herein have the meanings  assigned in the  Agreement.  This  Certificate is
issued  under and is subject  to the terms,  provisions  and  conditions  of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

     Pursuant to the terms of the Agreement,  a distribution will be made on the
25th day of each month or, if such 25th day is not a Business  Day, the Business
Day immediately following (the "Distribution Date"),  commencing as described in
the Agreement, to the Person in whose name this Certificate is registered at the
close of  business  on the last day (or if such last day is not a Business  Day,
the Business Day immediately  preceding such last day) of the month  immediately
preceding the month of such distribution (the "Record Date"), from the Available
Distribution Amount in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount of [interest and]  [principal],  if
any,  required to be distributed to Holders of Class A-__  Certificates  on such
Distribution Date.

     Distributions  on  this  Certificate  will  be made  either  by the  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]  [Notional  Amount] of this Certificate is set
forth above. The [Certificate  Principal  Balance] [Notional Amount] 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.



                                       A-3

<PAGE>



     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.



                                       A-4

<PAGE>



     This Certificate  shall be governed by and construed in accordance with the
laws of the State of New York.

     The obligations created by the Agreement in respect of the Certificates and
the  Trust  Fund  created   thereby   shall   terminate   upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure of any Mortgage Loan and (ii) the purchase by the Master Servicer or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company 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.


                                       A-5

<PAGE>



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


Dated: August 28, 1998                    THE FIRST NATIONAL BANK OF CHICAGO, as
                                          Trustee


                                          By:
                                          Authorized Signatory



                          CERTIFICATE OF AUTHENTICATION

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

                                          THE FIRST NATIONAL BANK OF CHICAGO, as
                                          Certificate Registrar


                                          By:
                                          Authorized Signatory




                                       A-6

<PAGE>



                                   ASSIGNMENT


     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  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.


                                       A-7

<PAGE>



                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

         THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES [,] [AND] [CLASS R CERTIFICATES]  [,] [AND 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").

         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.

         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.

         [THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY FOR THE  PURPOSES OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE  ISSUE  DATE OF THIS  CERTIFICATE  IS AUGUST  28,  1998.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT 285% OF THE  STANDARD  PREPAYMENT
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN  ISSUED  WITH NO MORE THAN  $______________OF  OID PER  $1,000  OF  INITIAL
CERTIFICATE  PRINCIPAL BALANCE,  THE YIELD TO MATURITY IS ______% AND THE AMOUNT
OF  OID   ATTRIBUTABLE   TO  THE  INITIAL   ACCRUAL   PERIOD  IS  NO  MORE  THAN
$______________-_PER  $1,000 OF INITIAL CERTIFICATE PRINCIPAL BALANCE,  COMPUTED
UNDER THE APPROXIMATE  METHOD. NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS
WILL  PREPAY AT A RATE BASED ON THE  STANDARD  PREPAYMENT  ASSUMPTION  OR AT ANY
OTHER RATE.]


                                       B-1

<PAGE>



Certificate No. ___                       ____% Pass-Through Rate

Class M-    Mezzanine                     Aggregate Certificate
                                          Principal Balance
                                          of the Class M Certificates:
Date of Pooling and Servicing             $_______________
Agreement and Cut-off Date:
August 1, 1998                            Initial Certificate Principal
                                          Balance of this Certificate:
First Distribution Date:                  $_______________
September 25, 1998
                                          CUSIP: ____________
Master Servicer:
Residential Funding Corporation

Assumed Final Distribution Date:
August 25, 2013


                       MORTGAGE PASS-THROUGH CERTIFICATE,
                                 Series 1998-S18

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 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 or any of their affiliates.  None
of the Company,  the Master  Servicer,  GMAC Mortgage 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 Pooling and Servicing Agreement


                                       B-2

<PAGE>



dated as  specified  above  (the  "Agreement")  among the  Company,  the  Master
Servicer and The First National Bank of Chicago,  as trustee (the "Trustee"),  a
summary of certain of the pertinent  provisions of which is set forth hereafter.
To the extent not defined  herein,  the  capitalized  terms used herein have the
meanings  assigned in the  Agreement.  This  Certificate  is issued under and is
subject to the terms,  provisions  and  conditions  of the  Agreement,  to which
Agreement  the Holder of this  Certificate  by virtue of the  acceptance  hereof
assents and by which such Holder is bound.

     Pursuant to the terms of the Agreement,  a distribution will be made on the
25th day of each month or, if such 25th day is not a Business  Day, the Business
Day immediately following (the "Distribution Date"),  commencing as described in
the Agreement, to the Person in whose name this Certificate is registered at the
close of  business  on the last day (or if such last day is not a Business  Day,
the Business Day immediately  preceding such last day) of the month  immediately
preceding the month of such distribution (the "Record Date"), from the Available
Distribution Amount in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount (of interest and principal, if any)
required  to be  distributed  to  Holders  of Class  M-__  Certificates  on such
Distribution Date.

     Distributions  on  this  Certificate  will  be made  either  by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

     Notwithstanding  the above, the final distribution on this Certificate will
be made  after due notice of the  pendency  of such  distribution  and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.

     No transfer of this Class M 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 M Certificate will not constitute or result
in a non-exempt  prohibited  transaction  under  Section 406 of ERISA or Section
4975 of the Code or (ii) a  representation  letter,  in the form as described by
the Agreement,  either stating that the transferee is not an employee benefit or
other plan subject to the prohibited  transaction provisions of ERISA or Section
4975 of the Code (a  "Plan"),  or any  other  person  (including  an  investment
manager,  a named  fiduciary  or a trustee  of any  Plan)  acting,  directly  or
indirectly, on behalf of or purchasing any Certificate with "plan assets" of any
Plan,  or stating that the  transferee  is an insurance  company,  the source of
funds to be used by it to purchase  the  Certificate  is an  "insurance  company
general   account"  (within  the  meaning  of  Department  of  Labor  Prohibited
Transaction Class Exemption ("PTCE")


                                       B-3

<PAGE>



95-60),  and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under 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.

     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


                                       B-4

<PAGE>



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 or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company to (i) purchase at a price determined as provided in the
Agreement all remaining  Mortgage Loans and all property  acquired in respect of
any  Mortgage  Loan or (ii)  purchase  in  whole,  but not in  part,  all of the
Certificates from the Holders thereof;  provided,  that any such option may only
be exercised if the Pool Stated  Principal  Balance of the Mortgage  Loans as of
the  Distribution  Date  upon  which  the  proceeds  of any  such  purchase  are
distributed  is less than ten percent of the Cut-off Date  Principal  Balance of
the Mortgage Loans.

     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                       B-5

<PAGE>



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

Dated: August 28, 1998                    THE FIRST NATIONAL BANK OF CHICAGO,
                                          as Trustee


                                          By:
                                          Authorized Signatory




                          CERTIFICATE OF AUTHENTICATION

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

                                          THE FIRST NATIONAL BANK OF CHICAGO,
                                          as Certificate Registrar


                                          By:
                                          Authorized Signatory


                                       B-6

<PAGE>



                                   ASSIGNMENT


     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  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.


                                       B-7

<PAGE>



                                    EXHIBIT C

                           FORM OF CLASS B CERTIFICATE

         THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES,  CLASS R CERTIFICATES  [,] [AND] [CLASS M CERTIFICATES]  [,] [AND]
[CLASS B-1  CERTIFICATES]  [AND]  [CLASS B-2  CERTIFICATES]  AS 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.

         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 CODE.  THE
FOLLOWING  INFORMATION IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING THE U.S.
FEDERAL INCOME TAX ORIGINAL ISSUE  DISCOUNT  ("OID") RULES TO THIS  CERTIFICATE.
THE  ISSUE  DATE OF THIS  CERTIFICATE  IS AUGUST  28,  1998.  ASSUMING  THAT THE
MORTGAGE  LOANS  PREPAY  AT  285%  OF THE  STANDARD  PREPAYMENT  ASSUMPTION  (AS
DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH
NO MORE THAN $___ OF OID PER $1,000 OF INITIAL  CERTIFICATE  PRINCIPAL  BALANCE,
THE YIELD TO MATURITY IS ____% AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL
ACCRUAL PERIOD IS NO MORE THAN $____ PER $1,000 OF INITIAL CERTIFICATE PRINCIPAL
BALANCE,  COMPUTED UNDER THE APPROXIMATE  METHOD. NO REPRESENTATION IS MADE THAT
THE  MORTGAGE  LOANS  WILL  PREPAY AT A RATE  BASED ON THE  STANDARD  PREPAYMENT
ASSUMPTION OR AT ANY OTHER RATE.


                                       C-1

<PAGE>



Certificate No. __                        ____ % Pass-Through Rate

Class B-__ Subordinate                    Aggregate Certificate
                                          Principal Balance
                                          of the Class B-__
                                          Certificates as of
Date of Pooling and Servicing             the Cut-off Date:
Agreement and Cut-off Date:               $_______________
August 1, 1998
                                          Initial Certificate Principal
                                          Balance of this Certificate:
First Distribution Date:                  $_______________
September 25, 1998

Master Servicer:
Residential Funding Corporation

Assumed Final Distribution Date:
August 25, 2013

                       MORTGAGE PASS-THROUGH CERTIFICATE,
                                 Series 1998-S18

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 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 or any of their affiliates.  None
of the Company,  the Master  Servicer,  GMAC Mortgage 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


                                       C-2

<PAGE>



referred  to  below).  The Trust  Fund was  created  pursuant  to a Pooling  and
Servicing  Agreement  dated as  specified  above  (the  "Agreement")  among  the
Company,  the Master Servicer and The First National Bank of Chicago, as trustee
(the  "Trustee"),  a summary of certain of the pertinent  provisions of which is
set forth  hereafter.  To the extent not defined herein,  the capitalized  terms
used herein have the meanings  assigned in the  Agreement.  This  Certificate is
issued  under and is subject  to the terms,  provisions  and  conditions  of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

     Pursuant to the terms of the Agreement,  a distribution will be made on the
25th day of each month or, if such 25th day is not a Business  Day, the Business
Day immediately  following (the  "Distribution  Date"),  commencing on the first
Distribution  Date specified above, to the Person in whose name this Certificate
is  registered  at the close of business on the last day (or if such last day is
not a Business Day, the Business Day immediately preceding such last day) of the
month next preceding the month of such  distribution  (the "Record Date"),  from
the  Available  Distribution  Amount in an amount  equal to the  product  of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to Holders of Class B-__
Certificates on such Distribution Date.

     Distributions  on  this  Certificate  will  be made  either  by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

     Notwithstanding  the above, the final distribution on this Certificate will
be made  after due notice of the  pendency  of such  distribution  and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.

     No transfer of this Class B  Certificate  will be made unless such transfer
is exempt from the  registration  requirements of the Securities Act of 1933, as
amended,  and any applicable state securities laws or is made in accordance with
said Act and laws.  In the event  that such a  transfer  is to be made,  (i) the
Trustee or the Company may  require an opinion of counsel  acceptable  to and in
form and  substance  satisfactory  to the  Trustee  and the  Company  that  such
transfer is exempt (describing the applicable  exemption and the basis therefor)
from  or is  being  made  pursuant  to  the  registration  requirements  of  the
Securities Act of 1933, as amended,  and of any applicable  statute of any state
and (ii) the transferee shall execute an investment letter in the form described
by 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


                                       C-3

<PAGE>



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 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 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.



                                       C-4

<PAGE>



     As provided in the Agreement and subject to certain limitations therein set
forth,  the  transfer of this  Certificate  is  registrable  in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City 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  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 or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company 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.



                                       C-5

<PAGE>



     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                       C-6

<PAGE>



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

Dated: August 28, 1998                    THE FIRST NATIONAL BANK OF CHICAGO,
                                          as Trustee


                                          By:
                                          Authorized Signatory




                          CERTIFICATE OF AUTHENTICATION

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

                                          THE FIRST NATIONAL BANK OF CHICAGO,
                                          as Certificate Registrar


                                          By:
                                          Authorized Signatory


                                       C-7

<PAGE>



                                   ASSIGNMENT


     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  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.


                                       C-1

<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  IS  PERMISSIBLE
UNDER  APPLICABLE LAW, 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  POOLING  AND  SERVICING  AGREEMENT  (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  FOREIGN  GOVERNMENT,  ANY
INTERNATIONAL  ORGANIZATION,  OR ANY  AGENCY  OR  INSTRUMENTALITY  OF ANY OF THE
FOREGOING,  (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE  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, (C) ANY ORGANIZATION  DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE, (ANY
SUCH PERSON  DESCRIBED  IN THE  FOREGOING  CLAUSES  (A), (B) OR (C) BEING HEREIN
REFERRED TO AS A "DISQUALIFIED  ORGANIZATION") OR (D) AN AGENT OF A DISQUALIFIED
ORGANIZATION,  (2) NO PURPOSE OF SUCH  TRANSFER IS TO IMPEDE THE  ASSESSMENT  OR
COLLECTION  OF  TAX  AND  (3)  SUCH  TRANSFEREE   SATISFIES  CERTAIN  ADDITIONAL
CONDITIONS  RELATING TO THE  FINANCIAL  CONDITION  OF THE  PROPOSED  TRANSFEREE.
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


                                       D-1

<PAGE>



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.


                                       D-2

<PAGE>



Certificate No. ___                        ____% Pass-Through Rate

Class R Senior                           Aggregate Initial Certificate Principal
                                          Balance of the Class R Certificates:
                                          $100.00

Date of Pooling and Servicing             Percentage Interest: ______%
Agreement and Cut-off Date:
August 1, 1998

First Distribution Date:                  Initial Certificate Principal
September 25, 1998                            Balance of this Certificate:
                                          $---------------

Master Servicer:
Residential Funding Corporation

Assumed Final Distribution Date:          CUSIP ____________
August 25, 2013


                       MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 1998-S18

evidencing a percentage  interest in any distributions  allocable to the Class R
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 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 or any of their affiliates.  None
of the Company,  the Master  Servicer,  GMAC Mortgage 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 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.


                                       D-3

<PAGE>



(hereinafter  called the  "Company,"  which term includes any  successor  entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the Company,  the Master  Servicer and The First  National  Bank of Chicago,  as
trustee (the  "Trustee"),  a summary of certain of the  pertinent  provisions of
which is set forth hereafter.  To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.  This Certificate
is issued under and is subject to the terms,  provisions  and  conditions of the
Agreement,  to which  Agreement the Holder of this  Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

     Pursuant to the terms of the Agreement,  a distribution will be made on the
25th day of each month or, if such 25th day is not a Business  Day, the Business
Day immediately following (the "Distribution Date"),  commencing as described in
the Agreement, to the Person in whose name this Certificate is registered at the
close of  business  on the last day (or if such last day is not a Business  Day,
the Business Day immediately  preceding such last day) of the month  immediately
preceding the month of such distribution (the "Record Date"), from the Available
Distribution Amount in an amount equal to the product of the Percentage Interest
evidenced by this Certificate and the amount (of interest and principal, if any)
required  to  be  distributed  to  Holders  of  Class  R  Certificates  on  such
Distribution Date.

     Each Holder of this  Certificate  will be deemed to have agreed to be bound
by the  restrictions  set forth in the  Agreement  to the  effect  that (i) each
person holding or acquiring any Ownership Interest in this Certificate must be a
United  States  Person and a  Permitted  Transferee,  (ii) the  transfer  of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

     Notwithstanding  the above, the final distribution on this Certificate will
be made  after due notice of the  pendency  of such  distribution  and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate   Principal  Balance  hereof  will  be  reduced  to  the  extent  of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.



                                       D-4

<PAGE>



     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 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


                                       D-5

<PAGE>



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  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 or
the Company from the Trust Fund of all remaining Mortgage Loans and all property
acquired in respect of such Mortgage Loans,  thereby  effecting early retirement
of the Certificates.  The Agreement  permits,  but does not require,  the Master
Servicer or the Company 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.


                                       D-6

<PAGE>



     Unless the  certificate of  authentication  hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                       D-7

<PAGE>



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

Dated: August 28, 1998                    THE FIRST NATIONAL BANK OF CHICAGO, as
                                          Trustee


                                          By:
                                          Authorized Signatory




                          CERTIFICATE OF AUTHENTICATION

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

                                          THE FIRST NATIONAL BANK OF CHICAGO, as
                                          Certificate Registrar


                                          By:
                                          Authorized Signatory


                                       D-8

<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.

                                       D-9

<PAGE>



                                    EXHIBIT E

                               CUSTODIAL AGREEMENT

     THIS CUSTODIAL  AGREEMENT (as amended and  supplemented  from time to time,
the  "Agreement"),  dated as of August 1, 1998, by and among THE FIRST  NATIONAL
BANK OF  CHICAGO,  as  trustee  (including  its  successors  under  the  Pooling
Agreement defined below, the "Trustee"), RESIDENTIAL FUNDING MORTGAGE SECURITIES
I, INC., as company  (together with any successor in interest,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with any successor
in interest or  successor  under the Pooling  Agreement  referred to below,  the
"Master Servicer"),  and NORWEST BANK MINNESOTA,  NATIONAL ASSOCIATION (together
with any  successor  in  interest  or any  successor  appointed  hereunder,  the
"Custodian").


                          W I T N E S S E T H T H A T :

     WHEREAS,  the Company,  the Master  Servicer,  and the Trustee have entered
into a Pooling and Servicing Agreement,  dated as of August 1, 1998, relating to
the  issuance of  Residential  Funding  Mortgage  Securities  I, Inc.,  Mortgage
Pass-Through  Certificates,  Series  1998-S18  (as in effect on the date of this
agreement,  the "Original  Pooling  Agreement," and as amended and  supplemented
from time to time, the "Pooling Agreement"); and

     WHEREAS,  the  Custodian has agreed to act as agent for the Trustee for the
purposes  of  receiving  and holding  certain  documents  and other  instruments
delivered by the Company and the Master  Servicer  under the Pooling  Agreement,
all upon the terms and conditions and subject to the limitations hereinafter set
forth;

     NOW,  THEREFORE,  in consideration of the premises and the mutual covenants
and  agreements  hereinafter  set forth,  the Trustee,  the Company,  the Master
Servicer and the Custodian hereby agree as follows:



                                    ARTICLE I

                                  DEFINITIONS

                  Capitalized  terms  used in  this  Agreement  and not  defined
herein  shall have the  meanings  assigned in the  Original  Pooling  Agreement,
unless otherwise required by the context herein.




                                       E-1

<PAGE>



                                   ARTICLE II

                          CUSTODY OF MORTGAGE DOCUMENTS

SECTION 2.1. CUSTODIAN TO ACT AS AGENT; ACCEPTANCE OF MORTGAGE FILES.

     The  Custodian,  as the duly  appointed  agent  of the  Trustee  for  these
purposes,  acknowledges  receipt of the Mortgage  Files relating to the Mortgage
Loans  identified on the schedule  attached  hereto (the  "Mortgage  Files") and
declares  that it  holds  and  will  hold the  Mortgage  Files as agent  for the
Trustee,  in  trust,  for  the  use  and  benefit  of  all  present  and  future
Certificateholders.

SECTION 2.2. RECORDATION OF ASSIGNMENTS.

     If any Mortgage  File  includes one or more  assignments  to the Trustee of
Mortgage  Notes and related  Mortgages  that have not been  recorded,  each such
assignment shall be delivered by the Custodian to the Company for the purpose of
recording it in the appropriate public office for real property records, and the
Company, at no expense to the Custodian,  shall promptly cause to be recorded in
the  appropriate  public office for real property  records each such  assignment
and,  upon  receipt  thereof  from such public  office,  shall  return each such
assignment to the Custodian.

SECTION 2.3. REVIEW OF MORTGAGE FILES.

                  (a) On or prior  to the  Closing  Date,  the  Custodian  shall
deliver to the Trustee an Initial  Certification  in the form annexed  hereto as
Exhibit One evidencing  receipt of a Mortgage File for each Mortgage Loan listed
on the Schedule attached hereto (the "Mortgage Loan Schedule").

                  (b)   Within  45  days  of  the   initial   issuance   of  the
Certificates,  the Custodian agrees, for the benefit of  Certificateholders,  to
review,  in  accordance  with the  provisions  of  Section  2.02 of the  Pooling
Agreement,  each  Mortgage  File,  and shall  deliver to the  Trustee an Interim
Certification  in the form annexed  hereto as Exhibit Two to the effect that all
documents  required to be delivered  pursuant to Section  2.01(b) of the Pooling
Agreement 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.  Within
45 days of receipt of the documents required to be delivered pursuant to Section
2.01(c) of the  Pooling  Agreement,  the  Custodian  agrees,  for the benefit of
Certificateholders, to review, in accordance with the provisions of Section 2.02
of the Pooling Agreement,  each such document,  and shall deliver to the Trustee
either (i) an Interim  Certification  in the form attached hereto as Exhibit Two
to the effect that all 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  or (ii) a Final  Certification  as set
forth  in  subsection  (c)  below.  The  Custodian  shall  be  under  no duty or
obligation  to  inspect,   review  or  examine  said   documents,   instruments,
certificates   or  other  papers  to  determine   that  the  same  are  genuine,
enforceable,  or  appropriate  for the  represented  purpose  or that  they have
actually  been  recorded or that they are other than what they  purport to be on
their  face.  If in  performing  the review  required  by this  Section  2.3 the
Custodian finds any document or documents constituting a part of a Mortgage File
to be defective in any material respect,  the Custodian shall promptly so notify
the Company, the Master Servicer


                                       E-2

<PAGE>



and the Trustee.  Upon receipt of written notification from the Master Servicer,
signed by a Servicing Officer, that the Master Servicer or a Subservicer, as the
case may be, has made a deposit into the Certificate  Account in payment for the
purchase of the related  Mortgage Loan in an amount equal to the Purchase  Price
for such Mortgage Loan, the Custodian  shall release to the Master  Servicer the
related Mortgage File.

                  (c)  Upon  receipt  of  all  documents  required  to be in the
Mortgage Files the Custodian shall deliver to the Trustee a Final  Certification
in the form annexed hereto as Exhibit Three  evidencing the  completeness of the
Mortgage Files.

                  Upon  receipt  of  written  request  from  the  Trustee,   the
Custodian shall as soon as practicable  supply the Trustee with a list of all of
the  documents  relating to the  Mortgage  Loans then  contained in the Mortgage
Files.

SECTION 2.4. NOTIFICATION OF BREACHES OF REPRESENTATIONS AND WARRANTIES.

     Upon  discovery  by the  Custodian  of a breach  of any  representation  or
warranty made by the Master  Servicer or the Company as set forth in the Pooling
Agreement or by a Seller in a Seller's  Agreement or by  Residential  Funding or
the Company in the Assignment Agreement with respect to a Mortgage Loan relating
to a Mortgage  File,  the  Custodian  shall give  prompt  written  notice to the
Company, the Master Servicer and the Trustee.

SECTION 2.5. CUSTODIAN TO COOPERATE; RELEASE OF MORTGAGE FILES.

     Upon the  repurchase  or  substitution  of any  Mortgage  Loan  pursuant to
Article II of the Pooling  Agreement or payment in full of any Mortgage Loan, or
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 shall
immediately notify the Custodian by a certification  (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 of the Pooling  Agreement have been or will be
so  deposited) of a Servicing  Officer and shall  request  delivery to it of the
Mortgage  File. The Custodian  agrees,  upon receipt of such  certification  and
request,  promptly to release to the Master Servicer the related  Mortgage File.
The Master  Servicer shall deliver to the Custodian and the Custodian  agrees to
accept the Mortgage Note and other documents constituting the Mortgage File with
respect to any Qualified Substitute Mortgage Loan.

     From time to time as is appropriate  for the servicing or  foreclosures  of
any Mortgage Loan,  including,  for this purpose,  collection  under any Primary
Insurance  Policy or any Mortgage Pool  Insurance  Policy,  the Master  Servicer
shall deliver to the Custodian a certificate of a Servicing  Officer  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 of the  Required  Insurance
Policies.  With such  certificate,  the  Master  Servicer  shall  deliver to the
Custodian a trust receipt signed by a Servicing  Officer on behalf of the Master
Servicer,  and upon receipt of the  foregoing,  the Custodian  shall deliver the
Mortgage File or such document to the Master Servicer. The Master Servicer shall
cause each Mortgage


                                       E-3

<PAGE>



File or any document  therein so released to be returned to the  Custodian  when
the need  therefor  by the  Master  Servicer  no longer  exists,  unless (i) the
Mortgage Loan has been liquidated and the Liquidation  Proceeds  relating to the
Mortgage Loan have been deposited in the Custodial  Account or (ii) the Mortgage
File or such document has been delivered 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 to the Custodian a certificate of a Servicing Officer certifying as to
the name and address of the Person to which such  Mortgage File or such document
was delivered and the purpose or purposes of such delivery.  In the event of the
liquidation of a Mortgage  Loan,  the Custodian  shall deliver the Trust Receipt
with  respect  thereto  to the  Master  Servicer  upon  deposit  of the  related
Liquidation  Proceeds  in the  Custodial  Account  as  provided  in the  Pooling
Agreement.

SECTION 2.6. ASSUMPTION AGREEMENTS.

     In the event that any  assumption  agreement or  substitution  of liability
agreement  is entered  into with  respect to any  Mortgage  Loan subject to this
Agreement in accordance with the terms and provisions of the Pooling  Agreement,
the  Master  Servicer  shall  notify  the  Custodian  that  such  assumption  or
substitution  agreement  has been  completed by  forwarding to the Custodian the
original of such assumption or substitution  agreement,  which shall be added to
the related  Mortgage File and, for all purposes,  shall be considered a part of
such  Mortgage File to the same extent as all other  documents  and  instruments
constituting parts thereof.


                                   ARTICLE III

                            CONCERNING THE CUSTODIAN

SECTION 3.1. CUSTODIAN A BAILEE AND AGENT OF THE TRUSTEE.

     With  respect  to  each  Mortgage  Note,   Mortgage  and  other   documents
constituting  each  Mortgage  File which are  delivered  to the  Custodian,  the
Custodian  is  exclusively  the  bailee  and  agent  of the  Trustee  and has no
instructions to hold any Mortgage Note or Mortgage for the benefit of any person
other   than  the   Trustee,   holds   such   documents   for  the   benefit  of
Certificateholders and undertakes to perform such duties and only such duties as
are  specifically  set forth in this Agreement.  Except upon compliance with the
provisions of Section 2.5 of this Agreement, no Mortgage Note, Mortgage or other
document  constituting  a part of a  Mortgage  File  shall be  delivered  by the
Custodian to the Company or the Master  Servicer or otherwise  released from the
possession of the Custodian.

SECTION 3.2. INDEMNIFICATION.

 The Company  hereby  agrees to
indemnify  and  hold  the  Custodian  harmless  from  and  against  all  claims,
liabilities,  losses,  actions, suits or proceedings at law or in equity, or any
other expenses,  fees or charges of any character or nature, which the Custodian
may incur or with which the  Custodian may be threatened by reason of its acting
as custodian under this Agreement,  including  indemnification  of the Custodian
against  any and all  expenses,  including  attorney's  fees if counsel  for the
Custodian  has been  approved  by the  Company,  and the cost of  defending  any
action, suit or proceedings or resisting any claim.


                                       E-4

<PAGE>



Notwithstanding the foregoing,  it is specifically understood and agreed that in
the event any such claim,  liability,  loss, action, suit or proceeding or other
expense,  fee or charge shall have been caused by reason of any  negligent  act,
negligent failure to act or willful misconduct on the part of the Custodian,  or
which  shall  constitute  a  willful  breach  of  its  duties   hereunder,   the
indemnification provisions of this Agreement shall not apply.

SECTION 3.3. CUSTODIAN MAY OWN CERTIFICATES.

     The Custodian 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
Custodian.

SECTION 3.4. MASTER SERVICER TO PAY CUSTODIAN'S FEES AND
             EXPENSES.  

     The Master Servicer  covenants and agrees to pay to the Custodian from time
to time, and the Custodian shall be entitled to, reasonable compensation for all
services rendered by it in the exercise and performance of any of the powers and
duties hereunder of the Custodian, and the Master Servicer will pay or reimburse
the Custodian upon its request for all reasonable  expenses,  disbursements  and
advances  incurred  or made  by the  Custodian  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), except any such expense,  disbursement or advance as may arise from
its negligence or bad faith.

SECTION 3.5. CUSTODIAN MAY RESIGN; TRUSTEE MAY REMOVE CUSTODIAN. 

     The Custodian  may resign from the  obligations  and duties hereby  imposed
upon it as such  obligations and duties relate to its acting as Custodian of the
Mortgage  Loans.  Upon receiving such notice of  resignation,  the Trustee shall
either take custody of the Mortgage  Files itself and give prompt notice thereof
to the Company,  the Master  Servicer and the Custodian,  or promptly  appoint a
successor  Custodian  by written  instrument,  in  duplicate,  one copy of which
instrument  shall be delivered to the  resigning  Custodian  and one copy to the
successor Custodian. If the Trustee shall not have taken custody of the Mortgage
Files and no successor  Custodian shall have been so appointed and have accepted
appointment  within 30 days after the giving of such notice of resignation,  the
resigning  Custodian  may petition any court of competent  jurisdiction  for the
appointment of a successor Custodian.

     The  Trustee  may remove the  Custodian  at any time.  In such  event,  the
Trustee shall appoint, or petition a court of competent jurisdiction to appoint,
a successor Custodian  hereunder.  Any successor Custodian shall be a depository
institution  subject to supervision or examination by federal or state authority
and shall be able to satisfy the other requirements contained in Section 3.7 and
shall be unaffiliated with the Master Servicer or the Company.

     Any  resignation or removal of the Custodian and appointment of a successor
Custodian  pursuant to any of the  provisions  of this  Section 3.5 shall become
effective upon acceptance of appointment by the successor Custodian. The Trustee
shall  give  prompt  notice  to the  Company  and  the  Master  Servicer  of the
appointment  of  any  successor  Custodian.  No  successor  Custodian  shall  be
appointed  by the  Trustee  without  the prior  approval  of the Company and the
Master Servicer.



                                       E-5

<PAGE>



SECTION 3.6. MERGER OR CONSOLIDATION OF CUSTODIAN. 

     Any Person  into which the  Custodian  may be merged or  converted  or with
which  it  may be  consolidated,  or  any  Person  resulting  from  any  merger,
conversion  or  consolidation  to which the Custodian  shall be a party,  or any
Person  succeeding to the business of the  Custodian,  shall be the successor of
the  Custodian  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.

SECTION 3.7. REPRESENTATIONS OF THE CUSTODIAN.

     The Custodian hereby represents that it is a depository institution subject
to supervision or  examination by a federal or state  authority,  has a combined
capital and surplus of at least  $15,000,000  and is qualified to do business in
the jurisdictions in which it will hold any Mortgage File.


                                   ARTICLE IV

                            MISCELLANEOUS PROVISIONS

SECTION 4.1. NOTICES.

     All  notices,  requests,  consents  and  demands  and other  communications
required  under this  Agreement or pursuant to any other  instrument or document
delivered  hereunder  shall be in writing  and,  unless  otherwise  specifically
provided, may be delivered personally, by telegram or telex, or by registered or
certified mail,  postage  prepaid,  return receipt  requested,  at the addresses
specified on the signature page hereof (unless  changed by the particular  party
whose address is stated herein by similar notice in writing),  in which case the
notice will be deemed delivered when received.

SECTION 4.2. AMENDMENTS. 

     No  modification  or amendment of or supplement to this Agreement  shall be
valid or  effective  unless  the same is in writing  and  signed by all  parties
hereto, and neither the Company, the Master Servicer nor the Trustee shall enter
into any  amendment  hereof  except as permitted by the Pooling  Agreement.  The
Trustee shall give prompt notice to the Custodian of any amendment or supplement
to the Pooling Agreement and furnish the Custodian with written copies thereof.

SECTION 4.3. GOVERNING LAW.
- ---------------------------

     THIS AGREEMENT  SHALL BE DEEMED A CONTRACT MADE UNDER THE LAWS OF THE STATE
OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE  WITH AND GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK.

SECTION 4.4. RECORDATION OF AGREEMENT.

     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  evidencing  undivided  interests  in the
aggregate  of not less than 25% of the  Trust  Fund),  but only  upon  direction
accompanied  by an  Opinion  of Counsel  reasonably  satisfactory  to the Master
Servicer to the effect that the failure to


                                       E-6

<PAGE>



effect  such  recordation  is likely to  materially  and  adversely  affect  the
interests of the Certificateholders.

For the purpose of  facilitating  the  recordation  of this  Agreement as herein
provided and for other purposes,  this Agreement may be executed  simultaneously
in any number of counterparts,  each of which counterparts shall be deemed to be
an  original,  and  such  counterparts  shall  constitute  but one and the  same
instrument.

SECTION 4.5. 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.


                                       E-7

<PAGE>



     IN WITNESS  WHEREOF,  this Agreement is executed as of the date first above
written.

Address:                                  THE FIRST NATIONAL BANK OF
                                          CHICAGO, as Trustee

One North State Street
Chicago, Illinois 60602

Attention: Residential Funding
Corporation, Series 1998-S18
                                          By:
                                          Name:
                                          Title:


Address:                                  RESIDENTIAL FUNDING MORTGAGE
                                          SECURITIES I, INC., as Company
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437
                                          By:
                                          Name:
                                          Title:


Address:                                  RESIDENTIAL FUNDING
                                          CORPORATION, as Master Servicer
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota 55437
                                          By:
                                          Name:
                                          Title:


Address:                                  NORWEST BANK MINNESOTA,
                                          NATIONAL ASSOCIATION, as Custodian
401 Second Avenue South
Minneapolis, Minnesota  55479

                                          By:
                                          Name:
                                          Title:


                                       E-8

<PAGE>



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


     On the _____ day of August,  1998,  before  me, a notary  public in and for
said State,  personally  appeared  _______________________,  known to me to be a
______________  of The  First  National  Bank of  Chicago,  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 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


[SEAL]


                                       E-9

<PAGE>



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


     On the _____ day of August,  1998,  before  me, a notary  public in and for
said  State,  personally  appeared  __________________,  known  to  me  to  be a
________________  of Norwest Bank Minnesota,  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  national  banking  association,
and  acknowledged  to me that such  national  banking  association  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


[SEAL]


                                      E-10

<PAGE>



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


     On the _____ day of August,  1998,  before  me, a notary  public in and for
said  State,  personally  appeared  ________________,   known  to  me  to  be  a
_______________ 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]




STATE OF MINNESOTA                          )
                                            ) ss:
COUNTY OF HENNEPIN                          )


     On the _____ day of August,  1998,  before  me, a notary  public in and for
said  State,  personally  appeared  ________________,   known  to  me  to  be  a
_______________ 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]


                                      E-11

<PAGE>



                                   EXHIBIT ONE

                                FORM OF CUSTODIAN
                              INITIAL CERTIFICATION


                                                              August 28, 1998


The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602

Attention:  Residential Funding
Corporation, Series 1998-S18

     Re:  Custodial  Agreement,  dated as of  August 1,  1998,  by and among The
          First  National  Bank  of  Chicago,   Residential   Funding   Mortgage
          Securities I, Inc.,  Residential  Funding Corporation and Norwest Bank
          Minnesota,  National Association,  Mortgage Pass-Through Certificates,
          Series 1998-S18

Ladies and Gentlemen:

     In accordance with Section 2.3 of the above-captioned  Custodial Agreement,
and  subject to Section  2.02 of the  Pooling  Agreement,  the  undersigned,  as
Custodian, hereby certifies that it has received a Mortgage File (which contains
an original  Mortgage  Note) to the extent  required  in Section  2.01(b) of the
Pooling Agreement with respect to each Mortgage Loan listed in the Mortgage Loan
Schedule.

     Capitalized  words  and  phrases  used  herein  shall  have the  respective
meanings assigned to them in the above-captioned Custodial Agreement.

                                          NORWEST BANK MINNESOTA,
                                          NATIONAL ASSOCIATION



                                          By:
                                          Name:
                                          Title:


                                       E-1

<PAGE>



                                   EXHIBIT TWO

                     FORM OF CUSTODIAN INTERIM CERTIFICATION



                                                     ________________ ____, 1998



The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602

Attention:  Residential Funding
Corporation, Series 1998-S18

     Re:  Custodial Agreement dated as of August 1, 1998, by and among The First
          National Bank of Chicago,  Residential  Funding Mortgage Securities I,
          Inc.,  Residential  Funding  Corporation  and Norwest Bank  Minnesota,
          National  Association,   Mortgage  Pass-Through  Certificates,  Series
          1998-S18

Ladies and Gentlemen:

     In accordance with Section 2.3 of the above-captioned  Custodial Agreement,
the undersigned,  as Custodian, hereby certifies that it has received a Mortgage
File to the extent required pursuant to Section 2.01(b) of the Pooling Agreement
with respect to each Mortgage Loan listed in the Mortgage Loan Schedule,  and it
has reviewed the Mortgage File and the Mortgage Loan Schedule and has determined
that:  all  required  documents  have been  executed  and received and that such
documents  related  to  the  Mortgage  Loans  identified  on the  Mortgage  Loan
Schedule, with any exceptions listed on Schedule A attached hereto.

     Capitalized  words  and  phrases  used  herein  shall  have the  respective
meanings assigned to them in the above-captioned Custodial Agreement.

                                         NORWEST BANK MINNESOTA,
                                         NATIONAL  ASSOCIATION



                                         By:
                                         Name:
                                         Title:


                                       E-2

<PAGE>



                                  EXHIBIT THREE

                      FORM OF CUSTODIAN FINAL CERTIFICATION



                                                         _____________ ___, 1998




The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602

Attention:  Residential Funding
Corporation, Series 1998-S18

     Re:  Custodial Agreement dated as of August 1, 1998, by and among The First
          National Bank of Chicago,  Residential  Funding Mortgage Securities I,
          Inc.,  Residential  Funding  Corporation  and Norwest Bank  Minnesota,
          National  Association,   Mortgage  Pass-Through  Certificates,  Series
          1998-S18

Ladies and Gentlemen:

     In accordance with Section 2.3 of the above-captioned  Custodial Agreement,
the undersigned,  as Custodian, hereby certifies that it has received a Mortgage
File with respect to each  Mortgage  Loan listed in the Mortgage  Loan  Schedule
containing (I) with respect to each such Mortgage Loan (other than a Cooperative
Loan):

                   (i) The original Mortgage Note,  endorsed without recourse 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  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   with  evidence  of  recording
         indicated  thereon or a copy of the  Mortgage  certified  by the public
         recording office in which such mortgage has been recorded;

                 (iii) An  original  Assignment  of the  Mortgage to the Trustee
         with  evidence  of  recording  indicated  thereon  or a  copy  of  such
         assignment  certified  by the  public  recording  office in which  such
         assignment has been recorded;

                  (iv)  With  respect  to  each   Mortgage  Loan  other  than  a
         Cooperative  Loan, 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 a copy of


                                       E-3

<PAGE>



         such assignment or assignments of the Mortgage  certified by the public
         recording  office in which such  assignment  or  assignments  have been
         recorded; and

                   (v) The original of each modification,  assumption  agreement
         or preferred loan agreement,  if any, relating to such Mortgage Loan or
         a copy of each  modification,  assumption  agreement or preferred  loan
         agreement  certified  by the  public  recording  office  in which  such
         document has been recorded;

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



                                       E-4

<PAGE>



                   (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  UCC-1  financing  statement  showing the Company as debtor and the
Trustee as secured party,  each in a form sufficient for filing,  evidencing the
interest of such debtors in the Cooperative Loans.

                  Capitalized  words and  phrases  used  herein  shall  have the
respective meanings assigned to them in the above-captioned Custodial Agreement.

                                          NORWEST BANK MINNESOTA, NATIONAL
                                          ASSOCIATION


                                          By:
                                          Name:
                                          Title:


                                       E-5

<PAGE>



                                    EXHIBIT F

                             MORTGAGE LOAN SCHEDULE


1
 
  RUN ON     : 08/28/98           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 12.44.56          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI I 1998-S18                               CUTOFF : 08/01/98
  POOL       : 0004318
             :
             :
  POOL STATUS: F
 
  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ADDRESS                          ORIG RATE     ORIGINAL P+I     LTV
  ADDRESS LINE 2                   CURR NET      CURRENT P+I      VALUE
  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 #
  ______________________________________________________________________________
 
 
    1628598          144/144             F          875,000.00         ZZ
                                         180        850,354.78          1
    LOT 5 POLO DRIVE                   7.375          8,049.33         62
                                       7.125          8,049.33    1,425,000.00
    OLD WESTBURY     NY   11568          4            10/23/97         00
    00                                   05           12/01/97          0
    00                                   O            11/01/12
    0
 
 
    1643986          676/676             F          386,000.00         ZZ
                                         180        375,951.43          1
    1011 KALUANUI ROAD                 6.875          3,442.56         80
                                       6.625          3,442.56      485,000.00
    HONOLULU         HI   96825          2            11/05/97         00
    850100293639                         03           01/01/98          0
    850100293639                         O            12/01/12
    0
 
 
    1648702          943/943             F          270,000.00         ZZ
                                         180        259,770.41          1
    6713 CORTE POQUITA                 7.625          2,522.16         66
                                       7.375          2,522.16      410,000.00
    MARTINEZ         CA   94533          5            09/08/97         00
    7568800199                           05           11/01/97          0
    7568800199                           O            10/01/12
    0
 
 
    1681145          976/976             F          225,000.00         ZZ
                                         120        214,591.54          1
    11100 RALEIGH LAGRANGE RD          7.375          2,656.14         35
                                       7.125          2,656.14      648,000.00
    EADS             TN   38028          1            11/24/97         00
    7951849                              05           01/01/98          0
1
 
 
    7951849                              O            12/01/07
    0
 
 
    1698906          637/G01             F          631,000.00         ZZ
                                         180        618,761.00          1
    206 NORTH TRANQUIL PATH            6.500          5,496.69         53
                                       6.250          5,496.69    1,200,000.00
    THE WOODLANDS    TX   77380          2            03/09/98         00
    0430738773                           03           05/01/98          0
    3414950                              O            04/01/13
    0
 
 
    1703535          686/686             F          155,200.00         ZZ
                                         180        152,696.52          1
    12050   VIA HACIENDA               6.875          1,384.16         80
                                       6.625          1,384.16      194,000.00
    EL CAJON         CA   92019          2            02/18/98         00
    818677908                            05           04/01/98          0
    818677908                            O            03/01/13
    0
 
 
    1722163          573/G01             F          250,850.00         ZZ
                                         180        247,690.56          1
    3004 VIA VENEZIA                   7.125          2,272.28         80
                                       6.875          2,272.28      314,364.00
    HENDERSON        NV   89012          1            03/23/98         00
    0430894824                           03           05/01/98          0
    135918                               O            04/01/13
    0
 
 
    1726945          180/G01             F          269,000.00         ZZ
                                         180        266,520.74          1
    2437 MONTAVISTA PLACE WEST         7.375          2,474.59         30
                                       7.125          2,474.59      900,000.00
    SEATTLE          WA   98199          5            04/22/98         00
    0430915397                           05           06/01/98          0
    12169173                             O            05/01/13
    0
 
 
    1727973          664/G01             F          310,000.00         ZZ
                                         180        309,000.53          1
    7230 GEARY BOULEVARD               6.750          2,743.22         58
                                       6.500          2,743.22      535,000.00
    SAN FRANCISCO    CA   94121          2            06/23/98         00
    0430927715                           05           08/01/98          0
    2427466                              O            07/01/13
    0
 
 
1
 
 
    1730278          A26/G01             F          525,000.00         ZZ
                                         180        525,000.00          1
    43 BROADVIEW ROAD                  7.625          4,904.19         70
                                       7.375          4,904.19      750,000.00
    AMAGANSETT       NY   11930          2            06/29/98         00
    0430908194                           05           09/01/98          0
    7932                                 O            08/01/13
    0
 
 
    1734383          637/G01             F          320,000.00         ZZ
                                         180        319,033.56          1
    310 ARGOSY DRIVE                   7.500          2,966.44         79
                                       7.250          2,966.44      410,000.00
    GATHERSBURG      MD   20878          2            06/12/98         00
    0430924225                           03           08/01/98          0
    0011219904                           O            07/01/13
    0
 
 
    1734396          637/G01             F          640,000.00         ZZ
                                         180        635,949.88          1
    5425 STONEHURST DRIVE              7.000          5,752.50         80
                                       6.750          5,752.50      800,000.00
    MARTINEZ         CA   94553          4            05/07/98         00
    0430914556                           03           07/01/98          0
    8798274                              O            06/01/13
    0
 
 
    1734571          098/G01             F          227,000.00         ZZ
                                         180        226,343.99          1
    22 BELLINGHAM LANE                 8.000          2,169.34         59
                                       7.750          2,169.34      388,000.00
    GREAT NECK       NY   11023          2            06/04/98         00
    0430891028                           05           08/01/98          0
    0000                                 O            07/01/13
    0
 
 
    1736283          B26/G01             F          310,500.00         ZZ
                                         180        310,500.00          1
    557B PLAINVIEW ROAD                7.875          2,944.94         90
                                       7.625          2,944.94      345,000.00
    PLAINVIEW        NY   11803          1            07/21/98         04
    0430929877                           05           09/01/98         25
    1311013334R                          O            08/01/13
    0
 
 
    1737625          637/G01             F          313,600.00         ZZ
                                         180        312,599.81          1
    154 WESLEY STREET                  6.875          2,796.86         80
                                       6.625          2,796.86      392,000.00
1
 
 
    CAPITOLA         CA   95010          1            06/03/98         00
    0430918276                           05           08/01/98          0
    0010919876                           O            07/01/13
    0
 
 
    1737643          965/G01             F           64,500.00         ZZ
                                         180         64,300.89          1
    4239 E. LA CIENEGA DR              7.250            588.80         73
                                       7.000            588.80       88,500.00
    TUCSON           AZ   85712          1            06/09/98         00
    0430895193                           09           08/01/98          0
    0                                    O            07/01/13
    0
 
 
    1739911          637/G01             F          589,000.00         ZZ
                                         180        585,352.56          1
    825 IRONBARK PLACE                 7.250          5,376.77         66
                                       7.000          5,376.77      900,000.00
    ORINDA           CA   94563          2            05/21/98         00
    0430891911                           03           07/01/98          0
    0011167376                           O            06/01/13
    0
 
 
    1741856          A89/G01             F          400,000.00         ZZ
                                         180        398,778.63          1
    29 OBER STREET                     7.375          3,679.70         39
                                       7.125          3,679.70    1,050,000.00
    BEVERLY          MA   01915          5            06/26/98         00
    0430885806                           05           08/01/98          0
    205018130                            O            07/01/13
    0
 
 
    1742571          B24/G01             F          150,000.00         ZZ
                                         180        150,000.00          1
    6 STANFORD DRIVE                   7.375          1,379.88         71
                                       7.125          1,379.88      212,000.00
    KENDALL PARK     NJ   08824          5            07/23/98         00
    0430921056                           05           09/01/98          0
    961049                               O            08/01/13
    0
 
 
    1744322          637/G01             F          873,000.00         ZZ
                                         180        870,275.53          1
    20850 SCENIC VISTA DRIVE           7.125          7,907.91         68
                                       6.875          7,907.91    1,300,000.00
    SAN JOSE         CA   95120          2            06/16/98         00
    0430955856                           05           08/01/98          0
    0010920817                           O            07/01/13
    0
1
 
 
 
 
    1745437          638/G01             F          113,500.00         ZZ
                                         180        112,431.04          1
    265 PARK DRIVE                     7.125          1,028.12         48
                                       6.875          1,028.12      238,500.00
    BERLIN           CT   06037          1            04/30/98         00
    0430856773                           05           06/01/98          0
    8731689                              O            05/01/13
    0
 
 
    1745518          G26/G01             F          122,000.00         ZZ
                                         180        121,635.57          1
    576 EVERGREEN AVENUE               7.625          1,139.64         79
                                       7.375          1,139.64      155,000.00
    BOHEMIA          NY   11716          2            06/05/98         00
    0430902122                           05           08/01/98          0
    7255C                                O            07/01/13
    0
 
 
    1746509          637/G01             F          486,450.00         ZZ
                                         180        484,898.52          1
    102 MONARCH BAY                    6.875          4,338.43         70
                                       6.625          4,338.43      695,000.00
    DANA POINT       CA   92629          1            06/01/98         00
    0430920769                           02           08/01/98          0
    4304051                              O            07/01/13
    0
 
 
    1747400          025/025             F          362,475.67         ZZ
                                         180        355,436.29          1
    1301 PINEHURST ROAD                6.875          3,232.75         62
                                       6.625          3,232.75      585,000.00
    GRAYSON          GA   30221          2            02/23/98         00
    075328                               03           03/01/98          0
    075328                               O            02/01/13
    0
 
 
    1748440          H22/G01             F          185,000.00         ZZ
                                         180        185,000.00          1
    35 - 12 211TH STREET               7.250          1,688.80         65
                                       7.000          1,688.80      285,000.00
    BAYSIDE          NY   11361          1            07/09/98         00
    0430900969                           05           09/01/98          0
    9805019                              O            08/01/13
    0
 
 
    1748565          A06/G01             F          906,000.00         ZZ
                                         180        903,141.61          1
1
 
 
    3376 FRANKLIN ROAD                 7.000          8,143.39         33
                                       6.750          8,143.39    2,800,000.00
    BLOOMFIELD HILL  MI   48302          2            06/08/98         00
    0430932764                           05           08/01/98          0
    9807720                              O            07/01/13
    0
 
 
    1748899          B65/G01             F          290,500.00         ZZ
                                         180        290,500.00          1
    2541 RIVER BEND DRIVE              7.250          2,651.88         73
                                       7.000          2,651.88      400,000.00
    SPRING VALLEY    OH   45370          2            07/15/98         00
    0430915520                           05           09/01/98          0
    0000                                 O            08/01/13
    0
 
 
    1748985          077/077             F          288,000.00         ZZ
                                         180        288,000.00          1
    26237 LAKE DRIVE                   7.250          2,629.05         80
                                       7.000          2,629.05      360,000.00
    ELKHART          IN   46514          5            07/10/98         00
    433927                               05           09/01/98          0
    433927                               O            08/01/13
    0
 
 
    1749911          637/637             F          154,400.00         ZZ
                                         180        150,408.83          1
    5110 SOUTH HANOVER WAY             7.500          1,431.31         47
                                       7.250          1,431.31      335,000.00
    ENGLEWOOD        CO   80111          6            04/16/98         00
    8901340                              05           06/01/98          0
    8901340                              O            05/01/13
    0
 
 
    1750248          025/025             F          284,000.00         T
                                         180        280,461.31          1
    3861 CLIPPER COVE DRIVE            7.250          2,592.53         66
                                       7.000          2,592.53      434,000.00
    NAPLES           FL   34112          1            03/31/98         00
    451508                               03           05/01/98          0
    451508                               O            04/01/13
    0
 
 
    1750276          025/025             F          315,292.97         ZZ
                                         180        311,802.74          1
    1070 BROOKHAVEN LANE               6.750          2,790.06         76
                                       6.500          2,790.06      420,000.00
    ATLANTA          GA   30319          2            04/07/98         00
    412033                               05           06/01/98          0
1
 
 
    412033                               O            05/01/13
    0
 
 
    1750346          025/025             F          263,293.26         ZZ
                                         180        260,012.56          1
    7550 COLLINS ROAD                  7.250          2,403.51         72
                                       7.000          2,403.51      370,000.00
    JACKSONVILLE     FL   32244          2            03/27/98         00
    623337                               05           05/01/98          0
    623337                               O            04/01/13
    0
 
 
    1750359          025/025             F          662,603.10         ZZ
                                         121        632,451.57          1
    901 PONTE VEDRA BOULEVARD          7.625          7,864.89         44
                                       7.375          7,864.89    1,525,000.00
    PONTE VEDRA BEA  FL   32082          2            12/18/97         00
    622108                               05           01/01/98          0
    622108                               O            01/01/08
    0
 
 
    1750380          025/025             F          300,000.00         ZZ
                                         180        297,174.57          1
    928 WESTPARK DRIVE                 7.125          2,717.49         75
                                       6.875          2,717.49      402,719.00
    CELEBRATION      FL   34747          1            04/02/98         00
    351428                               03           06/01/98          0
    351428                               O            05/01/13
    0
 
 
    1750390          025/025             F          263,000.00         ZZ
                                         180        258,891.29          1
    1 RIDGELAND COURT                  7.250          2,400.83         33
                                       7.000          2,400.83      800,000.00
    STUART           FL   34996          2            03/10/98         00
    719422                               05           04/01/98          0
    719422                               O            03/01/13
    0
 
 
    1750586          025/025             F          310,000.00         ZZ
                                         180        306,984.69          1
    428 GLENCASTLE DRIVE               6.750          2,743.22         54
                                       6.500          2,743.22      580,000.00
    ATLANTA          GA   30327          2            04/23/98         00
    388909                               05           06/01/98          0
    388909                               O            05/01/13
    0
 
 
1
 
 
    1750590          025/025             F          330,000.00         ZZ
                                         180        326,652.78          1
    265 TARA TRAIL                     6.875          2,943.12         56
                                       6.625          2,943.12      590,000.00
    ATLANTA          GA   30327          5            04/23/98         00
    388865                               05           06/01/98          0
    388865                               O            05/01/13
    0
 
 
    1751088          637/G01             F          570,000.00         ZZ
                                         180        568,221.14          1
    135 VINEYARD COURT                 7.125          5,163.24         68
                                       6.875          5,163.24      850,000.00
    LOS GATOS        CA   95032          2            06/11/98         00
    0430931360                           05           08/01/98          0
    0011180064                           O            07/01/13
    0
 
 
    1751355          B24/G01             F           83,000.00         ZZ
                                         180         82,743.78          1
    78 OLD POINT ROAD                  7.250            757.68         64
                                       7.000            757.68      130,000.00
    MILFORD          CT   06460          2            06/10/98         00
    0430851378                           05           08/01/98          0
    1751355                              O            07/01/13
    0
 
 
    1751634          L47/G01             F          850,000.00         ZZ
                                         180        847,404.61          1
    994 GARRETT MILL ROAD              7.375          7,819.35         68
                                       7.125          7,819.35    1,250,000.00
    NEWTOWN SQUARE   PA   19073          2            06/23/98         00
    0430890806                           05           08/01/98          0
    35775M                               O            07/01/13
    0
 
 
    1752308          766/G01             F          387,000.00         ZZ
                                         180        387,000.00          1
    1136 ALHAMBRA CR                   6.875          3,451.48         80
                                       6.625          3,451.48      486,000.00
    CORAL GABLES     FL   33134          2            07/27/98         00
    0430959809                           05           09/01/98          0
    98HA0021                             O            08/01/13
    0
 
 
    1753670          375/G01             F          164,000.00         ZZ
                                         180        162,043.06          1
    290 LEAF COURT                     7.750          1,543.69         71
                                       7.500          1,543.69      231,000.00
1
 
 
    ALPHARETTA       GA   30005          2            03/24/98         00
    0430851816                           03           05/01/98          0
    734709                               O            04/01/13
    0
 
 
    1753946          195/G01             F          425,000.00         ZZ
                                         180        423,673.65          1
    2505 SEA ISLAND DRIVE              7.125          3,849.79         55
                                       6.875          3,849.79      775,000.00
    FORT LAUDERDALE  FL   33301          2            06/01/98         00
    0430841692                           05           08/01/98          0
    57724                                O            07/01/13
    0
 
 
    1754717          367/367             F          240,000.00         ZZ
                                         180        239,242.81          1
    1738 V STREET NW                   7.000          2,157.19         80
                                       6.750          2,157.19      300,000.00
    WASHINGTON       DC   20009          2            05/28/98         00
    99257921                             05           08/01/98          0
    99257921                             O            07/01/13
    0
 
 
    1755152          A52/G01             F          261,500.00         ZZ
                                         180        260,674.98          1
    3667 POINT COMFORT LANE            7.000          2,350.44         84
                                       6.750          2,350.44      315,000.00
    MARTINEZ         GA   30907          2            06/04/98         04
    0430849877                           05           08/01/98          6
    6041                                 O            07/01/13
    0
 
 
    1755841          950/G01             F          150,000.00         ZZ
                                         180        149,081.15          1
    330 SW TROY STREET                 7.375          1,379.89         67
                                       7.125          1,379.89      225,000.00
    PORTLAND         OR   97219          1            05/06/98         00
    0430886150                           05           07/01/98          0
    YB042398109                          O            06/01/13
    0
 
 
    1756035          F28/G01             F          367,000.00         T
                                         180        363,506.10          1
    4803 OCEAN DRIVE                   7.000          3,298.70         77
                                       6.750          3,298.70      480,000.00
    EMERALD ISLE     NC   28594          5            04/30/98         00
    0430850578                           05           06/01/98          0
    3773284                              O            05/01/13
    0
1
 
 
 
 
    1756585          439/G01             F          270,000.00         T
                                         180        257,926.84          1
    124 BISHOPSCOURT ROAD              7.750          2,541.45         80
                                       7.500          2,541.45      340,000.00
    OSPREY           FL   34229          1            08/21/97         00
    0430895649                           03           10/01/97          0
    1915594                              O            09/01/12
    0
 
 
    1756586          439/G01             F          199,500.00         ZZ
                                         180        198,232.02          1
    50 ALPINE TERRACE                  6.950          1,787.60         69
                                       6.700          1,787.60      291,000.00
    PLEASANTVILLE    NY   10570          2            05/11/98         00
    0430895656                           05           07/01/98          0
    1947466                              O            06/01/13
    0
 
 
    1756587          439/G01             F          150,000.00         ZZ
                                         180        149,063.00          1
    21 SPARROW LANE                    7.150          1,360.86         42
                                       6.900          1,360.86      365,000.00
    HUNTINGTON       NY   11743          5            05/11/98         00
    0430895664                           05           07/01/98          0
    1947799                              O            06/01/13
    0
 
 
    1756589          439/G01             F          349,000.00         ZZ
                                         180        346,772.23          1
    8 FAIRWAY PLACE                    6.900          3,117.44         56
                                       6.650          3,117.44      630,000.00
    HALF MOON BAY    CA   94019          2            05/05/98         00
    0430895672                           03           07/01/98          0
    1948785                              O            06/01/13
    0
 
 
    1756590          439/G01             F          185,000.00         ZZ
                                         180        183,824.18          1
    932 WILLOW GLEN WAY                6.950          1,657.67         52
                                       6.700          1,657.67      360,000.00
    SAN JOSE         CA   95125          2            05/11/98         00
    0430895680                           05           07/01/98          0
    1951686                              O            06/01/13
    0
 
 
    1756591          439/G01             F          271,200.00         ZZ
                                         180        269,491.18          1
1
 
 
    3912 SOLAR HILLS                   7.050          2,445.21         70
                                       6.800          2,445.21      387,500.00
    VACAVILLE        CA   95687          1            05/20/98         00
    0430895698                           05           07/01/98          0
    1952035                              O            06/01/13
    0
 
 
    1756592          439/G01             F          282,500.00         ZZ
                                         180        280,239.96          1
    34 SCHOOLHOUSE LANE                7.200          2,570.89         49
                                       6.950          2,570.89      582,000.00
    SYOSSET          NY   11791          1            05/15/98         00
    0430895706                           05           07/01/98          0
    1952210                              O            06/01/13
    0
 
 
    1756593          439/G01             F          202,000.00         ZZ
                                         180        200,765.32          1
    9 O'SHEA LANE                      7.400          1,861.11         63
                                       7.150          1,861.11      325,000.00
    ST  JAMES        NY   11780          2            05/06/98         00
    0430895714                           05           07/01/98          0
    1952396                              O            06/01/13
    0
 
 
    1756595          439/G01             F           40,000.00         ZZ
                                         180         39,756.57          1
    5420 BAPTIST CHURCH ROAD           7.450            369.67         62
                                       7.200            369.67       64,516.00
    TAMPA            FL   33610          2            05/04/98         00
    0430895722                           05           07/01/98          0
    1954414                              O            06/01/13
    0
 
 
    1756596          439/G01             F          140,000.00         ZZ
                                         180        139,144.27          1
    6 HILLTOP LANE                     7.400          1,289.88         49
                                       7.150          1,289.88      290,000.00
    WHITE PLAINS     NY   10607          1            05/07/98         00
    0430895730                           05           07/01/98          0
    1954479                              O            06/01/13
    0
 
 
    1756597          439/G01             F          100,000.00         ZZ
                                         180         99,365.99          1
    44 SUMMERFIELD GARDENS             7.000            898.83         40
                                       6.750            898.83      252,000.00
    SHELTON          CT   06484          1            05/15/98         00
    0430895748                           01           07/01/98          0
1
 
 
    1954627                              O            06/01/13
    0
 
 
    1756599          439/G01             F          591,200.00         ZZ
                                         180        587,490.96          1
    34 CHESHIRE BEND                   7.100          5,346.98         80
                                       6.850          5,346.98      739,000.00
    SUGAR LAND       TX   77479          1            05/20/98         00
    0430895755                           03           07/01/98          0
    1954630                              O            06/01/13
    0
 
 
    1756600          439/G01             F           69,000.00         ZZ
                                         180         68,558.18          1
    4503 HORNBROOK A                   7.050            622.13         63
                                       6.800            622.13      110,000.00
    BALDWIN PARK     CA   91706          5            05/07/98         00
    0430895771                           05           07/01/98          0
    1954635                              O            06/01/13
    0
 
 
    1756601          439/G01             F          650,000.00         T
                                         180        646,095.85          1
    606 N OCEAN BLVD                   7.600          6,062.58         65
                                       7.350          6,062.58    1,000,000.00
    DELRAY BCH       FL   33483          2            05/13/98         00
    0430895847                           05           07/01/98          0
    1954860                              O            06/01/13
    0
 
 
    1756602          439/G01             F          298,000.00         ZZ
                                         180        296,178.56          1
    350 ESSEX FELLS COURT              7.400          2,745.59         77
                                       7.150          2,745.59      388,000.00
    YORKTOWN HEIGHT  NY   10598          5            05/29/98         00
    0430895854                           05           07/01/98          0
    1955328                              O            06/01/13
    0
 
 
    1756603          439/G01             F          336,900.00         ZZ
                                         180        334,758.74          1
    5953 JOYCE WAY                     6.950          3,018.75         63
                                       6.700          3,018.75      540,000.00
    DALLAS           TX   75225          2            05/01/98         00
    0430895862                           05           07/01/98          0
    1955402                              O            06/01/13
    0
 
 
1
 
 
    1756604          439/G01             F          358,000.00         ZZ
                                         180        355,704.91          1
    614 SOUTH HIGHLAND AVENUE          6.850          3,187.86         67
                                       6.600          3,187.86      540,000.00
    LOS ANGELES      CA   90036          5            05/01/98         00
    0430895870                           05           07/01/98          0
    1955733                              O            06/01/13
    0
 
 
    1756605          439/G01             F          325,700.00         ZZ
                                         180        323,611.98          1
    15 HEDWIG CIRCLE                   6.850          2,900.24         73
                                       6.600          2,900.24      450,000.00
    HOUSTON          TX   77024          2            04/28/98         00
    0430895896                           05           07/01/98          0
    1955818                              O            06/01/13
    0
 
 
    1756606          439/G01             F          367,300.00         ZZ
                                         180        365,025.45          1
    1735 GRANGER AVENUE                7.250          3,352.95         45
                                       7.000          3,352.95      825,000.00
    LOS ALTOS        CA   94024          2            05/08/98         00
    0430895912                           05           07/01/98          0
    1956016                              O            06/01/13
    0
 
 
    1756607          439/G01             F          227,100.00         ZZ
                                         180        225,723.97          1
    340 S CLARK DR                     7.500          2,105.25         34
                                       7.250          2,105.25      680,000.00
    BEVERLY HILLS    CA   90211          2            04/23/98         00
    0430895920                           05           07/01/98          0
    1956205                              O            06/01/13
    0
 
 
    1756608          439/G01             F          400,000.00         T
                                         180        395,498.77          1
    2024 PACIFIC HWY                   6.950          3,584.15         67
                                       6.700          3,584.15      597,014.00
    OCEANSIDE        CA   92054          1            05/07/98         00
    0430895946                           03           07/01/98          0
    1956364                              O            06/01/13
    0
 
 
    1756609          439/G01             F          205,400.00         ZZ
                                         180        204,036.31          1
    26705 BARONET                      7.400          1,892.43         74
                                       7.150          1,892.43      280,000.00
1
 
 
    MISSION VIEJO    CA   92692          2            05/14/98         00
    0430896001                           03           07/01/98          0
    1956438                              O            06/01/13
    0
 
 
    1756610          439/G01             F          135,000.00         ZZ
                                         180        134,145.68          1
    1047 26TH STREET                   7.000          1,213.42         26
                                       6.750          1,213.42      535,000.00
    SANTA MONICA     CA   90403          2            04/28/98         00
    0430896027                           05           07/01/98          0
    1956507                              O            06/01/13
    0
 
 
    1756611          439/G01             F          245,000.00         ZZ
                                         180        243,364.91          1
    2851 DN WOLCOTT                    7.250          2,236.52         74
                                       7.000          2,236.52      332,000.00
    CHICAGO          IL   60657          5            05/14/98         00
    0430896050                           05           07/01/98          0
    1956700                              O            06/01/13
    0
 
 
    1756613          439/G01             F          376,700.00         ZZ
                                         180        374,285.03          1
    810 HOLTON STREET                  6.850          3,354.38         80
                                       6.600          3,354.38      470,900.00
    BELLAIRE         TX   77401          1            05/18/98         00
    0430896084                           05           07/01/98          0
    1956859                              O            06/01/13
    0
 
 
    1756615          439/G01             F          280,000.00         ZZ
                                         180        278,204.95          1
    864 MADISON STREET                 6.850          2,493.30         80
                                       6.600          2,493.30      350,000.00
    SANTA CLARA      CA   95050          5            05/20/98         00
    0430896563                           05           07/01/98          0
    1957244                              O            06/01/13
    0
 
 
    1756617          439/G01             F           71,500.00         ZZ
                                         180         70,977.94          1
    1260 CHAUCER COURT                 6.850            636.69         39
                                       6.600            636.69      185,000.00
    SAN DIMAS        CA   91773          2            05/01/98         00
    0430896639                           05           07/01/98          0
    1957334                              O            06/01/13
    0
1
 
 
 
 
    1756618          439/G01             F          593,300.00         T
                                         180        587,868.44          1
    25835 PASEO REAL                   7.000          5,332.75         65
                                       6.750          5,332.75      915,000.00
    MONTEREY         CA   93940          2            05/11/98         00
    0430896662                           05           07/01/98          0
    1957423                              O            06/01/13
    0
 
 
    1756620          439/G01             F          643,000.00         T
                                         180        637,235.93          1
    25600 PASEO DE CUMBRE              7.050          5,797.46         52
                                       6.800          5,797.46    1,236,538.00
    MONTEREY         CA   93940          2            05/11/98         00
    0430896043                           03           07/01/98          0
    1957526                              O            06/01/13
    0
 
 
    1756622          439/G01             F           80,000.00         ZZ
                                         180         79,511.00          1
    5721 CREBS AVENUE                  7.400            737.08         36
                                       7.150            737.08      225,000.00
    TARZANA          CA   91356          5            05/05/98         00
    0430896068                           05           07/01/98          0
    1957873                              O            06/01/13
    0
 
 
    1756623          439/G01             F           25,100.00         ZZ
                                         180         24,869.15          1
    7900 FAIRVIEW DRIVE UNIT #207      7.400            231.26         75
                                       7.150            231.26       33,500.00
    TAMARAC          FL   33321          1            04/30/98         00
    0430896076                           01           06/01/98          0
    1958074                              O            05/01/13
    0
 
 
    1756624          439/G01             F          285,000.00         ZZ
                                         180        283,250.39          1
    129 COUNTRY CLU                    7.350          2,617.76         60
                                       7.100          2,617.76      475,000.00
    SAN LUIS OBISPO  CA   93401          5            05/05/98         00
    0430896092                           05           07/01/98          0
    1958294                              O            06/01/13
    0
 
 
    1756626          439/G01             F          122,000.00         ZZ
                                         180        121,227.93          1
1
 
 
    2528 K AVENUE                      7.000          1,096.58         61
                                       6.750          1,096.58      200,000.00
    NATIONAL CITY    CA   91950          2            05/04/98         00
    0430896126                           05           07/01/98          0
    1959336                              O            06/01/13
    0
 
 
    1756627          439/G01             F          300,000.00         ZZ
                                         180        298,166.32          1
    1319 BARROWS ROAD                  7.400          2,764.02         75
                                       7.150          2,764.02      400,000.00
    OAKLAND          CA   94610          5            05/18/98         00
    0430896134                           05           07/01/98          0
    1959434                              O            06/01/13
    0
 
 
    1756630          439/G01             F          262,000.00         ZZ
                                         180        260,320.34          1
    10 LONGBOURN AISLE                 6.850          2,333.02         75
                                       6.600          2,333.02      350,000.00
    IRVINE           CA   92715          2            05/08/98         00
    0430896159                           01           07/01/98          0
    1959464                              O            06/01/13
    0
 
 
    1756632          439/G01             F           75,000.00         ZZ
                                         180         74,541.57          1
    1365 NW 123RD TERRACE              7.400            691.01         75
                                       7.150            691.01      100,000.00
    PEMBROKE PINES   FL   33026          2            05/18/98         00
    0430896233                           09           07/01/98          0
    1959483                              O            06/01/13
    0
 
 
    1756633          439/G01             F          107,500.00         ZZ
                                         180        106,840.06          1
    5887 BUCHANAN ROAD                 7.350            987.40         75
                                       7.100            987.40      145,000.00
    VENICE           FL   34293          2            05/22/98         00
    0430896258                           05           07/01/98          0
    1959493                              O            06/01/13
    0
 
 
    1756634          439/G01             F          193,500.00         ZZ
                                         180        192,322.42          1
    3562 CORINTH AVENUE                7.450          1,788.28         65
                                       7.200          1,788.28      300,000.00
    LOS ANGELES      CA   90066          2            05/06/98         00
    0430896373                           05           07/01/98          0
1
 
 
    1959755                              O            06/01/13
    0
 
 
    1756635          439/G01             F           56,000.00         ZZ
                                         180         55,457.96          1
    1955 INDIAN CREEK DRIVE            7.450            517.54         55
                                       7.200            517.54      102,000.00
    NORTH FORT MYER  FL   33917          5            05/15/98         00
    0430896407                           05           07/01/98          0
    1959806                              O            06/01/13
    0
 
 
    1756636          439/G01             F          300,000.00         ZZ
                                         180        298,158.32          1
    9135 LEANDER PLACE                 7.350          2,755.53         38
                                       7.100          2,755.53      800,000.00
    BEVERLY HILLS    CA   90210          2            05/08/98         00
    0430896415                           05           07/01/98          0
    1959867                              O            06/01/13
    0
 
 
    1756637          439/G01             F          120,000.00         ZZ
                                         180        119,263.31          1
    8504 GROSS POINT RD                7.350          1,102.22         75
                                       7.100          1,102.22      160,000.00
    SKOKIE           IL   60077          2            05/26/98         00
    0430896449                           05           07/01/98          0
    1959966                              O            06/01/13
    0
 
 
    1756638          439/G01             F          650,000.00         ZZ
                                         180        646,027.03          1
    135 NORMANDY LANE                  7.400          5,988.71         48
                                       7.150          5,988.71    1,370,000.00
    WOODSIDE         CA   94062          5            05/21/98         00
    0430896472                           05           07/01/98          0
    1960082                              O            06/01/13
    0
 
 
    1756639          439/G01             F          276,000.00         ZZ
                                         180        274,238.21          1
    4251 DARTMOUTH STREET              6.900          2,465.37         80
                                       6.650          2,465.37      345,000.00
    HOUSTON          TX   77005          1            06/01/98         00
    0430896498                           05           07/01/98          0
    1960091                              O            06/01/13
    0
 
 
1
 
 
    1756640          439/G01             F          328,000.00         ZZ
                                         180        325,933.27          1
    2599 BAYPORT DRIVE                 7.050          2,957.34         77
                                       6.800          2,957.34      430,000.00
    TORRANCE         CA   90503          5            05/21/98         00
    0430896506                           01           07/01/98          0
    1960806                              O            06/01/13
    0
 
 
    1756641          439/G01             F          100,000.00         ZZ
                                         180         99,372.63          1
    2780 LA SALLE POINTE               7.100            904.43         52
                                       6.850            904.43      192,307.00
    CHINO HILLS      CA   91709          1            05/19/98         00
    0430896514                           03           07/01/98          0
    1961034                              O            06/01/13
    0
 
 
    1756643          439/G01             F           43,500.00         ZZ
                                         180         43,138.08          1
    7915 CAMPION LANE                  7.600            405.73         44
                                       7.350            405.73      100,000.00
    HAZELWOOD        MO   63042          2            05/26/98         00
    0430896548                           05           07/01/98          0
    1961060                              O            06/01/13
    0
 
 
    1756644          439/G01             F          255,000.00         ZZ
                                         180        253,372.27          1
    1249 NORTH RAYMOND AVENUE          6.900          2,277.78         73
                                       6.650          2,277.78      352,000.00
    FULLERTON        CA   92831          2            05/14/98         00
    0430896555                           05           07/01/98          0
    1961094                              O            06/01/13
    0
 
 
    1756645          439/G01             F          391,000.00         ZZ
                                         180        388,546.96          1
    6395 SW 126TH STREET               7.100          3,536.32         73
                                       6.850          3,536.32      540,000.00
    MIAMI            FL   33156          2            05/14/98         00
    0430896589                           05           07/01/98          0
    1961132                              O            06/01/13
    0
 
 
    1756647          439/G01             F          402,300.00         ZZ
                                         180        398,845.54          1
    57 MARGATE SQUARE                  7.450          3,717.95         75
                                       7.200          3,717.95      540,000.00
1
 
 
    PALOS VERDES ES  CA   90274          2            05/22/98         00
    0430896621                           05           07/01/98          0
    1961513                              O            06/01/13
    0
 
 
    1756648          439/G01             F          132,500.00         ZZ
                                         180        131,693.65          1
    164 SOUTH ALICE CIRCLE             7.450          1,224.53         72
                                       7.200          1,224.53      185,000.00
    ANAHEIM          CA   92806          2            05/21/98         00
    0430896647                           05           07/01/98          0
    1961632                              O            06/01/13
    0
 
 
    1756649          439/G01             F           92,600.00         ZZ
                                         180         92,024.06          1
    10906 LOGGERS LUCK PL              7.200            842.71         75
                                       6.950            842.71      123,500.00
    SPRING           TX   77380          1            05/15/98         00
    0430896688                           03           07/01/98          0
    1961634                              O            06/01/13
    0
 
 
    1756650          439/G01             F          402,000.00         ZZ
                                         180        399,499.74          1
    11897 WOODHILL COURT               7.200          3,658.39         60
                                       6.950          3,658.39      675,000.00
    CUPERTINO        CA   95014          2            05/14/98         00
    0430896696                           05           07/01/98          0
    1961740                              O            06/01/13
    0
 
 
    1756651          439/G01             F           27,500.00         ZZ
                                         180         27,330.43          1
    3436 SE FERNDALE                   7.300            251.82         29
                                       7.050            251.82       95,000.00
    STUART           FL   34997          1            05/22/98         00
    0430896811                           05           07/01/98          0
    1961876                              O            06/01/13
    0
 
 
    1756652          439/G01             F           69,500.00         ZZ
                                         180         69,073.33          1
    628 102ND AVENUE                   7.350            638.37         65
                                       7.100            638.37      107,000.00
    NAPLES           FL   34108          5            05/22/98         00
    0430896829                           05           07/01/98          0
    1961894                              O            06/01/13
    0
1
 
 
 
 
    1756653          439/G01             F          368,000.00         ZZ
                                         180        355,679.61          1
    2224 RIDGEPOINTE COURT             7.350          3,380.12         62
                                       7.100          3,380.12      600,000.00
    WALNUT CREEK     CA   94596          2            05/20/98         00
    0430896845                           05           07/01/98          0
    1962003                              O            06/01/13
    0
 
 
    1756654          439/G01             F          175,000.00         ZZ
                                         180        171,426.84          1
    11142 FRALEY STREET                7.450          1,617.31         75
                                       7.200          1,617.31      235,000.00
    GARDEN GROVE     CA   92841          2            05/22/98         00
    0430896860                           05           07/01/98          0
    1963027                              O            06/01/13
    0
 
 
    1756655          439/G01             F          250,000.00         ZZ
                                         180        247,609.69          1
    435 HILL ST                        6.950          2,240.09         44
                                       6.700          2,240.09      575,000.00
    SAN FRANCISCO    CA   94114          2            04/09/98         00
    0430896878                           05           06/01/98          0
    25681472                             O            05/01/13
    0
 
 
    1756809          L16/G01             F          189,200.00         T
                                         180        189,200.00          1
    2227 MONARCH DRIVE                 7.500          1,753.91         80
                                       7.250          1,753.91      236,500.00
    PARK CITY        UT   84060          1            07/01/98         00
    0430897686                           05           09/01/98          0
    1756809                              O            08/01/13
    0
 
 
    1756819          E85/G01             F          840,000.00         ZZ
                                         180        837,406.95          1
    210 BROOKWOOD ROAD                 7.250          7,668.05         60
                                       7.000          7,668.05    1,400,000.00
    WOODSIDE         CA   94062          2            06/18/98         00
    0430926030                           05           08/01/98          0
    9602522                              O            07/01/13
    0
 
 
    1756868          757/G01             F           70,000.00         ZZ
                                         180         69,779.15          1
1
 
 
    691 MIDDLESEX DRIVE                7.000            629.18         49
                                       6.750            629.18      143,000.00
    MACON            GA   31210          1            06/11/98         00
    0430849109                           05           08/01/98          0
    3492022                              O            07/01/13
    0
 
 
    1756949          A52/G01             F          153,900.00         ZZ
                                         180        153,409.16          1
    211 PROVIDENCE OAKS CIRCLE         6.875          1,372.56         70
                                       6.625          1,372.56      220,000.00
    ALPHARETTA       GA   30004          1            06/30/98         00
    0430882688                           05           08/01/98          0
    00                                   O            07/01/13
    0
 
 
    1757664          B61/G01             F          265,000.00         ZZ
                                         180        260,623.50          1
    LOT 3A PINEWOOD LANE               6.750          2,345.01         80
                                       6.500          2,345.01      335,000.00
    RED HOOK         NY   12571          1            02/12/98         00
    0430904425                           05           04/01/98          0
    00                                   O            03/01/13
    0
 
 
    1757708          B61/G01             F          367,000.00         ZZ
                                         180        361,016.86          1
    2 HERITAGE DRIVE                   6.750          3,247.62         70
                                       6.500          3,247.62      525,000.00
    PLEASANTVILLE    NY   10570          5            02/18/98         00
    0430904375                           05           04/01/98          0
    00                                   O            03/01/13
    0
 
 
    1757710          B61/G01             F          300,000.00         ZZ
                                         180        298,060.10          1
    17 NORTH QUARTER ROAD              6.750          2,654.73         93
                                       6.500          2,654.73      325,000.00
    WESTHAMPTON      NY   11977          1            05/21/98         11
    0430905497                           05           07/01/98         30
    00                                   O            06/01/13
    0
 
 
    1757740          B61/G01             F          245,000.00         ZZ
                                         180        242,107.53          1
    376 COUNTY ROUTE 1                 7.000          2,202.13         75
                                       6.750          2,202.13      330,000.00
    WARWICK          NY   10990          2            04/27/98         00
    0430905257                           05           06/01/98          0
1
 
 
    981182CTI                            O            05/01/13
    0
 
 
    1757759          B61/G01             F          558,000.00         ZZ
                                         180        554,468.81          1
    1 SIGMA PLACE                      7.000          5,015.46         66
                                       6.750          5,015.46      850,000.00
    RIVERDALE        NY   10471          2            05/12/98         00
    0430905232                           05           07/01/98          0
    00                                   O            06/01/13
    0
 
 
    1757834          G26/G01             F          106,850.00         ZZ
                                         180        106,530.82          1
    810 CATSKILL AVE                   7.625            998.12         75
                                       7.375            998.12      142,500.00
    LINDERHURST      NY   11757          1            06/30/98         00
    0430895599                           05           08/01/98          0
    7270C                                O            07/01/13
    0
 
 
    1757905          B24/G01             F          117,000.00         ZZ
                                         180        116,622.79          1
    40 CANTON COURT                    6.750          1,035.34         67
                                       6.500          1,035.34      175,000.00
    BROOKLYN         NY   11229          5            07/01/98         00
    0430896456                           05           08/01/98          0
    1757905                              O            07/01/13
    0
 
 
    1758441          E84/G01             F           44,000.00         ZZ
                                         180         43,744.84          1
    11236 SPAULDING                    8.000            420.49         36
                                       7.750            420.49      125,000.00
    CHICAGO          IL   60655          2            05/18/98         00
    0430887885                           05           07/01/98          0
    25980196                             O            06/01/13
    0
 
 
    1758468          661/661             F           85,000.00         ZZ
                                         180         83,270.63          1
    3548 KING GEORGE ROAD              7.250            775.80         50
                                       7.000            775.80      173,240.00
    MIDDLEBURG       FL   32068          4            03/20/98         00
    3113180                              05           05/01/98          0
    3113180                              O            04/01/13
    0
 
 
1
 
 
    1758480          661/661             F          156,000.00         ZZ
                                         180        154,530.76          1
    492 CRYSTAL LAKE DRIVE             7.125          1,413.10         80
                                       6.875          1,413.10      197,000.00
    MELBOURNE        FL   32940          5            04/10/98         00
    3269594                              03           06/01/98          0
    3269594                              O            05/01/13
    0
 
 
    1758504          661/661             F          400,000.00         T
                                         180        396,392.61          1
    4313 INTRACOASTAL DRIVE            7.625          3,736.52         49
                                       7.375          3,736.52      825,000.00
    HIGHLAND BEACH   FL   33487          1            04/15/98         00
    3334232                              05           06/01/98          0
    3334232                              O            05/01/13
    0
 
 
    1758505          661/661             F           25,000.00         ZZ
                                         180         24,776.98          1
    433 SARGO ROAD                     7.750            235.32         50
                                       7.500            235.32       50,000.00
    ATLANTIC BEACH   FL   32233          5            04/16/98         00
    3335924                              05           06/01/98          0
    3335924                              O            05/01/13
    0
 
 
    1758512          661/661             F          350,000.00         ZZ
                                         180        342,274.46          1
    123 KAREN WAY                      8.375          3,420.99         76
                                       8.125          3,420.99      465,500.00
    YANKEETOWN       FL   34498          5            04/23/98         00
    3354032                              05           06/01/98          0
    3354032                              O            05/01/13
    0
 
 
    1758513          661/661             F           40,000.00         ZZ
                                         180         39,647.05          1
    5126 SOUTH CHRISTIANA AVENUE       7.875            379.38         46
                                       7.625            379.38       88,000.00
    CHICAGO          IL   60632          5            04/21/98         00
    3357951                              05           06/01/98          0
    3357951                              O            05/01/13
    0
 
 
    1758517          661/661             F          420,000.00         ZZ
                                         180        415,870.82          1
    637 TIMBER LANE                    6.625          3,687.57         75
                                       6.375          3,687.57      565,000.00
1
 
 
    DEVON            PA   19333          5            04/24/98         00
    3365897                              05           06/01/98          0
    3365897                              O            05/01/13
    0
 
 
    1758590          K71/K71             F          395,755.00         ZZ
                                         180        395,755.00          1
    9740 COPPER DRIVE                  7.125          3,584.87         71
                                       6.875          3,584.87      565,000.00
    ANCHORAGE        AK   99507          2            07/24/98         00
    436688                               05           09/01/98          0
    436688                               O            08/01/13
    0
 
 
    1758786          E22/G01             F           43,900.00         ZZ
                                         180         43,763.00          1
    612 DEAUVILLE CT.                  7.125            397.66         63
                                       6.875            397.66       70,000.00
    KISSIMMEE        FL   34758          2            06/08/98         00
    0410879647                           05           08/01/98          0
    410879647                            O            07/01/13
    0
 
 
    1758908          638/G01             F          352,000.00         ZZ
                                         180        347,488.30          1
    6906 MIMOSA DRIVE                  7.375          3,238.13         78
                                       7.125          3,238.13      456,500.00
    CARLSBAD         CA   92009          1            04/24/98         00
    0430852491                           05           06/01/98          0
    8738945                              O            05/01/13
    0
 
 
    1758936          638/G01             F          285,000.00         ZZ
                                         180        283,254.21          1
    9034 MCBRIDE RIVER AVENUE          7.375          2,621.78         80
                                       7.125          2,621.78      360,000.00
    FOUNTAIN VALLEY  CA   92708          2            05/04/98         00
    0430910489                           05           07/01/98          0
    8738500                              O            06/01/13
    0
 
 
    1759169          E33/G01             F          300,000.00         ZZ
                                         180        299,093.96          4
    6644 W DEVON AVE                   7.500          2,781.04         80
                                       7.250          2,781.04      375,000.00
    CHICAGO          IL   60630          1            06/15/98         00
    0430930826                           05           08/01/98          0
    337560952                            O            07/01/13
    0
1
 
 
 
 
    1759444          638/G01             F          297,500.00         ZZ
                                         180        295,596.88          1
    27 BRIARWOOD PLACE                 6.875          2,653.27         76
                                       6.625          2,653.27      395,000.00
    COLORADO SPRING  CO   80906          2            05/29/98         00
    0430858050                           05           07/01/98          0
    8752818                              O            06/01/13
    0
 
 
    1759485          F88/G01             F          233,000.00         ZZ
                                         180        233,000.00          1
    31391 BEACON BAY DRIVE             7.625          2,176.52         67
                                       7.375          2,176.52      350,000.00
    UNION CITY       CA   94587          2            07/10/98         00
    0430918920                           03           09/01/98          0
    98060731                             O            08/01/13
    0
 
 
    1759863          369/G01             F          330,000.00         ZZ
                                         180        327,866.10          1
    5530 E 106TH PLACE SOUTH           6.750          2,920.21         73
                                       6.500          2,920.21      455,000.00
    TULSA            OK   74137          2            05/29/98         00
    0430906719                           03           07/01/98          0
    60581618                             O            06/01/13
    0
 
 
    1759868          369/G01             F          318,750.00         ZZ
                                         180        315,780.23          1
    229 ST ANTHONY'S DR                7.250          2,909.75         75
                                       7.000          2,909.75      425,000.00
    MOORESTOWN TWP   NJ   08057          5            04/29/98         00
    0430871814                           05           06/01/98          0
    61597555                             O            05/01/13
    0
 
 
    1760891          F18/G01             F          163,500.00         ZZ
                                         180        163,500.00          1
    1647 JUNIPER STREET                7.375          1,504.08         75
                                       7.125          1,504.08      218,000.00
    LIVERMORE        CA   94550          5            07/24/98         00
    0430961458                           05           09/01/98          0
    1760891                              O            08/01/13
    0
 
 
    1760956          A45/G01             F          284,000.00         ZZ
                                         180        284,000.00          1
1
 
 
    1 OSBORNE SNOW DRIVE               7.250          2,592.53         56
                                       7.000          2,592.53      510,000.00
    EAST DENNIS      MA   02641          2            07/06/98         00
    0430910794                           05           09/01/98          0
    0000                                 O            08/01/13
    0
 
 
    1761216          K13/G01             F          360,000.00         ZZ
                                         180        357,794.78          1
    20223 SARATOGA VISTA COURT         7.375          3,311.73         50
                                       7.125          3,311.73      720,000.00
    SARATOGA         CA   95070          5            05/27/98         00
    0430897579                           05           07/01/98          0
    9803106                              O            06/01/13
    0
 
 
    1761440          116/116             F          350,000.00         ZZ
                                         180        348,859.31          1
    7 SOUTH ROYAL FERN DRIVE           6.625          3,072.98         58
                                       6.375          3,072.98      608,000.00
    THE WOODLANDS    TX   77380          1            06/11/98         00
    091067125                            05           08/01/98          0
    091067125                            O            07/01/13
    0
 
 
    1761543          637/G01             F          314,000.00         ZZ
                                         180        313,020.07          1
    605 WEST HILLSDALE BLVD            7.125          2,844.31         66
                                       6.875          2,844.31      480,000.00
    SAN MATEO        CA   94403          2            06/30/98         00
    0430965657                           05           08/01/98          0
    0011189453                           O            07/01/13
    0
 
 
    1761620          J49/G01             F          278,000.00         ZZ
                                         180        278,000.00          1
    20361 VIA VARADERO                 7.625          2,596.88         49
                                       7.375          2,596.88      569,000.00
    YORBA LINDA      CA   92887          2            07/06/98         00
    0430908319                           03           09/01/98          0
    1                                    O            08/01/13
    0
 
 
    1762183          A06/G01             F          387,000.00         ZZ
                                         180        387,000.00          1
    2274 LOCKLIN LANE                  7.125          3,505.57         60
                                       6.875          3,505.57      650,000.00
    WEST BLOOMFIELD  MI   48324          2            07/16/98         00
    0430947671                           05           09/01/98          0
1
 
 
    001000009808132                      O            08/01/13
    0
 
 
    1762515          E33/G01             F          280,000.00         ZZ
                                         180        279,106.97          1
    565 RYAN PLACE                     6.875          2,497.20         80
                                       6.625          2,497.20      350,000.00
    LAKE FOREST      IL   60045          2            06/19/98         00
    0430873273                           05           08/01/98          0
    336385133                            O            07/01/13
    0
 
 
    1762529          E22/G01             F           86,000.00         ZZ
                                         180         85,725.72          1
    3184 NANCY STREET                  6.875            766.99         58
                                       6.625            766.99      150,000.00
    MELBOURNE        FL   32904          2            06/10/98         00
    0410740740                           05           08/01/98          0
    410740740                            O            07/01/13
    0
 
 
    1762566          G32/G01             F          450,000.00         ZZ
                                         180        448,616.92          3
    1933 N. SEDGWICK AVENUE            7.300          4,120.58         75
                                       7.050          4,120.58      600,000.00
    CHICAGO          IL   60614          2            06/10/98         00
    0430890939                           05           08/01/98          0
    1002612                              O            07/01/13
    0
 
 
    1762581          601/G01             F          393,750.00         ZZ
                                         180        392,507.73          1
    12 HAMPTON RD                      7.000          3,539.14         75
                                       6.750          3,539.14      525,000.00
    WICHITA          KS   67207          5            06/03/98         00
    0430891432                           05           08/01/98          0
    1239637                              O            07/01/13
    0
 
 
    1762637          367/367             F          325,000.00         T
                                         180        304,050.38          1
    7031 PERSIMMON TREE ROAD           6.750          2,875.96         57
                                       6.500          2,875.96      575,000.00
    BETHESDA         MD   20817          2            12/30/96         00
    12181851                             05           02/01/97          0
    12181851                             O            01/01/12
    0
 
 
1
 
 
    1762789          A06/G01             F          500,000.00         ZZ
                                         180        500,000.00          1
    2380 WALNUT LAKE ROAD              6.750          4,424.55         62
                                       6.500          4,424.55      813,000.00
    WEST BLOOMFIELD  MI   48323          2            07/09/98         00
    0430912626                           05           09/01/98          0
    9809082                              O            08/01/13
    0
 
 
    1762984          550/550             F          520,000.00         ZZ
                                         180        518,394.78          1
    2196 PACIFIC AVENUE                7.250          4,746.89         76
                                       7.000          4,746.89      690,000.00
    SAN FRANCISCO    CA   94115          2            06/09/98         00
    120246603                            01           08/01/98          0
    120246603                            O            07/01/13
    0
 
 
    1763094          F59/G01             F          300,000.00         ZZ
                                         180        300,000.00          1
    429 WILLIAMS ROAD                  7.125          2,717.49         56
                                       6.875          2,717.49      540,000.00
    CONCORD          MA   01742          2            07/16/98         00
    0430916528                           05           09/01/98          0
    0000                                 O            08/01/13
    0
 
 
    1763137          E29/G01             F          268,900.00         ZZ
                                         180        268,051.63          1
    1917 BRYCE COURT                   7.000          2,416.95         49
                                       6.750          2,416.95      560,000.00
    EVERGREEN        CO   80439          2            06/18/98         00
    0430888131                           03           08/01/98          0
    19805091                             O            07/01/13
    0
 
 
    1763662          L47/G01             F          237,000.00         ZZ
                                         180        236,244.12          1
    1403 N. BANCROFT PARKWAY           6.875          2,113.69         79
                                       6.625          2,113.69      300,000.00
    WILMINGTON       DE   19806          2            06/19/98         00
    0430893313                           05           08/01/98          0
    94017306                             O            07/01/13
    0
 
 
    1763911          B75/G01             F          315,250.00         ZZ
                                         180        313,233.34          3
    747 LUKEPANE AVENUE                6.875          2,811.57         65
                                       6.625          2,811.57      485,000.00
1
 
 
    HONOLULU         HI   96816          2            05/22/98         00
    0430884676                           05           07/01/98          0
    7753270                              O            06/01/13
    0
 
 
    1764097          830/G01             F           51,000.00         ZZ
                                         180         50,842.57          1
    7027 S THROOP                      7.250            465.56         75
                                       7.000            465.56       68,000.00
    CHICAGO          IL   60636          5            06/20/98         00
    0430880906                           05           08/01/98          0
    537895                               O            07/01/13
    0
 
 
    1764673          A35/A35             F          243,750.00         ZZ
                                         180        242,980.98          1
    14 REGAL COURT                     7.000          2,190.89         75
                                       6.750          2,190.89      325,000.00
    ST JAMES         NY   11780          2            06/10/98         00
    LP8095                               05           08/01/98          0
    LP8095                               O            07/01/13
    0
 
 
    1764737          966/G01             F          144,000.00         ZZ
                                         180        143,545.69          1
    6215 FANNIN DRIVE                  7.000          1,294.31         80
                                       6.750          1,294.31      180,000.00
    ARLINGTON        TX   76001          2            06/08/98         00
    0430871178                           03           08/01/98          0
    30006552                             O            07/01/13
    0
 
 
    1764895          E84/G01             F           31,350.00         ZZ
                                         180         31,258.39          1
    425 EAST CHURCH STREET             7.875            297.34         95
                                       7.625            297.34       33,000.00
    BEAUMONT         TX   77705          1            06/12/98         10
    0430915496                           05           08/01/98         30
    26980249                             O            07/01/13
    0
 
 
    1764896          825/G01             F          275,000.00         ZZ
                                         180        274,132.39          1
    0223 SCR 917                       7.000          2,471.78         71
                                       6.750          2,471.78      390,000.00
    BRECKENRIDGE     CO   80424          5            06/23/98         00
    0430881896                           05           08/01/98          0
    00929                                O            07/01/13
    0
1
 
 
 
 
    1765086          B79/G01             F          327,000.00         ZZ
                                         180        327,000.00          1
    400 SAN JUAN AVENUE                7.125          2,962.07         54
                                       6.875          2,962.07      612,000.00
    EL GRANADA       CA   94018          2            07/10/98         00
    0430932608                           05           09/01/98          0
    019660                               O            08/01/13
    0
 
 
    1765104          E85/G01             F          223,000.00         ZZ
                                         180        222,304.06          1
    315 WALNUT STREET                  7.125          2,020.00         64
                                       6.875          2,020.00      350,000.00
    PETALUMA         CA   94952          2            06/15/98         00
    0430922161                           05           08/01/98          0
    9603036                              O            07/01/13
    0
 
 
    1765164          956/G01             F          612,000.00         ZZ
                                         180        609,983.82          1
    324 VISTA DEL MAR                  6.500          5,331.18         80
                                       6.250          5,331.18      765,000.00
    CAMARILLO        CA   93010          1            06/10/98         00
    0430952036                           05           08/01/98          0
    508060121                            O            07/01/13
    0
 
 
    1765324          K72/G01             F          175,750.00         ZZ
                                         180        175,230.75          1
    5426 SOUTH CATHAY WAY              7.750          1,654.30         95
                                       7.500          1,654.30      185,000.00
    AURORA           CO   80015          2            06/24/98         10
    0430896209                           05           08/01/98         30
    DEN117                               O            07/01/13
    0
 
 
    1765328          966/G01             F          300,000.00         ZZ
                                         180        298,101.52          1
    5730 NORTHMOOR DRIVE               7.000          2,696.48         53
                                       6.750          2,696.48      572,000.00
    DALLAS           TX   75230          1            05/29/98         00
    0430897264                           05           07/01/98          0
    UNKNOWN                              O            06/01/13
    0
 
 
    1765450          267/267             F          409,000.00         ZZ
                                         180        403,088.82          1
1
 
 
    104 WILDER AVENUE                  6.750          3,619.28         50
                                       6.500          3,619.28      820,000.00
    LOS GATOS        CA   95030          5            06/09/98         00
    4240018                              05           08/01/98          0
    4240018                              O            07/01/13
    0
 
 
    1765637          L31/G01             F          375,600.00         ZZ
                                         180        368,002.08          1
    3040 ALPHA VALLEYHOME ROAD         7.125          3,402.30         76
                                       6.875          3,402.30      495,000.00
    MORRISTOWN       TN   37813          2            03/31/98         00
    0430898254                           05           05/01/98          0
    133799387                            O            04/01/13
    0
 
 
    1765783          E33/G01             F          555,000.00         ZZ
                                         180        553,210.63          1
    2320 SHADY LANE                    6.750          4,911.25         31
                                       6.500          4,911.25    1,800,000.00
    HIGHLAND PARK    IL   60035          2            06/24/98         00
    0430895821                           05           08/01/98          0
    273285822                            O            07/01/13
    0
 
 
    1765794          664/G01             F          400,000.00         ZZ
                                         180        398,765.21          1
    605 PLYMOUTH ROAD                  7.250          3,651.46         54
                                       7.000          3,651.46      750,000.00
    SAN MARINO       CA   91108          2            06/17/98         00
    0430889097                           05           08/01/98          0
    2621571                              O            07/01/13
    0
 
 
    1765817          G82/G01             F          571,500.00         ZZ
                                         180        571,500.00          1
    2 BISHOPS GREEN                    6.750          5,057.26         80
                                       6.500          5,057.26      715,000.00
    SAN ANTONIO      TX   78257          2            07/22/98         00
    0430928101                           03           09/01/98          0
    702274372                            O            08/01/13
    0
 
 
    1765830          633/G01             F          515,000.00         ZZ
                                         180        513,357.47          1
    11622 VISTA MAR                    6.875          4,593.05         72
                                       6.625          4,593.05      725,000.00
    SANTA ANA AREA   CA   92705          2            06/19/98         00
    0430889295                           05           08/01/98          0
1
 
 
    742990                               O            07/01/13
    0
 
 
    1765837          B64/B64             F          395,000.00         ZZ
                                         180        393,726.48          1
    14 EAST HARMON DRIVE               6.750          3,495.40         75
                                       6.500          3,495.40      528,400.00
    CARLISLE         PA   17013          2            06/05/98         00
    00064487                             05           08/01/98          0
    00064487                             O            07/01/13
    0
 
 
    1765924          964/G01             F          260,000.00         ZZ
                                         180        259,197.38          1
    26 SYCAMORE CANYON DRIVE           7.250          2,373.45         56
                                       7.000          2,373.45      470,000.00
    DOVE CANYON      CA   92679          2            06/18/98         00
    0430892570                           03           08/01/98          0
    37307                                O            07/01/13
    0
 
 
    1766193          L31/G01             F          270,000.00         ZZ
                                         180        268,254.08          1
    50 SOUTHWIND CIRCLE                6.750          2,389.26         75
                                       6.500          2,389.26      360,000.00
    GREENEVILLE      TN   37743          5            05/01/98         00
    0430898247                           05           07/01/98          0
    9804309                              O            06/01/13
    0
 
 
    1766246          195/G01             F          370,000.00         ZZ
                                         180        368,832.66          1
    580 BRIDGE STREET                  7.000          3,325.67         44
                                       6.750          3,325.67      850,000.00
    DEDHAM           MA   02026          2            06/22/98         00
    0430888990                           05           08/01/98          0
    56001                                O            07/01/13
    0
 
 
    1766251          G82/G01             F          980,000.00         ZZ
                                         180        980,000.00          1
    101 WINDING WAY DRIVE              6.750          8,672.11         69
                                       6.500          8,672.11    1,425,000.00
    SAN ANTONIO      TX   78232          2            07/13/98         00
    0430920199                           05           09/01/98          0
    7560                                 O            08/01/13
    0
 
 
1
 
 
    1766424          772/G01             F          266,500.00         ZZ
                                         180        265,677.32          1
    2261 MADIERA LANE                  7.250          2,432.78         75
                                       7.000          2,432.78      360,000.00
    BUFFALO GROVE    IL   60089          2            06/08/98         00
    0430915074                           05           08/01/98          0
    71002207                             O            07/01/13
    0
 
 
    1767293          003/G01             F          990,500.00         ZZ
                                         180        987,442.36          1
    289 WEST PACES FERRY ROA NW        7.250          9,041.91         70
                                       7.000          9,041.91    1,415,000.00
    ATLANTA          GA   30305          1            07/01/98         00
    0430909523                           05           08/01/98          0
    10091007                             O            07/01/13
    0
 
 
    1767885          E82/G01             F          416,000.00         ZZ
                                         180        414,658.78          1
    1511 DOCTOR BLAIR ROAD             6.750          3,681.22         63
                                       6.500          3,681.22      665,000.00
    MARSHVILLE       NC   28103          5            06/26/98         00
    0400124772                           05           08/01/98          0
    400124772                            O            07/01/13
    0
 
 
    1767896          956/G01             F          500,000.00         ZZ
                                         180        498,456.52          1
    12693 STAR RIDGE COURT             7.250          4,564.31         34
                                       7.000          4,564.31    1,510,000.00
    SARATOGA         CA   95070          2            06/08/98         00
    0430892174                           05           08/01/98          0
    808050655                            O            07/01/13
    0
 
 
    1768137          956/G01             F          460,000.00         ZZ
                                         180        458,548.72          1
    4701 DOGWOOD DRIVE                 7.000          4,134.61         80
                                       6.750          4,134.61      575,000.00
    LAKE OSWEGO      OR   97035          1            06/23/98         00
    0430892117                           05           08/01/98          0
    808060606                            O            07/01/13
    0
 
 
    1768315          593/593             F          315,000.00         ZZ
                                         180        307,410.02          1
    8037 SILVER KING DRIVE             7.250          2,875.52         75
                                       7.000          2,875.52      420,000.00
1
 
 
    LAS VEGAS        NV   89129          5            01/27/98         00
    0006240436                           03           03/01/98          0
    0006240436                           O            02/01/13
    0
 
 
    1768531          956/G01             F          268,000.00         ZZ
                                         180        267,154.47          1
    219 ROBIN DRIVE                    7.000          2,408.86         80
                                       6.750          2,408.86      335,000.00
    INCLINE VILLAGE  NV   89451          1            06/01/98         00
    0430892265                           05           08/01/98          0
    708050224                            O            07/01/13
    0
 
 
    1768534          956/G01             F          276,000.00         ZZ
                                         180        275,157.26          1
    169 EMERALD WAY                    7.375          2,538.99         80
                                       7.125          2,538.99      345,000.00
    HERCULES         CA   94547          2            06/17/98         00
    0430893685                           05           08/01/98          0
    20801201                             O            07/01/13
    0
 
 
    1768537          956/G01             F          142,000.00         ZZ
                                         180        141,551.99          1
    4612 MARION AVENUE                 7.000          1,276.34         64
                                       6.750          1,276.34      225,000.00
    CYPRESS          CA   90630          2            06/18/98         00
    0430893651                           05           08/01/98          0
    608060133                            O            07/01/13
    0
 
 
    1768570          550/550             F          460,000.00         ZZ
                                         180        460,000.00          1
    183 CAZNEAU AVENUE                 7.200          4,186.22         46
                                       6.950          4,186.22    1,000,000.00
    SAUSALITO        CA   94965          2            06/25/98         00
    120264457                            05           09/01/98          0
    120264457                            O            08/01/13
    0
 
 
    1768578          J73/G01             F          550,900.00         ZZ
                                         180        550,900.00          1
    2465 POINCIANA DRIVE               6.375          4,761.16         70
                                       6.125          4,761.16      789,050.00
    WESTON           FL   33327          1            07/16/98         00
    0430959577                           05           09/01/98          0
    2980608                              O            08/01/13
    0
1
 
 
 
 
    1768620          E22/G01             F           74,200.00         ZZ
                                         180         73,970.94          1
    14164 IRENE                        7.250            677.35         89
                                       7.000            677.35       84,000.00
    SOUTHGATE        MI   48195          2            06/23/98         10
    0410908800                           05           08/01/98         25
    410908800                            O            07/01/13
    0
 
 
    1768624          A50/A50             F          310,000.00         ZZ
                                         180        309,032.55          1
    2467 WILDWOOD DRIVE                7.125          2,808.08         80
                                       6.875          2,808.08      390,000.00
    MONTGOMERY       AL   36111          2            06/05/98         00
    109155                               05           08/01/98          0
    109155                               O            07/01/13
    0
 
 
    1768645          956/G01             F          494,000.00         ZZ
                                         180        492,491.62          1
    10 HEATHER WAY                     7.375          4,544.42         68
                                       7.125          4,544.42      730,000.00
    MILL VALLEY      CA   94941          2            06/10/98         00
    0430893750                           05           08/01/98          0
    808060206                            O            07/01/13
    0
 
 
    1768683          772/G01             F          420,000.00         ZZ
                                         180        417,427.26          1
    469 POOKS HILL ROAD                7.375          3,863.68         59
                                       7.125          3,863.68      715,000.00
    BARRINGTON       IL   60010          5            05/29/98         00
    0430914150                           05           07/01/98          0
    74300693                             O            06/01/13
    0
 
 
    1768878          638/G01             F          340,000.00         ZZ
                                         180        338,950.44          1
    128 111TH STREET                   7.250          3,103.73         80
                                       7.000          3,103.73      425,000.00
    STONE HARBOUR    NJ   08247          1            06/27/98         00
    0430891895                           05           08/01/98          0
    8762298                              O            07/01/13
    0
 
 
    1768880          638/G01             F          410,000.00         ZZ
                                         180        407,433.34          1
1
 
 
    9 RIVA DRIVE                       7.125          3,713.91         80
                                       6.875          3,713.91      515,000.00
    NEWPORT COAST    CA   92657          2            05/21/98         00
    0430891671                           01           07/01/98          0
    8723257                              O            06/01/13
    0
 
 
    1768887          638/G01             F          200,000.00         ZZ
                                         180        199,382.60          1
    833 HOWE STREET                    7.250          1,825.73         72
                                       7.000          1,825.73      280,000.00
    SAN MATEO        CA   94401          1            06/23/98         00
    0430898718                           05           08/01/98          0
    8758016                              O            07/01/13
    0
 
 
    1768888          638/G01             F          342,300.00         ZZ
                                         180        340,203.22          1
    1280 HUNTINGTON DRIVE              7.375          3,148.90         55
                                       7.125          3,148.90      625,000.00
    SAN MARINO       CA   91108          2            05/27/98         00
    0430891994                           05           07/01/98          0
    8728161                              O            06/01/13
    0
 
 
    1768892          638/G01             F          586,000.00         ZZ
                                         180        584,171.21          1
    260 SIERRA DRIVE                   7.125          5,308.17         48
                                       6.875          5,308.17    1,225,000.00
    HILLSBOROUGH     CA   94010          2            06/16/98         00
    0430898742                           05           08/01/98          0
    8735599                              O            07/01/13
    0
 
 
    1768896          638/G01             F           80,500.00         ZZ
                                         180         80,251.50          1
    6174 FOOTHILL BOULEVARD            7.250            734.85         68
                                       7.000            734.85      118,500.00
    LAS VEGAS        NV   89118          2            06/24/98         00
    0430892281                           05           08/01/98          0
    8755732                              O            07/01/13
    0
 
 
    1768898          638/G01             F          650,000.00         ZZ
                                         180        647,926.91          1
    1517 WEST CYPRESS AVENUE           6.875          5,797.05         77
                                       6.625          5,797.05      850,000.00
    REDLANDS         CA   92373          2            06/11/98         00
    0430898700                           05           08/01/98          0
1
 
 
    8729894                              O            07/01/13
    0
 
 
    1768899          638/G01             F          530,000.00         ZZ
                                         180        528,363.91          1
    28 CORTE LODATO                    7.250          4,838.17         71
                                       7.000          4,838.17      750,000.00
    SAN RAFAEL       CA   94904          5            06/12/98         00
    0430898767                           05           08/01/98          0
    8757997                              O            07/01/13
    0
 
 
    1768994          E22/G01             F          283,600.00         ZZ
                                         180        282,724.54          1
    14 NARCISSA DRIVE                  7.250          2,588.88         55
                                       7.000          2,588.88      520,000.00
    RANCHO PALOS VE  CA   90275          5            06/24/98         00
    0410927255                           03           08/01/98          0
    410927255                            O            07/01/13
    0
 
 
    1769112          B57/G01             F          354,000.00         ZZ
                                         180        352,907.21          1
    9 HALE MAKAI PLACE                 7.250          3,231.54         42
                                       7.000          3,231.54      850,000.00
    LAHAINA          HI   96761          2            06/09/98         00
    0430887018                           05           08/01/98          0
    9830337                              O            07/01/13
    0
 
 
    1769124          E33/G01             F          620,000.00         ZZ
                                         180        620,000.00          1
    380 BRAMPTON LANE                  6.875          5,529.50         45
                                       6.625          5,529.50    1,400,000.00
    LAKE FOREST      IL   60045          2            06/29/98         00
    0430901462                           05           09/01/98          0
    320505718                            O            08/01/13
    0
 
 
    1769158          593/593             F          360,000.00         ZZ
                                         180        354,374.87          1
    6139 ROSEMEADOW LANE NE            7.125          3,261.00         79
                                       6.875          3,261.00      460,000.00
    SALEM            OR   97301          4            04/06/98         00
    0006827602                           03           06/01/98          0
    0006827602                           O            05/01/13
    0
 
 
1
 
 
    1769160          593/593             F          428,100.00         ZZ
                                         180        421,340.06          1
    221 DARBY LANE                     7.125          3,877.87         80
                                       6.875          3,877.87      540,000.00
    EVANSTON         WY   82930          2            02/27/98         00
    006960181                            05           04/01/98          0
    006960181                            O            03/01/13
    0
 
 
    1769172          956/G01             F          337,500.00         ZZ
                                         180        336,458.15          1
    1236 SIERRA AVENUE                 7.250          3,080.91         75
                                       7.000          3,080.91      450,000.00
    SAN JOSE         CA   95126          5            06/19/98         00
    0430893768                           05           08/01/98          0
    108060454                            O            07/01/13
    0
 
 
    1769232          882/G01             F          280,000.00         ZZ
                                         180        279,106.98          1
    11225 SW 61 COURT                  6.875          2,497.19         80
                                       6.625          2,497.19      350,000.00
    PINECREST        FL   33156          1            06/30/98         00
    0430905786                           05           08/01/98          0
    980250                               O            07/01/13
    0
 
 
    1769407          638/G01             F          286,750.00         ZZ
                                         180        285,845.32          1
    3790 SINGINGWOOD DRIVE             7.000          2,577.39         80
                                       6.750          2,577.39      360,000.00
    YORBA LINDA      CA   92886          2            05/29/98         00
    0430892455                           03           08/01/98          0
    8751348                              O            07/01/13
    0
 
 
    1769582          638/G01             F          450,000.00         ZZ
                                         180        448,595.61          1
    3522 RUNNING TIDE CIRCLE           7.125          4,076.27         79
                                       6.875          4,076.27      575,000.00
    HUNTINGTON BEAC  CA   92649          2            06/01/98         00
    0430893347                           05           08/01/98          0
    8732120                              O            07/01/13
    0
 
 
    1769618          638/G01             F          300,000.00         ZZ
                                         180        299,073.91          1
    2731 SURFRIDER AVENUE              7.250          2,738.59         52
                                       7.000          2,738.59      585,000.00
1
 
 
    VENTURA          CA   93001          2            06/17/98         00
    0430893172                           05           08/01/98          0
    8759326                              O            07/01/13
    0
 
 
    1769650          638/G01             F          179,000.00         ZZ
                                         180        178,435.27          1
    7932 AVENIDA DIESTRO               7.000          1,608.90         63
                                       6.750          1,608.90      285,000.00
    CARLSBAD         CA   92009          2            06/02/98         00
    0430892836                           05           08/01/98          0
    8753614                              O            07/01/13
    0
 
 
    1769677          638/G01             F          150,000.00         ZZ
                                         180        149,536.96          1
    15584 N.W. TRAKEHNER WAY           7.250          1,369.29         64
                                       7.000          1,369.29      234,900.00
    PORTLAND         OR   97229          1            06/16/98         00
    0430892927                           05           08/01/98          0
    8752804                              O            07/01/13
    0
 
 
    1769699          638/G01             F          316,000.00         ZZ
                                         180        315,056.07          1
    825 SANTA ROSITA                   7.625          2,951.85         78
                                       7.375          2,951.85      410,000.00
    SAN DIEGO        CA   92075          2            06/05/98         00
    0430892968                           05           08/01/98          0
    8751425                              O            07/01/13
    0
 
 
    1769771          638/G01             F          304,000.00         ZZ
                                         180        303,061.57          1
    2627 MINORCA WAY                   7.250          2,775.10         80
                                       7.000          2,775.10      380,000.00
    SAN DIEGO        CA   92014          5            06/08/98         00
    0430893552                           05           08/01/98          0
    8755674                              O            07/01/13
    0
 
 
    1769967          E33/G01             F          350,000.00         ZZ
                                         180        350,000.00          1
    520 BUENA ROAD                     6.750          3,097.19         50
                                       6.500          3,097.19      700,000.00
    LAKE FOREST      IL   60045          5            07/03/98         00
    0430905141                           03           09/01/98          0
    324447571                            O            08/01/13
    0
1
 
 
 
 
    1770029          624/G01             F          266,000.00         ZZ
                                         180        265,178.86          1
    8321 SOUTH TERRACE ROAD            7.250          2,428.22         70
                                       7.000          2,428.22      385,000.00
    TEMPE            AZ   85282          2            06/25/98         00
    0430890111                           03           08/01/98          0
    35500181816                          O            07/01/13
    0
 
 
    1770043          956/G01             F          246,000.00         ZZ
                                         180        245,232.29          1
    4717 194TH AVE.SE                  7.125          2,228.34         71
                                       6.875          2,228.34      350,000.00
    ISSAQUAH         WA   98027          2            06/22/98         00
    0430900084                           05           08/01/98          0
    10804395                             O            07/01/13
    0
 
 
    1770049          956/G01             F          308,000.00         ZZ
                                         180        307,017.67          1
    28822 VIA LEONA                    6.875          2,746.91         65
                                       6.625          2,746.91      475,000.00
    SAN JUAN CAPIST  CA   92675          2            06/17/98         00
    0430907410                           03           08/01/98          0
    608060108                            O            07/01/13
    0
 
 
    1770054          195/G01             F          425,000.00         ZZ
                                         180        423,673.65          1
    2007 VIA TECA                      7.125          3,849.79         43
                                       6.875          3,849.79    1,000,000.00
    SAN CLEMENTE     CA   92673          2            06/25/98         00
    0430897918                           03           08/01/98          0
    57996                                O            07/01/13
    0
 
 
    1770056          562/562             F          266,000.00         ZZ
                                         180        265,187.79          1
    7 LINCOLN PLACE                    7.375          2,447.00         70
                                       7.125          2,447.00      380,000.00
    OSSINING         NY   10562          2            06/26/98         00
    566224                               05           08/01/98          0
    566224                               O            07/01/13
    0
 
 
    1770062          267/267             F          283,000.00         ZZ
                                         180        282,097.40          1
1
 
 
    628 23RD STREET                    6.875          2,523.95         61
                                       6.625          2,523.95      465,000.00
    MANHATTAN BEACH  CA   90266          5            06/15/98         00
    4256093                              05           08/01/98          0
    4256093                              O            07/01/13
    0
 
 
    1770119          480/G01             F          706,250.00         ZZ
                                         180        704,021.82          1
    5003 TOWNE LAKE HILLS NORTH        7.000          6,347.97         66
                                       6.750          6,347.97    1,075,000.00
    WOODSTOCK        GA   30189          2            06/26/98         00
    0430891887                           05           08/01/98          0
    2581692                              O            07/01/13
    0
 
 
    1770130          480/G01             F          300,000.00         ZZ
                                         180        299,053.52          1
    4064 EAST BROOKHAVEN DRIVE         7.000          2,696.48         37
                                       6.750          2,696.48      812,500.00
    ATLANTA          GA   30319          1            06/12/98         00
    0430891804                           05           08/01/98          0
    2284370                              O            07/01/13
    0
 
 
    1770134          480/G01             F          336,700.00         ZZ
                                         180        335,626.14          1
    6968 TORREY STREET                 6.875          3,002.87         79
                                       6.625          3,002.87      430,000.00
    ARVADA           CO   80007          2            06/25/98         00
    0430891838                           03           08/01/98          0
    2199412                              O            07/01/13
    0
 
 
    1770224          721/G01             F          350,000.00         ZZ
                                         180        348,907.72          1
    5690 RIDGE ROAD                    7.125          3,170.41         48
                                       6.875          3,170.41      739,000.00
    SHOREWOOD        MN   55331          5            06/23/98         00
    0430905042                           05           08/01/98          0
    7810059352                           O            07/01/13
    0
 
 
    1770266          356/G01             F          280,000.00         ZZ
                                         180        279,126.17          1
    36270 ENFIELD DR                   7.125          2,536.33         76
                                       6.875          2,536.33      370,000.00
    NEWARK           CA   94560          2            06/11/98         00
    0430899096                           05           08/01/98          0
1
 
 
    2533248                              O            07/01/13
    0
 
 
    1770309          638/G01             F          288,000.00         ZZ
                                         180        287,081.46          1
    411 QUINTARA STREET                6.875          2,568.54         43
                                       6.625          2,568.54      685,000.00
    SAN FRANCISCO    CA   94116          2            06/16/98         00
    0430895425                           05           08/01/98          0
    8758128                              O            07/01/13
    0
 
 
    1770313          638/G01             F          271,000.00         ZZ
                                         180        270,163.43          1
    16575 BLACKBURN DRIVE              7.250          2,473.86         79
                                       7.000          2,473.86      345,000.00
    LA MIRADA        CA   90638          2            06/16/98         00
    0430895201                           03           08/01/98          0
    8754481                              O            07/01/13
    0
 
 
    1770314          638/G01             F          432,500.00         ZZ
                                         180        431,179.40          1
    34 BARNEBURG                       7.375          3,978.67         79
                                       7.125          3,978.67      550,000.00
    DOVE CANYON      CA   92679          2            06/04/98         00
    0430894394                           03           08/01/98          0
    8730746                              O            07/01/13
    0
 
 
    1770383          E22/G01             F           68,600.00         ZZ
                                         180         68,392.82          1
    4522 NORTH STEVENS STREET          7.500            635.93         70
                                       7.250            635.93       98,000.00
    SPOKANE          WA   99205          2            06/23/98         00
    0410916464                           05           08/01/98          0
    410916464                            O            07/01/13
    0
 
 
    1770401          367/367             F          324,000.00         ZZ
                                         180        322,944.05          1
    1225 ALDEBARAN DRIVE               6.625          2,844.70         52
                                       6.375          2,844.70      635,000.00
    MCLEAN           VA   22101          2            06/19/98         00
    99080010                             03           08/01/98          0
    99080010                             O            07/01/13
    0
 
 
1
 
 
    1770479          707/707             F          495,000.00         ZZ
                                         180        483,072.99          1
    3822 MARIPOSA DRIVE                7.125          4,483.86         59
                                       6.875          4,483.86      850,000.00
    HONOLULU         HI   96816          2            12/18/97         00
    5701635                              05           02/01/98          0
    5701635                              O            01/01/13
    0
 
 
    1770480          707/707             F          475,000.00         ZZ
                                         180        470,429.04          1
    3290 PACIFIC HEIGHTS ROAD          6.875          4,236.31         53
                                       6.625          4,236.31      900,000.00
    HONOLULU         HI   96813          2            04/23/98         00
    5703018                              05           06/01/98          0
    5703018                              O            05/01/13
    0
 
 
    1770482          707/707             F          560,000.00         ZZ
                                         180        556,417.67          1
    146 MAONO PLACE                    6.875          4,994.38         79
                                       6.625          4,994.38      710,000.00
    HONOLULU         HI   96821          2            05/22/98         00
    5703166                              03           07/01/98          0
    5703166                              O            06/01/13
    0
 
 
    1770483          707/707             F          356,000.00         ZZ
                                         180        353,722.66          1
    99-452 ULUNE STREET                6.875          3,175.00         80
                                       6.625          3,175.00      445,000.00
    AIEA             HI   96701          2            05/22/98         00
    5885302                              05           07/01/98          0
    5885302                              O            06/01/13
    0
 
 
    1770484          707/707             F          475,000.00         ZZ
                                         180        467,337.93          1
    625 ONAHA STREET                   6.875          4,236.31         71
                                       6.625          4,236.31      678,000.00
    HONOLULU         HI   96816          2            02/05/98         00
    5893364                              05           04/01/98          0
    5893364                              O            03/01/13
    0
 
 
    1770486          707/707             F          620,000.00         ZZ
                                         180        616,003.59          1
    2128 PAULOA PLACE                  6.875          5,529.50         78
                                       6.625          5,529.50      795,000.00
1
 
 
    HONOLULU         HI   96821          5            04/30/98         00
    5894921                              03           07/01/98          0
    5894921                              O            06/01/13
    0
 
 
    1770487          707/707             F          760,000.00         ZZ
                                         180        750,220.67          2
    425 PORTLOCK ROAD                  6.875          6,778.09         50
                                       6.625          6,778.09    1,550,000.00
    HONOLULU         HI   96825          5            03/09/98         00
    597830                               05           05/01/98          0
    597830                               O            04/01/13
    0
 
 
    1770488          707/707             F          490,000.00         ZZ
                                         180        482,262.69          1
    155 KOKOLOLIO PLACE                7.125          4,438.57         76
                                       6.875          4,438.57      650,000.00
    HONOLULU         HI   96821          2            02/20/98         00
    598747                               03           04/01/98          0
    598747                               O            03/01/13
    0
 
 
    1770489          707/707             F          570,000.00         ZZ
                                         180        560,739.74          1
    43 HALE ALII PLACE                 7.125          5,163.24         67
                                       6.875          5,163.24      860,000.00
    KIHEI            HI   96753          5            01/29/98         00
    6003087                              03           04/01/98          0
    6003087                              O            03/01/13
    0
 
 
    1770568          450/G01             F          512,000.00         ZZ
                                         180        510,419.47          1
    254 TOURAINE                       7.250          4,673.86         72
                                       7.000          4,673.86      712,000.00
    GROSSE POINTE F  MI   48236          2            06/23/98         00
    0430896761                           05           08/01/98          0
    4501326                              O            07/01/13
    0
 
 
    1770665          593/593             F          260,000.00         ZZ
                                         180        259,197.38          1
    8425 SOUTH SAGEWOOD ROAD           7.250          2,373.45         62
                                       7.000          2,373.45      420,000.00
    SPOKANE          WA   99223          1            06/15/98         00
    0006984165                           05           08/01/98          0
    0006984165                           O            07/01/13
    0
1
 
 
 
 
    1770853          K08/G01             F           85,000.00         ZZ
                                         180         84,725.96          1
    2825 CRIPPLE CREEK TRAIL           6.750            752.17         78
                                       6.500            752.17      110,000.00
    GRAPEVINE        TX   76051          2            06/30/98         00
    0410921431                           05           08/01/98          0
    410921431                            O            07/01/13
    0
 
 
    1770890          E22/G01             F          130,000.00         ZZ
                                         180        129,620.15          1
    27920 GETTYSBURG                   7.875          1,232.98         65
                                       7.625          1,232.98      200,000.00
    FARMINGTON HILL  MI   48331          1            07/02/98         00
    0410934889                           05           08/01/98          0
    410934889                            O            07/01/13
    0
 
 
    1771082          K21/G01             F          450,300.00         ZZ
                                         180        450,300.00          1
    4337 CLARINDA DRIVE                6.500          3,922.60         63
    TARZANA AREA                       6.250          3,922.60      725,000.00
    LOS ANGELES      CA   91356          5            07/21/98         00
    0430928143                           05           09/01/98          0
    989990                               O            08/01/13
    0
 
 
    1771110          661/661             F          234,000.00         ZZ
                                         180        233,331.22          1
    203 CYPRESS STREET                 8.125          2,253.15         77
                                       7.875          2,253.15      305,000.00
    FLORAL PARK      NY   11001          5            06/25/98         00
    3435062                              05           08/01/98          0
    3435062                              O            07/01/13
    0
 
 
    1771212          661/661             F          350,000.00         ZZ
                                         180        350,000.00          1
    39 WEST 909 SILVER GLEN ROAD       7.125          3,170.40         73
                                       6.875          3,170.40      480,000.00
    SAINT CHARLES    IL   60175          5            06/27/98         00
    3490422                              05           09/01/98          0
    3490422                              O            08/01/13
    0
 
 
    1771220          G32/G01             F          380,000.00         ZZ
                                         180        380,000.00          1
1
 
 
    1715 NORTH PEBBLE BEACH WAY        6.800          3,373.20         70
                                       6.550          3,373.20      550,000.00
    VERNON HILLS     IL   60061          1            07/28/98         00
    0430948604                           05           09/01/98          0
    1003996                              O            08/01/13
    0
 
 
    1771462          637/G01             F          570,000.00         ZZ
                                         180        566,353.70          1
    1200 SNYDER LANE                   6.875          5,083.57         66
                                       6.625          5,083.57      875,000.00
    WALNUT CREEK     CA   94598          2            05/11/98         00
    0430911743                           05           07/01/98          0
    0011143336                           O            06/01/13
    0
 
 
    1771713          661/661             F          500,000.00         ZZ
                                         180        498,439.59          1
    9101 EAGLE HILLS DRIVE             7.125          4,529.16         42
                                       6.875          4,529.16    1,200,000.00
    LAS VEGAS        NV   89134          2            06/25/98         00
    3509932                              03           08/01/98          0
    3509932                              O            07/01/13
    0
 
 
    1771780          F96/G01             F          260,000.00         ZZ
                                         180        260,000.00          1
    61 HILLCREST ROAD                  6.750          2,300.76         55
                                       6.500          2,300.76      480,000.00
    BOONTON TWSP     NJ   07005          2            07/06/98         00
    0430899997                           05           09/01/98          0
    2743                                 O            08/01/13
    0
 
 
    1771789          K72/G01             F          196,000.00         ZZ
                                         180        195,381.62          1
    6802 CEDARBARK COURT               7.000          1,761.71         73
                                       6.750          1,761.71      270,000.00
    AGOURA AREA      CA   91301          2            06/22/98         00
    0430903534                           05           08/01/98          0
    VAL421                               O            07/01/13
    0
 
 
    1771864          637/G01             F          450,000.00         ZZ
                                         180        445,807.35          1
    640 EAGLE SPRINGS COURT            7.250          4,107.89         65
                                       7.000          4,107.89      700,000.00
    MORGAN HILL      CA   95037          2            04/28/98         00
    0430897702                           05           06/01/98          0
1
 
 
    0011018140                           O            05/01/13
    0
 
 
    1771874          637/G01             F          650,000.00         ZZ
                                         180        645,841.92          1
    10660 WILTON ROAD                  6.875          5,797.06         52
                                       6.625          5,797.06    1,260,000.00
    ELK GROVE        CA   95624          2            05/05/98         00
    0430897611                           05           07/01/98          0
    0011126133                           O            06/01/13
    0
 
 
    1771878          B60/G01             F          227,000.00         ZZ
                                         180        226,291.57          1
    6233 EAST ROCKINGHORSE WAY         7.125          2,056.24         68
                                       6.875          2,056.24      337,000.00
    ORANGE           CA   92869          2            06/02/98         00
    0430926758                           03           08/01/98          0
    250491                               O            07/01/13
    0
 
 
    1772162          638/G01             F          245,000.00         ZZ
                                         180        243,449.57          1
    509 EAST MILANO DRIVE              7.000          2,202.13         80
                                       6.750          2,202.13      309,000.00
    PLACENTIA        CA   92870          2            05/22/98         00
    0430896654                           03           07/01/98          0
    08743158                             O            06/01/13
    0
 
 
    1772164          638/G01             F          385,000.00         ZZ
                                         180        383,758.73          1
    1125 MOUNTBATTEN DRIVE             6.750          3,406.90         70
                                       6.500          3,406.90      550,000.00
    GLENDALE         CA   91207          1            06/23/98         00
    0430897389                           05           08/01/98          0
    08758823                             O            07/01/13
    0
 
 
    1772167          638/G01             F          292,000.00         ZZ
                                         180        291,078.75          1
    3855 SHADOW GROVE ROAD             7.000          2,624.58         45
                                       6.750          2,624.58      650,000.00
    PASADENA         CA   91107          5            06/17/98         00
    0430897546                           05           08/01/98          0
    08749783                             O            07/01/13
    0
 
 
1
 
 
    1772179          638/G01             F          133,000.00         ZZ
                                         180        132,571.20          1
    2722 MARSTON HEIGHTS DRIVE         6.750          1,176.93         45
                                       6.500          1,176.93      300,000.00
    COLORADO SPRING  CO   80920          2            06/25/98         00
    0430896886                           03           08/01/98          0
    08758827                             O            07/01/13
    0
 
 
    1772180          638/G01             F          850,000.00         ZZ
                                         180        847,404.61          1
    3302 VENTURE DRIVE                 7.375          7,819.35         65
                                       7.125          7,819.35    1,325,000.00
    HUNTINGTON BEAC  CA   92649          5            06/02/98         00
    0430897009                           03           08/01/98          0
    8717127                              O            07/01/13
    0
 
 
    1772187          638/G01             F          485,000.00         ZZ
                                         180        483,436.31          1
    18 MYSTIC ROAD                     6.750          4,291.82         76
                                       6.500          4,291.82      640,000.00
    RICHMOND         VA   23233          1            06/30/98         00
    0430897488                           03           08/01/98          0
    3174206                              O            07/01/13
    0
 
 
    1772194          638/G01             F          325,000.00         ZZ
                                         180        323,940.79          1
    1412 BEACON STREET                 6.625          2,853.48         70
                                       6.375          2,853.48      465,000.00
    NEWTON           MA   02168          5            06/23/98         00
    0430897322                           05           08/01/98          0
    8750950                              O            07/01/13
    0
 
 
    1772224          E22/G01             F           51,000.00         ZZ
                                         180         50,847.65          1
    543 DRAKE AVENUE                   7.625            476.41         75
                                       7.375            476.41       68,000.00
    NASHVILLE        TN   37211          2            06/30/98         00
    0410936413                           05           08/01/98          0
    410936413                            O            07/01/13
    0
 
 
    1772262          638/G01             F          300,000.00         ZZ
                                         180        299,073.91          1
    49760 LITTLE BIGHORN CIRCLE        7.250          2,738.59         64
                                       7.000          2,738.59      475,000.00
1
 
 
    PALM DESERT      CA   92260          5            06/05/98         00
    0430897827                           05           08/01/98          0
    8751990                              O            07/01/13
    0
 
 
    1772280          638/G01             F           76,500.00         ZZ
                                         180         76,256.01          1
    106 MANOR ROAD                     6.875            682.27         29
                                       6.625            682.27      273,000.00
    FAIRFAX          CA   94930          2            06/24/98         00
    0430896852                           05           08/01/98          0
    08760587                             O            07/01/13
    0
 
 
    1772295          356/G01             F          270,000.00         ZZ
                                         180        269,157.38          1
    1210 ST JOSEPH CT                  7.125          2,445.75         60
                                       6.875          2,445.75      451,000.00
    MILPITAS         CA   95035          2            06/15/98         00
    0430899211                           05           08/01/98          0
    2518389                              O            07/01/13
    0
 
 
    1772315          956/G01             F          264,000.00         ZZ
                                         180        262,400.40          1
    5 HOLIDAY COVE COURT               7.500          2,447.31         80
                                       7.250          2,447.31      330,000.00
    SACRAMENTO       CA   95831          2            05/28/98         00
    0430895540                           03           07/01/98          0
    308050289                            O            06/01/13
    0
 
 
    1772323          956/G01             F          266,000.00         ZZ
                                         180        265,160.79          1
    1431 MANZANITA DRIVE               7.000          2,390.88         61
                                       6.750          2,390.88      440,000.00
    SANTA ROSA       CA   95409          5            06/01/98         00
    0430907394                           05           08/01/98          0
    808050579                            O            07/01/13
    0
 
 
    1772442          637/G01             F          296,250.00         ZZ
                                         180        294,375.23          1
    11347 MANITOU ROAD                 7.000          2,662.78         75
                                       6.750          2,662.78      395,000.00
    FRANKTOWN        CO   80116          5            05/08/98         00
    0430903377                           05           07/01/98          0
    0011143534                           O            06/01/13
    0
1
 
 
 
 
    1772445          637/G01             F          410,000.00         ZZ
                                         180        407,433.34          1
    3132 ALEXIS DRIVE                  7.125          3,713.91         44
                                       6.875          3,713.91      950,000.00
    PALO ALTO        CA   94304          2            05/08/98         00
    0430911859                           05           07/01/98          0
    0011150364                           O            06/01/13
    0
 
 
    1772540          638/G01             F          403,000.00         ZZ
                                         180        401,742.31          1
    6826 BOULDER CREEK LANE            7.125          3,650.50         41
                                       6.875          3,650.50    1,000,000.00
    RIVERSIDE        CA   92506          5            06/15/98         00
    0430901215                           05           08/01/98          0
    8757449                              O            07/01/13
    0
 
 
    1772542          638/G01             F          270,000.00         ZZ
                                         180        269,138.87          1
    3350 CREEK ROAD                    6.875          2,408.01         64
                                       6.625          2,408.01      427,000.00
    KELLER           TX   76180          2            06/23/98         00
    0430901710                           05           08/01/98          0
    8736911                              O            07/01/13
    0
 
 
    1772725          450/G01             F          270,000.00         ZZ
                                         180        269,166.52          1
    3237 SOUTH COURT                   7.250          2,464.73         39
                                       7.000          2,464.73      703,000.00
    PALO ALTO        CA   94306          5            06/24/98         00
    0430899583                           05           08/01/98          0
    4505095                              O            07/01/13
    0
 
 
    1772859          136/136             F          178,000.00         ZZ
                                         180        177,456.49          1
    63 CIRCLE DRIVE                    7.375          1,637.47         65
                                       7.125          1,637.47      278,000.00
    SYOSSET          NY   11791          1            06/22/98         00
    4528580                              05           08/01/98          0
    4528580                              O            07/01/13
    0
 
 
    1772904          966/G01             F          254,400.00         ZZ
                                         180        253,606.07          1
1
 
 
    6207 STONERIDGE DRIVE              7.125          2,304.43         80
                                       6.875          2,304.43      318,000.00
    TEXARKANA        TX   75503          1            06/15/98         00
    0430919886                           05           08/01/98          0
    30006902                             O            07/01/13
    0
 
 
    1772939          F53/G01             F          108,000.00         ZZ
                                         180        107,662.95          1
    949 SOUTH LONE PINE LANE           7.125            978.30         51
                                       6.875            978.30      215,000.00
    ANAHEIM          CA   92808          2            06/01/98         00
    0430898577                           07           08/01/98          0
    ASA0508KHOS                          O            07/01/13
    0
 
 
    1773133          765/G01             F          256,000.00         ZZ
                                         180        256,000.00          1
    21352 AMORA                        7.000          2,301.01         80
                                       6.750          2,301.01      320,000.00
    MISSION VIEJO    CA   92692          1            07/01/98         00
    0430914887                           03           09/01/98          0
    335244                               O            08/01/13
    0
 
 
    1773200          450/G01             F          336,000.00         T
                                         180        334,951.41          1
    617 ENCHANTED ISLE DRIVE           7.125          3,043.59         80
                                       6.875          3,043.59      420,000.00
    MABANK           TX   75147          1            06/26/98         00
    0430901249                           03           08/01/98          0
    4327912                              O            07/01/13
    0
 
 
    1773323          664/G01             F          200,000.00         ZZ
                                         180        200,000.00          1
    905 STEWARTON WAY                  6.875          1,783.71         50
                                       6.625          1,783.71      407,000.00
    GLENDALE         CA   91207          1            07/01/98         00
    0430927756                           05           09/01/98          0
    2625580                              O            08/01/13
    0
 
 
    1773391          975/G01             F          415,000.00         ZZ
                                         180        415,000.00          1
    18181 EAST SERRANO AVENUE          7.125          3,759.20         79
                                       6.875          3,759.20      530,000.00
    VILLA PARK       CA   92861          2            07/01/98         00
    0430914598                           05           09/01/98          0
1
 
 
    982152                               O            08/01/13
    0
 
 
    1773423          A50/A50             F          396,000.00         T
                                         180        393,547.73          1
    710 CENTER DRIVE                   7.250          3,614.94         80
                                       7.000          3,614.94      495,000.00
    HIGHLANDS        NC   28741          1            05/22/98         00
    109971                               05           07/01/98          0
    109971                               O            06/01/13
    0
 
 
    1773561          E22/G01             F          195,000.00         ZZ
                                         180        194,411.08          1
    6575 MOUNTAIN DRIVE                7.500          1,807.67         70
                                       7.250          1,807.67      280,000.00
    TROY             MI   48098          2            06/22/98         00
    0410837124                           05           08/01/98          0
    410837124                            O            07/01/13
    0
 
 
    1773563          E22/G01             F          157,600.00         ZZ
                                         180        157,600.00          1
    4304 ANNANDALE DRIVE               7.000          1,416.55         80
                                       6.750          1,416.55      197,000.00
    STOCKTON         CA   95219          1            07/06/98         00
    0410935795                           03           09/01/98          0
    410935795                            O            08/01/13
    0
 
 
    1773591          G32/G01             F          272,800.00         ZZ
                                         180        272,800.00          1
    28 W 176 BELLEAU DR                7.250          2,490.29         57
                                       7.000          2,490.29      480,000.00
    WINFIELD         IL   60190          2            07/10/98         00
    0430919696                           05           09/01/98          0
    1003864                              O            08/01/13
    0
 
 
    1773595          E22/G01             F          150,250.00         ZZ
                                         180        149,775.97          1
    4402 PRINCE PINE TRAIL             7.000          1,350.49         70
                                       6.750          1,350.49      215,000.00
    HOUSTON          TX   77059          1            06/30/98         00
    0410927560                           05           08/01/98          0
    410927560                            O            07/01/13
    0
 
 
1
 
 
    1773606          E22/G01             F          185,000.00         ZZ
                                         180        185,000.00          1
    2666 PETERBORO                     7.375          1,701.86         73
                                       7.125          1,701.86      255,000.00
    WEST BLOOMFIELD  MI   48323          1            07/07/98         00
    0410929244                           05           09/01/98          0
    410929244                            O            08/01/13
    0
 
 
    1773620          E22/G01             F           67,800.00         ZZ
                                         180         67,800.00          1
    245 LINKHART DRIVE                 7.250            618.92         87
                                       7.000            618.92       78,000.00
    NEW VIENNA       OH   45159          2            07/02/98         04
    0410889323                           05           09/01/98         25
    410889323                            O            08/01/13
    0
 
 
    1773728          638/G01             F           86,000.00         ZZ
                                         180         85,728.68          1
    294 LONG STREET                    7.000            772.99         79
                                       6.750            772.99      109,000.00
    WARWICK          RI   02886          2            06/24/98         00
    0430903831                           05           08/01/98          0
    8761332                              O            07/01/13
    0
 
 
    1773733          638/G01             F          175,200.00         ZZ
                                         180        174,653.23          1
    5514 FIRESTONE ROAD                7.125          1,587.02         80
                                       6.875          1,587.02      219,000.00
    LIVERMORE        CA   94550          2            06/18/98         00
    0430903666                           05           08/01/98          0
    8753651                              O            07/01/13
    0
 
 
    1773739          638/G01             F          438,500.00         ZZ
                                         180        437,161.09          1
    1628 8TH STREET                    7.375          4,033.86         49
                                       7.125          4,033.86      895,000.00
    MANHATTAN BEACH  CA   90266          2            06/11/98         00
    0430903054                           05           08/01/98          0
    8755337                              O            07/01/13
    0
 
 
    1773744          638/G01             F          312,000.00         ZZ
                                         180        311,047.34          1
    263 WEST LAS FLORES AVENUE         7.375          2,870.16         68
                                       7.125          2,870.16      465,000.00
1
 
 
    ARCADIA          CA   91007          2            06/04/98         00
    0430903294                           05           08/01/98          0
    8755729                              O            07/01/13
    0
 
 
    1773763          638/G01             F          135,000.00         ZZ
                                         180        134,574.08          1
    6 CAPRI                            7.000          1,213.42         33
                                       6.750          1,213.42      412,000.00
    LAGUNA NIGUEL    CA   92677          5            06/12/98         00
    0430903104                           03           08/01/98          0
    8745430                              O            07/01/13
    0
 
 
    1773765          638/G01             F          325,000.00         ZZ
                                         180        323,963.45          1
    2927 HOPETON ROAD                  6.875          2,898.53         69
                                       6.625          2,898.53      475,000.00
    LA CRESCENTA     CA   91214          2            06/17/98         00
    0430903245                           05           08/01/98          0
    8758358                              O            07/01/13
    0
 
 
    1773772          638/G01             F           76,000.00         ZZ
                                         180         75,767.94          1
    322 THE TERRACE                    7.375            699.14         26
                                       7.125            699.14      300,000.00
    REDLANDS         CA   92374          2            06/03/98         00
    0430903708                           05           08/01/98          0
    8753700                              O            07/01/13
    0
 
 
    1773780          638/G01             F          290,000.00         ZZ
                                         180        289,075.08          1
    14 NORTH STREET                    6.875          2,586.38         61
                                       6.625          2,586.38      480,000.00
    GREENWICH        CT   06870          2            06/05/98         00
    0430903724                           05           08/01/98          0
    8728494                              O            07/01/13
    0
 
 
    1774058          E29/G01             F          725,000.00         ZZ
                                         180        725,000.00          1
    66 CHERRY HILLS FARM DRIVE         7.125          6,567.28         60
                                       6.875          6,567.28    1,210,000.00
    ENGLEWOOD        CO   80110          5            07/09/98         00
    0430950105                           03           09/01/98          0
    9805279                              O            08/01/13
    0
1
 
 
 
 
    1774121          267/267             F          395,000.00         ZZ
                                         180        395,000.00          1
    160 REDLAND ROAD                   6.875          3,522.83         50
                                       6.625          3,522.83      800,000.00
    WOODSIDE         CA   94062          2            06/26/98         00
    01000040286                          05           09/01/98          0
    01000040286                          O            08/01/13
    0
 
 
    1774134          K16/G01             F          250,000.00         ZZ
                                         180        250,000.00          1
    300 SOUTH VINEDO AVENUE            7.000          2,247.07         71
                                       6.750          2,247.07      355,000.00
    PASADENA AREA    CA   91107          5            07/24/98         00
    0430931410                           05           09/01/98          0
    1774134                              O            08/01/13
    0
 
 
    1774269          E22/G01             F          169,000.00         ZZ
                                         180        168,483.98          1
    1450 CHETWOOD COURT                7.375          1,554.67         71
                                       7.125          1,554.67      240,000.00
    MUNDELEIN        IL   60060          2            07/02/98         00
    0410910764                           05           08/01/98          0
    410910764                            O            07/01/13
    0
 
 
    1774577          561/561             F           57,000.00         ZZ
                                         180         57,000.00          1
    941 OLD CUTLER ROAD                8.000            544.73         30
                                       7.750            544.73      190,000.00
    VIRGINIA BEACH   VA   23454          2            06/29/98         00
    9434713                              05           09/01/98          0
    9434713                              O            08/01/13
    0
 
 
    1774610          562/562             F          300,000.00         ZZ
                                         180        300,000.00          1
    7 AVON ROAD                        7.250          2,738.59         54
                                       7.000          2,738.59      565,000.00
    BRONXVILLE       NY   10708          1            07/15/98         00
    559369                               05           09/01/98          0
    559369                               O            08/01/13
    0
 
 
    1774653          356/G01             F          254,100.00         ZZ
                                         180        254,100.00          1
1
 
 
    897 WEST IOWA AVE                  7.250          2,319.59         48
                                       7.000          2,319.59      535,000.00
    SUNNYVALE        CA   94086          2            06/22/98         00
    0430907352                           03           09/01/98          0
    2542363                              O            08/01/13
    0
 
 
    1774678          A50/A50             F          277,400.00         ZZ
                                         180        276,524.82          1
    178 COTTLE ROAD                    7.000          2,493.35         74
                                       6.750          2,493.35      375,000.00
    TIFTON           GA   31794          5            07/01/98         00
    109589                               05           08/01/98          0
    109589                               O            07/01/13
    0
 
 
    1774743          975/G01             F          520,000.00         ZZ
                                         180        520,000.00          1
    939 DESCANSO DRIVE                 7.375          4,783.60         70
                                       7.125          4,783.60      750,000.00
    LA CANADA-FLINT  CA   91011          2            07/01/98         00
    0430918425                           05           09/01/98          0
    981563                               O            08/01/13
    0
 
 
    1774846          976/976             F          214,000.00         ZZ
                                         180        212,703.34          1
    32603 WHITEHAVEN PLACE             7.500          1,983.81         55
                                       7.250          1,983.81      393,310.00
    FULSHEAR         TX   77441          4            04/22/97         00
    413141                               03           07/01/98          0
    413141                               O            06/01/13
    0
 
 
    1774847          976/976             F          180,000.00         ZZ
                                         180        179,425.91          1
    2021 ORION COURT                   6.875          1,605.34         52
                                       6.625          1,605.34      348,800.00
    SAN LEANDRO      CA   94579          1            06/10/98         00
    764259                               03           08/01/98          0
    764259                               O            07/01/13
    0
 
 
    1774849          976/976             F          238,400.00         ZZ
                                         180        236,891.33          1
    24 PENBROKE AVENUE                 7.000          2,142.81         80
                                       6.750          2,142.81      298,000.00
     STATEN ISLAND   NY   10301          2            05/11/98         00
    5193624                              05           07/01/98          0
1
 
 
    5193624                              O            06/01/13
    0
 
 
    1774850          976/976             F          393,000.00         ZZ
                                         180        390,566.31          1
    1 HILLARD LANE                     7.250          3,587.56         66
                                       7.000          3,587.56      600,000.00
    GLADSTONE, (PEA  NJ   07934          2            05/14/98         00
    5194218                              05           07/01/98          0
    5194218                              O            06/01/13
    0
 
 
    1774851          976/976             F          638,400.00         ZZ
                                         180        636,429.28          1
    5840 GRAVES LAKE DRIVE             7.250          5,827.72         80
                                       7.000          5,827.72      798,000.00
    CINCINNATI       OH   45241          1            06/08/98         00
    5213344                              05           08/01/98          0
    5213344                              O            07/01/13
    0
 
 
    1774852          976/976             F          130,350.00         ZZ
                                         180        129,943.19          1
    1241 RANCHO FRONTERA AVENUE        7.125          1,180.76         80
                                       6.875          1,180.76      162,990.00
    CALEXICO         CA   92231          1            06/10/98         00
    5214175                              05           08/01/98          0
    5214175                              O            07/01/13
    0
 
 
    1774854          976/976             F          362,600.00         ZZ
                                         180        359,048.05          1
    10009 FOX SPRINGS DRIVE            7.000          3,259.16         80
                                       6.750          3,259.16      453,292.00
    LAS VEGAS        NV   89117          1            05/04/98         00
    5217448                              03           07/01/98          0
    5217448                              O            06/01/13
    0
 
 
    1774856          976/976             F          576,000.00         ZZ
                                         180        574,241.24          1
    105 DEERTRACK LANE                 7.375          5,298.76         80
                                       7.125          5,298.76      720,000.00
    IRVINGTON        NY   10533          1            06/05/98         00
    5221889                              05           08/01/98          0
    5221889                              O            07/01/13
    0
 
 
1
 
 
    1774857          976/976             F          430,000.00         ZZ
                                         180        426,122.06          1
    22 WEST 66 STREET                  7.625          4,016.76         34
                                       7.375          4,016.76    1,300,000.00
    NEW YORK         NY   10023          2            04/16/98         00
    5226431                              01           06/01/98          0
    5226431                              O            05/01/13
    0
 
 
    1774859          976/976             F           75,200.00         ZZ
                                         180         74,213.64          1
    2880 VIGILANTE TRAIL               7.000            675.92         80
                                       6.750            675.92       94,000.00
    BILLINGS         MT   59102          1            05/27/98         00
    5243076                              05           07/01/98          0
    5243076                              O            06/01/13
    0
 
 
    1774860          976/976             F          103,000.00         T
                                         180        102,355.19          1
    5410 HEMLOCK DRIVE                 7.125            933.01         72
                                       6.875            933.01      144,000.00
    SODA SPRINGS     CA   95728          2            05/28/98         00
    5243998                              05           07/01/98          0
    5243998                              O            06/01/13
    0
 
 
    1774861          976/976             F           63,100.00         ZZ
                                         180         62,903.08          1
    7513 RICHLAND ROAD                 7.125            571.58         80
                                       6.875            571.58       78,900.00
    RICHLAND HILLS   TX   76118          1            06/18/98         00
    5244954                              05           08/01/98          0
    5244954                              O            07/01/13
    0
 
 
    1774863          976/976             F          303,450.00         ZZ
                                         180        301,529.66          1
    4570 RUTHERFORD DRIVE              7.000          2,727.50         80
                                       6.750          2,727.50      379,325.00
    MARIETTA         GA   30062          1            06/01/98         00
    5252237                              03           07/01/98          0
    5252237                              O            06/01/13
    0
 
 
    1774865          976/976             F           94,950.00         ZZ
                                         180         94,380.94          1
    5201 S. TORREY PINES DR.,#1178     7.625            886.96         66
                                       7.375            886.96      144,950.00
1
 
 
    LAS VEGAS        NV   89118          1            05/06/98         00
    5255958                              01           07/01/98          0
    5255958                              O            06/01/13
    0
 
 
    1774866          976/976             F          400,000.00         ZZ
                                         180        379,414.21          1
    250 BAXTER NECK ROAD               7.250          3,651.46         30
                                       7.000          3,651.46    1,350,000.00
    MARSTONS MILLS   MA   02648          2            05/21/98         00
    5256173                              05           07/01/98          0
    5256173                              O            06/01/13
    0
 
 
    1774867          976/976             F          340,000.00         ZZ
                                         180        337,917.30          1
    3064 THREE SPRING RD               7.375          3,127.74         49
                                       7.125          3,127.74      700,000.00
    SAN JOSE         CA   95140          2            05/18/98         00
    5258798                              05           07/01/98          0
    5258798                              O            06/01/13
    0
 
 
    1774868          976/976             F          293,600.00         ZZ
                                         180        291,701.48          1
    60 EASTER BROOK ROAD               6.750          2,598.10         80
                                       6.500          2,598.10      367,000.00
    LUNENBURG        MA   01462          1            05/15/98         00
    5262697                              05           07/01/98          0
    5262697                              O            06/01/13
    0
 
 
    1774869          976/976             F          140,000.00         ZZ
                                         180        138,621.19          1
    74 EDWARDS PLACE                   8.500          1,378.64         75
                                       8.250          1,378.64      189,000.00
    VALLEY STREAM    NY   11580          5            05/15/98         00
    5277280                              05           07/01/98          0
    5277280                              O            06/01/13
    0
 
 
    1774870          976/976             F           83,750.00         ZZ
                                         180         83,385.77          1
    2241 EAST VENADO DRIVE             7.000            752.77         73
                                       6.750            752.77      115,000.00
    NEW RIVER        AZ   85027          2            06/01/98         00
    5281972                              05           08/01/98          0
    5281972                              O            07/01/13
    0
1
 
 
 
 
    1774871          976/976             F          177,000.00         ZZ
                                         180        176,447.61          1
    2021 PASO VERDE DRIVE              7.125          1,603.33         75
    HACIENDA HEIGHTS AREA              6.875          1,603.33      236,000.00
    LOS ANGELES      CA   91745          5            06/02/98         00
    5283006                              05           08/01/98          0
    5283006                              O            07/01/13
    0
 
 
    1774873          976/976             F          498,500.00         T
                                         180        493,855.47          1
    152 MESA VERDE WAY                 7.250          4,550.63         63
                                       7.000          4,550.63      800,000.00
    SAN CARLOS       CA   94070          2            04/29/98         00
    5284791                              05           06/01/98          0
    5284791                              O            05/01/13
    0
 
 
    1774874          976/976             F          260,000.00         ZZ
                                         180        258,336.75          1
    2678 WHITE HORSE ROAD              6.875          2,318.83         48
                                       6.625          2,318.83      550,000.00
    COOL             CA   95614          2            05/15/98         00
    5284852                              05           07/01/98          0
    5284852                              O            06/01/13
    0
 
 
    1774875          976/976             F           85,800.00         ZZ
                                         180         85,257.02          1
    1450 N.W. 13TH STREET              7.000            771.20         60
                                       6.750            771.20      143,000.00
    CORVALLIS        OR   97330          5            05/29/98         00
    5298394                              05           07/01/98          0
    5298394                              O            06/01/13
    0
 
 
    1774876          976/976             F          140,000.00         ZZ
                                         180        139,142.41          1
    47321 BUTLER LANE                  7.375          1,287.90         64
                                       7.125          1,287.90      220,000.00
    NOVI             MI   48374          2            05/11/98         00
    5300879                              01           07/01/98          0
    5300879                              O            06/01/13
    0
 
 
    1774877          976/976             F           70,000.00         ZZ
                                         180         69,571.20          1
1
 
 
    35540 JEFFERS CT                   7.375            643.95         30
                                       7.125            643.95      240,000.00
    HARRISON TWP     MI   48045          5            05/12/98         00
    5300929                              05           07/01/98          0
    5300929                              O            06/01/13
    0
 
 
    1774878          976/976             F          294,350.00         ZZ
                                         180        292,354.18          1
    2543 N MAIN STREET                 7.000          2,645.71         70
                                       6.750          2,645.71      420,500.00
    ROYAL OAK        MI   48073          5            05/11/98         00
    5300940                              05           07/01/98          0
    5300940                              O            06/01/13
    0
 
 
    1774879          976/976             F          353,600.00         ZZ
                                         180        351,410.29          1
    18 LANTERN LANE                    7.250          3,227.89         80
                                       7.000          3,227.89      442,000.00
    ARLINGTON        MA   02174          1            05/26/98         00
    5301335                              05           07/01/98          0
    5301335                              O            06/01/13
    0
 
 
    1774880          976/976             F          329,000.00         ZZ
                                         180        326,962.64          1
    1110 CALIFORNIA ROAD               7.250          3,003.32         58
                                       7.000          3,003.32      570,500.00
    RICHLAND TOWNSH  PA   18955          2            05/26/98         00
    5302549                              05           07/01/98          0
    5302549                              O            06/01/13
    0
 
 
    1774881          976/976             F          391,000.00         ZZ
                                         156        387,932.42          1
    1060 WILDWOOD ROAD                 7.125          3,850.81         55
                                       6.875          3,850.81      720,000.00
    ATLANTA          GA   30306          2            05/15/98         00
    5302562                              05           07/01/98          0
    5302562                              O            06/01/11
    0
 
 
    1774882          976/976             F          640,000.00         ZZ
                                         180        636,036.74          1
    807 WAVERLEY STREET                7.250          5,842.33         80
                                       7.000          5,842.33      800,000.00
    PALO ALTO        CA   94301          1            05/13/98         00
    5302623                              05           07/01/98          0
1
 
 
    5302623                              O            06/01/13
    0
 
 
    1774883          976/976             F          225,000.00         ZZ
                                         180        224,305.43          1
    1918 HANFORD DRIVE                 7.250          2,053.95         60
                                       7.000          2,053.95      380,000.00
    PASADENA AREA    CA   91104          2            06/12/98         00
    5303744                              05           08/01/98          0
    5303744                              O            07/01/13
    0
 
 
    1774884          976/976             F          540,000.00         ZZ
                                         180        536,545.59          1
    4359 LA BARCA DRIVE                6.875          4,816.02         70
    TARZANA AREA                       6.625          4,816.02      775,000.00
    LOS ANGELES      CA   91356          2            05/06/98         00
    5303919                              05           07/01/98          0
    5303919                              O            06/01/13
    0
 
 
    1774885          976/976             F          455,000.00         ZZ
                                         120        445,003.14          1
    1930 TURNBULL CANYON ROAD          7.000          5,282.94         48
                                       6.750          5,282.94      950,000.00
    HACIENDA HEIGHT  CA   91745          2            05/14/98         00
    5304073                              05           07/01/98          0
    5304073                              O            06/01/08
    0
 
 
    1774886          976/976             F          459,000.00         ZZ
                                         180        456,126.58          1
    12622 S. 34TH ST.                  7.125          4,157.77         80
                                       6.875          4,157.77      579,900.00
    PHOENIX          AZ   85044          1            05/19/98         00
    5304515                              03           07/01/98          0
    5304515                              O            06/01/13
    0
 
 
    1774887          976/976             F          410,000.00         ZZ
                                         180        407,433.34          1
    9723 EAST POINSETTIA DRIVE         7.125          3,713.91         76
                                       6.875          3,713.91      540,000.00
    SCOTTSDALE       AZ   85620          2            05/13/98         00
    5309757                              03           07/01/98          0
    5309757                              O            06/01/13
    0
 
 
1
 
 
    1774889          976/976             F          198,000.00         ZZ
                                         180        191,725.70          1
    23137 DOLOROSA STREET              7.250          1,807.47         71
    WOODLAND HILLS AREA                7.000          1,807.47      280,000.00
    LOS ANGELES      CA   91364          2            05/14/98         00
    5313631                              05           07/01/98          0
    5313631                              O            06/01/13
    0
 
 
    1774890          976/976             F          368,000.00         ZZ
                                         180        365,794.48          1
    5656 PINE CONE ROAD                7.625          3,437.60         80
                                       7.375          3,437.60      460,000.00
    LA CRESCENTA AR  CA   91214          2            05/14/98         00
    5313776                              05           07/01/98          0
    5313776                              O            06/01/13
    0
 
 
    1774891          976/976             F          150,000.00         ZZ
                                         180        149,060.98          1
    13884 GRAND ISLE DRIVE             7.125          1,358.75         61
                                       6.875          1,358.75      248,000.00
    MOORPARK         CA   93021          2            05/18/98         00
    5313895                              05           07/01/98          0
    5313895                              O            06/01/13
    0
 
 
    1774892          976/976             F          236,250.00         ZZ
                                         180        234,787.00          1
    18239 ROSITA STREET                7.250          2,156.64         75
    TARZANA AREA                       7.000          2,156.64      315,000.00
    LOS ANGELES      CA   91356          2            05/18/98         00
    5313986                              05           07/01/98          0
    5313986                              O            06/01/13
    0
 
 
    1774895          976/976             F          236,800.00         ZZ
                                         180        235,333.60          1
    2309 DOBBINS LANE                  7.250          2,161.66         80
                                       7.000          2,161.66      296,000.00
    IRVING           TX   75063          2            05/08/98         00
    5314091                              03           07/01/98          0
    5314091                              O            06/01/13
    0
 
 
    1774896          976/976             F          237,200.00         ZZ
                                         180        235,778.40          1
    5751 VALLEY WEST STREET            7.625          2,215.76         80
                                       7.375          2,215.76      300,000.00
1
 
 
    EL PASO          TX   79932          2            05/28/98         00
    5314241                              05           07/01/98          0
    5314241                              O            06/01/13
    0
 
 
    1774898          976/976             F          386,000.00         ZZ
                                         180        383,026.55          1
    4 ROCK SPRING LANE                 6.875          3,442.56         54
                                       6.625          3,442.56      721,000.00
    SOUTHBORO        MA   01772          2            05/26/98         00
    5315168                              05           07/01/98          0
    5315168                              O            06/01/13
    0
 
 
    1774899          976/976             F          250,000.00         ZZ
                                         180        249,228.26          1
    10 DRUMLIN ROAD                    7.250          2,282.16         63
                                       7.000          2,282.16      400,000.00
    IPSWICH          MA   01938          5            06/04/98         00
    5315238                              05           08/01/98          0
    5315238                              O            07/01/13
    0
 
 
    1774900          976/976             F          232,000.00         ZZ
                                         180        231,283.82          1
    86 MANCHESTER DRIVE                7.250          2,117.85         80
                                       7.000          2,117.85      290,000.00
    BUFFALO GROVE    IL   60089          1            06/22/98         00
    5320624                              03           08/01/98          0
    5320624                              O            07/01/13
    0
 
 
    1774901          976/976             F          320,000.00         ZZ
                                         180        318,968.28          1
    3219 WHITE EAGLE DRIVE             6.750          2,831.72         73
                                       6.500          2,831.72      440,000.00
    NAPERVILLE       IL   60564          1            06/12/98         00
    5320766                              05           08/01/98          0
    5320766                              O            07/01/13
    0
 
 
    1774902          976/976             F          268,000.00         ZZ
                                         180        266,846.68          1
    M132 MANN ROAD                     7.375          2,465.40         80
                                       7.125          2,465.40      335,000.00
    MARSHFIELD       WI   54449          1            06/15/98         00
    5323275                              05           08/01/98          0
    5323275                              O            07/01/13
    0
1
 
 
 
 
    1774903          976/976             F          303,750.00         ZZ
                                         180        301,598.46          1
    9321 INVERNESS LANE NORTHWEST      7.125          2,751.47         75
                                       6.875          2,751.47      405,000.00
    ANOKA            MN   55303          5            05/26/98         00
    5323414                              05           07/01/98          0
    5323414                              O            06/01/13
    0
 
 
    1774904          976/976             F          400,000.00         ZZ
                                         180        397,314.35          1
    6095 WOOD HILL LANE                7.000          3,595.32         73
                                       6.750          3,595.32      550,000.00
    INDEPENDENCE     MN   55359          1            06/03/98         00
    5323506                              05           07/01/98          0
    5323506                              O            06/01/13
    0
 
 
    1774905          976/976             F          267,000.00         ZZ
                                         180        266,157.62          1
    3630 ROSEWOOD LANE                 7.000          2,399.88         80
                                       6.750          2,399.88      336,000.00
    PLYMOUTH         MN   55441          2            06/17/98         00
    5323735                              05           08/01/98          0
    5323735                              O            07/01/13
    0
 
 
    1774907          976/976             F          178,000.00         ZZ
                                         180        176,909.64          1
    9052 WEST BUSH LAKE ROAD           7.375          1,637.47         60
                                       7.125          1,637.47      300,000.00
    BLOOMINGTON      MN   55438          5            05/21/98         00
    5323771                              05           07/01/98          0
    5323771                              O            06/01/13
    0
 
 
    1774908          976/976             F          280,000.00         ZZ
                                         180        279,116.61          1
    9880 COUNTY ROAD 24                7.000          2,516.72         56
                                       6.750          2,516.72      500,000.00
    WATERTOWN        MN   55388          2            06/12/98         00
    5323919                              05           08/01/98          0
    5323919                              O            07/01/13
    0
 
 
    1774909          976/976             F          129,000.00         ZZ
                                         180        128,588.56          1
1
 
 
    22732 WACONIA CIRCLE NORTHEAST     6.875          1,150.50         75
                                       6.625          1,150.50      172,000.00
    EAST BETHEL      MN   55005          5            06/10/98         00
    5323997                              05           08/01/98          0
    5323997                              O            07/01/13
    0
 
 
    1774910          976/976             F          108,900.00         ZZ
                                         180        108,189.83          1
    16446 GLADIOLA AVENUE WEST         7.000            978.83         94
                                       6.750            978.83      117,000.00
    ROSEMOUNT        MN   55068          2            05/28/98         11
    5324303                              05           07/01/98         25
    5324303                              O            06/01/13
    0
 
 
    1774912          976/976             F          176,000.00         ZZ
                                         180        174,783.58          1
    921 SOUTH WASHINGTON AVENUE        7.500          1,631.55         80
                                       7.250          1,631.55      220,000.00
    FULLERTON        CA   92832          2            05/20/98         00
    5325140                              05           07/01/98          0
    5325140                              O            06/01/13
    0
 
 
    1774913          976/976             F          340,000.00         ZZ
                                         180        337,848.37          1
    16274 AVENIDA SAN MIGUEL           7.000          3,056.02         80
                                       6.750          3,056.02      425,000.00
    LA MIRADA        CA   90638          2            05/15/98         00
    5325164                              03           07/01/98          0
    5325164                              O            06/01/13
    0
 
 
    1774914          976/976             F          388,000.00         ZZ
                                         180        385,306.35          1
    3716 DEER TRAIL COURT              7.375          3,569.31         67
                                       7.125          3,569.31      585,000.00
    DANVILLE         CA   94506          5            05/27/98         00
    5325406                              03           07/01/98          0
    5325406                              O            06/01/13
    0
 
 
    1774915          976/976             F          338,000.00         ZZ
                                         180        336,979.19          1
    10 RIPPLING STREAM                 7.500          3,133.31         66
                                       7.250          3,133.31      516,000.00
    IRVINE           CA   92612          5            06/01/98         00
    5325452                              03           08/01/98          0
1
 
 
    5325452                              O            07/01/13
    0
 
 
    1774916          976/976             F          308,000.00         ZZ
                                         180        307,028.27          1
    6463 NANCY STREET                  7.000          2,768.40         61
                                       6.750          2,768.40      505,000.00
    LOS ANGELES      CA   90045          2            06/04/98         00
    5325617                              05           08/01/98          0
    5325617                              O            07/01/13
    0
 
 
    1774917          976/976             F          411,250.00         ZZ
                                         180        408,730.85          1
    8024 DAVIS DRIVE                   7.375          3,783.19         74
                                       7.125          3,783.19      560,000.00
    CLAYTON          MO   63105          2            05/29/98         00
    5328391                              05           07/01/98          0
    5328391                              O            06/01/13
    0
 
 
    1774918          976/976             F           65,250.00         ZZ
                                         180         64,837.06          1
    9833 POTTER CIRCLE                 7.000            586.49         75
                                       6.750            586.49       87,000.00
    KANSAS CITY      MO   64134          5            05/15/98         00
    5328398                              05           07/01/98          0
    5328398                              O            06/01/13
    0
 
 
    1774919          976/976             F          374,500.00         ZZ
                                         180        372,155.56          1
    1968 DERRINGER LANE                7.125          3,392.34         70
                                       6.875          3,392.34      535,000.00
    DIAMOND BAR      CA   91765          1            05/19/98         00
    5329034                              03           07/01/98          0
    5329034                              O            06/01/13
    0
 
 
    1774920          976/976             F          165,000.00         ZZ
                                         180        163,864.45          1
    11666 MISSOURI AVENUE #11          7.125          1,494.63         57
                                       6.875          1,494.63      290,000.00
    LOS ANGELES      CA   90025          2            05/22/98         00
    5329127                              01           07/01/98          0
    5329127                              O            06/01/13
    0
 
 
1
 
 
    1774921          976/976             F          280,000.00         ZZ
                                         180        279,154.36          1
    2522 CARLTON PLACE                 7.500          2,595.64         69
                                       7.250          2,595.64      410,000.00
    ROWLAND HEIGHTS  CA   91748          2            06/02/98         00
    5329137                              03           08/01/98          0
    5329137                              O            07/01/13
    0
 
 
    1774923          976/976             F          505,000.00         ZZ
                                         180        498,885.49          1
    4230 INTRACOASTAL DR               6.875          4,503.87         68
                                       6.625          4,503.87      750,000.00
    HIGLAND BEACH    FL   33487          2            06/05/98         00
    5330342                              05           08/01/98          0
    5330342                              O            07/01/13
    0
 
 
    1774924          976/976             F          120,000.00         ZZ
                                         180        119,637.58          1
    487 RANDOLPH ROAD                  7.500          1,112.42         75
                                       7.250          1,112.42      160,000.00
    MAGADORE         OH   44260          5            06/05/98         00
    5334086                              05           08/01/98          0
    5334086                              O            07/01/13
    0
 
 
    1774925          976/976             F          119,200.00         ZZ
                                         180        118,823.92          1
    2103 LAUREL GATE LANE              7.000          1,071.41         80
                                       6.750          1,071.41      149,000.00
    MONROE           GA   30655          1            06/15/98         00
    5337017                              05           08/01/98          0
    5337017                              O            07/01/13
    0
 
 
    1774927          976/976             F          296,000.00         ZZ
                                         180        295,115.80          1
    11485 STATE ROUTE F                7.625          2,765.03         80
                                       7.375          2,765.03      370,000.00
    ROLLA            MO   65401          2            06/10/98         00
    5491135                              05           08/01/98          0
    5491135                              O            07/01/13
    0
 
 
    1774928          976/976             F          400,000.00         ZZ
                                         180        397,495.93          1
    280 ESTRELLA ROAD                  7.125          3,623.33         51
                                       6.875          3,623.33      790,000.00
1
 
 
    FREMONT          CA   94539          1            05/08/98         00
    5491824                              05           07/01/98          0
    5491824                              O            06/01/13
    0
 
 
    1774929          976/976             F          127,600.00         ZZ
                                         180        126,818.36          1
    1112 NORTH DOLTON COURT            7.375          1,173.83         79
                                       7.125          1,173.83      162,000.00
    WILMINGTON       DE   19810          2            05/26/98         00
    5491945                              05           07/01/98          0
    5491945                              O            06/01/13
    0
 
 
    1774930          976/976             F          370,000.00         ZZ
                                         180        367,635.04          1
    815 SEAL POINTE DRIVE              7.250          3,377.60         65
                                       7.000          3,377.60      575,000.00
    REDWOOD CITY     CA   94065          2            05/19/98         00
    5493352                              03           07/01/98          0
    5493352                              O            06/01/13
    0
 
 
    1774931          976/976             F          251,000.00         ZZ
                                         180        248,422.75          1
    325 TAMPA COURT                    7.125          2,273.64         59
                                       6.875          2,273.64      430,000.00
    FOSTER CITY      CA   94404          2            05/05/98         00
    5493367                              05           07/01/98          0
    5493367                              O            06/01/13
    0
 
 
    1774932          976/976             F          400,000.00         ZZ
                                         180        397,495.93          1
    20552 ASHLEY WAY                   7.125          3,623.33         50
                                       6.875          3,623.33      810,000.00
    SARATOGA         CA   95070          2            05/19/98         00
    5493388                              05           07/01/98          0
    5493388                              O            06/01/13
    0
 
 
    1774933          976/976             F          284,000.00         ZZ
                                         180        282,183.23          1
    1171 COLINA VISTA                  6.875          2,532.87         80
                                       6.625          2,532.87      355,000.00
    VENTURA          CA   93003          1            05/28/98         00
    5493800                              05           07/01/98          0
    5493800                              O            06/01/13
    0
1
 
 
 
 
    1774935          976/976             F          625,000.00         ZZ
                                         180        623,049.49          1
    6 SILVERBIT LANE                   7.125          5,661.45         66
                                       6.875          5,661.45      950,000.00
    ROLLING HILLS E  CA   90274          2            06/01/98         00
    5493839                              03           08/01/98          0
    5493839                              O            07/01/13
    0
 
 
    1774936          976/976             F          250,000.00         ZZ
                                         180        247,434.96          1
    17 LEE                             7.125          2,264.58         76
                                       6.875          2,264.58      330,000.00
    IRVINE           CA   92620          2            05/05/98         00
    5493914                              05           07/01/98          0
    5493914                              O            06/01/13
    0
 
 
    1774937          976/976             F          297,000.00         ZZ
                                         180        295,180.69          1
    20472 EAST PEACH BLOSSOM ROAD      7.375          2,732.18         78
                                       7.125          2,732.18      385,000.00
    WALNUT           CA   91789          2            05/11/98         00
    5493965                              05           07/01/98          0
    5493965                              O            06/01/13
    0
 
 
    1774938          976/976             F          209,600.00         ZZ
                                         180        208,302.01          1
    16771 BUTTERNUT CIRCLE             7.250          1,913.37         80
                                       7.000          1,913.37      262,000.00
    FOUNTAIN VALLEY  CA   92708          2            05/07/98         00
    5495452                              05           07/01/98          0
    5495452                              O            06/01/13
    0
 
 
    1774939          976/976             F          240,000.00         ZZ
                                         180        238,497.55          1
    4932 KRON STREET                   7.125          2,174.00         88
                                       6.875          2,174.00      274,000.00
    IRVINE           CA   92604          2            05/08/98         11
    5495709                              05           07/01/98         12
    5495709                              O            06/01/13
    0
 
 
    1774940          976/976             F          274,000.00         ZZ
                                         180        272,266.04          1
1
 
 
    42 DIAMONDGATE                     7.000          2,462.79         77
                                       6.750          2,462.79      360,000.00
    ALISO VIEJO ARE  CA   92656          2            05/07/98         00
    5495713                              03           07/01/98          0
    5495713                              O            06/01/13
    0
 
 
    1774941          976/976             F          170,000.00         ZZ
                                         180        166,918.35          1
    5070 LAUREL AVENUE                 7.000          1,528.01         55
                                       6.750          1,528.01      310,000.00
    CYPRESS          CA   90630          1            05/27/98         00
    5495748                              05           07/01/98          0
    5495748                              O            06/01/13
    0
 
 
    1774942          976/976             F          790,000.00         ZZ
                                         180        784,433.97          1
    631 CHAMPIONS DRIVE                7.125          7,156.07         78
                                       6.875          7,156.07    1,025,000.00
    MCDONOUGH        GA   30253          2            06/05/98         00
    5497071                              05           07/01/98          0
    5497071                              O            06/01/13
    0
 
 
    1774943          976/976             F          315,000.00         ZZ
                                         180        314,006.19          1
    260 CAYUGA PLACE                   7.000          2,831.31         59
                                       6.750          2,831.31      535,000.00
    FREMONT          CA   94539          2            06/01/98         00
    5498108                              05           08/01/98          0
    5498108                              O            07/01/13
    0
 
 
    1774944          976/976             F          386,000.00         ZZ
                                         180        384,846.96          1
    47 TEMESCAL TERRACE                7.625          3,605.75         57
                                       7.375          3,605.75      680,000.00
    SAN FRANCISCO    CA   94118          2            06/04/98         00
    5498250                              05           08/01/98          0
    5498250                              O            07/01/13
    0
 
 
    1774945          976/976             F          530,000.00         ZZ
                                         180        521,755.26          1
    659 SOUTHDALE WAY                  7.500          4,913.17         41
                                       7.250          4,913.17    1,300,000.00
    WOODSIDE         CA   94062          2            05/14/98         00
    5498260                              05           07/01/98          0
1
 
 
    5498260                              O            06/01/13
    0
 
 
    1774946          976/976             F          293,000.00         ZZ
                                         180        292,095.52          1
    5559 ORA STREET                    7.250          2,674.69         53
                                       7.000          2,674.69      556,000.00
    SAN JOSE         CA   95129          2            06/01/98         00
    5498340                              05           08/01/98          0
    5498340                              O            07/01/13
    0
 
 
    1774947          976/976             F          300,000.00         ZZ
                                         180        298,142.22          1
    679 BRIAR RANCH LANE               7.250          2,738.59         57
                                       7.000          2,738.59      530,000.00
    SAN JOSE         CA   95120          2            05/21/98         00
    5498471                              05           07/01/98          0
    5498471                              O            06/01/13
    0
 
 
    1774948          976/976             F          300,000.00         ZZ
                                         180        299,043.18          1
    1256 SONOMA DRIVE                  6.875          2,675.57         79
                                       6.625          2,675.57      380,000.00
    ALTADENA         CA   91001          2            06/05/98         00
    5498680                              05           08/01/98          0
    5498680                              O            07/01/13
    0
 
 
    1774949          976/976             F          400,000.00         ZZ
                                         180        397,468.66          1
    8230 WINTERHAWK LANE               7.000          3,595.32         46
                                       6.750          3,595.32      870,000.00
    GRANITE BAY      CA   95746          1            05/20/98         00
    5501476                              03           07/01/98          0
    5501476                              O            06/01/13
    0
 
 
    1774950          976/976             F          256,000.00         ZZ
                                         180        254,397.40          1
    3433 OYSTER BAY AVENUE             7.125          2,318.93         54
                                       6.875          2,318.93      480,000.00
    DAVIS            CA   95616          2            05/22/98         00
    5501713                              03           07/01/98          0
    5501713                              O            06/01/13
    0
 
 
1
 
 
    1774951          976/976             F          385,000.00         ZZ
                                         180        382,367.23          1
    4530 OXBOW CREEK PLACE             7.500          3,569.00         71
                                       7.250          3,569.00      548,000.00
    FAIR OAKS        CA   95628          2            05/19/98         00
    5501788                              03           07/01/98          0
    5501788                              O            06/01/13
    0
 
 
    1774953          976/976             F          400,000.00         ZZ
                                         180        397,495.93          1
    1 SEVERN AVENUE                    7.125          3,623.33         58
                                       6.875          3,623.33      695,000.00
    ANNAPOLIS        MD   21403          2            05/15/98         00
    5505302                              05           07/01/98          0
    5505302                              O            06/01/13
    0
 
 
    1774954          976/976             F           92,500.00         ZZ
                                         180         91,671.70          1
    9704 HASTINGS MILL DRIVE           7.250            844.40         52
                                       7.000            844.40      180,000.00
    GLEN ALLEN       VA   23060          5            05/26/98         00
    5505470                              05           07/01/98          0
    5505470                              O            06/01/13
    0
 
 
    1774955          976/976             F          456,000.00         ZZ
                                         180        453,176.18          1
    2100 SOUTH ROAD                    7.250          4,162.66         80
                                       7.000          4,162.66      570,000.00
    BALTIMORE        MD   21209          1            05/26/98         00
    5505521                              05           07/01/98          0
    5505521                              O            06/01/13
    0
 
 
    1774956          976/976             F          232,000.00         ZZ
                                         180        231,299.33          1
    15302 SWEETRIDGE AVENUE            7.500          2,150.67         61
                                       7.250          2,150.67      385,000.00
    SILVER SPRING    MD   20905          5            06/12/98         00
    5505583                              05           08/01/98          0
    5505583                              O            07/01/13
    0
 
 
    1774957          976/976             F          650,000.00         ZZ
                                         180        645,930.89          1
    1351 LEWINSVILLE MEWS COURT        7.125          5,887.91         69
                                       6.875          5,887.91      950,980.00
1
 
 
    MCLEAN           VA   22102          1            05/29/98         00
    5505688                              05           07/01/98          0
    5505688                              O            06/01/13
    0
 
 
    1774958          976/976             F          350,000.00         ZZ
                                         180        347,808.95          1
    155 PERRY STREET, UNIT 2D          7.125          3,170.41         59
                                       6.875          3,170.41      599,000.00
    NEW YORK         NY   10014          1            06/04/98         00
    5506301                              01           07/01/98          0
    5506301                              O            06/01/13
    0
 
 
    1774959          976/976             F          245,000.00         ZZ
                                         180        244,235.40          1
    12812 STANWOOD DRIVE               7.125          2,219.29         70
                                       6.875          2,219.29      350,000.00
    LOS ANGELES      CA   90066          2            06/09/98         00
    5507325                              05           08/01/98          0
    5507325                              O            07/01/13
    0
 
 
    1774960          976/976             F           52,500.00         ZZ
                                         180         52,178.39          1
    1334 BRADFORD STREET               7.375            482.97         75
                                       7.125            482.97       70,000.00
    STOCKTON         CA   95205          5            05/20/98         00
    5510484                              05           07/01/98          0
    5510484                              O            06/01/13
    0
 
 
    1774961          976/976             F          311,700.00         ZZ
                                         180        309,748.70          1
    12630 CLASSICS DRIVE               7.125          2,823.48         60
                                       6.875          2,823.48      519,500.00
    LOS ANGELES (GR  CA   91344          1            05/22/98         00
    5514335                              05           07/01/98          0
    5514335                              O            06/01/13
    0
 
 
    1774962          976/976             F          260,000.00         T
                                         180        259,214.76          1
    9690 LEE CIRCLE                    7.500          2,410.24         65
                                       7.250          2,410.24      400,000.00
    GAINESVILLE      GA   30506          1            06/02/98         00
    5514988                              05           08/01/98          0
    5514988                              O            07/01/13
    0
1
 
 
 
 
    1774963          976/976             F          510,000.00         ZZ
                                         180        506,772.27          1
    BACKBONE ROAD                      7.375          4,691.61         63
                                       7.125          4,691.61      815,000.00
    SEWICKLEY        PA   15143          2            05/28/98         00
    5515195                              05           07/01/98          0
    5515195                              O            06/01/13
    0
 
 
    1774964          976/976             F          114,400.00         ZZ
                                         120        113,083.26          1
    4680 WEST HARBINGER CIRCLE         7.125          1,335.67         80
                                       6.875          1,335.67      143,000.00
    WHITEHALL        OH   43213          1            06/04/98         00
    5516486                              05           07/01/98          0
    5516486                              O            06/01/08
    0
 
 
    1774965          976/976             F          260,000.00         ZZ
                                         180        258,372.34          1
    7434 RED BANK ROAD                 7.125          2,355.17         52
                                       6.875          2,355.17      508,000.00
    WESTERVILLE      OH   43082          2            05/19/98         00
    5516538                              05           07/01/98          0
    5516538                              O            06/01/13
    0
 
 
    1774966          976/976             F           81,300.00         ZZ
                                         180         80,987.41          1
    2777 COVENTRY ROAD                 7.250            742.16         56
                                       7.000            742.16      147,000.00
    PARMA            OH   44134          2            06/18/98         00
    5516734                              05           08/01/98          0
    5516734                              O            07/01/13
    0
 
 
    1774967          976/976             F          106,000.00         ZZ
                                         180        105,343.58          1
    15590 THORNWOOD DRIVE              7.250            967.64         75
                                       7.000            967.64      142,000.00
    FINDLAY          OH   45840          2            05/30/98         00
    5516924                              05           07/01/98          0
    5516924                              O            06/01/13
    0
 
 
    1774968          976/976             F          208,600.00         ZZ
                                         180        207,567.71          1
1
 
 
    7510 BRITTLETHORNE AVENUE          7.000          1,874.96         65
                                       6.750          1,874.96      325,000.00
    LAS VEGAS        NV   89131          2            06/16/98         00
    5519851                              03           08/01/98          0
    5519851                              O            07/01/13
    0
 
 
    1774969          976/976             F          410,000.00         ZZ
                                         180        399,437.98          1
    4508 OLD LEEDS ROAD                7.000          3,685.20         61
                                       6.750          3,685.20      679,900.00
    BIRMINGHAM       AL   35213          1            11/14/97         00
    6502850                              05           01/01/98          0
    6502850                              O            12/01/12
    0
 
 
    1774973          976/976             F          349,400.00         ZZ
                                         180        345,928.06          1
    2801 HAWTHORNE DRIVE               6.500          3,043.65         69
                                       6.250          3,043.65      510,000.00
    ATLANTA          GA   30328          2            04/20/98         00
    7966255                              05           06/01/98          0
    7966255                              O            05/01/13
    0
 
 
    1774974          976/976             F          275,000.00         ZZ
                                         180        272,099.75          1
    32 N. FORK WALNUT CREEK RD         7.125          2,491.04         63
                                       6.875          2,491.04      440,000.00
    SILVER CITY      NM   88061          2            04/23/98         00
    7966322                              05           06/01/98          0
    7966322                              O            05/01/13
    0
 
 
    1774975          976/976             F          345,000.00         ZZ
                                         180        341,820.25          1
    330 S BRAINARD STREET              7.375          3,173.74         72
                                       7.125          3,173.74      485,000.00
    NAPERVILLE       IL   60540          1            05/01/98         00
    7966558                              05           06/01/98          0
    7966558                              O            05/01/13
    0
 
 
    1774976          976/976             F          296,000.00         ZZ
                                         180        293,182.04          1
    11910 SOUTH CANTON AVENUE          7.000          2,660.53         80
                                       6.750          2,660.53      370,000.00
    TULSA            OK   74137          2            04/27/98         00
    7967081                              03           06/01/98          0
1
 
 
    7967081                              O            05/01/13
    0
 
 
    1774977          976/976             F          300,000.00         ZZ
                                         180        297,081.96          1
    995 BERKLEY AVENUE                 6.750          2,654.73         50
                                       6.500          2,654.73      605,000.00
    MENLO PARK       CA   94025          2            04/24/98         00
    7967386                              05           06/01/98          0
    7967386                              O            05/01/13
    0
 
 
    1774978          976/976             F          280,000.00         ZZ
                                         180        279,126.17          1
    1820 SAUNDERS ROAD                 7.125          2,536.33         61
                                       6.875          2,536.33      460,000.00
    RIVERWOODS       IL   60015          5            06/01/98         00
    7969371                              05           08/01/98          0
    7969371                              O            07/01/13
    0
 
 
    1774979          976/976             F          362,000.00         ZZ
                                         180        358,590.64          1
    3205 CLIFFORD DRIVE                7.125          3,279.11         68
                                       6.875          3,279.11      540,000.00
    HARLINGEN        TX   78550          2            04/24/98         00
    7969454                              05           06/01/98          0
    7969454                              O            05/01/13
    0
 
 
    1774980          976/976             F          340,000.00         ZZ
                                         180        337,894.52          1
    2528 WOODLAND BLUFF DRIVE          7.250          3,103.74         58
                                       7.000          3,103.74      595,000.00
    HEBER SPRINGS    AR   72543          5            05/21/98         00
    7969502                              05           07/01/98          0
    7969502                              O            06/01/13
    0
 
 
    1774981          976/976             F          322,000.00         ZZ
                                         180        319,940.16          1
    11709 SOUTH 69TH EAST AVENUE       6.875          2,871.77         75
                                       6.625          2,871.77      435,000.00
    BIXBY            OK   74008          2            05/26/98         00
    7969989                              03           07/01/98          0
    7969989                              O            06/01/13
    0
 
 
1
 
 
    1774983          976/976             F          256,300.00         ZZ
                                         180        254,409.00          1
    1564 LOST HOLLOW DRIVE             6.875          2,285.83         78
                                       6.625          2,285.83      330,000.00
    BRENTWOOD        TN   37027          2            05/22/98         00
    7973456                              03           07/01/98          0
    7973456                              O            06/01/13
    0
 
 
    1775083          966/G01             F          587,900.00         ZZ
                                         180        587,900.00          1
    1318 BYRON NELSON PARKWAY          6.875          5,243.21         80
                                       6.625          5,243.21      734,900.00
    SOUTHLAKE        TX   76092          1            07/02/98         00
    0430906685                           03           09/01/98          0
    30006604                             O            08/01/13
    0
 
 
    1775129          462/462             F          166,900.00         ZZ
                                         180        165,843.79          1
    1535SHELTONS BEND COURT            7.000          1,500.15         80
                                       6.750          1,500.15      208,627.00
    HOUSTON          TX   77077          1            05/29/98         00
    5471503                              03           07/01/98          0
    5471503                              O            06/01/13
    0
 
 
    1775156          462/462             F          275,450.00         ZZ
                                         180        274,590.37          1
    2416 ST ANDREWS DRIVE              7.125          2,495.11         95
                                       6.875          2,495.11      289,956.00
    ROCKLIN          CA   95765          1            06/01/98         01
    5234208                              05           08/01/98         30
    5234208                              O            07/01/13
    0
 
 
    1775255          462/462             F          165,750.00         ZZ
                                         180        164,701.07          1
    4012 SALTBURN DRIVE                7.000          1,489.81         80
                                       6.750          1,489.81      207,207.00
    PLANO            TX   75024          1            05/28/98         00
    5543400                              03           07/01/98          0
    5543400                              O            06/01/13
    0
 
 
    1775317          956/G01             F          402,500.00         ZZ
                                         180        401,216.28          1
    3239 STONEGATE DRIVE               6.875          3,589.71         68
                                       6.625          3,589.71      600,000.00
1
 
 
    ALAMO            CA   94507          2            03/12/98         00
    0430908459                           03           08/01/98          0
    208060205                            O            07/01/13
    0
 
 
    1775378          462/462             F          292,000.00         ZZ
                                         180        290,132.06          1
    13040 OLD CUTLER RD                6.875          2,604.22         48
                                       6.625          2,604.22      610,000.00
    MIAMI            FL   33156          2            05/20/98         00
    5556204                              05           07/01/98          0
    5556204                              O            06/01/13
    0
 
 
    1775409          462/462             F          146,750.00         ZZ
                                         180        146,296.98          1
    3544 KIMBLE DRIVE                  7.250          1,339.63         80
                                       7.000          1,339.63      183,465.00
    PLANO            TX   75025          1            06/24/98         00
    5634605                              03           08/01/98          0
    5634605                              O            07/01/13
    0
 
 
    1775443          462/462             F          400,000.00         ZZ
                                         180        398,724.25          1
    6292 FORESTER DRIVE                6.875          3,567.42         59
                                       6.625          3,567.42      683,245.00
    HUNTINGTON BEAC  CA   92648          1            06/04/98         00
    5346903                              03           08/01/98          0
    5346903                              O            07/01/13
    0
 
 
    1775491          M47/G01             F          630,000.00         ZZ
                                         180        630,000.00          1
    8900 TAVISTOCK COURT               7.250          5,751.04         70
                                       7.000          5,751.04      900,000.00
    LAS VEGAS        NV   89134          2            07/02/98         00
    0430913723                           03           09/01/98          0
    0287085                              O            08/01/13
    0
 
 
    1775495          E91/G01             F          272,000.00         ZZ
                                         180        272,000.00          1
    37342 WILDWOOD VIEW DRIVE          7.250          2,482.99         80
                                       7.000          2,482.99      343,000.00
    YUCAIPA          CA   92399          2            07/08/98         00
    0430922542                           05           09/01/98          0
    4450218469                           O            08/01/13
    0
1
 
 
 
 
    1775542          E22/G01             F           61,000.00         ZZ
                                         180         61,000.00          1
    1624 NORTHEAST 189TH STREET        7.000            548.29         37
                                       6.750            548.29      167,000.00
    SEATTLE          WA   98155          5            07/09/98         00
    0410949168                           05           09/01/98          0
    410949168                            O            08/01/13
    0
 
 
    1775549          638/G01             F          248,500.00         ZZ
                                         180        247,707.44          1
    1015 SOUTH WINDY RIDGE COURT       6.875          2,216.26         75
                                       6.625          2,216.26      335,000.00
    ANAHEIM          CA   92808          2            06/22/98         00
    0430911875                           05           08/01/98          0
    8756056                              O            07/01/13
    0
 
 
    1775556          638/G01             F          560,000.00         ZZ
                                         180        558,233.23          1
    22225 RIM FIRE LANE                7.000          5,033.44         75
                                       6.750          5,033.44      750,000.00
    DIAMOND BAR      CA   91765          2            06/26/98         00
    0430912816                           03           08/01/98          0
    8748103                              O            07/01/13
    0
 
 
    1775559          638/G01             F          234,000.00         ZZ
                                         180        233,237.36          1
    900 RIVERSIDE DRIVE                6.625          2,054.51         90
                                       6.375          2,054.51      260,000.00
    NEWPORT NEWS     VA   23606          1            07/01/98         10
    0430909069                           05           08/01/98         12
    8749060                              O            07/01/13
    0
 
 
    1775563          638/G01             F           97,000.00         ZZ
                                         180         97,000.00          1
    635 SOUTH 850 EAST                 7.125            878.66         55
                                       6.875            878.66      177,000.00
    OREM             UT   84097          5            07/06/98         00
    0430908731                           05           09/01/98          0
    8736112                              O            08/01/13
    0
 
 
    1775743          601/G01             F          875,000.00         ZZ
                                         180        872,269.29          1
1
 
 
    9124 EAGLE HILLS DRIVE             7.125          7,926.02         70
                                       6.875          7,926.02    1,250,000.00
    LAS VEGAS        NV   89134          2            06/23/98         00
    0430928366                           03           08/01/98          0
    656520                               O            07/01/13
    0
 
 
    1775744          003/G01             F          243,200.00         ZZ
                                         180        243,200.00          1
    225 BERRY GLEN COURT               7.000          2,185.96         80
                                       6.750          2,185.96      304,000.00
    ALPHARETTA       GA   30022          1            07/15/98         00
    0430910596                           03           09/01/98          0
    10097400                             O            08/01/13
    0
 
 
    1775898          A45/G01             F          450,000.00         ZZ
                                         180        450,000.00          1
    47 CHASE STREET                    7.250          4,107.88         70
                                       7.000          4,107.88      651,700.00
    CHATHAM          MA   02633          5            07/27/98         00
    0430955567                           05           09/01/98          0
    0000                                 O            08/01/13
    0
 
 
    1775961          A52/G01             F           40,000.00         ZZ
                                         180         40,000.00          1
    5135 RUSTIC TRAIL                  7.000            359.53         29
                                       6.750            359.53      142,000.00
    HUNTSVILLE       AL   35811          5            07/14/98         00
    0430913731                           05           09/01/98          0
    6362                                 O            08/01/13
    0
 
 
    1775991          E22/G01             F          179,000.00         ZZ
                                         180        179,000.00          1
    27605 LEAH LANE                    7.500          1,659.35         58
                                       7.250          1,659.35      310,000.00
    CHISAGO CITY     MN   55013          2            07/08/98         00
    0410943302                           05           09/01/98          0
    410943302                            O            08/01/13
    0
 
 
    1776020          E22/G01             F          310,000.00         ZZ
                                         180        310,000.00          1
    2816 AURORA                        6.875          2,764.75         80
                                       6.625          2,764.75      390,000.00
    HORSESHOE BAY    TX   78657          4            07/09/98         00
    0410958342                           03           09/01/98          0
1
 
 
    410958342                            O            08/01/13
    0
 
 
    1776138          267/267             F          292,000.00         ZZ
                                         180        292,000.00          1
    3847 LA SELVA DRIVE                7.000          2,624.58         54
                                       6.750          2,624.58      550,000.00
    PALO ALTO        CA   94306          2            06/24/98         00
    4263595                              05           09/01/98          0
    4263595                              O            08/01/13
    0
 
 
    1776219          356/G01             F          278,200.00         ZZ
                                         180        278,200.00          1
    835 AARON PARK DR                  7.250          2,539.59         60
                                       7.000          2,539.59      465,000.00
    MILPITAS         CA   95035          5            06/25/98         00
    0430914275                           05           09/01/98          0
    2540441                              O            08/01/13
    0
 
 
    1776298          637/G01             F          369,000.00         ZZ
                                         180        367,848.42          1
    3 ORCHARD ROAD                     7.125          3,342.52         90
                                       6.875          3,342.52      410,000.00
    TACOMA           WA   98406          1            06/01/98         14
    0430911172                           05           08/01/98         12
    0010460236                           O            07/01/13
    0
 
 
    1776303          637/G01             F          360,000.00         ZZ
                                         180        357,818.70          1
    330 FLUME ROAD                     7.500          3,337.25         75
                                       7.250          3,337.25      480,000.00
    APTOS            CA   95003          5            05/27/98         00
    0430955864                           05           07/01/98          0
    0011163698                           O            06/01/13
    0
 
 
    1776308          637/G01             F          210,000.00         ZZ
                                         180        209,351.73          1
    12150 SOUTHEAST 38TH PLACE         7.250          1,917.02         73
                                       7.000          1,917.02      289,950.00
    BELLEVUE         WA   98006          1            06/01/98         00
    0430914929                           05           08/01/98          0
    0010460202                           O            07/01/13
    0
 
 
1
 
 
    1776311          637/G01             F          347,000.00         ZZ
                                         180        345,928.82          1
    755 SWEETBAY DRIVE                 7.250          3,167.64         70
                                       7.000          3,167.64      500,000.00
    SUNNYVALE        CA   94086          2            06/01/98         00
    0430910562                           05           08/01/98          0
    0011177235                           O            07/01/13
    0
 
 
    1776314          637/G01             F          260,600.00         ZZ
                                         180        258,900.36          1
    1172 ELMSFORD DRIVE                7.375          2,397.32         50
                                       7.125          2,397.32      530,000.00
    CUPERTINO        CA   95014          2            05/22/98         00
    0430914952                           05           07/01/98          0
    0011168580                           O            06/01/13
    0
 
 
    1776319          637/G01             F          279,000.00         ZZ
                                         180        277,287.53          1
    1490 POPPY WAY                     7.375          2,566.59         60
                                       7.125          2,566.59      470,000.00
    CUPERTINO        CA   95014          2            05/21/98         00
    0430917302                           05           07/01/98          0
    0011169539                           O            06/01/13
    0
 
 
    1776324          637/G01             F          310,000.00         ZZ
                                         180        307,376.07          1
    6489 GREYSTONE MEADOW CIR          7.250          2,829.88         50
                                       7.000          2,829.88      630,000.00
    SAN JOSE         CA   95120          2            05/20/98         00
    0430958124                           05           07/01/98          0
    0011169554                           O            06/01/13
    0
 
 
    1776325          637/G01             F          233,000.00         ZZ
                                         180        230,875.71          1
    14 ELLIOTT ROAD EXTENSION          7.500          2,159.94         74
                                       7.250          2,159.94      316,000.00
    STERLING         MA   01564          2            05/01/98         00
    0430910943                           05           06/01/98          0
    09544                                O            05/01/13
    0
 
 
    1776326          637/G01             F          279,000.00         ZZ
                                         180        276,286.23          1
    147 DONALD DRIVE                   6.750          2,468.90         45
                                       6.500          2,468.90      625,000.00
1
 
 
    MORAGA           CA   94556          2            04/01/98         00
    0430910760                           05           06/01/98          0
    0011129889                           O            05/01/13
    0
 
 
    1776609          E22/G01             F          108,800.00         ZZ
                                         180        108,452.99          1
    601 BLACKBURN CT                   6.875            970.34         80
                                       6.625            970.34      136,000.00
    WILMINGTON       NC   28405          2            06/19/98         00
    0410920151                           05           08/01/98          0
    410920151                            O            07/01/13
    0
 
 
    1776617          638/G01             F          557,000.00         ZZ
                                         180        555,280.56          1
    13045 VIA GRIMALDI                 7.250          5,084.65         50
                                       7.000          5,084.65    1,125,000.00
    DEL MAR          CA   92014          2            06/17/98         00
    0430915439                           05           08/01/98          0
    8745441                              O            07/01/13
    0
 
 
    1776629          638/G01             F          287,000.00         ZZ
                                         180        286,133.22          1
    950 OLIVER AVENUE                  7.500          2,660.53         80
                                       7.250          2,660.53      360,000.00
    SAN DIEGO        CA   92109          2            06/17/98         00
    0430914879                           05           08/01/98          0
    8759964                              O            07/01/13
    0
 
 
    1776634          638/G01             F          185,000.00         ZZ
                                         180        184,403.55          1
    1470 44TH AVENUE                   6.750          1,637.08         64
                                       6.500          1,637.08      292,000.00
    SAN FRANCISCO    CA   94122          2            06/26/98         00
    0430915421                           07           08/01/98          0
    8761876                              O            07/01/13
    0
 
 
    1776665          638/G01             F          270,000.00         ZZ
                                         180        270,000.00          1
    1977 NORTH KINGSTON ROAD           6.875          2,408.01         66
                                       6.625          2,408.01      410,000.00
    FARMINGTON       UT   84025          2            07/06/98         00
    0430914580                           03           09/01/98          0
    8749200                              O            08/01/13
    0
1
 
 
 
 
    1776677          638/G01             F          304,000.00         ZZ
                                         180        303,081.88          1
    3020 CASTLE HEIGHTS AVENUE         7.500          2,818.12         56
                                       7.250          2,818.12      550,000.00
    LOS ANGELES      CA   90034          2            06/08/98         00
    0430916189                           05           08/01/98          0
    8753014                              O            07/01/13
    0
 
 
    1776700          638/G01             F          275,000.00         ZZ
                                         180        274,151.09          1
    1019 CALLE DE ALCALA               7.250          2,510.37         79
                                       7.000          2,510.37      350,000.00
    ESCONDIDO        CA   92025          2            06/22/98         00
    0430915363                           03           08/01/98          0
    8745024                              O            07/01/13
    0
 
 
    1776890          E22/G01             F           91,200.00         ZZ
                                         180         91,200.00          1
    3803 SOUTH 1ST STREET              7.000            819.73         95
                                       6.750            819.73       96,000.00
    UNION GAP        WA   98903          2            07/08/98         04
    0410903009                           05           09/01/98         30
    410903009                            O            08/01/13
    0
 
 
    1776907          638/G01             F          103,500.00         ZZ
                                         180        103,183.97          1
    5615 FELSPAR STREET                7.375            952.12         72
                                       7.125            952.12      144,000.00
    RIVERSIDE        CA   92509          2            06/05/98         00
    0430917658                           05           08/01/98          0
    8751548                              O            07/01/13
    0
 
 
    1776913          638/G01             F          450,000.00         ZZ
                                         180        450,000.00          1
    3808 TAYLOR STREET                 7.000          4,044.73         60
                                       6.750          4,044.73      760,000.00
    CHEVY CHASE      MD   20815          5            07/02/98         00
    0430916874                           05           09/01/98          0
    3174259                              O            08/01/13
    0
 
 
    1777116          638/G01             F          265,000.00         ZZ
                                         180        264,154.82          1
1
 
 
    1056 PROMENADE AVENUE              6.875          2,363.41         72
                                       6.625          2,363.41      370,000.00
    PLACENTIA        CA   92870          2            06/22/98         00
    0430917708                           05           08/01/98          0
    8736801                              O            07/01/13
    0
 
 
    1777125          638/G01             F          264,800.00         ZZ
                                         180        263,946.26          1
    8715 EAST BANNER RIDGE DRIVE       6.750          2,343.24         80
                                       6.500          2,343.24      331,000.00
    ANAHEIM          CA   92808          1            06/02/98         00
    0430917666                           03           08/01/98          0
    8748635                              O            07/01/13
    0
 
 
    1777134          136/136             F           30,000.00         ZZ
                                         180         29,908.39          1
    1226 HARMON COVE TOWERS            7.375            275.98         23
                                       7.125            275.98      132,700.00
    SECAUCUS         NJ   07094          1            06/30/98         00
    4530080                              06           08/01/98          0
    4530080                              O            07/01/13
    0
 
 
    1777135          638/G01             F          237,600.00         ZZ
                                         180        237,600.00          1
    3071 HILLSIDE TRAIL                7.375          2,185.74         80
                                       7.125          2,185.74      297,000.00
    MARIETTA         GA   30066          2            07/02/98         00
    0430917799                           03           09/01/98          0
    8763876                              O            08/01/13
    0
 
 
    1777137          B60/G01             F          323,000.00         ZZ
                                         180        321,980.95          1
    10670 SNYDER ROAD                  7.000          2,903.22         80
                                       6.750          2,903.22      405,000.00
    LA MESA AREA     CA   91941          2            06/15/98         00
    0430917831                           05           08/01/98          0
    202537                               O            07/01/13
    0
 
 
    1777142          638/G01             F          289,500.00         ZZ
                                         180        289,500.00          1
    12809 ANDY STREET                  7.250          2,642.74         76
                                       7.000          2,642.74      385,000.00
    CERRITOS         CA   90703          2            07/02/98         00
    0430917450                           05           09/01/98          0
1
 
 
    8754221                              O            08/01/13
    0
 
 
    1777153          638/G01             F          243,500.00         ZZ
                                         180        242,740.08          1
    25692 PACIFIC CREST DRIVE          7.125          2,205.70         57
                                       6.875          2,205.70      430,000.00
    MISSION VIEJO    CA   92692          2            06/25/98         00
    0430917443                           03           08/01/98          0
    8753358                              O            07/01/13
    0
 
 
    1777157          638/G01             F          275,000.00         ZZ
                                         180        275,000.00          1
    2071 DOGWOOD DRIVE                 6.875          2,452.60         73
                                       6.625          2,452.60      380,000.00
    EUGENE           OR   97405          2            07/02/98         00
    0430918763                           05           09/01/98          0
    8755879                              O            08/01/13
    0
 
 
    1777159          638/G01             F          243,850.00         ZZ
                                         180        243,080.67          1
    4560 HITCHING POST LANE            7.000          2,191.79         75
                                       6.750          2,191.79      327,500.00
    PLANO            TX   75024          2            06/30/98         00
    0430917344                           05           08/01/98          0
    8761487                              O            07/01/13
    0
 
 
    1777202          225/225             F          266,800.00         ZZ
                                         180        265,976.40          1
    34 HOLLY OAK DRIVE WEST            7.250          2,435.52         91
                                       7.000          2,435.52      295,000.00
    VOORHEES         NJ   08043          2            06/18/98         11
    6103733                              05           08/01/98         30
    6103733                              O            07/01/13
    0
 
 
    1777293          375/G01             F           95,000.00         T
                                         120         93,610.83          1
    4204 FAIRWAY VILLAS                7.375          1,121.48         50
    #4204                              7.125          1,121.48      190,000.00
    DAGSBORO         DE   19939          2            05/26/98         00
    0430911586                           01           07/01/98          0
    703044                               O            06/01/08
    0
 
 
1
 
 
    1777314          367/367             F          300,000.00         ZZ
                                         180        299,043.19          1
    3024 NORTH QUINCY STREET           6.875          2,675.56         63
                                       6.625          2,675.56      482,000.00
    ARLINGTON        VA   22207          2            06/08/98         00
    9804000549                           05           08/01/98          0
    9804000549                           O            07/01/13
    0
 
 
    1777321          E22/G01             F          128,800.00         ZZ
                                         180        128,800.00          1
    13800 RAMPANT LION COURT           7.500          1,193.99         80
                                       7.250          1,193.99      161,000.00
    CENTREVILLE      VA   22020          2            07/10/98         00
    0410836522                           09           09/01/98          0
    410836522                            O            08/01/13
    0
 
 
    1777322          K08/G01             F           46,000.00         ZZ
                                         180         46,000.00          1
    160 HOWELL RD                      7.500            426.43         40
                                       7.250            426.43      115,000.00
    ROYSE CITY       TX   75189          2            06/30/98         00
    0410927495                           05           09/01/98          0
    410927495                            O            08/01/13
    0
 
 
    1777408          E22/G01             F          197,000.00         ZZ
                                         180        197,000.00          1
    14322 DRAFT HORSE LANE             6.875          1,756.95         44
                                       6.625          1,756.95      450,000.00
    WELLINGTON       FL   33414          2            07/07/98         00
    0410921993                           05           09/01/98          0
    410921993                            O            08/01/13
    0
 
 
    1777452          956/G01             F          322,500.00         ZZ
                                         180        321,460.23          1
    3070 RASMUS CIRCLE                 6.750          2,853.83         75
                                       6.500          2,853.83      430,000.00
    SAN JOSE         CA   95148          5            06/26/98         00
    0430916072                           05           08/01/98          0
    108060348                            O            07/01/13
    0
 
 
    1777469          638/G01             F          270,000.00         ZZ
                                         180        270,000.00          1
    4350 MAC RONALD DRIVE              7.625          2,522.15         75
                                       7.375          2,522.15      360,000.00
1
 
 
    LA MESA          CA   91941          2            06/30/98         00
    0430919860                           05           09/01/98          0
    8761536                              O            08/01/13
    0
 
 
    1777479          638/G01             F          300,000.00         ZZ
                                         180        300,000.00          1
    2 FOXMERE DRIVE                    7.250          2,738.59         55
                                       7.000          2,738.59      555,000.00
    RICHMOND         VA   23233          5            07/10/98         00
    0430921189                           03           09/01/98          0
    3174181                              O            08/01/13
    0
 
 
    1777521          195/G01             F          628,000.00         ZZ
                                         180        628,000.00          1
    2111 RIMCREST DRIVE                6.625          5,513.81         80
                                       6.375          5,513.81      785,000.00
    GLENDALE         CA   91207          1            07/09/98         00
    0430920850                           05           09/01/98          0
    58914                                O            08/01/13
    0
 
 
    1777541          E26/G01             F          492,000.00         ZZ
                                         180        492,000.00          1
    885 WILLOWBROOK ROAD               7.375          4,526.03         73
                                       7.125          4,526.03      675,000.00
    BOULDER          CO   80302          2            07/07/98         00
    0430920082                           05           09/01/98          0
    32800369                             O            08/01/13
    0
 
 
    1777546          E26/G01             F          278,000.00         ZZ
                                         180        277,103.70          1
    9945 RUE CHANTEMAR                 6.750          2,460.05         61
                                       6.500          2,460.05      460,000.00
    SAN DIEGO        CA   92131          2            06/25/98         00
    0430921346                           03           08/01/98          0
    34800366                             O            07/01/13
    0
 
 
    1777578          593/593             F          277,450.00         ZZ
                                         180        276,574.66          1
    9051 SOUTH CANYON GATE CIRCLE      7.000          2,493.80         54
                                       6.750          2,493.80      518,000.00
    SANDY            UT   84093          2            06/25/98         00
    0007108673                           05           08/01/98          0
    0007108673                           O            07/01/13
    0
1
 
 
 
 
    1777583          593/593             F          270,000.00         ZZ
                                         180        267,429.54          1
    3331 EAST TREE FARM LANE           7.000          2,426.84         80
                                       6.750          2,426.84      340,000.00
    SALT LAKE CITY   UT   84121          2            04/24/98         00
    0007101595                           05           06/01/98          0
    0007101595                           O            05/01/13
    0
 
 
    1777586          593/593             F          350,000.00         ZZ
                                         180        343,277.23          1
    180 SOUTH 200 WEST                 7.000          3,145.90         47
                                       6.750          3,145.90      752,000.00
    MENDON           UT   84325          2            01/28/98         00
    0007030075                           05           03/01/98          0
    0007030075                           O            02/01/13
    0
 
 
    1777591          593/593             F          280,000.00         ZZ
                                         180        276,599.87          1
    2021 EAST RIDGEHILL DRIVE          7.000          2,516.72         55
                                       6.750          2,516.72      510,000.00
    BOUNTIFUL        UT   84010          2            04/09/98         00
    0006798121                           05           06/01/98          0
    0006798121                           O            05/01/13
    0
 
 
    1777595          593/593             F          395,000.00         ZZ
                                         180        391,239.52          1
    7891 SOUTH TYNEDALE COURT          7.000          3,550.38         64
                                       6.750          3,550.38      625,000.00
    SANDY            UT   84093          2            04/28/98         00
    0006820249                           05           06/01/98          0
    0006820249                           O            05/01/13
    0
 
 
    1777610          593/593             F          337,500.00         ZZ
                                         180        333,249.19          1
    203 EAST 1700 NORTH                7.125          3,057.19         75
                                       6.875          3,057.19      450,000.00
    MAPLETON         UT   84664          5            03/05/98         00
    0006529283                           05           05/01/98          0
    0006529283                           O            04/01/13
    0
 
 
    1777640          637/G01             F           50,800.00         ZZ
                                         180         50,637.97          1
1
 
 
    1940 WEST BUCKINGHAM WAY           6.875            453.07         71
                                       6.625            453.07       72,000.00
    FRESNO           CA   93705          2            06/01/98         00
    0430922211                           05           08/01/98          0
    0011166923                           O            07/01/13
    0
 
 
    1777656          964/G01             F          339,900.00         ZZ
                                         180        339,900.00          1
    26182 GLEN CANYON DRIVE            6.625          2,984.30         54
                                       6.375          2,984.30      639,900.00
    LAGUNA HILLS     CA   92653          1            07/13/98         00
    0430913608                           03           09/01/98          0
    38401                                O            08/01/13
    0
 
 
    1777661          E66/E66             F          612,500.00         ZZ
                                         180        610,567.60          1
    3620 BRACKENRIDGE LANE             7.000          5,505.32         67
                                       6.750          5,505.32      915,000.00
    FUQUAY VARINA    NC   27526          2            06/15/98         00
    600413543                            03           08/01/98          0
    600413543                            O            07/01/13
    0
 
 
    1777707          637/G01             F          264,000.00         ZZ
                                         180        262,382.85          1
    10138 NORTH QUAIL RUN DR           7.375          2,428.60         74
                                       7.125          2,428.60      360,000.00
    FRESNO           CA   93720          2            05/27/98         00
    0430923938                           03           07/01/98          0
    11163946                             O            06/01/13
    0
 
 
    1777711          637/G01             F          274,000.00         ZZ
                                         180        273,154.17          1
    842 ORANGE AVENUE                  7.250          2,501.25         60
                                       7.000          2,501.25      460,000.00
    SUNNYVALE        CA   94087          2            06/03/98         00
    0430928044                           05           08/01/98          0
    11178068                             O            07/01/13
    0
 
 
    1777729          637/G01             F          232,500.00         ZZ
                                         180        231,782.28          1
    563 SARK COURT                     7.250          2,122.41         55
                                       7.000          2,122.41      430,000.00
    MILPITAS         CA   95035          2            06/09/98         00
    0430927707                           05           08/01/98          0
1
 
 
    0011182706                           O            07/01/13
    0
 
 
    1777739          267/267             F          361,650.00         T
                                         180        361,650.00          1
    390 VIA BANDOLERO                  7.000          3,250.62         60
                                       6.750          3,250.62      610,000.00
    ARROYO GRANDE    CA   93420          2            07/03/98         00
    4267094                              05           09/01/98          0
    4267094                              O            08/01/13
    0
 
 
    1777750          E22/G01             F          350,000.00         ZZ
                                         180        350,000.00          1
    89 DOUGLASS WAY                    6.625          3,072.98         25
                                       6.375          3,072.98    1,425,000.00
    ATHERTON         CA   94027          2            07/10/98         00
    0410923908                           05           09/01/98          0
    410923908                            O            08/01/13
    0
 
 
    1777764          E26/G01             F          341,000.00         ZZ
                                         180        341,000.00          1
    401 62ND STREET                    7.375          3,136.94         78
                                       7.125          3,136.94      440,000.00
    NEWPORT BEACH    CA   92663          2            07/09/98         00
    0430921262                           03           09/01/98          0
    34800596                             O            08/01/13
    0
 
 
    1777792          267/267             F          264,600.00         ZZ
                                         180        264,600.00          1
    7949 IGLESIA DRIVE                 6.875          2,359.85         76
                                       6.625          2,359.85      350,000.00
    DUBLIN           CA   94568          2            07/01/98         00
    4269834                              05           09/01/98          0
    4269834                              O            08/01/13
    0
 
 
    1777813          136/136             F          343,000.00         ZZ
                                         180        343,000.00          1
    4 SUGARWOOD WAY                    7.250          3,131.12         77
                                       7.000          3,131.12      450,000.00
    WARREN           NJ   07059          2            06/29/98         00
    4529900                              05           09/01/98          0
    4529900                              O            08/01/13
    0
 
 
1
 
 
    1777818          267/267             F          250,000.00         ZZ
                                         180        250,000.00          1
    27411 GLENWOOD DR                  7.000          2,247.08         59
                                       6.750          2,247.08      430,000.00
    MISSION VIEJO    CA   92692          2            07/06/98         00
    4344058                              03           09/01/98          0
    4344058                              O            08/01/13
    0
 
 
    1777977          956/G01             F          650,000.00         ZZ
                                         180        650,000.00          1
    3000 KIRKHAM DRIVE                 6.875          5,797.05         52
                                       6.625          5,797.05    1,250,000.00
    GLENDALE         CA   91206          2            07/13/98         00
    0430924035                           05           09/01/98          0
    508060166                            O            08/01/13
    0
 
 
    1777992          356/G01             F          235,000.00         ZZ
                                         180        235,000.00          1
    111 BUXTON CIRCLE                  7.250          2,145.23         69
                                       7.000          2,145.23      342,000.00
    PLEASANT HILL    CA   94523          5            06/29/98         00
    0430919852                           03           09/01/98          0
    2544260                              O            08/01/13
    0
 
 
    1777997          956/G01             F          260,000.00         ZZ
                                         180        260,000.00          1
    5510 ROTHMAN COURT                 7.625          2,428.74         72
                                       7.375          2,428.74      365,000.00
    CASTRO VALLEY    CA   94552          5            07/02/98         00
    0430923953                           03           09/01/98          0
    70804056                             O            08/01/13
    0
 
 
    1778009          F03/G01             F           99,900.00         T
                                         180         99,900.00          1
    2985 PLAZA AZUL                    7.250            911.95         67
                                       7.000            911.95      149,900.00
    SANTA FE         NM   87505          1            07/30/98         00
    0430953687                           07           09/01/98          0
    DEN12587                             O            08/01/13
    0
 
 
    1778014          992/G01             F          315,000.00         ZZ
                                         180        314,059.05          1
    24 FULTON STREET                   7.625          2,942.51         75
                                       7.375          2,942.51      420,000.00
1
 
 
    WEEHAWKEN        NJ   07087          5            06/10/98         00
    0430914382                           05           08/01/98          0
    319940                               O            07/01/13
    0
 
 
    1778043          822/G01             F          432,500.00         ZZ
                                         180        432,500.00          1
    8 SPRINGTON POINTE DRIVE           7.000          3,887.44         72
                                       6.750          3,887.44      605,000.00
    NEWTOWN SQUARE   PA   19073          2            07/03/98         00
    0430913962                           05           09/01/98          0
    0136087396                           O            08/01/13
    0
 
 
    1778108          830/G01             F          257,578.00         ZZ
                                         180        257,578.00          1
    2412 NORTH GREENWAY DRIVE          7.125          2,333.22         56
                                       6.875          2,333.22      465,000.00
    CORAL GABLES     FL   33134          2            07/10/98         00
    0430924043                           05           09/01/98          0
    5366683                              O            08/01/13
    0
 
 
    1778126          964/G01             F          304,000.00         ZZ
                                         180        304,000.00          1
    18 OAKVUE COURT                    6.625          2,669.10         80
                                       6.375          2,669.10      380,000.00
    PLEASANT HILL    CA   94523          1            07/09/98         00
    0430914671                           05           09/01/98          0
    37190                                O            08/01/13
    0
 
 
    1778153          948/G01             F          350,000.00         T
                                         180        350,000.00          1
    20253 NORTH 83RD PLACE             6.875          3,121.50         52
                                       6.625          3,121.50      675,000.00
    SCOTTSDALE       AZ   85255          1            07/15/98         00
    0430917427                           03           09/01/98          0
    33261                                O            08/01/13
    0
 
 
    1778160          664/G01             F          620,000.00         ZZ
                                         180        620,000.00          1
    2835 NORTH HOLLISTON AVENUE        7.250          5,659.75         80
                                       7.000          5,659.75      775,000.00
    ALTADENA         CA   91001          1            07/13/98         00
    0430931675                           05           09/01/98          0
    2682433                              O            08/01/13
    0
1
 
 
 
 
    1778242          E23/G01             F          102,400.00         ZZ
                                         180        102,400.00          1
    9670 CAMINITO DEL VIDA             6.875            913.26         80
                                       6.625            913.26      128,000.00
    SAN DIEGO        CA   92121          2            07/16/98         00
    0430967760                           01           09/01/98          0
    50503316                             O            08/01/13
    0
 
 
    1778243          E22/G01             F           90,000.00         ZZ
                                         180         90,000.00          1
    43 EAST MADILL STREET              7.250            821.58         75
                                       7.000            821.58      120,000.00
    ANTIOCH          CA   94509          1            07/10/98         00
    0410925416                           05           09/01/98          0
    410925416                            O            08/01/13
    0
 
 
    1778249          E22/G01             F          291,000.00         ZZ
                                         180        291,000.00          1
    12660 BUCKTHORN LANE               7.125          2,635.97         75
                                       6.875          2,635.97      390,000.00
    RENO             NV   89509          2            07/15/98         00
    0410902274                           03           09/01/98          0
    410902274                            O            08/01/13
    0
 
 
    1778473          624/G01             F          442,000.00         ZZ
                                         180        442,000.00          1
    8657 NORTH CABALLO CIRCLE          7.250          4,034.85         41
                                       7.000          4,034.85    1,100,000.00
    PARADISE VALLEY  AZ   85253          2            07/14/98         00
    0430915454                           03           09/01/98          0
    35500181956                          O            08/01/13
    0
 
 
    1778550          E22/G01             F          130,000.00         ZZ
                                         180        130,000.00          1
    181 MARCOS LANE                    7.625          1,214.37         44
                                       7.375          1,214.37      300,000.00
    CORRALES         NM   87048          5            07/01/98         00
    0410926471                           05           09/01/98          0
    410926471                            O            08/01/13
    0
 
 
    1778563          E22/G01             F          171,500.00         ZZ
                                         180        171,500.00          1
1
 
 
    19900 EARLWOOD DRIVE               7.250          1,565.56         51
                                       7.000          1,565.56      337,000.00
    JUPITER          FL   33458          2            07/13/98         00
    0410945042                           03           09/01/98          0
    410945042                            O            08/01/13
    0
 
 
    1778630          E22/G01             F           70,500.00         ZZ
                                         180         70,500.00          1
    523 WEST 3RD STREET                7.000            633.67         83
                                       6.750            633.67       85,000.00
    WASHINGTON       MO   63090          2            07/09/98         04
    0410949614                           05           09/01/98         12
    410949614                            O            08/01/13
    0
 
 
    1778777          685/G01             F          129,700.00         ZZ
                                         180        129,700.00          1
    26020 GRAFTON STREET               7.125          1,174.87         93
                                       6.875          1,174.87      140,000.00
    ESPARTO          CA   95627          2            07/01/98         01
    0430917922                           05           09/01/98         30
    205102                               O            08/01/13
    0
 
 
    1778866          966/G01             F          315,500.00         ZZ
                                         180        314,504.62          1
    8021 WEST HIGHLAND                 7.000          2,835.80         65
                                       6.750          2,835.80      490,000.00
    RED OAK          TX   75154          2            06/25/98         00
    0430920124                           05           08/01/98          0
    40005757                             O            07/01/13
    0
 
 
    1778960          E26/G01             F          322,450.00         ZZ
                                         180        322,450.00          1
    2717 BARTONS BLUFF LANE            7.000          2,898.28         75
                                       6.750          2,898.28      435,000.00
    AUSTIN           TX   78746          2            07/17/98         00
    0430929083                           05           09/01/98          0
    32800438                             O            08/01/13
    0
 
 
    1779076          624/G01             F          294,000.00         ZZ
                                         180        294,000.00          1
    36A UPPER CIRCLE                   7.000          2,642.56         75
                                       6.750          2,642.56      392,000.00
    CARMEL VALLEY    CA   93924          1            07/14/98         00
    0430918219                           05           09/01/98          0
1
 
 
    87501680076                          O            08/01/13
    0
 
 
    1779210          E22/G01             F           86,400.00         ZZ
                                         180         86,400.00          1
    1 STRAWBERRY POINT DRIVE           7.625            807.09         80
                                       7.375            807.09      108,000.00
    BYRAM            NJ   07821          2            07/13/98         00
    0410939573                           05           09/01/98          0
    410939573                            O            08/01/13
    0
 
 
    1779340          K08/G01             F          295,000.00         ZZ
                                         180        295,000.00          1
    361 IDYLLWILD COURT                7.375          2,713.77         53
                                       7.125          2,713.77      560,000.00
    REDWOOD CITY     CA   94061          2            07/13/98         00
    0410956999                           05           09/01/98          0
    410956999                            O            08/01/13
    0
 
 
    1779357          638/G01             F          270,000.00         ZZ
                                         180        269,157.39          1
    280 COCASSET STREET                7.125          2,445.74         80
                                       6.875          2,445.74      340,000.00
    FOXBORO          MA   02035          5            06/29/98         00
    0430921510                           05           08/01/98          0
    8763793                              O            07/01/13
    0
 
 
    1779360          638/G01             F          140,000.00         ZZ
                                         180        140,000.00          1
    34880 SNAKE RIVER PLACE            7.250          1,278.01         32
                                       7.000          1,278.01      440,000.00
    FREMONT          CA   94555          2            07/08/98         00
    0430921577                           05           09/01/98          0
    8761153                              O            08/01/13
    0
 
 
    1779361          637/G01             F          334,000.00         ZZ
                                         180        332,957.65          1
    1872 ALFORD AVENUE                 7.125          3,025.48         52
                                       6.875          3,025.48      650,000.00
    LOS ALTOS        CA   94024          2            06/08/98         00
    0430948414                           05           08/01/98          0
    0011182714                           O            07/01/13
    0
 
 
1
 
 
    1779363          637/G01             F          262,000.00         ZZ
                                         180        261,200.01          1
    6670 EASTERLY RANCH ROAD           7.375          2,410.20         72
                                       7.125          2,410.20      364,000.00
    PLACERVILLE      CA   95667          5            06/18/98         00
    0430948448                           05           08/01/98          0
    0011175023                           O            07/01/13
    0
 
 
    1779365          637/G01             F          311,400.00         ZZ
                                         180        310,428.18          1
    14374 MACLAY COURT                 7.125          2,820.76         35
                                       6.875          2,820.76      910,000.00
    SARATOGA         CA   95070          2            06/11/98         00
    0430966192                           05           08/01/98          0
    0011183837                           O            07/01/13
    0
 
 
    1779366          299/G01             F          388,000.00         ZZ
                                         180        384,306.15          1
    2002 HUNTCLIFF DRIVE               7.000          3,487.46         80
                                       6.750          3,487.46      485,000.00
    GAMBRILLS        MD   21054          1            04/30/98         00
    0430928754                           03           06/01/98          0
    834638                               O            05/01/13
    0
 
 
    1779367          637/G01             F          299,500.00         ZZ
                                         180        298,593.12          1
    3177 GLORIA TERRACE                6.875          2,671.11         75
                                       6.625          2,671.11      400,000.00
    LAFEYETTE        CA   94549          2            06/16/98         00
    0430928317                           05           08/01/98          0
    0011185162                           O            07/01/13
    0
 
 
    1779389          299/G01             F          267,000.00         ZZ
                                         180        266,139.17          1
    1726 IVY ROAD                      6.750          2,362.71         80
                                       6.500          2,362.71      335,000.00
    OCEANSIDE        CA   92054          2            06/15/98         00
    0430928929                           05           08/01/98          0
    863445                               O            07/01/13
    0
 
 
    1779392          637/G01             F          394,000.00         ZZ
                                         180        392,756.94          1
    13228 PARAMONT DRIVE               7.000          3,541.39         45
                                       6.750          3,541.39      880,000.00
1
 
 
    SARATOGA         CA   95070          2            06/12/98         00
    0430924654                           05           08/01/98          0
    0011178324                           O            07/01/13
    0
 
 
    1779394          637/G01             F          475,000.00         ZZ
                                         180        473,501.39          1
    20797 GRANADA COURT                7.000          4,269.44         58
                                       6.750          4,269.44      830,000.00
    SARATOGA         CA   95070          2            06/12/98         00
    0430930834                           05           08/01/98          0
    0011178902                           O            07/01/13
    0
 
 
    1779395          299/G01             F          285,000.00         ZZ
                                         180        284,100.83          1
    28 PARK WARREN PLACE               7.000          2,561.67         75
                                       6.750          2,561.67      380,000.00
    SAN JOSE         CA   95136          2            06/11/98         00
    0430928796                           05           08/01/98          0
    871204                               O            07/01/13
    0
 
 
    1779401          624/G01             F          270,000.00         ZZ
                                         180        270,000.00          1
    17380 COLUMBIA DRIVE               7.000          2,426.84         74
                                       6.750          2,426.84      368,000.00
    CASTRO VALLEY    CA   94552          2            07/14/98         00
    0430924159                           03           09/01/98          0
    86019880196                          O            08/01/13
    0
 
 
    1779404          637/G01             F          312,000.00         ZZ
                                         180        311,057.72          1
    250 LIVERPOOL STREET               7.500          2,892.28         60
                                       7.250          2,892.28      525,000.00
    DANVILLE         CA   94506          2            06/17/98         00
    0430966341                           05           08/01/98          0
    0011187002                           O            07/01/13
    0
 
 
    1779406          637/G01             F          595,000.00         ZZ
                                         180        593,122.80          1
    20252 VIEWCREST DRIVE              7.000          5,348.03         52
                                       6.750          5,348.03    1,154,000.00
    SAN JOSE         CA   95120          2            06/02/98         00
    0430931188                           05           08/01/98          0
    0011161460                           O            07/01/13
    0
1
 
 
 
 
    1779408          637/G01             F          256,800.00         ZZ
                                         180        256,007.26          1
    32255 DERBY STREET                 7.250          2,344.24         74
                                       7.000          2,344.24      350,000.00
    UNION CITY       CA   94581          2            06/12/98         00
    0430928325                           05           08/01/98          0
    0010923894                           O            07/01/13
    0
 
 
    1779411          957/G01             F          513,650.00         ZZ
                                         180        513,650.00          1
    3631 POTOMAC AVENUE                6.750          4,545.34         47
                                       6.500          4,545.34    1,100,000.00
    HIGHLAND PARK    TX   75205          2            07/16/98         00
    0430923714                           05           09/01/98          0
    0285122                              O            08/01/13
    0
 
 
    1779453          633/G01             F          735,000.00         ZZ
                                         180        735,000.00          1
    14906 SOBEY ROAD                   6.625          6,453.25         56
                                       6.375          6,453.25    1,335,000.00
    SARATOGA         CA   95070          2            07/10/98         00
    0430949669                           05           09/01/98          0
    743022                               O            08/01/13
    0
 
 
    1779455          439/G01             F          305,000.00         ZZ
                                         180        305,000.00          1
    1089 VISTA MADERA LANE             6.800          2,707.44         71
                                       6.550          2,707.44      430,000.00
    EL CAJON         CA   92019          5            06/30/98         00
    0430917591                           05           09/01/98          0
    1969344                              O            08/01/13
    0
 
 
    1779473          439/G01             F          319,000.00         ZZ
                                         180        319,000.00          1
    5345 SILVER POINT WAY              7.100          2,885.13         70
                                       6.850          2,885.13      460,000.00
    SAN JOSE         CA   95138          2            07/03/98         00
    0430917625                           09           09/01/98          0
    1970156                              O            08/01/13
    0
 
 
    1779483          E82/G01             F          300,000.00         ZZ
                                         180        300,000.00          1
1
 
 
    4039 TOWHEE DRIVE                  6.875          2,675.56         69
                                       6.625          2,675.56      440,000.00
    CALABASAS        CA   91302          2            07/23/98         00
    0400132262                           05           09/01/98          0
    0400132262                           O            08/01/13
    0
 
 
    1779502          439/G01             F          249,000.00         ZZ
                                         180        249,000.00          1
    30332 HAMILTON TRAIL               6.900          2,224.19         46
                                       6.650          2,224.19      550,000.00
    TRABUCO CANYON   CA   92679          2            07/08/98         00
    0430917609                           03           09/01/98          0
    1969703                              O            08/01/13
    0
 
 
    1779510          550/550             F          734,000.00         ZZ
                                         180        734,000.00          1
    2920 BROADWAY                      6.900          6,556.43         12
                                       6.650          6,556.43    6,500,000.00
    SAN FRANSISCO    CA   94115          2            07/09/98         00
    120266932                            05           09/01/98          0
    120266932                            O            08/01/13
    0
 
 
    1779543          439/G01             F          295,000.00         ZZ
                                         180        295,000.00          1
    21 E. GOETHE STREET, UNIT #CE      7.100          2,668.07         72
                                       6.850          2,668.07      410,000.00
    CHICAGO          IL   60610          2            07/02/98         00
    0430917617                           01           09/01/98          0
    1968742                              O            08/01/13
    0
 
 
    1779659          356/G01             F          232,000.00         ZZ
                                         180        232,000.00          1
    38450 KIMBRO ST                    7.250          2,117.85         56
                                       7.000          2,117.85      420,000.00
    FREMONT          CA   94536          5            06/30/98         00
    0430927137                           05           09/01/98          0
    2543049                              O            08/01/13
    0
 
 
    1779663          356/G01             F          267,300.00         ZZ
                                         180        267,300.00          1
    4119 PARK BLVD                     7.125          2,421.29         58
                                       6.875          2,421.29      465,000.00
    PALO ALTO        CA   94306          2            06/30/98         00
    0430927095                           05           09/01/98          0
1
 
 
    2518843                              O            08/01/13
    0
 
 
    1779682          E22/G01             F          340,000.00         ZZ
                                         180        340,000.00          1
    2201 GREEN OAKS DRIVE              7.125          3,079.83         45
                                       6.875          3,079.83      760,000.00
    LITTLETON        CO   80120          5            07/06/98         00
    0410934921                           03           09/01/98          0
    410934921                            O            08/01/13
    0
 
 
    1779711          A91/G01             F           80,000.00         ZZ
                                         180         80,000.00          1
    90-05 75TH STREET                  7.375            735.94         58
                                       7.125            735.94      140,000.00
    WOODHAVEN        NY   11421          1            07/23/98         00
    0430921874                           05           09/01/98          0
    9816161                              O            08/01/13
    0
 
 
    1779733          299/G01             F          400,000.00         ZZ
                                         180        398,668.00          1
    9982 BIXBY CIRCLE                  6.375          3,457.00         71
                                       6.125          3,457.00      570,000.00
    VILLA PARK       CA   92861          5            06/22/98         00
    0430927905                           05           08/01/98          0
    878341                               O            07/01/13
    0
 
 
    1779737          299/G01             F          340,000.00         ZZ
                                         180        338,950.43          1
    1409 VIA CORONEL                   7.250          3,103.74         50
                                       7.000          3,103.74      680,000.00
    PALOS VERDES ES  CA   90274          2            06/04/98         00
    0430928663                           05           08/01/98          0
    98275                                O            07/01/13
    0
 
 
    1779741          299/G01             F          356,400.00         ZZ
                                         180        355,287.74          1
    4820 DARGATE DRIVE                 7.125          3,228.39         65
                                       6.875          3,228.39      555,000.00
    MURRYSVILLE      PA   15668          2            06/03/98         00
    0430928507                           05           08/01/98          0
    000086034                            O            07/01/13
    0
 
 
1
 
 
    1779755          299/G01             F          382,000.00         ZZ
                                         180        378,099.71          1
    34 HUNTLEIGH DOWNS ROAD            7.125          3,460.28         44
                                       6.875          3,460.28      885,000.00
    ST LOUIS         MO   63131          2            05/11/98         00
    0430928465                           05           07/01/98          0
    0000815174                           O            06/01/13
    0
 
 
    1779756          299/G01             F          327,950.00         ZZ
                                         180        326,904.04          1
    729 GLEN ABBEY DRIVE               6.875          2,924.84         74
                                       6.625          2,924.84      445,000.00
    MANSFIELD        TX   76063          2            06/09/98         00
    0430928705                           05           08/01/98          0
    812440                               O            07/01/13
    0
 
 
    1779758          299/G01             F          265,000.00         ZZ
                                         180        262,504.21          1
    1710 N CYPRESS ST                  7.125          2,400.45         65
                                       6.875          2,400.45      410,000.00
    WICHITA          KS   67206          5            04/27/98         00
    0430955526                           05           06/01/98          0
    103708                               O            05/01/13
    0
 
 
    1779759          299/G01             F          260,000.00         ZZ
                                         180        257,497.98          1
    8682 PALERMO                       6.875          2,318.82         75
                                       6.625          2,318.82      350,000.00
    HUNTINGTON BEAC  CA   92646          5            04/22/98         00
    0430927962                           05           06/01/98          0
    831091                               O            05/01/13
    0
 
 
    1779761          299/G01             F          327,000.00         ZZ
                                         180        325,968.33          1
    205 WEST COWAN DRIVE               7.000          2,939.17         79
                                       6.750          2,939.17      418,000.00
    HOUSTON          TX   77007          2            06/17/98         00
    0430928382                           05           08/01/98          0
    813526                               O            07/01/13
    0
 
 
    1779763          299/G01             F          324,000.00         ZZ
                                         180        322,966.64          1
    12419 KNOLLCREST ROAD              6.875          2,889.61         75
                                       6.625          2,889.61      432,000.00
1
 
 
    REISTERSTOWN     MD   21136          5            06/29/98         00
    0430928838                           05           08/01/98          0
    833687                               O            07/01/13
    0
 
 
    1779764          299/G01             F          600,000.00         ZZ
                                         180        598,086.37          1
    3933 EAST ROLLINGGREEN LANE        6.875          5,351.13         73
                                       6.625          5,351.13      825,000.00
    ORANGE           CA   92867          5            06/24/98         00
    0430928036                           05           08/01/98          0
    878412                               O            07/01/13
    0
 
 
    1779782          664/G01             F          230,000.00         ZZ
                                         180        230,000.00          1
    1630 LONGVIEW DRIVE                7.250          2,099.59         68
                                       7.000          2,099.59      339,000.00
    DIAMOND BAR      CA   91765          1            07/09/98         00
    0430926105                           05           09/01/98          0
    2610780                              O            08/01/13
    0
 
 
    1779800          638/G01             F          152,000.00         ZZ
                                         180        151,515.21          1
    6326 COLEY PARK                    6.875          1,355.62         80
                                       6.625          1,355.62      190,022.00
    SUGAR LAND       TX   77478          1            06/29/98         00
    0430931451                           03           08/01/98          0
    8765638                              O            07/01/13
    0
 
 
    1779803          638/G01             F          192,000.00         ZZ
                                         180        191,400.80          1
    1295 MEDFORD ROAD                  7.125          1,739.20         74
                                       6.875          1,739.20      260,000.00
    PASADENA         CA   91107          2            06/25/98         00
    0430925602                           05           08/01/98          0
    8755580                              O            07/01/13
    0
 
 
    1779804          638/G01             F          227,000.00         ZZ
                                         180        227,000.00          1
    123 EASTSHORE                      7.000          2,040.34         79
                                       6.750          2,040.34      290,000.00
    IRVINE           CA   92604          1            07/02/98         00
    0430929604                           01           09/01/98          0
    8766968                              O            08/01/13
    0
1
 
 
 
 
    1779805          638/G01             F          263,600.00         ZZ
                                         180        263,600.00          1
    1927 29TH AVENUE                   7.000          2,369.31         71
                                       6.750          2,369.31      373,600.00
    SAN FRANCISCO    CA   94116          1            07/06/98         00
    0430925651                           05           09/01/98          0
    8766853                              O            08/01/13
    0
 
 
    1779806          638/G01             F          260,000.00         ZZ
                                         180        259,170.76          1
    3992 LA CRESTA WAY                 6.875          2,318.82         35
                                       6.625          2,318.82      750,000.00
    BONITA           CA   91902          2            06/09/98         00
    0430925578                           05           08/01/98          0
    8757838                              O            07/01/13
    0
 
 
    1779807          638/G01             F          480,000.00         ZZ
                                         180        480,000.00          1
    15 AMESBURY STREET                 7.250          4,381.74         75
                                       7.000          4,381.74      640,000.00
    SEABROOK         NH   03874          5            07/02/98         00
    0430924977                           05           09/01/98          0
    8757303                              O            08/01/13
    0
 
 
    1779836          943/943             F          343,000.00         ZZ
                                         180        340,782.05          1
    2501 BLUE WATER LANE               6.750          3,035.24         51
                                       6.500          3,035.24      680,000.00
    NEWPORT BEACH    CA   92625          5            05/05/98         00
    7090050070                           03           07/01/98          0
    7090050070                           O            06/01/13
    0
 
 
    1779837          943/943             F          360,000.00         ZZ
                                         180        357,721.79          1
    629 FAIRWAY VIEW TERRACE           7.000          3,235.79         66
                                       6.750          3,235.79      547,000.00
    SOUTHLAKE        TX   76092          1            05/08/98         00
    7111124520                           03           07/01/98          0
    7111124520                           O            06/01/13
    0
 
 
    1779838          943/943             F          325,000.00         ZZ
                                         180        320,818.03          1
1
 
 
    130 RIDGEWOOD AVENUE               6.875          2,898.53         64
                                       6.625          2,898.53      513,750.00
    GLEN RIDGE       NJ   07028          1            03/18/98         00
    7111130286                           05           05/01/98          0
    7111130286                           O            04/01/13
    0
 
 
    1779839          943/943             F          280,000.00         ZZ
                                         180        272,629.03          1
    2048 CALABAZAS BOULEVARD           7.500          2,595.64         74
                                       7.250          2,595.64      383,000.00
    SANTA CLARA      CA   95051          1            10/31/97         00
    7530100448                           03           01/01/98          0
    7530100448                           O            12/01/12
    0
 
 
    1779840          943/943             F          307,800.00         ZZ
                                         120        300,720.21          1
    8287 TINSLEY PLACE                 7.250          3,613.61         79
                                       7.000          3,613.61      390,000.00
    CULPEPER         VA   22701          2            03/25/98         00
    8080075066                           03           05/01/98          0
    8080075066                           O            04/01/08
    0
 
 
    1779841          943/943             F          270,750.00         ZZ
                                         180        269,036.61          1
    10330 TUXFORD DRIVE                7.000          2,433.58         95
                                       6.750          2,433.58      285,000.00
    ALPHARETTA       GA   30022          1            05/28/98         10
    8080076368                           03           07/01/98         30
    8080076368                           O            06/01/13
    0
 
 
    1779843          943/943             F          316,000.00         ZZ
                                         180        314,021.76          1
    44924 PAWNEE DRIVE                 7.125          2,862.43         60
                                       6.875          2,862.43      530,000.00
    FREMONT          CA   94539          5            05/21/98         00
    8080078562                           05           07/01/98          0
    8080078562                           O            06/01/13
    0
 
 
    1779845          943/943             F          273,100.00         ZZ
                                         180        271,295.72          1
    1441 BAFFY LOOP                    6.500          2,379.00         70
                                       6.250          2,379.00      395,000.00
    CHESAPEAKE       VA   23320          5            05/14/98         00
    8080079129                           03           07/01/98          0
1
 
 
    8080079129                           O            06/01/13
    0
 
 
    1779847          943/943             F          400,000.00         ZZ
                                         180        397,441.19          1
    960 ST LYONN COURT                 6.875          3,567.42         52
                                       6.625          3,567.42      780,000.00
    MARIETTA         GA   30068          2            05/04/98         00
    8080080251                           03           07/01/98          0
    8080080251                           O            06/01/13
    0
 
 
    1779848          943/943             F          500,000.00         ZZ
                                         180        495,341.51          1
    310 COUNTRY CLUB DR                7.250          4,564.32         62
                                       7.000          4,564.32      810,000.00
    COLUMBIA         SC   29206          5            04/17/98         00
    8080080593                           05           06/01/98          0
    8080080593                           O            05/01/13
    0
 
 
    1779849          943/943             F          426,000.00         ZZ
                                         180        423,274.84          1
    2607 FLINTGROVE RD                 6.875          3,799.30         79
                                       6.625          3,799.30      542,000.00
    CHARLOTTE        NC   28226          2            05/22/98         00
    8080081017                           05           07/01/98          0
    8080081017                           O            06/01/13
    0
 
 
    1779850          943/943             F          245,000.00         ZZ
                                         180        243,449.57          1
    6 LONDON TERRACE                   7.000          2,202.13         72
                                       6.750          2,202.13      345,000.00
    SPRINGFIELD      NJ   07081          1            05/29/98         00
    8080081124                           05           07/01/98          0
    8080081124                           O            06/01/13
    0
 
 
    1779851          943/943             F          311,250.00         ZZ
                                         180        309,258.92          1
    103 WOOD LILLY LANE                6.875          2,775.90         75
                                       6.625          2,775.90      415,000.00
    CARY             NC   27511          5            05/26/98         00
    8080081138                           03           07/01/98          0
    8080081138                           O            06/01/13
    0
 
 
1
 
 
    1779852          943/943             F          300,000.00         ZZ
                                         180        298,101.49          1
    5210 RIVERSIDE DR                  7.000          2,696.49         56
                                       6.750          2,696.49      545,000.00
    RICHMOND         VA   23225          2            05/29/98         00
    8080081177                           05           07/01/98          0
    8080081177                           O            06/01/13
    0
 
 
    1779853          943/943             F          285,000.00         ZZ
                                         180        283,196.39          1
    117 BLOUNT STREET                  7.000          2,561.66         75
                                       6.750          2,561.66      385,000.00
    EDENTON          NC   27932          5            05/26/98         00
    8080081184                           05           07/01/98          0
    8080081184                           O            06/01/13
    0
 
 
    1779854          943/943             F          255,000.00         ZZ
                                         180        253,368.75          1
    126 TWEED DR                       6.875          2,274.23         56
                                       6.625          2,274.23      460,000.00
    JACKSONVILLE     NC   28540          5            05/27/98         00
    8080081316                           05           07/01/98          0
    8080081316                           O            06/01/13
    0
 
 
    1779855          943/943             F          500,000.00         ZZ
                                         180        496,800.75          1
    380 TURNBERRY ROAD                 6.875          4,459.28         75
                                       6.625          4,459.28      670,000.00
    BIRMINGHAM       AL   35244          2            05/21/98         00
    8080081435                           03           07/01/98          0
    8080081435                           O            06/01/13
    0
 
 
    1779856          943/943             F          340,000.00         ZZ
                                         180        336,657.32          1
    200 JACKSON STREET                 6.625          2,985.18         68
                                       6.375          2,985.18      500,000.00
    NEWNAN           GA   30263          2            04/27/98         00
    8080081467                           05           06/01/98          0
    8080081467                           O            05/01/13
    0
 
 
    1779857          943/943             F          450,000.00         ZZ
                                         180        448,610.87          1
    5837 RIVER OAK WAY                 7.250          4,107.88         57
                                       7.000          4,107.88      800,000.00
1
 
 
    CARMICHAEL       CA   95608          2            06/05/98         00
    8080081487                           05           08/01/98          0
    8080081487                           O            07/01/13
    0
 
 
    1779858          943/943             F          380,000.00         T
                                         180        376,459.54          1
    10040 EAST HAPPY VALLEY ROAD       7.250          3,468.88         66
                                       7.000          3,468.88      580,000.00
    SCOTTSDALE       AZ   85255          1            04/30/98         00
    8080081630                           03           06/01/98          0
    8080081630                           O            05/01/13
    0
 
 
    1779859          943/943             F          324,000.00         ZZ
                                         180        321,904.90          1
    3219 COOLIDGE AVENUE               6.750          2,867.11         78
                                       6.500          2,867.11      420,000.00
    LOS ANGELES      CA   90066          2            05/20/98         00
    8080081687                           05           07/01/98          0
    8080081687                           O            06/01/13
    0
 
 
    1779860          943/943             F          620,000.00         ZZ
                                         180        616,160.60          1
    130 PALM AVE                       7.250          5,659.75         62
                                       7.000          5,659.75    1,000,000.00
    SAN RAFAEL       CA   94901          5            05/06/98         00
    8080081711                           05           07/01/98          0
    8080081711                           O            06/01/13
    0
 
 
    1779861          943/943             F          378,000.00         ZZ
                                         180        375,659.18          1
    4031 EAST REGENCY AVENUE           7.250          3,450.62         76
                                       7.000          3,450.62      500,000.00
    ORANGE           CA   92667          2            05/06/98         00
    8080081775                           03           07/01/98          0
    8080081775                           O            06/01/13
    0
 
 
    1779862          943/943             F          300,000.00         ZZ
                                         180        298,080.90          1
    5193 RIVERWEST ROAD                6.875          2,675.57         64
                                       6.625          2,675.57      470,000.00
    LEWISVILLE       NC   27023          5            05/21/98         00
    8080081816                           05           07/01/98          0
    8080081816                           O            06/01/13
    0
1
 
 
 
 
    1779863          943/943             F          356,500.00         ZZ
                                         180        355,399.49          1
    20 FONTENAY CIRCLE                 7.250          3,254.36         76
                                       7.000          3,254.36      470,000.00
    LITTLE ROCK      AR   72211          2            06/18/98         00
    8080081854                           03           08/01/98          0
    8080081854                           O            07/01/13
    0
 
 
    1779864          943/943             F          304,000.00         ZZ
                                         180        302,055.27          1
    48 CHIMNEY SWEEP LANE              6.875          2,711.24         80
                                       6.625          2,711.24      380,000.00
    LITTLE ROCK      AR   72212          1            06/01/98         00
    8080081978                           05           07/01/98          0
    8080081978                           O            06/01/13
    0
 
 
    1779865          943/943             F          325,000.00         ZZ
                                         180        323,917.74          1
    1150 ARBOR ROAD                    6.375          2,808.82         64
                                       6.125          2,808.82      510,000.00
    WINSTON-SALEM    NC   27104          1            06/05/98         00
    8080082745                           05           08/01/98          0
    8080082745                           O            07/01/13
    0
 
 
    1779866          943/943             F          259,600.00         ZZ
                                         180        257,974.82          1
    1615 SHAKER HEIGHTS                7.125          2,351.54         65
                                       6.875          2,351.54      400,000.00
    BLOOMFIELD       MI   48304          5            05/27/98         00
    8080082917                           05           07/01/98          0
    8080082917                           O            06/01/13
    0
 
 
    1779868          943/943             F          325,000.00         ZZ
                                         180        323,796.73          1
    109 THORNBLADE BOULEVARD           7.250          2,966.81         67
                                       7.000          2,966.81      490,000.00
    GREER            SC   29650          5            06/08/98         00
    8080083314                           03           08/01/98          0
    8080083314                           O            07/01/13
    0
 
 
    1779869          943/943             F          270,000.00         ZZ
                                         180        269,018.75          1
1
 
 
    15465 LA PALA COURT                6.750          2,389.26         75
                                       6.500          2,389.26      360,000.00
    MORGAN HILL      CA   95037          5            06/02/98         00
    8080083420                           05           08/01/98          0
    8080083420                           O            07/01/13
    0
 
 
    1779870          943/943             F          386,400.00         ZZ
                                         180        385,140.68          1
    7305 EDGEMORE PLACE                6.625          3,392.57         80
                                       6.375          3,392.57      483,040.00
    PROSPECT         KY   40059          1            06/08/98         00
    8080083942                           03           08/01/98          0
    8080083942                           O            07/01/13
    0
 
 
    1779871          943/943             F          262,500.00         ZZ
                                         180        261,671.83          1
    105 DANCES BAY TR                  7.000          2,359.42         75
                                       6.750          2,359.42      350,000.00
    ELIZABETH CITY   NC   27909          5            05/28/98         00
    8080084202                           05           08/01/98          0
    8080084202                           O            07/01/13
    0
 
 
    1779872          943/943             F          303,500.00         ZZ
                                         180        302,573.29          1
    16660 CORY LANE                    7.375          2,791.97         75
                                       7.125          2,791.97      410,000.00
    MORGAN HILL      CA   95037          2            06/08/98         00
    8080084214                           05           08/01/98          0
    8080084214                           O            07/01/13
    0
 
 
    1779873          943/943             F          310,000.00         ZZ
                                         180        308,059.40          1
    5627 TWIN BROOKS DRIVE             7.125          2,808.08         79
                                       6.875          2,808.08      395,000.00
    DALLAS           TX   75252          2            05/29/98         00
    8080084222                           05           07/01/98          0
    8080084222                           O            06/01/13
    0
 
 
    1779874          943/943             F          388,000.00         ZZ
                                         180        385,597.28          1
    2613 LINCOLN AVENUE                7.250          3,541.91         67
                                       7.000          3,541.91      585,000.00
    BELMONT          CA   94002          5            05/08/98         00
    8080084375                           05           07/01/98          0
1
 
 
    8080084375                           O            06/01/13
    0
 
 
    1779875          943/943             F          300,000.00         ZZ
                                         180        299,043.18          1
    3000 UPLAND CR                     6.875          2,675.57         75
                                       6.625          2,675.57      400,000.00
    RALEIGH          NC   27607          5            06/05/98         00
    8080084456                           05           08/01/98          0
    8080084456                           O            07/01/13
    0
 
 
    1779876          943/943             F          290,000.00         ZZ
                                         180        287,771.43          1
    13 REDONDA                         7.000          2,606.60         64
                                       6.750          2,606.60      455,000.00
    IRVINE           CA   92620          2            05/20/98         00
    8080084726                           03           07/01/98          0
    8080084726                           O            06/01/13
    0
 
 
    1779877          943/943             F          245,000.00         ZZ
                                         180        244,218.60          1
    21339 THOMAS DRIVE                 6.875          2,185.05         80
                                       6.625          2,185.05      307,000.00
    CARSON           CA   90745          2            06/01/98         00
    8080085149                           05           08/01/98          0
    8080085149                           O            07/01/13
    0
 
 
    1779878          943/943             F          470,000.00         ZZ
                                         180        466,960.85          1
    3 RUGOSA WAY                       6.750          4,159.08         64
                                       6.500          4,159.08      741,000.00
    GREER            SC   29650          5            05/14/98         00
    8080085245                           03           07/01/98          0
    8080085245                           O            06/01/13
    0
 
 
    1779881          943/943             F          380,000.00         ZZ
                                         180        377,672.29          1
    3348 EMERSON ST                    7.375          3,495.71         59
                                       7.125          3,495.71      650,000.00
    PALO ALTO        CA   94306          5            05/19/98         00
    8080085838                           05           07/01/98          0
    8080085838                           O            06/01/13
    0
 
 
1
 
 
    1779882          943/943             F          340,000.00         ZZ
                                         180        338,927.31          1
    19 PRISTINE DR                     7.000          3,056.02         80
                                       6.750          3,056.02      425,000.00
    GREER            SC   29650          1            06/19/98         00
    8080086065                           03           08/01/98          0
    8080086065                           O            07/01/13
    0
 
 
    1779883          943/943             F          325,000.00         ZZ
                                         180        323,895.83          1
    1225 TARTAN COURT                  7.000          2,921.20         52
                                       6.750          2,921.20      625,000.00
    WINSTON-SALEM    NC   27106          5            06/15/98         00
    8080086106                           05           08/01/98          0
    8080086106                           O            07/01/13
    0
 
 
    1779885          943/943             F          334,900.00         ZZ
                                         180        333,825.01          1
    19592 CHAMPION CIRCLE              7.625          3,128.40         61
                                       7.375          3,128.40      550,000.00
    GULFPORT         MS   39503          2            06/12/98         00
    8080086199                           05           08/01/98          0
    8080086199                           O            07/01/13
    0
 
 
    1779886          943/943             F          245,000.00         ZZ
                                         180        244,192.87          1
    4341 FERNCRECK DR                  6.500          2,134.21         73
                                       6.250          2,134.21      340,000.00
    FAYETTEVILLE     NC   28314          2            06/15/98         00
    8080086212                           05           08/01/98          0
    8080086212                           O            07/01/13
    0
 
 
    1779887          943/943             F          346,500.00         ZZ
                                         180        344,330.81          1
    5264 FALCON RIDGE RD SW            7.125          3,138.71         75
                                       6.875          3,138.71      463,000.00
    ROANOKE          VA   24014          5            05/29/98         00
    8080086277                           05           07/01/98          0
    8080086277                           O            06/01/13
    0
 
 
    1779888          943/943             F          256,300.00         ZZ
                                         180        255,473.67          1
    271 SOUTH RIVERWOOD CIRCLE         6.750          2,268.02         76
                                       6.500          2,268.02      340,000.00
1
 
 
    ANAHEIM          CA   92807          2            06/10/98         00
    8080086923                           05           08/01/98          0
    8080086923                           O            07/01/13
    0
 
 
    1779889          943/943             F          350,000.00         ZZ
                                         180        347,808.93          1
    225 WINTERHAWK LN                  7.125          3,170.41         78
                                       6.875          3,170.41      450,000.00
    ENCINITAS        CA   92024          1            05/26/98         00
    8080086970                           05           07/01/98          0
    8080086970                           O            06/01/13
    0
 
 
    1779890          943/943             F          480,000.00         ZZ
                                         180        478,400.00          1
    633 CAMEO HIGHLANDS DRIVE          7.250          4,381.75         77
                                       7.000          4,381.75      630,000.00
    NEWPORT BEACH    CA   92625          2            06/02/98         00
    8080087234                           03           08/01/98          0
    8080087234                           O            07/01/13
    0
 
 
    1779891          943/943             F          410,000.00         ZZ
                                         180        408,706.47          1
    112 LARK CT                        7.000          3,685.20         52
                                       6.750          3,685.20      800,000.00
    ALAMO            CA   94507          2            06/05/98         00
    8080087338                           03           08/01/98          0
    8080087338                           O            07/01/13
    0
 
 
    1779892          943/943             F          480,000.00         ZZ
                                         180        476,929.43          1
    2741 ABINGDON ROAD                 6.875          4,280.90         58
                                       6.625          4,280.90      830,000.00
    BIRMINGHAM       AL   35243          5            05/14/98         00
    8080087518                           05           07/01/98          0
    8080087518                           O            06/01/13
    0
 
 
    1779893          943/943             F          299,500.00         ZZ
                                         180        292,555.47          1
    2847 EAST PINEVIEW DRIVE           6.875          2,671.10         69
                                       6.625          2,671.10      439,000.00
    SALT LAKE CITY   UT   84121          2            06/01/98         00
    8080087547                           05           07/01/98          0
    8080087547                           O            06/01/13
    0
1
 
 
 
 
    1779894          943/943             F          625,700.00         ZZ
                                         180        623,660.78          1
    17412 PAUMA VALLEY CIRCLE          6.625          5,493.61         49
                                       6.375          5,493.61    1,300,000.00
    DALLAS           TX   75287          2            06/25/98         00
    8080088226                           05           08/01/98          0
    8080088226                           O            07/01/13
    0
 
 
    1779895          943/943             F          600,000.00         ZZ
                                         180        598,001.99          1
    7 CREST RD                         6.375          5,185.51         80
                                       6.125          5,185.51      759,000.00
    ROSS             CA   94957          1            06/09/98         00
    8080088701                           05           08/01/98          0
    8080088701                           O            07/01/13
    0
 
 
    1779896          943/943             F          277,500.00         ZZ
                                         180        276,524.50          1
    44626 SANDIA CREEK DR              7.000          2,494.25         78
                                       6.750          2,494.25      360,000.00
    TEMECULA         CA   92590          2            06/15/98         00
    8080088912                           03           08/01/98          0
    8080088912                           O            07/01/13
    0
 
 
    1779897          943/943             F          310,000.00         ZZ
                                         180        309,021.96          1
    17 MALIBU                          7.000          2,786.37         67
                                       6.750          2,786.37      465,000.00
    LAGUNA NIGU      CA   92677          2            06/18/98         00
    8080089111                           03           08/01/98          0
    8080089111                           O            07/01/13
    0
 
 
    1779898          943/943             F          295,000.00         ZZ
                                         180        294,128.44          1
    3750 ARMOUR COURT                  7.750          2,776.77         74
                                       7.500          2,776.77      400,000.00
    FREMONT          CA   94555          2            06/09/98         00
    8080090012                           05           08/01/98          0
    8080090012                           O            07/01/13
    0
 
 
    1779899          943/943             F          332,000.00         ZZ
                                         180        330,929.60          1
1
 
 
    22973 PAUL REVERE DRIVE            6.750          2,937.90         80
                                       6.500          2,937.90      415,000.00
    CALABASAS        CA   91302          1            06/24/98         00
    8080091498                           05           08/01/98          0
    8080091498                           O            07/01/13
    0
 
 
    1779900          943/943             F          240,000.00         ZZ
                                         180        238,900.00          1
    3348 LA COSTA WAY                  7.000          2,157.19         65
                                       6.750          2,157.19      373,950.00
    SAN JOSE         CA   95135          1            06/23/98         00
    8080091844                           05           08/01/98          0
    8080091844                           O            07/01/13
    0
 
 
    1779901          943/943             F          292,000.00         ZZ
                                         180        288,371.27          1
    1308 MONTERO AVE                   7.250          2,665.56         44
                                       7.000          2,665.56      675,000.00
    BURLINGAME       CA   94010          2            04/07/98         00
    8090053186                           05           06/01/98          0
    8090053186                           O            05/01/13
    0
 
 
    1779902          943/943             F          370,000.00         ZZ
                                         180        367,708.74          1
    3604 SUNSWEPT DRIVE                7.250          3,377.60         61
                                       7.000          3,377.60      610,000.00
    STUDIO CITY      CA   91604          2            05/23/98         00
    8090055436                           05           07/01/98          0
    8090055436                           O            06/01/13
    0
 
 
    1779903          943/943             F          251,000.00         ZZ
                                         180        249,495.69          1
    17 PINEBROOK RD                    7.625          2,344.67         63
                                       7.375          2,344.67      400,000.00
    WAYLAND          MA   01778          5            05/13/98         00
    8090056803                           05           07/01/98          0
    8090056803                           O            06/01/13
    0
 
 
    1779904          943/943             F          495,000.00         ZZ
                                         180        493,369.26          1
    39 LILY POND ROAD                  6.500          4,311.99         63
                                       6.250          4,311.99      795,000.00
    BOXFORD          MA   01921          1            06/03/98         00
    8090056964                           05           08/01/98          0
1
 
 
    8090056964                           O            07/01/13
    0
 
 
    1779905          943/943             F          267,000.00         ZZ
                                         180        265,096.58          1
    6161 CLIFTON OAKS PL               7.250          2,437.35         80
                                       7.000          2,437.35      335,000.00
    ST LOUIS         MO   63129          2            05/26/98         00
    8090056974                           03           07/01/98          0
    8090056974                           O            06/01/13
    0
 
 
    1779906          943/943             F          250,000.00         ZZ
                                         180        248,501.68          1
    10156 E TOPAZ DRIVE                7.625          2,335.33         55
                                       7.375          2,335.33      456,250.00
    SCOTTSDALE       AZ   85258          1            05/11/98         00
    8090057284                           09           07/01/98          0
    8090057284                           O            06/01/13
    0
 
 
    1779907          943/943             F          480,000.00         ZZ
                                         180        478,468.63          1
    10822 MANITOU PARK BLVD NE         6.875          4,280.91         80
                                       6.625          4,280.91      600,000.00
    BAINBRIDGE ISLA  WA   98110          1            06/02/98         00
    8090057619                           05           08/01/98          0
    8090057619                           O            07/01/13
    0
 
 
    1779908          943/943             F          350,600.00         ZZ
                                         180        349,469.63          1
    4009 FOX MEADOW                    6.750          3,102.50         80
                                       6.500          3,102.50      438,250.00
    PROSPECT         KY   40059          1            06/05/98         00
    8090058062                           05           08/01/98          0
    8090058062                           O            07/01/13
    0
 
 
    1779909          943/943             F          430,000.00         ZZ
                                         180        428,658.05          1
    16 INDIAN VALLEY ROAD              7.125          3,895.08         76
                                       6.875          3,895.08      570,000.00
    EAST SETAUKET    NY   11733          2            06/11/98         00
    8090058138                           05           08/01/98          0
    8090058138                           O            07/01/13
    0
 
 
1
 
 
    1779910          943/943             F          400,000.00         ZZ
                                         180        397,495.95          1
    25 NEW DAWN                        7.125          3,623.32         59
                                       6.875          3,623.32      685,990.00
    IRVINE           CA   92620          1            05/26/98         00
    8090058282                           03           07/01/98          0
    8090058282                           O            06/01/13
    0
 
 
    1779911          943/943             F          400,000.00         ZZ
                                         180        398,110.36          1
    1413 ROCKHAVEN DRIVE               6.750          3,539.64         90
                                       6.500          3,539.64      445,000.00
    MODESTO          CA   95356          2            06/12/98         04
    8090058392                           05           08/01/98         12
    8090058392                           O            07/01/13
    0
 
 
    1779912          943/943             F          430,000.00         ZZ
                                         180        427,172.60          1
    30 DUDLEY ROAD                     7.250          3,925.32         62
                                       7.000          3,925.32      700,000.00
    BROOKLINE        MA   02146          2            06/05/98         00
    8090058415                           05           08/01/98          0
    8090058415                           O            07/01/13
    0
 
 
    1779913          943/943             F          397,000.00         ZZ
                                         180        395,706.13          1
    2205 WAVERLY ST                    6.625          3,485.64         30
                                       6.375          3,485.64    1,350,000.00
    PALO ALTO        CA   94301          2            06/03/98         00
    8090058541                           05           08/01/98          0
    8090058541                           O            07/01/13
    0
 
 
    1779914          943/943             F          500,000.00         ZZ
                                         180        496,801.47          1
    17414 NE 126TH PLACE               6.875          4,459.28         53
                                       6.625          4,459.28      950,000.00
    REDMOND          WA   98052          5            05/28/98         00
    8090058601                           03           07/01/98          0
    8090058601                           O            06/01/13
    0
 
 
    1779915          943/943             F          278,000.00         ZZ
                                         180        277,178.67          1
    25 MARY ST                         7.750          2,616.75         90
                                       7.500          2,616.75      310,000.00
1
 
 
    NORTH HALEDON    NJ   07508          2            06/10/98         12
    8090058676                           05           08/01/98         25
    8090058676                           O            07/01/13
    0
 
 
    1779916          943/943             F          300,000.00         ZZ
                                         180        298,080.88          1
    40 GOLETA AVENUE                   6.875          2,675.57         56
                                       6.625          2,675.57      540,000.00
    SAN FRANCISCO    CA   94132          2            05/22/98         00
    8090059122                           05           07/01/98          0
    8090059122                           O            06/01/13
    0
 
 
    1779917          943/943             F          300,000.00         ZZ
                                         180        298,202.03          1
    4641 E HASTINGS AVE                7.625          2,802.39         75
                                       7.375          2,802.39      400,000.00
    ORANGE           CA   92867          5            05/29/98         00
    8090059174                           03           07/01/98          0
    8090059174                           O            06/01/13
    0
 
 
    1779918          943/943             F          350,000.00         ZZ
                                         180        348,931.30          1
    729 ARLINGTON AVENUE               7.375          3,219.74         60
                                       7.125          3,219.74      590,000.00
    BERKELEY         CA   94707          5            06/03/98         00
    8090059189                           05           08/01/98          0
    8090059189                           O            07/01/13
    0
 
 
    1779919          943/943             F          650,000.00         ZZ
                                         180        647,858.63          2
    2747-49 BAKER STREET               6.500          5,662.20         71
                                       6.250          5,662.20      925,000.00
    SAN FRANSISCO    CA   94123          2            06/09/98         00
    8090059282                           05           08/01/98          0
    8090059282                           O            07/01/13
    0
 
 
    1779920          943/943             F          476,000.00         ZZ
                                         180        474,546.58          1
    172 GERALD DR                      7.375          4,378.84         70
                                       7.125          4,378.84      680,000.00
    DANVILLE         CA   94526          5            06/05/98         00
    8090059558                           05           08/01/98          0
    8090059558                           O            07/01/13
    0
1
 
 
 
 
    1779922          943/943             F          316,800.00         ZZ
                                         180        315,099.00          1
    6820 CEDAR RIDGE COURT             6.750          2,803.40         76
                                       6.500          2,803.40      420,000.00
    COLORADO SPRING  CO   80919          2            06/03/98         00
    8090059650                           05           08/01/98          0
    8090059650                           O            07/01/13
    0
 
 
    1779923          943/943             F          367,000.00         ZZ
                                         180        365,790.95          1
    1139 WINSOR AVE                    6.500          3,196.97         61
                                       6.250          3,196.97      610,000.00
    PIEDMONT         CA   94610          2            06/03/98         00
    8090059782                           05           08/01/98          0
    8090059782                           O            07/01/13
    0
 
 
    1779924          943/943             F          272,000.00         ZZ
                                         180        271,132.48          1
    122 RUSSELL ST                     6.875          2,425.85         80
                                       6.625          2,425.85      340,000.00
    CARLISLE         MA   01741          1            06/17/98         00
    8090059804                           05           08/01/98          0
    8090059804                           O            07/01/13
    0
 
 
    1779925          943/943             F          278,000.00         ZZ
                                         180        276,992.71          1
    42 MANCERA                         6.875          2,479.36         67
                                       6.625          2,479.36      415,000.00
    RANCHO SANTA MA  CA   92688          2            06/24/98         00
    8090059882                           03           08/01/98          0
    8090059882                           O            07/01/13
    0
 
 
    1779926          943/943             F          275,000.00         ZZ
                                         180        274,103.74          1
    1047 PARK PACIFICA AVENUE          6.625          2,414.49         70
                                       6.375          2,414.49      395,000.00
    PACIFICA         CA   94044          2            06/03/98         00
    8090060026                           05           08/01/98          0
    8090060026                           O            07/01/13
    0
 
 
    1779927          943/943             F          251,000.00         ZZ
                                         180        250,199.46          1
1
 
 
    154 SUMMER STREET                  6.875          2,238.56         75
                                       6.625          2,238.56      335,000.00
    NORWELL          MA   02061          5            06/17/98         00
    8090060083                           05           08/01/98          0
    8090060083                           O            07/01/13
    0
 
 
    1779928          943/943             F          356,900.00         ZZ
                                         180        355,810.24          1
    5708 145TH AVENUE SE               7.375          3,283.21         68
                                       7.125          3,283.21      525,000.00
    BELLEVUE         WA   98006          2            06/09/98         00
    8090060215                           05           08/01/98          0
    8090060215                           O            07/01/13
    0
 
 
    1779929          943/943             F          405,000.00         ZZ
                                         120        402,692.13          1
    7172 OLD POST ROAD                 7.250          4,754.75         75
                                       7.000          4,754.75      540,000.00
    BOULDER          CO   80301          2            06/22/98         00
    8090060236                           05           08/01/98          0
    8090060236                           O            07/01/08
    0
 
 
    1779930          943/943             F          456,000.00         ZZ
                                         180        454,529.81          1
    2087 LILIANO DR                    6.750          4,035.19         80
                                       6.500          4,035.19      570,000.00
    SIERRA MADRE     CA   91024          1            06/04/98         00
    8090060346                           05           08/01/98          0
    8090060346                           O            07/01/13
    0
 
 
    1779931          943/943             F          350,000.00         T
                                         180        350,000.00          1
    11892 SPRUCE CANYON CIRCLE         7.000          3,145.90         72
                                       6.750          3,145.90      490,000.00
    GOLDEN           CO   80403          1            07/02/98         00
    8090060362                           05           09/01/98          0
    8090060362                           O            08/01/13
    0
 
 
    1779932          943/943             F          650,000.00         ZZ
                                         180        647,949.28          1
    30544 THE GOLF CLUB POINT          7.000          5,842.39         71
                                       6.750          5,842.39      925,000.00
    EVERGREEN        CO   80439          2            06/03/98         00
    8090060436                           02           08/01/98          0
1
 
 
    8090060436                           O            07/01/13
    0
 
 
    1779933          943/943             F          243,900.00         ZZ
                                         180        242,913.64          1
    8712 CLIFFSIDE DRIVE               6.750          2,158.30         61
                                       6.500          2,158.30      403,900.00
    HUNTINGTON BEAC  CA   92646          1            06/10/98         00
    8090060494                           05           08/01/98          0
    8090060494                           O            07/01/13
    0
 
 
    1779934          943/943             F          304,000.00         ZZ
                                         180        303,081.88          1
    3520 WARDS POINTE                  7.500          2,818.12         31
                                       7.250          2,818.12    1,000,000.00
    ORCHARD LAKE     MI   48033          5            06/18/98         00
    8090060547                           05           08/01/98          0
    8090060547                           O            07/01/13
    0
 
 
    1779935          943/943             F          295,000.00         ZZ
                                         180        294,059.12          1
    1015 CORDOVA STREET                6.875          2,630.98         62
                                       6.625          2,630.98      480,000.00
    SAN DIEGO        CA   92107          5            06/12/98         00
    8090060563                           05           08/01/98          0
    8090060563                           O            07/01/13
    0
 
 
    1779936          943/943             F          450,000.00         ZZ
                                         180        448,549.15          1
    319 WALNUT STREET                  6.750          3,982.10         52
                                       6.500          3,982.10      870,000.00
    SAN FRANCISCO    CA   94118          2            06/12/98         00
    8090060568                           05           08/01/98          0
    8090060568                           O            07/01/13
    0
 
 
    1779937          943/943             F          335,000.00         ZZ
                                         180        333,896.37          1
    569 BLACK BEAR ROAD NE             6.500          2,918.21         75
                                       6.250          2,918.21      449,000.00
    ALBUQUERQUE      NM   87122          5            06/22/98         00
    8090060659                           05           08/01/98          0
    8090060659                           O            07/01/13
    0
 
 
1
 
 
    1779938          943/943             F          295,200.00         ZZ
                                         180        294,030.24          1
    19317 SURFVIEW DRIVE               6.750          2,612.26         80
                                       6.500          2,612.26      369,000.00
    HUNTINGTON BEAC  CA   92648          1            06/11/98         00
    8090060697                           09           08/01/98          0
    8090060697                           O            07/01/13
    0
 
 
    1779939          943/943             F          271,500.00         ZZ
                                         180        270,680.04          1
    25845 CORDOVA                      7.500          2,516.84         83
                                       7.250          2,516.84      328,000.00
    LAGUNA HILLS     CA   92653          2            06/23/98         11
    8090060735                           01           08/01/98         12
    8090060735                           O            07/01/13
    0
 
 
    1779940          943/943             F          650,000.00         ZZ
                                         180        645,791.67          1
    408 HORSE TRAIL COURT              7.000          5,842.39         50
                                       6.750          5,842.39    1,300,000.00
    ALAMO            CA   94507          2            06/23/98         00
    8090060801                           05           08/01/98          0
    8090060801                           O            07/01/13
    0
 
 
    1779941          943/943             F          260,000.00         ZZ
                                         180        259,197.38          1
    6324 KARMICH STREET                7.250          2,373.45         65
                                       7.000          2,373.45      402,000.00
    FAIRFAX STATION  VA   22039          5            06/16/98         00
    8090060802                           05           08/01/98          0
    8090060802                           O            07/01/13
    0
 
 
    1779942          943/943             F          342,000.00         ZZ
                                         180        340,866.25          1
    901 VERMONT ST                     7.250          3,122.00         77
                                       7.000          3,122.00      445,000.00
    SAN FRANCISCO    CA   94107          2            06/23/98         00
    8090060834                           05           08/01/98          0
    8090060834                           O            07/01/13
    0
 
 
    1779943          943/943             F          250,000.00         ZZ
                                         180        249,176.23          1
    5840 SAINT PAUL COURT              6.500          2,177.77         50
                                       6.250          2,177.77      507,000.00
1
 
 
    OAKLAND          CA   94618          1            06/12/98         00
    8090060905                           05           08/01/98          0
    8090060905                           O            07/01/13
    0
 
 
    1779944          943/943             F          286,500.00         ZZ
                                         180        285,096.10          1
    1926 CELESTE LANE                  7.000          2,575.15         67
                                       6.750          2,575.15      429,000.00
    FULLERTON        CA   92833          2            06/11/98         00
    8090060912                           05           08/01/98          0
    8090060912                           O            07/01/13
    0
 
 
    1779945          943/943             F          275,000.00         ZZ
                                         180        274,084.25          1
    730 RUSHVILLE STREET               6.375          2,376.69         50
                                       6.125          2,376.69      550,000.00
    LA JOLLA         CA   92037          2            06/23/98         00
    8090060922                           05           08/01/98          0
    8090060922                           O            07/01/13
    0
 
 
    1779946          943/943             F          244,000.00         ZZ
                                         180        243,246.78          1
    20 CLIFFORD STREET                 7.250          2,227.39         52
                                       7.000          2,227.39      470,000.00
    WELLESLEY        MA   02181          2            06/26/98         00
    8090061007                           05           08/01/98          0
    8090061007                           O            07/01/13
    0
 
 
    1779947          943/943             F          439,000.00         ZZ
                                         180        437,629.96          1
    1329 STANYAN ST                    7.125          3,976.60         75
                                       6.875          3,976.60      590,000.00
    SAN FRANCISCO    CA   94114          2            06/19/98         00
    8090061177                           05           08/01/98          0
    8090061177                           O            07/01/13
    0
 
 
    1779948          943/943             F          330,000.00         ZZ
                                         180        328,970.13          1
    56 MILLAND DRIVE                   7.125          2,989.25         69
                                       6.875          2,989.25      480,000.00
    MILL VALLEY      CA   94941          2            06/25/98         00
    8090061204                           09           08/01/98          0
    8090061204                           O            07/01/13
    0
1
 
 
 
 
    1779949          943/943             F          300,000.00         T
                                         180        299,073.91          1
    14 CROSSWAY RD                     7.250          2,738.59         59
                                       7.000          2,738.59      515,000.00
    NASSAU           NY   12123          1            06/18/98         00
    8090061295                           05           08/01/98          0
    8090061295                           O            07/01/13
    0
 
 
    1779950          943/943             F          290,500.00         ZZ
                                         180        288,587.77          1
    2490 IRIS WAY                      7.125          2,631.44         35
                                       6.875          2,631.44      850,000.00
    LAGUNA BEACH     CA   92651          2            06/18/98         00
    8090061410                           05           08/01/98          0
    8090061410                           O            07/01/13
    0
 
 
    1779951          943/943             F          232,900.00         ZZ
                                         180        229,903.14          1
    968 VIA RINCON                     6.875          2,077.13         31
                                       6.625          2,077.13      774,000.00
    PALOS VERDE EST  CA   90274          2            03/16/98         00
    8111133545                           05           05/01/98          0
    8111133545                           O            04/01/13
    0
 
 
    1779952          943/943             F          452,000.00         ZZ
                                         180        449,725.00          1
    3223 SWARTHMORE ROAD               6.000          3,814.24         80
                                       5.750          3,814.24      565,000.00
    WILMINGTON       DE   19807          1            06/15/98         00
    8111134797                           05           08/01/98          0
    8111134797                           O            07/01/13
    0
 
 
    1779953          943/943             F          288,000.00         ZZ
                                         180        283,565.50          1
    1200 SOUTH EUCLID AVENUE           7.125          2,608.80         75
                                       6.875          2,608.80      385,000.00
    PASADENA         CA   91106          2            03/25/98         00
    8111135576                           05           05/01/98          0
    8111135576                           O            04/01/13
    0
 
 
    1779954          943/943             F          345,000.00         ZZ
                                         120        338,340.20          1
1
 
 
    380 DEODAR CIRCLE                  7.125          4,028.01         77
                                       6.875          4,028.01      450,000.00
    SIERRA MADRE     CA   91024          2            05/21/98         00
    8111137803                           05           07/01/98          0
    8111137803                           O            06/01/08
    0
 
 
    1779955          943/943             F          232,000.00         ZZ
                                         180        229,109.21          1
    74 TEAKETTLE SPOUT ROAD            7.250          2,117.85         80
                                       7.000          2,117.85      290,000.00
    MAHOPAC          NY   10541          2            03/28/98         00
    8111138537                           05           05/01/98          0
    8111138537                           O            04/01/13
    0
 
 
    1779956          943/943             F          266,300.00         ZZ
                                         180        265,477.94          1
    394 SMOKE RIDGE TERRACE            7.250          2,430.96         77
                                       7.000          2,430.96      348,000.00
    ANAHEIM          CA   92807          2            06/08/98         00
    8111139573                           03           08/01/98          0
    8111139573                           O            07/01/13
    0
 
 
    1779957          943/943             F          293,000.00         ZZ
                                         180        291,739.69          1
    237 NORTH IRENA AVENUE UNIT B      7.125          2,654.09         74
                                       6.875          2,654.09      400,000.00
    REDONDO BEACH    CA   90277          2            06/05/98         00
    8111139891                           01           08/01/98          0
    8111139891                           O            07/01/13
    0
 
 
    1779958          943/943             F          273,000.00         ZZ
                                         180        272,090.90          1
    185 WEST END AVENUE APT 8C         6.375          2,359.41         70
                                       6.125          2,359.41      390,000.00
    NEW YORK         NY   10023          1            06/16/98         00
    8111139980                           10           08/01/98          0
    8111139980                           O            07/01/13
    0
 
 
    1779959          943/943             F          308,000.00         ZZ
                                         180        307,028.27          1
    1821 OAK AVENUE                    7.000          2,768.40         80
                                       6.750          2,768.40      385,000.00
    MANHATTAN BEACH  CA   90266          2            06/05/98         00
    8111140343                           05           08/01/98          0
1
 
 
    8111140343                           O            07/01/13
    0
 
 
    1779960          943/943             F          360,000.00         ZZ
                                         180        357,600.00          1
    2273 HIGHLAND VISTA DRIVE          7.000          3,235.79         80
                                       6.750          3,235.79      450,000.00
    ARCADIA          CA   91006          2            06/03/98         12
    8111140513                           05           08/01/98          6
    8111140513                           O            07/01/13
    0
 
 
    1779961          943/943             F          494,000.00         ZZ
                                         180        492,458.32          1
    1508 KINGSTON CIRCLE               7.125          4,474.81         38
                                       6.875          4,474.81    1,300,000.00
    THOUSAND OAKS    CA   91362          2            06/05/98         00
    8111140703                           05           08/01/98          0
    8111140703                           O            07/01/13
    0
 
 
    1779962          943/943             F          270,000.00         ZZ
                                         180        269,118.75          1
    5712 RIDGEBROOK DRIVE              6.750          2,389.26         52
                                       6.500          2,389.26      520,000.00
    AGOURA HILL      CA   91301          5            06/09/98         00
    8111140880                           03           08/01/98          0
    8111140880                           O            07/01/13
    0
 
 
    1779963          943/943             F          310,000.00         ZZ
                                         180        308,956.56          1
    7 CARDINAL DRIVE                   6.250          2,658.02         65
                                       6.000          2,658.02      479,000.00
    WEST WINDSOR TW  NJ   08550          1            06/17/98         00
    8111141142                           05           08/01/98          0
    8111141142                           O            07/01/13
    0
 
 
    1779964          943/943             F          305,000.00         ZZ
                                         180        304,047.94          1
    1610 THISTLE ROAD                  7.125          2,762.79         75
                                       6.875          2,762.79      410,000.00
    PASO ROBLES      CA   93446          2            06/18/98         00
    8111141238                           05           08/01/98          0
    8111141238                           O            07/01/13
    0
 
 
1
 
 
    1779965          943/943             F          338,000.00         ZZ
                                         180        336,365.64          1
    53 EAST 66 STREET APT 7AB          7.250          3,085.48         15
                                       7.000          3,085.48    2,400,000.00
    NEW YORK         NY   10021          2            06/10/98         00
    8111141461                           14           08/01/98          0
    8111141461                           O            07/01/13
    0
 
 
    1779966          943/943             F          424,000.00         ZZ
                                         180        422,432.21          1
    12901 NORTHEAST 242ND COURT        7.250          3,870.54         78
                                       7.000          3,870.54      545,000.00
    BRUSH PRAIRIE    WA   98606          2            06/08/98         00
    8111141687                           05           08/01/98          0
    8111141687                           O            07/01/13
    0
 
 
    1779968          943/943             F          580,000.00         ZZ
                                         180        578,047.77          1
    87 GREYSTONE LANE                  6.250          4,973.06         65
                                       6.000          4,973.06      902,500.00
    SUDBURY          MA   01776          1            06/15/98         00
    8111142353                           05           08/01/98          0
    8111142353                           O            07/01/13
    0
 
 
    1779969          943/943             F          700,000.00         ZZ
                                         180        697,815.43          1
    612 MARIAN SQUARE                  7.125          6,340.82         78
                                       6.875          6,340.82      897,500.00
    OAK BROOK        IL   60523          1            06/12/98         00
    8111142795                           03           08/01/98          0
    8111142795                           O            07/01/13
    0
 
 
    1779970          943/943             F          340,000.00         ZZ
                                         180        338,938.92          1
    977 KING STREET                    7.125          3,079.83         43
                                       6.875          3,079.83      800,000.00
    GREENWICH        CT   06831          5            06/12/98         00
    8111143102                           05           08/01/98          0
    8111143102                           O            07/01/13
    0
 
 
    1779971          943/943             F          532,025.00         ZZ
                                         180        530,309.70          1
    39862 MEADOWLARK DRIVE             6.750          4,707.94         65
                                       6.500          4,707.94      818,500.00
1
 
 
    PAEONIAN SPGS    VA   20129          5            06/05/98         00
    8111143113                           05           08/01/98          0
    8111143113                           O            07/01/13
    0
 
 
    1779972          943/943             F          255,300.00         ZZ
                                         180        254,496.84          1
    6150 RIVERCLIFFE DR NW             7.125          2,312.59         73
                                       6.875          2,312.59      350,000.00
    ATLANTA          GA   30328          2            06/19/98         00
    8111143335                           05           08/01/98          0
    8111143335                           O            07/01/13
    0
 
 
    1779973          943/943             F          263,600.00         ZZ
                                         180        262,750.12          1
    268 WAWONA STREET                  6.750          2,332.63         68
                                       6.500          2,332.63      390,000.00
    SAN FRANCISCO    CA   94127          2            06/10/98         00
    8111143520                           05           08/01/98          0
    8111143520                           O            07/01/13
    0
 
 
    1779974          943/943             F          328,000.00         T
                                         180        326,953.60          1
    715 ROBIN HOOD HILL                6.875          2,925.29         80
                                       6.625          2,925.29      410,000.00
    SHERWOOD FOREST  MD   21405          1            06/15/98         00
    8111143614                           03           08/01/98          0
    8111143614                           O            07/01/13
    0
 
 
    1779975          943/943             F          400,000.00         ZZ
                                         180        398,639.17          1
    16 LLOYD LANE                      6.125          3,402.50         45
                                       5.875          3,402.50      900,000.00
    LLOYD HARBOR     NY   11743          1            06/24/98         00
    8111143753                           05           08/01/98          0
    8111143753                           O            07/01/13
    0
 
 
    1779976          943/943             F          350,000.00         ZZ
                                         180        348,821.93          1
    125 POPHAM ROAD                    6.250          3,000.99         63
                                       6.000          3,000.99      560,000.00
    SCARSDALE        NY   10583          5            06/26/98         00
    8111143800                           05           08/01/98          0
    8111143800                           O            07/01/13
    0
1
 
 
 
 
    1779977          943/943             F          244,000.00         ZZ
                                         120        242,599.95          1
    7 SKYLINE DRIVE                    7.125          2,848.80         52
                                       6.875          2,848.80      470,000.00
    WARREN           NJ   07059          2            06/09/98         00
    8111143803                           05           08/01/98          0
    8111143803                           O            07/01/08
    0
 
 
    1779979          943/943             F          235,800.00         ZZ
                                         180        234,291.57          1
    215 CRANBURY ROAD                  6.875          2,103.00         90
                                       6.625          2,103.00      262,000.00
    WEST WINDSOR     NJ   08512          1            06/01/98         11
    8111144173                           05           07/01/98         12
    8111144173                           O            06/01/13
    0
 
 
    1779980          943/943             F          258,600.00         ZZ
                                         180        257,729.58          1
    139 MOUNT JOY ROAD                 6.250          2,217.30         78
                                       6.000          2,217.30      335,000.00
    MILFORD          NJ   08848          2            06/23/98         00
    8111144907                           05           08/01/98          0
    8111144907                           O            07/01/13
    0
 
 
    1779981          943/943             F          256,000.00         ZZ
                                         180        255,138.32          1
    1916 RIDGE OAKS COURT              6.250          2,195.01         80
                                       6.000          2,195.01      320,000.00
    OAK RIDGE        NC   27310          1            06/15/98         00
    8111145027                           03           08/01/98          0
    8111145027                           O            07/01/13
    0
 
 
    1779982          943/943             F          325,000.00         ZZ
                                         180        323,985.73          1
    3901 CLEVELAND STREET              7.125          2,943.96         50
                                       6.875          2,943.96      650,000.00
    KENSINGTON       MD   20895          5            06/16/98         00
    8111145355                           05           08/01/98          0
    8111145355                           O            07/01/13
    0
 
 
    1779983          943/943             F          464,900.00         ZZ
                                         180        463,449.13          1
1
 
 
    113 CARTHAGE ROAD                  7.125          4,211.21         74
                                       6.875          4,211.21      630,000.00
    SCARSDALE        NY   10538          2            06/26/98         00
    8111145959                           05           08/01/98          0
    8111145959                           O            07/01/13
    0
 
 
    1779984          943/943             F          263,000.00         ZZ
                                         180        262,179.22          1
    20 TOLLGATE DRIVE                  7.125          2,382.34         78
                                       6.875          2,382.34      338,000.00
    EAST NORTHPORT   NY   11731          2            06/25/98         00
    8111145984                           05           08/01/98          0
    8111145984                           O            07/01/13
    0
 
 
    1779985          943/943             F          289,200.00         ZZ
                                         180        287,547.46          1
    50 SHORE ROAD                      7.125          2,619.67         66
                                       6.875          2,619.67      440,000.00
    MOUNT SINAI      NY   11766          2            06/16/98         00
    8111146085                           05           08/01/98          0
    8111146085                           O            07/01/13
    0
 
 
    1779986          943/943             F          246,000.00         ZZ
                                         180        245,206.87          1
    ONE SENECA PLACE                   6.750          2,176.88         67
                                       6.500          2,176.88      370,000.00
    MONTCLAIR        NJ   07043          2            06/18/98         00
    8111147025                           05           08/01/98          0
    8111147025                           O            07/01/13
    0
 
 
    1779987          943/943             F          240,000.00         ZZ
                                         180        233,256.53          1
    2207 RIVER WOODS DRIVE             6.875          2,140.46         36
                                       6.625          2,140.46      677,000.00
    NAPERVILLE       IL   60565          2            04/04/98         00
    8505500434                           03           06/01/98          0
    8505500434                           O            05/01/13
    0
 
 
    1779988          943/943             F          360,000.00         ZZ
                                         180        357,746.33          1
    15 FOX CHASE                       7.125          3,261.00         72
                                       6.875          3,261.00      505,000.00
    WATCHUNG         NJ   07060          1            05/15/98         00
    8510600912                           05           07/01/98          0
1
 
 
    8510600912                           O            06/01/13
    0
 
 
    1779989          943/943             F          530,000.00         ZZ
                                         180        528,291.22          1
    111 SOUTH MAIN ST                  6.750          4,690.03         22
                                       6.500          4,690.03    2,500,000.00
    SOUTH HAMPTON    NY   11968          5            06/01/98         00
    8510600970                           05           08/01/98          0
    8510600970                           O            07/01/13
    0
 
 
    1779990          943/943             F          496,000.00         ZZ
                                         180        491,952.07          1
    11821 CHAPEL ESTATES DRIVE         7.125          4,492.93         80
                                       6.875          4,492.93      620,000.00
    CLARKSVILLE      MD   21029          2            06/26/98         00
    8516300725                           05           08/01/98          0
    8516300725                           O            07/01/13
    0
 
 
    1779991          943/943             F          283,000.00         ZZ
                                         180        280,978.08          1
    4103 CREEKPOINT COURT              6.750          2,504.30         66
                                       6.500          2,504.30      435,000.00
    DANVILLE         CA   94506          2            05/01/98         00
    8528400645                           03           07/01/98          0
    8528400645                           O            06/01/13
    0
 
 
    1779992          943/943             F          430,000.00         ZZ
                                         180        425,471.93          1
    2024 MAYFIELD AVENUE               6.625          3,775.38         63
                                       6.375          3,775.38      686,000.00
    SAN JOSE         CA   95130          5            04/17/98         00
    8529900464                           05           06/01/98          0
    8529900464                           O            05/01/13
    0
 
 
    1779994          943/943             F          400,000.00         ZZ
                                         180        398,765.21          1
    1105 PETRONI WAY                   7.250          3,651.46         60
                                       7.000          3,651.46      670,000.00
    SAN JOSE         CA   95120          2            06/17/98         00
    8550800563                           05           08/01/98          0
    8550800563                           O            07/01/13
    0
 
 
1
 
 
    1779995          943/943             F          277,200.00         ZZ
                                         180        276,107.37          1
    1290 COLUMBUS STREET               7.000          2,491.56         71
                                       6.750          2,491.56      395,000.00
    EL GRANADA       CA   94018          2            06/23/98         00
    8555900507                           05           08/01/98          0
    8555900507                           O            07/01/13
    0
 
 
    1779996          943/943             F          490,000.00         ZZ
                                         180        488,470.80          1
    2005 LYON ST                       7.125          4,438.58         49
                                       6.875          4,438.58    1,000,000.00
    SAN FRANCISCO    CA   94115          2            06/22/98         00
    8555900579                           01           08/01/98          0
    8555900579                           O            07/01/13
    0
 
 
    1779997          943/943             F          344,000.00         ZZ
                                         180        341,334.91          1
    35 PIERREPONT STREET APT PH        7.000          3,091.97         32
                                       6.750          3,091.97    1,100,000.00
    BROOKLYN         NY   11201          2            06/11/98         00
    8559600468                           10           08/01/98          0
    8559600468                           O            07/01/13
    0
 
 
    1779998          943/943             F          280,000.00         ZZ
                                         180        276,397.05          1
    2194 WESTMORELAND DR               6.875          2,497.20         51
                                       6.625          2,497.20      550,000.00
    SAN JOSE         CA   95124          2            03/09/98         00
    8561300350                           05           05/01/98          0
    8561300350                           O            04/01/13
    0
 
 
    1779999          943/943             F          665,000.00         ZZ
                                         180        660,837.00          1
    14256 SPRINGER AVENUE              7.125          6,023.78         49
                                       6.875          6,023.78    1,365,000.00
    SARATOGA         CA   95070          2            05/20/98         00
    8561300394                           05           07/01/98          0
    8561300394                           O            06/01/13
    0
 
 
    1780001          943/943             F          630,000.00         ZZ
                                         180        627,810.53          1
    4808 FOXHALL CRESCENT NW           5.875          5,273.85         75
                                       5.625          5,273.85      840,000.00
1
 
 
    WASHINGTON       DC   20007          1            06/25/98         00
    8564600557                           03           08/01/98          0
    8564600557                           O            07/01/13
    0
 
 
    1780002          943/943             F          665,250.00         ZZ
                                         180        663,128.26          1
    8813 SAUNDERS LANE                 6.875          5,933.07         75
                                       6.625          5,933.07      887,000.00
    BETHESDA         MD   20817          2            06/11/98         00
    8564600584                           05           08/01/98          0
    8564600584                           O            07/01/13
    0
 
 
    1780003          943/943             F          250,000.00         ZZ
                                         180        249,211.25          1
    1628 S STREET NW UNIT 2            7.000          2,247.08         53
                                       6.750          2,247.08      475,000.00
    WASHINGTON       DC   20009          2            05/29/98         00
    8564600599                           01           08/01/98          0
    8564600599                           O            07/01/13
    0
 
 
    1780004          943/943             F          500,000.00         ZZ
                                         180        491,586.02          1
    353 SOUTH MAPLE DRIVE              6.375          4,321.26         48
                                       6.125          4,321.26    1,045,000.00
    BEVERLY HIL      CA   90212          5            02/13/98         00
    8565400409                           05           04/01/98          0
    8565400409                           O            03/01/13
    0
 
 
    1780005          943/943             F          375,000.00         ZZ
                                         180        373,816.89          1
    18201 SHEFFIELD LANE               7.000          3,370.61         80
                                       6.750          3,370.61      469,000.00
    LOS ANGELES      CA   91326          2            06/11/98         00
    8565400479                           05           08/01/98          0
    8565400479                           O            07/01/13
    0
 
 
    1780006          943/943             F          350,000.00         ZZ
                                         180        348,919.55          1
    29445 CAMBRIDGE COURT              7.250          3,195.03         54
                                       7.000          3,195.03      650,000.00
    AGOURA HILLS     CA   91301          5            06/01/98         00
    8565400485                           03           08/01/98          0
    8565400485                           O            07/01/13
    0
1
 
 
 
 
    1780007          943/943             F          380,000.00         ZZ
                                         180        378,801.12          1
    5808 WILTSHIRE DRIVE               7.000          3,415.55         80
                                       6.750          3,415.55      475,000.00
    BETHESDA         MD   20816          2            06/25/98         00
    8565800346                           05           08/01/98          0
    8565800346                           O            07/01/13
    0
 
 
    1780008          943/943             F          500,000.00         ZZ
                                         180        498,422.52          1
    2312 CLIFF DRIVE                   7.000          4,494.15         67
                                       6.750          4,494.15      750,000.00
    NEWPORT BEACH    CA   92663          1            06/12/98         00
    8565900398                           05           08/01/98          0
    8565900398                           O            07/01/13
    0
 
 
    1780009          943/943             F          262,000.00         ZZ
                                         180        259,932.48          1
    10 GALILEO COURT                   7.250          2,391.71         88
                                       7.000          2,391.71      300,000.00
    SUFFERN          NY   10901          2            05/01/98         11
    8570400304                           05           07/01/98         12
    8570400304                           O            06/01/13
    0
 
 
    1780010          943/943             F          295,000.00         ZZ
                                         180        294,079.35          1
    290 DORANTES AVENUE                7.125          2,672.21         44
                                       6.875          2,672.21      685,000.00
    SAN FRANCISCO    CA   94116          2            06/18/98         00
    8570700252                           05           08/01/98          0
    8570700252                           O            07/01/13
    0
 
 
    1780011          943/943             F          300,000.00         ZZ
                                         180        299,073.91          1
    1978 HACIENDA DRIVE                7.250          2,738.59         78
                                       7.000          2,738.59      385,000.00
    EL CAJON         CA   92020          5            06/10/98         00
    8571400243                           05           08/01/98          0
    8571400243                           O            07/01/13
    0
 
 
    1780012          943/943             F          560,000.00         ZZ
                                         180        558,174.90          1
1
 
 
    9941 BRIER LANE                    6.625          4,916.77         80
                                       6.375          4,916.77      700,000.00
    SANTA ANA        CA   92705          2            06/03/98         00
    8571400250                           05           08/01/98          0
    8571400250                           O            07/01/13
    0
 
 
    1780013          943/943             F          480,000.00         ZZ
                                         180        475,479.30          1
    27789 PALOS VERDES DRIVE EAST      7.125          4,347.99         80
                                       6.875          4,347.99      600,000.00
    RANCHO PALO VER  CA   90275          1            04/15/98         00
    8571600174                           05           06/01/98          0
    8571600174                           O            05/01/13
    0
 
 
    1780223          267/267             F          260,000.00         ZZ
                                         180        260,000.00          1
    5150 VIVERA DRIVE                  6.750          2,300.77         65
                                       6.500          2,300.77      400,000.00
    LA MESA          CA   91941          2            07/06/98         00
    4240131                              05           09/01/98          0
    4240131                              O            08/01/13
    0
 
 
    1780245          195/G01             F          545,000.00         ZZ
                                         180        545,000.00          1
    501 HIGH STREET                    7.125          4,936.79         78
                                       6.875          4,936.79      700,000.00
    ALEXANDRIA       VA   22302          2            07/17/98         00
    0430925644                           05           09/01/98          0
    58779                                O            08/01/13
    0
 
 
    1780271          G12/G12             F          251,500.00         ZZ
                                         180        251,500.00          1
    707 GLENBURN ROAD                  7.250          2,295.85         40
                                       7.000          2,295.85      640,000.00
    CLARKS GREEN     PA   18411          2            07/22/98         00
    112002236                            05           09/01/98          0
    112002236                            O            08/01/13
    0
 
 
    1780295          K08/G01             F          121,600.00         ZZ
                                         180        121,600.00          1
    555 ARLINGTON AVE.                 7.375          1,118.63         70
                                       7.125          1,118.63      175,000.00
    ELMHURST         IL   60126          2            07/20/98         00
    0410922918                           05           09/01/98          0
1
 
 
    410922918                            O            08/01/13
    0
 
 
    1780360          E22/G01             F           30,750.00         ZZ
                                         180         30,750.00          1
    1019 PLOVER LANE                   7.250            280.71         75
                                       7.000            280.71       41,000.00
    ARLINGTON        TX   76015          1            07/24/98         00
    0410970156                           09           09/01/98          0
    410970156                            O            08/01/13
    0
 
 
    1780402          111/111             F          400,000.00         ZZ
                                         180        398,724.25          1
    3885 HIDDEN TRAIL DRIVE            6.875          3,567.42         75
                                       6.625          3,567.42      535,000.00
    JAMUL            CA   91935          2            06/03/98         00
    774112684                            05           08/01/98          0
    774112684                            O            07/01/13
    0
 
 
    1780404          111/111             F          296,000.00         ZZ
                                         180        296,000.00          1
    2505 CAMERON AVENUE                6.750          2,619.33         80
                                       6.500          2,619.33      370,000.00
    COVINA           CA   91724          2            07/09/98         00
    774065                               05           09/01/98          0
    774065                               O            08/01/13
    0
 
 
    1780405          111/111             F          320,000.00         ZZ
                                         180        318,979.40          1
    125 STARCREST                      6.875          2,853.93         32
                                       6.625          2,853.93    1,025,000.00
    IRVINE           CA   92612          2            06/09/98         00
    774455                               03           08/01/98          0
    774455                               O            07/01/13
    0
 
 
    1780406          111/111             F          252,000.00         ZZ
                                         180        251,222.09          1
    13035 FOOTHILL AVENUE              7.250          2,300.41         54
                                       7.000          2,300.41      475,000.00
    SAN MARTIN       CA   95046          2            06/24/98         00
    782636                               05           08/01/98          0
    782636                               O            07/01/13
    0
 
 
1
 
 
    1780407          111/111             F          254,750.00         ZZ
                                         180        253,937.51          1
    30876 CALLE MORAGA                 6.875          2,272.00         71
                                       6.625          2,272.00      360,000.00
    LAGUNA NIGUEL    CA   92677          2            06/13/98         00
    776156                               03           08/01/98          0
    776156                               O            07/01/13
    0
 
 
    1780408          111/111             F          537,000.00         ZZ
                                         180        537,000.00          1
    2753 WEST LAKE VAN NESS CIRCLE     7.000          4,826.71         66
                                       6.750          4,826.71      815,000.00
    FRESNO           CA   93711          2            07/02/98         00
    774594                               03           09/01/98          0
    774594                               O            08/01/13
    0
 
 
    1780440          K08/G01             F          247,000.00         ZZ
                                         180        247,000.00          1
    1363 MELLOW LANE                   7.250          2,254.77         75
                                       7.000          2,254.77      330,000.00
    SIMI VALLEY      CA   93065          2            07/21/98         00
    0410955140                           03           09/01/98          0
    410955140                            O            08/01/13
    0
 
 
    1780465          E22/G01             F          132,800.00         ZZ
                                         180        132,800.00          1
    19040 S.W. 4TH STREET              7.125          1,202.94         80
                                       6.875          1,202.94      166,000.00
    PEMBROKE PINES   FL   33029          2            07/21/98         00
    0410969273                           03           09/01/98          0
    410969273                            O            08/01/13
    0
 
 
    1780470          E22/G01             F           84,000.00         ZZ
                                         180         84,000.00          1
    1041 NORTH REDBUD DRIVE            7.250            766.80         58
                                       7.000            766.80      147,000.00
    LOVELAND         CO   80538          2            07/22/98         00
    0410912455                           05           09/01/98          0
    410912455                            O            08/01/13
    0
 
 
    1780486          638/G01             F          280,000.00         ZZ
                                         180        280,000.00          1
    45 TENNIS CLUB DRIVE               7.500          2,595.63         77
                                       7.250          2,595.63      365,000.00
1
 
 
    DANVILLE         CA   94506          2            07/08/98         00
    0430926824                           03           09/01/98          0
    8762832                              O            08/01/13
    0
 
 
    1780488          638/G01             F          430,000.00         ZZ
                                         180        430,000.00          1
    6844 FAIRCOVE DRIVE                7.125          3,895.07         67
                                       6.875          3,895.07      645,000.00
    RANCHO PALOS VE  CA   90275          2            07/08/98         00
    0430926865                           05           09/01/98          0
    8767313                              O            08/01/13
    0
 
 
    1780490          195/G01             F          400,000.00         ZZ
                                         180        400,000.00          1
    73 LEDGEWAYS                       7.000          3,595.32         40
                                       6.750          3,595.32    1,000,000.00
    WELLESLEY        MA   02181          2            07/20/98         00
    0430927806                           05           09/01/98          0
    59063                                O            08/01/13
    0
 
 
    1780491          638/G01             F          545,000.00         ZZ
                                         180        545,000.00          1
    6402 CARDENO DRIVE                 7.125          4,936.78         70
                                       6.875          4,936.78      780,000.00
    LA JOLLA         CA   92037          2            07/08/98         00
    0430926881                           05           09/01/98          0
    8762136                              O            08/01/13
    0
 
 
    1780522          575/G01             F          272,000.00         ZZ
                                         180        272,000.00          1
    18860 NORTH JOHN WAYNE PARKWAY     7.125          2,463.86         80
                                       6.875          2,463.86      340,000.00
    MARICOPA         AZ   85239          1            07/01/98         00
    0430947648                           05           09/01/98          0
    9157470                              O            08/01/13
    0
 
 
    1780525          575/G01             F          249,300.00         ZZ
                                         180        248,504.88          1
    2211 AUGUSTA DRIVE #14             6.875          2,223.40         69
                                       6.625          2,223.40      365,000.00
    HOUSTON          TX   77057          2            06/25/98         00
    0430960542                           03           08/01/98          0
    0009137761                           O            07/01/13
    0
1
 
 
 
 
    1780534          E33/G01             F          300,000.00         ZZ
                                         180        300,000.00          1
    7914 GREENWOOD ROAD                6.500          2,613.33         57
                                       6.250          2,613.33      531,000.00
    HEBRON           IL   60034          1            07/10/98         00
    0430928432                           05           09/01/98          0
    342403999                            O            08/01/13
    0
 
 
    1780571          299/G01             F          295,600.00         T
                                         180        294,667.39          1
    54 W 29TH STREET                   7.000          2,656.94         66
                                       6.750          2,656.94      450,000.00
    AVALON           NJ   08202          2            06/17/98         00
    0430928960                           05           08/01/98          0
    789864                               O            07/01/13
    0
 
 
    1780643          267/267             F          311,000.00         ZZ
                                         180        311,000.00          1
    3931 JEFFERSON AVENUE              6.875          2,773.67         48
                                       6.625          2,773.67      650,000.00
    REDWOOD CITY     CA   94062          2            07/10/98         00
    4257544                              05           09/01/98          0
    4257544                              O            08/01/13
    0
 
 
    1780653          E87/G01             F          310,000.00         ZZ
                                         180        310,000.00          1
    1030 DIAMOND CREST COURT           7.125          2,808.08         47
                                       6.875          2,808.08      660,000.00
    SANTA BARBARA    CA   93110          2            07/21/98         00
    0430928457                           03           09/01/98          0
    70001465                             O            08/01/13
    0
 
 
    1780759          267/267             F          400,000.00         ZZ
                                         180        400,000.00          1
    163 NEWELL AVENUE                  6.875          3,567.42         58
                                       6.625          3,567.42      690,000.00
    LOS GATOS        CA   95030          5            07/08/98         00
    4257382                              05           09/01/98          0
    4257382                              O            08/01/13
    0
 
 
    1780795          593/593             F          497,000.00         ZZ
                                         180        490,672.86          1
1
 
 
    545 EAST SIXTEENTH AVENUE          7.000          4,467.18         57
                                       6.750          4,467.18      875,000.00
    SALT LAKE CITY   UT   84103          1            03/17/98         00
    0006196059                           05           05/01/98          0
    0006196059                           O            04/01/13
    0
 
 
    1780843          B27/G01             F          275,000.00         ZZ
                                         180        275,000.00          1
    53 GREENSAWN AVENUE                6.625          2,414.49         46
                                       6.375          2,414.49      600,000.00
    NEWTON           MA   02459          5            07/21/98         00
    0430932004                           05           09/01/98          0
    110209753                            O            08/01/13
    0
 
 
    1780943          K08/G01             F           80,900.00         ZZ
                                         180         80,900.00          1
    510 NORTH 68TH AVENUE              7.500            749.95         93
                                       7.250            749.95       87,000.00
    HOLLYWOOD        FL   33024          2            07/20/98         04
    0410914030                           05           09/01/98         30
    410914030                            O            08/01/13
    0
 
 
    1780971          K08/G01             F           80,500.00         ZZ
                                         180         80,500.00          1
    1324 HALF MOON ROAD                7.375            740.54         56
                                       7.125            740.54      145,000.00
    TAOS             NM   87571          5            07/16/98         00
    0410953137                           05           09/01/98          0
    410953137                            O            08/01/13
    0
 
 
    1780984          K08/G01             F           69,000.00         ZZ
                                         180         69,000.00          1
    2714 CALEDONIA AVENUE              7.500            639.64         66
                                       7.250            639.64      105,000.00
    ZION             IL   60099          2            07/22/98         00
    0410960157                           05           09/01/98          0
    410960157                            O            08/01/13
    0
 
 
    1781032          638/G01             F          538,200.00         ZZ
                                         180        538,200.00          1
    5504 AMBER CIRCLE                  7.250          4,913.03         52
                                       7.000          4,913.03    1,050,000.00
    CALABASAS AREA   CA   91302          2            07/13/98         00
    0430930909                           03           09/01/98          0
1
 
 
    8751380                              O            08/01/13
    0
 
 
    1781033          638/G01             F          369,000.00         ZZ
                                         120        369,000.00          1
    9066 BAY BREEZE COURT              7.250          4,332.10         30
                                       7.000          4,332.10    1,248,000.00
    INDIANAPOLIS     IN   46236          2            07/14/98         00
    0430931071                           05           09/01/98          0
    8760928                              O            08/01/08
    0
 
 
    1781035          638/G01             F          320,000.00         ZZ
                                         180        320,000.00          1
    7658 GREEN DELL LANE               7.375          2,943.75         69
                                       7.125          2,943.75      468,000.00
    HIGHLAND         MD   20777          2            07/16/98         00
    0430931782                           05           09/01/98          0
    8752236                              O            08/01/13
    0
 
 
    1781037          638/G01             F          125,500.00         ZZ
                                         180        125,500.00          1
    21 LOWELL ROAD                     6.875          1,119.28         56
                                       6.625          1,119.28      226,000.00
    PEMBROKE         MA   02359          2            07/08/98         00
    0430930891                           05           09/01/98          0
    8756981                              O            08/01/13
    0
 
 
    1781042          638/G01             F          465,000.00         ZZ
                                         180        465,000.00          1
    2250 BENTLEY RIDGE DRIVE           7.000          4,179.55         61
                                       6.750          4,179.55      764,000.00
    SAN JOSE         CA   95138          2            07/08/98         00
    0430931659                           03           09/01/98          0
    8767115                              O            08/01/13
    0
 
 
    1781068          575/G01             F          612,500.00         ZZ
                                         180        610,588.50          1
    11310 WILLIAMSBURG DRIVE           7.125          5,548.22         70
                                       6.875          5,548.22      875,000.00
    HOUSTON          TX   77024          5            06/23/98         00
    0430931428                           05           08/01/98          0
    0009127531                           O            07/01/13
    0
 
 
1
 
 
    1781090          830/G01             F           52,250.00         ZZ
                                         180         52,250.00          1
    2080 KAREN AVENUE #18              7.250            476.97         95
                                       7.000            476.97       55,000.00
    LAS VEGAS        NV   89109          1            07/21/98         14
    0430960047                           01           09/01/98         30
    537396                               O            08/01/13
    0
 
 
    1781159          367/367             F          300,000.00         ZZ
                                         180        298,142.22          1
    1600 MASON HILL DRIVE              7.250          2,738.59         79
                                       7.000          2,738.59      380,000.00
    ALEXANDRIA       VA   22307          1            05/29/98         00
    985583                               05           07/01/98          0
    985583                               O            06/01/13
    0
 
 
    1781177          299/G01             F          350,000.00         T
                                         180        350,000.00          1
    1832 PARLIAMENT ROAD               7.625          3,269.45         68
                                       7.375          3,269.45      515,000.00
    ENCINITAS        CA   92024          2            07/01/98         00
    0430928879                           05           09/01/98          0
    878295                               O            08/01/13
    0
 
 
    1781509          E82/G01             F          386,400.00         ZZ
                                         180        386,400.00          1
    5510 JARMAN STREET                 6.875          3,446.13         80
                                       6.625          3,446.13      483,523.00
    COLORADO SPRING  CO   80906          1            07/31/98         00
    0400137063                           05           09/01/98          0
    0400137063                           O            08/01/13
    0
 
 
    1781553          A50/A50             F          380,000.00         ZZ
                                         180        378,788.03          1
    145 WEXFORD PLACE                  6.875          3,389.05         74
                                       6.625          3,389.05      515,000.00
    ATHENS           GA   30606          2            06/24/98         00
    110923                               05           08/01/98          0
    110923                               O            07/01/13
    0
 
 
    1781558          A50/A50             F          262,000.00         ZZ
                                         180        262,000.00          1
    3705 SHADY OAK DRIVE               7.125          2,373.28         79
                                       6.875          2,373.28      332,000.00
1
 
 
    BIRMINGHAM       AL   35243          2            07/14/98         00
    110085                               05           09/01/98          0
    110085                               O            08/01/13
    0
 
 
    1781576          964/G01             F          303,200.00         ZZ
                                         180        303,200.00          1
    2929 SPARROW DRIVE                 7.250          2,767.80         80
                                       7.000          2,767.80      379,000.00
    FULLERTON        CA   92835          2            07/06/98         00
    0430929448                           03           09/01/98          0
    37260                                O            08/01/13
    0
 
 
    1781596          624/G01             F          500,000.00         ZZ
                                         180        500,000.00          1
    7241 NORTH 71ST PLACE              7.250          4,564.31         47
                                       7.000          4,564.31    1,085,000.00
    PARADISE VALLEY  AZ   85253          2            07/22/98         00
    0430930859                           03           09/01/98          0
    35500182096                          O            08/01/13
    0
 
 
    1781611          956/G01             F          396,700.00         ZZ
                                         180        396,700.00          1
    41067 BERNIE STREET                7.000          3,565.65         80
                                       6.750          3,565.65      495,950.00
    FREMONT          CA   94539          1            07/17/98         00
    0430956748                           03           09/01/98          0
    108070108                            O            08/01/13
    0
 
 
    1781613          956/G01             F          500,000.00         ZZ
                                         180        500,000.00          1
    4060 ROCHESTER ROAD                7.125          4,529.16         51
                                       6.875          4,529.16      985,000.00
    ROCHESTER        MI   48306          5            07/08/98         00
    0430956821                           05           09/01/98          0
    908060367                            O            08/01/13
    0
 
 
    1781695          K08/G01             F          219,000.00         ZZ
                                         180        219,000.00          1
    1831 FAWN BLUFF                    7.250          1,999.17         54
                                       7.000          1,999.17      410,000.00
    SAN ANTONIO      TX   75248          4            07/24/98         00
    0410481261                           03           09/01/98          0
    410481261                            O            08/01/13
    0
1
 
 
 
 
    1781716          K08/G01             F          100,000.00         ZZ
                                         180        100,000.00          1
    1419 NEW HAVEN DRIVE               7.125            905.83         75
                                       6.875            905.83      134,900.00
    MANSFIELD        TX   76063          1            07/24/98         00
    0410957278                           05           09/01/98          0
    410957278                            O            08/01/13
    0
 
 
    1781877          E82/G01             F          650,000.00         ZZ
                                         180        650,000.00          1
    1003 BEACH DRIVE                   6.875          5,797.05         65
                                       6.625          5,797.05    1,000,000.00
    DELRAY BEACH     FL   33483          2            07/27/98         00
    0400134185                           05           09/01/98          0
    0400134185                           O            08/01/13
    0
 
 
    1781954          K08/G01             F          375,000.00         ZZ
                                         180        375,000.00          1
    1977 ASHINGTON DRIVE               7.250          3,423.24         65
                                       7.000          3,423.24      580,000.00
    GLENDALE         CA   91206          2            07/13/98         00
    0410876916                           03           09/01/98          0
    410876916                            O            08/01/13
    0
 
 
    1782003          A50/A50             F          557,618.00         ZZ
                                         120        557,618.00          1
    3342 DELL ROAD                     7.250          6,546.49         43
                                       7.000          6,546.49    1,300,000.00
    BIRMINGHAM       AL   35223          2            07/16/98         00
    112666                               05           09/01/98          0
    112666                               O            08/01/08
    0
 
 
    1782005          B64/B64             F          270,000.00         ZZ
                                         180        269,166.52          2
    120 BROADWAY                       7.250          2,464.73         68
                                       7.000          2,464.73      400,000.00
    HANOVER          PA   17331          2            06/24/98         00
    00064984                             05           08/01/98          0
    00064984                             O            07/01/13
    0
 
 
    1782178          638/G01             F          399,200.00         ZZ
                                         180        399,200.00          1
1
 
 
    1503 LABELLE AVENUE                7.125          3,616.08         80
                                       6.875          3,616.08      499,000.00
    RUXTON           MD   21204          5            07/20/98         00
    0430943167                           05           09/01/98          0
    8759934                              O            08/01/13
    0
 
 
    1782182          638/G01             F          200,000.00         ZZ
                                         180        200,000.00          1
    2355 NOTRE DAME ROAD               7.625          1,868.26         80
                                       7.375          1,868.26      250,000.00
    COSTA MESA       CA   92626          5            07/14/98         00
    0430937730                           05           09/01/98          0
    8763327                              O            08/01/13
    0
 
 
    1782184          638/G01             F          171,000.00         ZZ
                                         180        171,000.00          1
    4530 TRIESTE DRIVE                 7.625          1,597.36         71
                                       7.375          1,597.36      241,000.00
    CARLSBAD         CA   92008          2            07/09/98         00
    0430934299                           05           09/01/98          0
    8762035                              O            08/01/13
    0
 
 
    1782189          638/G01             F           94,000.00         ZZ
                                         180         94,000.00          1
    3 CHARLOTTE PLACE                  7.250            858.09         23
                                       7.000            858.09      411,000.00
    OLD TAPPAN       NJ   07675          2            07/07/98         00
    0430932889                           05           09/01/98          0
    8739933                              O            08/01/13
    0
 
 
    1782192          638/G01             F          336,000.00         ZZ
                                         180        336,000.00          1
    1226 TOWNSEND PARK CIRCLE          7.375          3,090.94         74
                                       7.125          3,090.94      456,000.00
    SAN JOSE         CA   95131          2            07/10/98         00
    0430932939                           05           09/01/98          0
    8767350                              O            08/01/13
    0
 
 
    1782214          637/G01             F          445,500.00         ZZ
                                         180        442,711.10          1
    19839 CHARTERS AVENUE              7.125          4,035.48         50
                                       6.875          4,035.48      900,000.00
    SARATOGA         CA   95070          2            05/22/98         00
    0430965699                           05           07/01/98          0
1
 
 
    0011158334                           O            06/01/13
    0
 
 
    1782221          637/G01             F          412,000.00         ZZ
                                         180        409,503.62          1
    1826 WHITE OAKS COURT              7.500          3,819.30         75
                                       7.250          3,819.30      550,000.00
    CAMPBELL         CA   95008          2            05/20/98         00
    0430958363                           05           07/01/98          0
    0010921385                           O            06/01/13
    0
 
 
    1782226          637/G01             F          289,000.00         ZZ
                                         180        288,107.86          1
    1959 TAFT AVENUE                   7.250          2,638.18         65
                                       7.000          2,638.18      450,000.00
    LOS ANGELES      CA   90068          2            06/23/98         00
    0430958348                           05           08/01/98          0
    0011176195                           O            07/01/13
    0
 
 
    1782233          637/G01             F          476,000.00         ZZ
                                         180        474,498.24          1
    865 SOLANA DRIVE                   7.000          4,278.43         65
                                       6.750          4,278.43      740,000.00
    LAFAYETTE        CA   94549          2            06/26/98         00
    0430965673                           05           08/01/98          0
    0011193265                           O            07/01/13
    0
 
 
    1782249          637/G01             F          150,000.00         ZZ
                                         180        149,536.95          1
    342 BROADWAY                       7.250          1,369.30         58
                                       7.000          1,369.30      260,000.00
    CARLE PLACE      NY   11514          5            06/25/98         00
    0430955880                           05           08/01/98          0
    8308694                              O            07/01/13
    0
 
 
    1782619          E82/G01             F          249,000.00         ZZ
                                         180        249,000.00          1
    2219 BELMONT LANE                  6.875          2,220.72         69
                                       6.625          2,220.72      365,000.00
    REDONDO BEACH    CA   90278          2            07/29/98         00
    0400138707                           05           09/01/98          0
    0400138707                           O            08/01/13
    0
 
 
1
 
 
    1782746          025/025             F          280,000.00         ZZ
                                         180        277,680.13          1
    1540 GULF BOULEVARD                7.125          2,536.33         78
    UNIT 1001                          6.875          2,536.33      360,000.00
    CLEARWATER       FL   33767          2            05/18/98         00
    808393                               06           07/01/98          0
    808393                               O            06/01/13
    0
 
 
    1782751          025/025             F          400,000.00         ZZ
                                         180        398,751.68          1
    129 MIDDLETON PLACE                7.125          3,623.32         60
                                       6.875          3,623.32      672,500.00
    PONTE VEDRA BEA  FL   32082          1            06/09/98         00
    654740                               03           08/01/98          0
    654740                               O            07/01/13
    0
 
 
    1782758          025/025             F          375,000.00         ZZ
                                         180        375,000.00          1
    3433 HAMPTON AVENUE                7.000          3,370.61         54
                                       6.750          3,370.61      700,000.00
    NASHVILLE        TN   37215          5            07/16/98         00
    189859                               05           09/01/98          0
    189859                               O            08/01/13
    0
 
 
    1782771          025/025             F          280,000.00         T
                                         180        279,116.61          1
    990 CAPE MARCO DRIVE               7.000          2,516.72         69
    #1108                              6.750          2,516.72      410,000.00
    MARCO ISLAND     FL   34145          2            06/05/98         00
    638961                               06           08/01/98          0
    638961                               O            07/01/13
    0
 
 
    1782776          025/025             F          360,000.00         ZZ
                                         180        357,697.06          1
    221 CAPE ST JOHN ROAD              6.875          3,210.68         73
                                       6.625          3,210.68      495,000.00
    ANNAPOLIS        MD   21401          5            05/22/98         00
    571200                               05           07/01/98          0
    571200                               O            06/01/13
    0
 
 
    1782784          025/025             F          240,000.00         ZZ
                                         180        238,497.57          1
    827 CRESTWAY DRIVE                 7.125          2,173.99         67
                                       6.875          2,173.99      360,000.00
1
 
 
    COLUMBUS         OH   43235          5            05/08/98         00
    571031                               05           07/01/98          0
    571031                               O            06/01/13
    0
 
 
    1782791          025/025             F          562,500.00         ZZ
                                         180        559,165.53          1
    5675 BUCKLEIGH POINTE              7.750          5,294.68         72
                                       7.500          5,294.68      785,000.00
    SUWANEE          GA   30024          5            05/21/98         00
    466023                               03           07/01/98          0
    466023                               O            06/01/13
    0
 
 
    1782811          025/025             F          307,000.00         ZZ
                                         180        304,139.70          1
    44 S SEWALLS POINT ROAD            7.250          2,802.49         43
                                       7.000          2,802.49      720,000.00
    STUART           FL   34996          2            04/27/98         00
    382973                               05           06/01/98          0
    382973                               O            05/01/13
    0
 
 
    1782828          025/025             F          280,000.00         ZZ
                                         180        278,228.07          1
    216 DEXTER AVENUE                  7.000          2,516.72         60
                                       6.750          2,516.72      470,000.00
    BIRMINGHAM       AL   35213          2            05/28/98         00
    343333                               05           07/01/98          0
    343333                               O            06/01/13
    0
 
 
    1782843          025/025             F          300,000.00         ZZ
                                         180        298,101.52          1
    2009 ARNOLD PALMER ROAD            7.000          2,696.48         69
                                       6.750          2,696.48      440,000.00
    LOUISVILLE       KY   40245          2            05/21/98         00
    343300                               05           07/01/98          0
    343300                               O            06/01/13
    0
 
 
    1782908          025/025             F          425,000.00         ZZ
                                         180        423,629.76          1
    11 BRECKENRIDGE                    6.750          3,760.87         52
                                       6.500          3,760.87      825,000.00
    NASHVILLE        TN   37215          5            06/18/98         00
    818784                               03           08/01/98          0
    818784                               O            07/01/13
    0
1
 
 
 
 
    1782913          025/025             F          310,000.00         ZZ
                                         180        307,951.94          1
    120 CARRIAGE LAMP WAY              6.500          2,700.43         51
                                       6.250          2,700.43      610,000.00
    PONTE VEDRA BEA  FL   32082          1            05/22/98         00
    145559                               03           07/01/98          0
    145559                               O            06/01/13
    0
 
 
    1782916          025/025             F          271,000.00         ZZ
                                         180        270,154.26          1
    944 BIRDWOOD DRIVE                 7.125          2,454.80         66
                                       6.875          2,454.80      411,000.00
    ORANGE PARK      FL   32073          5            06/04/98         00
    160475                               05           08/01/98          0
    160475                               O            07/01/13
    0
 
 
    1782918          025/025             F          337,500.00         ZZ
                                         180        336,435.20          1
    7820 SW 173 TERRACE                7.000          3,033.55         75
                                       6.750          3,033.55      450,000.00
    MIAMI            FL   33157          5            06/11/98         00
    176657                               05           08/01/98          0
    176657                               O            07/01/13
    0
 
 
    1782921          025/025             F          281,700.00         ZZ
                                         180        278,075.23          1
    900 WEATHERLY HILLS BLVD           6.875          2,512.35         70
                                       6.625          2,512.35      405,000.00
    KNOXVILLE        TN   37922          2            03/26/98         00
    313948                               05           05/01/98          0
    313948                               O            04/01/13
    0
 
 
    1782922          025/025             F          303,250.00         ZZ
                                         180        301,351.62          1
    453 EAST FOX DEN DRIVE             7.125          2,746.93         69
                                       6.875          2,746.93      440,000.00
    KNOXVILLE        TN   37922          2            06/02/98         00
    313958                               05           07/01/98          0
    313958                               O            06/01/13
    0
 
 
    1782926          025/025             F          338,600.00         ZZ
                                         180        335,411.00          1
1
 
 
    4306 LONE OAK ROAD                 7.125          3,067.15         53
                                       6.875          3,067.15      650,000.00
    NASHVILLE        TN   38215          2            04/10/98         00
    342726                               05           06/01/98          0
    342726                               O            05/01/13
    0
 
 
    1782927          025/025             F          372,000.00         ZZ
                                         180        369,645.87          1
    3915 SNAPPER POINTE DR             7.000          3,343.64         45
                                       6.750          3,343.64      830,000.00
    TAMPA            FL   33611          5            05/22/98         00
    813516                               03           07/01/98          0
    813516                               O            06/01/13
    0
 
 
    1782972          638/G01             F          320,000.00         ZZ
                                         120        318,138.44          1
    4 DOWNS LAKE CIRCLE                6.875          3,694.89         43
                                       6.625          3,694.89      750,000.00
    DALLAS           TX   75230          2            06/11/98         00
    0430952911                           03           08/01/98          0
    8752205                              O            07/01/08
    0
 
 
    1783377          F28/G01             F          600,000.00         ZZ
                                         180        594,349.11          1
    3455 UPPER RED ROCK LOOP RD        7.125          5,434.99         43
                                       6.875          5,434.99    1,400,000.00
    SEDONA           AZ   86336          5            04/08/98         00
    0430952226                           05           06/01/98          0
    3557802                              O            05/01/13
    0
 
 
    1783378          F28/G01             F          348,000.00         ZZ
                                         180        342,246.92          1
    7230 OAKBAY DRIVE                  7.125          3,152.30         80
                                       6.875          3,152.30      435,000.00
    NOBLESVILLE      IN   46060          1            02/27/98         00
    0430952242                           03           04/01/98          0
    3662709                              O            03/01/13
    0
 
 
    1783379          F28/G01             F          492,000.00         ZZ
                                         180        488,953.24          1
    18965 W BAYTHORN WAY               7.250          4,491.29         79
                                       7.000          4,491.29      630,000.00
    BROOKFIELD       WI   53045          2            05/26/98         00
    0430952259                           05           07/01/98          0
1
 
 
    3681527                              O            06/01/13
    0
 
 
    1783380          F28/G01             F          689,250.00         ZZ
                                         180        683,150.53          1
    922 OLD COUNTY ROAD                8.000          6,586.84         66
                                       7.750          6,586.84    1,045,000.00
    SEVERNA PARK     MD   21146          2            04/22/98         00
    0430952267                           05           06/01/98          0
    3705138                              O            05/01/13
    0
 
 
    1783381          F28/G01             F          530,000.00         ZZ
                                         180        523,043.83          1
    5810 N CENTRAL AV                  7.250          4,838.18         58
                                       7.000          4,838.18      920,000.00
    PHOENIX          AZ   85012          5            04/27/98         00
    0430952275                           05           06/01/98          0
    3710377                              O            05/01/13
    0
 
 
    1783382          F28/G01             F          260,000.00         ZZ
                                         180        258,407.36          1
    4 SYMMES COURT                     7.375          2,391.80         80
                                       7.125          2,391.80      325,000.00
    CRANBURY         NJ   08512          2            05/07/98         00
    0430952283                           05           07/01/98          0
    3712480                              O            06/01/13
    0
 
 
    1783383          F28/G01             F          360,000.00         ZZ
                                         180        358,864.22          1
    3814 MUIRWOOD                      7.000          3,235.78         75
                                       6.750          3,235.78      484,000.00
    LONG GROVE       IL   60047          5            06/19/98         00
    0430952291                           05           08/01/98          0
    3723065                              O            07/01/13
    0
 
 
    1783384          F28/G01             F          341,800.00         ZZ
                                         180        338,615.45          1
    2830 W. MEDICINE LAKE DR           7.250          3,120.17         79
                                       7.000          3,120.17      436,000.00
    PLYMOUTH         MN   55441          2            04/15/98         00
    0430952309                           05           06/01/98          0
    3739723                              O            05/01/13
    0
 
 
1
 
 
    1783385          F28/G01             F          285,000.00         ZZ
                                         180        283,235.12          1
    18410 16TH AVENUE NORTHWEST        7.250          2,601.66         75
                                       7.000          2,601.66      380,000.00
    SEATTLE          WA   98177          2            05/04/98         00
    0430952317                           05           07/01/98          0
    3741115                              O            06/01/13
    0
 
 
    1783386          F28/G01             F          343,200.00         ZZ
                                         180        337,880.16          1
    6920 EAST BERRY AVENUE             6.875          3,060.84         80
                                       6.625          3,060.84      429,000.00
    ENGLEWOOD        CO   80111          1            04/01/98         00
    0430952325                           05           06/01/98          0
    3745763                              O            05/01/13
    0
 
 
    1783387          F28/G01             F          360,000.00         ZZ
                                         180        356,645.89          1
    10352 S LONGWOOD DRIVE             7.250          3,286.31         65
                                       7.000          3,286.31      560,000.00
    CHICAGO          IL   60643          5            04/22/98         00
    0430952333                           05           06/01/98          0
    3755901                              O            05/01/13
    0
 
 
    1783388          F28/G01             F          340,000.00         ZZ
                                         180        333,397.86          1
    19 GATESHEAD DRIVE                 6.875          3,032.30         64
                                       6.625          3,032.30      535,000.00
    BRIDGEWATER      NJ   08807          2            05/07/98         00
    0430952341                           05           07/01/98          0
    3776172                              O            06/01/13
    0
 
 
    1783389          F28/G01             F          296,000.00         ZZ
                                         180        293,242.16          1
    3400 GALT OCEAN DRIVE UNIT         7.250          2,702.08         78
    PH-4S AND PH-6S                    7.000          2,702.08      380,000.00
    FT LAUDERDALE    FL   33308          5            04/09/98         00
    0430952358                           06           06/01/98          0
    3783176                              O            05/01/13
    0
 
 
    1783390          F28/G01             F          355,500.00         ZZ
                                         180        353,143.64          1
    1414 N. PARK AVENUE                7.000          3,195.34         90
                                       6.750          3,195.34      395,000.00
1
 
 
    RIVERFOREST      IL   60305          2            05/18/98         27
    0430952366                           05           07/01/98         12
    3786500                              O            06/01/13
    0
 
 
    1783391          F28/G01             F          446,000.00         ZZ
                                         180        441,687.54          1
    62 OLD GARRISON ROAD               7.375          4,102.86         64
                                       7.125          4,102.86      700,000.00
    SUDBURY          MA   01776          5            04/16/98         00
    0430952374                           05           06/01/98          0
    3791607                              O            05/01/13
    0
 
 
    1783392          F28/G01             F          259,000.00         ZZ
                                         180        258,209.17          1
    4217 27TH AVENUE NORTHWEST         7.375          2,382.60         79
                                       7.125          2,382.60      330,000.00
    GIG HARBOR       WA   98335          2            06/02/98         00
    0430952390                           03           08/01/98          0
    3810672                              O            07/01/13
    0
 
 
    1783393          F28/G01             F          390,000.00         ZZ
                                         180        387,531.96          1
    3253 ELK VIEW DRIVE                7.000          3,505.43         80
                                       6.750          3,505.43      487,500.00
    EVERGREEN        CO   80439          2            05/22/98         00
    0430952408                           05           07/01/98          0
    3813245                              O            06/01/13
    0
 
 
    1783394          F28/G01             F          268,500.00         ZZ
                                         180        266,837.29          1
    2420 274TH AVENUE NORTHEAST        7.250          2,451.04         70
                                       7.000          2,451.04      385,000.00
    REDMOND          WA   98053          2            05/27/98         00
    0430952416                           05           07/01/98          0
    3814385                              O            06/01/13
    0
 
 
    1783395          F28/G01             F          410,000.00         ZZ
                                         180        408,720.47          1
    35 FOREST RIDGE                    7.125          3,713.91         69
                                       6.875          3,713.91      600,000.00
    SPRINGFIELD      IL   62707          2            06/12/98         00
    0430952424                           05           08/01/98          0
    3815376                              O            07/01/13
    0
1
 
 
 
 
    1783396          F28/G01             F          262,500.00         ZZ
                                         180        260,856.70          1
    25956 SE 37TH WAY                  7.125          2,377.81         75
                                       6.875          2,377.81      350,000.00
    ISSAQUAH         WA   98029          5            05/27/98         00
    0430952432                           03           07/01/98          0
    3816572                              O            06/01/13
    0
 
 
    1783397          F28/G01             F          345,000.00         ZZ
                                         180        343,923.32          1
    3010 P ST NW                       7.125          3,125.12         53
                                       6.875          3,125.12      660,000.00
    WASHINGTON       DC   20007          2            06/05/98         00
    0430952440                           05           08/01/98          0
    3822006                              O            07/01/13
    0
 
 
    1783398          F28/G01             F          500,000.00         ZZ
                                         180        496,869.92          1
    4410 JAMES ESTATE COURT            7.125          4,529.16         79
                                       6.875          4,529.16      635,000.00
    LAKE WORTH       FL   33467          1            05/28/98         00
    0430952457                           03           07/01/98          0
    3824657                              O            06/01/13
    0
 
 
    1783399          F28/G01             F          650,000.00         ZZ
                                         180        645,974.82          1
    9010 NORTH MERCER WAY              7.250          5,933.61         71
                                       7.000          5,933.61      925,000.00
    MERCER ISLAND    WA   98040          2            05/29/98         00
    0430952465                           05           07/01/98          0
    3826827                              O            06/01/13
    0
 
 
    1783400          F28/G01             F          280,000.00         ZZ
                                         180        278,208.84          1
    1411 EAST CAPTAIN DREYFUS          6.875          2,497.19         80
    AVENUE                             6.625          2,497.19      351,000.00
    PHOENIX          AZ   85022          1            05/20/98         00
    0430952473                           03           07/01/98          0
    3827403                              O            06/01/13
    0
 
 
    1783401          F28/G01             F          417,000.00         ZZ
                                         180        413,389.51          1
1
 
 
    2733 NORTHWEST LAKE ROAD           7.125          3,777.32         62
                                       6.875          3,777.32      675,000.00
    CAMAS            WA   98607          2            05/27/98         00
    0430952481                           05           07/01/98          0
    3845017                              O            06/01/13
    0
 
 
    1783402          F28/G01             F          260,000.00         ZZ
                                         180        256,567.51          1
    8654 EAST CAROL WAY                6.875          2,318.83         77
                                       6.625          2,318.83      338,000.00
    SCOTTSDALE       AZ   85260          2            06/04/98         00
    0430952499                           03           08/01/98          0
    3850355                              O            07/01/13
    0
 
 
    1783403          F28/G01             F          341,200.00         ZZ
                                         180        340,111.78          1
    21913 YORK MILLS CIRCLE            6.875          3,043.01         74
                                       6.625          3,043.01      467,000.00
    NOVI             MI   48374          2            06/12/98         00
    0430952507                           05           08/01/98          0
    3853811                              O            07/01/13
    0
 
 
    1783404          F28/G01             F          260,000.00         ZZ
                                         180        258,768.96          1
    2050 LAVINGE LANE                  7.000          2,336.95         38
                                       6.750          2,336.95      695,000.00
    NORTHBROOK       IL   60062          1            06/16/98         00
    0430952515                           05           08/01/98          0
    3854597                              O            07/01/13
    0
 
 
    1783405          F28/G01             F          496,000.00         ZZ
                                         180        492,928.49          1
    5405 N PAULINE'S WOODS DR          7.250          4,527.80         75
                                       7.000          4,527.80      670,000.00
    CHENEQUA         WI   53058          2            05/22/98         00
    0430952523                           05           07/01/98          0
    3857576                              O            06/01/13
    0
 
 
    1783406          F28/G01             F          370,000.00         ZZ
                                         180        370,000.00          1
    187 WOODLAND ROAD                  7.125          3,351.58         70
                                       6.875          3,351.58      530,000.00
    WESTWOOD         MA   02090          2            06/29/98         00
    0430952531                           05           09/01/98          0
1
 
 
    3860147                              O            08/01/13
    0
 
 
    1783407          F28/G01             F          280,000.00         ZZ
                                         180        279,116.61          1
    5 MCNAB COURT                      7.000          2,516.72         69
                                       6.750          2,516.72      410,000.00
    BRIDGEWATER      NJ   08807          2            06/30/98         00
    0430952549                           05           08/01/98          0
    3866120                              O            07/01/13
    0
 
 
    1783408          F28/G01             F          285,000.00         ZZ
                                         180        284,091.03          1
    6651 MOORLAND DRIVE                6.875          2,541.78         75
                                       6.625          2,541.78      380,000.00
    EDEN PRAIRIE     MN   55346          5            06/18/98         00
    0430952556                           05           08/01/98          0
    3867450                              O            07/01/13
    0
 
 
    1783409          F28/G01             F          360,000.00         ZZ
                                         180        358,851.82          1
    98 RIDGE DRIVE                     6.875          3,210.68         79
                                       6.625          3,210.68      458,000.00
    BOULDER          CO   80304          2            06/15/98         00
    0430952564                           05           08/01/98          0
    3867524                              O            07/01/13
    0
 
 
    1783410          F28/G01             F          500,000.00         ZZ
                                         180        498,370.45          1
    2807 EXETER CIRCLE                 6.625          4,389.97         80
                                       6.375          4,389.97      629,900.00
    RALEIGH          NC   27608          1            06/15/98         00
    0430952572                           05           08/01/98          0
    3870585                              O            07/01/13
    0
 
 
    1783411          F28/G01             F          279,000.00         ZZ
                                         180        278,148.10          1
    1423 SHAWNEE TRAIL                 7.375          2,566.59         75
                                       7.125          2,566.59      372,000.00
    RIVERWOODS       IL   60015          5            06/09/98         00
    0430952580                           05           08/01/98          0
    3880188                              O            07/01/13
    0
 
 
1
 
 
    1783412          F28/G01             F          294,400.00         ZZ
                                         180        293,491.20          1
    3960 BRIDGESTONE NE DRIVE          7.250          2,687.47         79
                                       7.000          2,687.47      373,000.00
    GRAND RAPIDS     MI   49546          2            06/19/98         00
    0430952598                           05           08/01/98          0
    3881325                              O            07/01/13
    0
 
 
    1783413          F28/G01             F          272,000.00         ZZ
                                         180        271,151.13          1
    21520 CHERI LANE                   7.125          2,463.87         80
                                       6.875          2,463.87      340,000.00
    BRISTOL          IN   46507          2            06/08/98         00
    0430952606                           05           08/01/98          0
    3881996                              O            07/01/13
    0
 
 
    1783414          F28/G01             F          600,000.00         ZZ
                                         180        600,000.00          1
    1511 PEMBROKE JONES DRIVE          6.875          5,351.13         80
                                       6.625          5,351.13      750,000.00
    WILMINGTON       NC   28405          1            07/02/98         00
    0430952614                           03           09/01/98          0
    3883412                              O            08/01/13
    0
 
 
    1783415          F28/G01             F          300,000.00         ZZ
                                         180        299,073.91          1
    700 NORTH DOBSON ROAD #40          7.250          2,738.59         80
                                       7.000          2,738.59      377,000.00
    CHANDLER         AZ   85224          2            06/19/98         00
    0430952622                           03           08/01/98          0
    3884204                              O            07/01/13
    0
 
 
    1783417          F28/G01             F          350,000.00         ZZ
                                         180        348,907.72          1
    35 W 995 BONCOSKY ROAD             7.125          3,170.41         44
                                       6.875          3,170.41      800,000.00
    DUNDEE           IL   60118          5            06/17/98         00
    0430952648                           05           08/01/98          0
    3894866                              O            07/01/13
    0
 
 
    1783418          F28/G01             F          339,000.00         ZZ
                                         180        337,930.47          1
    3 WELLINGBOROUGH CT                7.000          3,047.03         49
                                       6.750          3,047.03      700,000.00
1
 
 
    SOUTH BARRINGTO  IL   60010          2            06/25/98         00
    0430952655                           05           08/01/98          0
    3895154                              O            07/01/13
    0
 
 
    1783419          F28/G01             F          428,000.00         ZZ
                                         180        426,649.69          1
    11521 MANORSTONE LANE              7.000          3,846.98         39
                                       6.750          3,846.98    1,100,000.00
    COLUMBIA         MD   21044          2            06/12/98         00
    0430952663                           05           08/01/98          0
    3899436                              O            07/01/13
    0
 
 
    1783420          F28/G01             F          322,000.00         ZZ
                                         180        321,006.00          1
    2323 NORTHWEST WALDEN CIRCLE       7.250          2,939.42         52
                                       7.000          2,939.42      625,000.00
    CAMAS            WA   98607          5            06/26/98         00
    0430952671                           05           08/01/98          0
    3908310                              O            07/01/13
    0
 
 
    1783421          F28/G01             F          535,000.00         ZZ
                                         180        533,312.09          1
    2055 100TH AVENUE SE               7.000          4,808.74         39
                                       6.750          4,808.74    1,400,000.00
    BELLEVUE         WA   98004          2            07/01/98         00
    0430952689                           05           08/01/98          0
    3908593                              O            07/01/13
    0
 
 
    1783422          F28/G01             F          592,000.00         ZZ
                                         180        592,000.00          1
    16 HORNBEAM ROAD                   7.000          5,321.07         80
                                       6.750          5,321.07      740,000.00
    DUXBURY          MA   02332          1            07/08/98         00
    0430952697                           05           09/01/98          0
    3909575                              O            08/01/13
    0
 
 
    1783423          F28/G01             F          487,500.00         ZZ
                                         180        485,978.60          1
    1211 MAY COURT                     7.125          4,415.93         74
                                       6.875          4,415.93      660,000.00
    BURLINGTON       NC   27215          2            06/29/98         00
    0430952705                           05           08/01/98          0
    3909920                              O            07/01/13
    0
1
 
 
 
 
    1783424          F28/G01             F          300,000.00         ZZ
                                         180        300,000.00          1
    4160 EMPIRE LANE NORTH             6.625          2,633.99         75
                                       6.375          2,633.99      402,000.00
    PLYMOUTH         MN   55446          2            07/10/98         00
    0430952713                           05           09/01/98          0
    3919053                              O            08/01/13
    0
 
 
    1783425          F28/G01             F          280,000.00         ZZ
                                         180        280,000.00          1
    2104 TROWBRIDGE COURT              7.000          2,516.72         80
                                       6.750          2,516.72      350,000.00
    GLENVIEW         IL   60025          2            07/02/98         00
    0430952721                           03           09/01/98          0
    3931965                              O            08/01/13
    0
 
 
    1783464          637/G01             F          431,000.00         ZZ
                                         180        429,669.52          1
    1187 ELMSFORD DRIVE                7.250          3,934.44         68
                                       7.000          3,934.44      636,000.00
    CUPERTINO        CA   95014          2            06/23/98         00
    0430960682                           05           08/01/98          0
    0011189628                           O            07/01/13
    0
 
 
    1783471          966/G01             F          340,000.00         ZZ
                                         180        340,000.00          1
    12040 EXCELSIOR WAY                6.875          3,032.30         80
                                       6.625          3,032.30      425,000.00
    DALLAS           TX   75230          2            07/28/98         00
    0430959049                           05           09/01/98          0
    40005844                             O            08/01/13
    0
 
 
    1783483          975/G01             F          300,000.00         ZZ
                                         180        300,000.00          1
    4348 EAST HILLSBOROUGH AVENUE      7.000          2,696.48         54
                                       6.750          2,696.48      565,000.00
    ORANGE           CA   93867          1            07/24/98         00
    0430964460                           03           09/01/98          0
    982178                               O            08/01/13
    0
 
 
    1783735          685/G01             F           73,000.00         ZZ
                                         180         73,000.00          1
1
 
 
    38345 MAUREEN STREET               7.250            666.39         94
                                       7.000            666.39       78,000.00
    PALMDALE         CA   93550          2            07/22/98         01
    0430958660                           05           09/01/98         30
    114235                               O            08/01/13
    0
 
 
    1783811          267/267             F          356,000.00         ZZ
                                         180        356,000.00          1
    2562 WOODBURY DRIVE                7.125          3,224.76         80
                                       6.875          3,224.76      445,000.00
    TORRANCE         CA   90503          2            07/01/98         00
    4269737                              03           09/01/98          0
    4269737                              O            08/01/13
    0
 
 
    1783843          707/707             F          446,000.00         ZZ
                                         180        444,592.90          1
    1526 KALAEPOHAKU STREET            7.000          4,008.77         73
                                       6.750          4,008.77      615,000.00
    HONOLULU         HI   96816          2            06/25/98         00
    613355                               05           08/01/98          0
    613355                               O            07/01/13
    0
 
 
    1783983          638/G01             F          317,000.00         ZZ
                                         180        317,000.00          1
    2704 WINDSWEPT LANE                7.000          2,849.29         80
                                       6.750          2,849.29      400,000.00
    ANNAPOLIS        MD   21401          2            07/20/98         00
    0430961102                           03           09/01/98          0
    8766569                              O            08/01/13
    0
 
 
    1784010          638/G01             F          398,000.00         ZZ
                                         180        398,000.00          1
    103 NORTH WYNDEN ESTATES COURT     6.875          3,549.58         67
                                       6.625          3,549.58      598,000.00
    HOUSTON          TX   77056          1            07/17/98         00
    0430955203                           03           09/01/98          0
    8764450                              O            08/01/13
    0
 
 
    1784014          638/G01             F          267,900.00         ZZ
                                         180        267,900.00          1
    7240 COVEY ROAD                    6.875          2,389.28         84
                                       6.625          2,389.28      320,000.00
    FORESTVILLE      CA   95436          2            07/01/98         10
    0430958306                           05           09/01/98         17
1
 
 
    8758225                              O            08/01/13
    0
 
 
    1784018          638/G01             F          168,000.00         ZZ
                                         180        168,000.00          1
    11229 AGNES STREET                 7.000          1,510.03         74
                                       6.750          1,510.03      230,000.00
    CERRITOS         CA   90703          2            07/16/98         00
    0430958876                           05           09/01/98          0
    8769256                              O            08/01/13
    0
 
 
    1784025          638/G01             F          480,000.00         ZZ
                                         180        480,000.00          1
    4603 GARDEN HIGHWAY                7.125          4,347.99         80
                                       6.875          4,347.99      600,000.00
    SACRAMENTO       CA   95837          1            07/17/98         00
    0430955518                           05           09/01/98          0
    8763901                              O            08/01/13
    0
 
 
    1784028          638/G01             F          338,000.00         ZZ
                                         180        338,000.00          1
    9700 CALVIN AVENUE                 7.250          3,085.48         80
                                       7.000          3,085.48      425,000.00
    NORTHRIDGE       CA   91324          2            07/17/98         00
    0430958322                           05           09/01/98          0
    8757851                              O            08/01/13
    0
 
 
    1784031          638/G01             F          365,900.00         ZZ
                                         180        365,900.00          1
    122 COVE LANE                      6.750          3,237.88         65
                                       6.500          3,237.88      570,000.00
    CUMMAQUID        MA   02637          2            07/20/98         00
    0430958439                           05           09/01/98          0
    8769008                              O            08/01/13
    0
 
 
    1784037          975/G01             F          500,000.00         ZZ
                                         180        500,000.00          1
    105 WEST LA SIERRA DRIVE           6.875          4,459.27         55
                                       6.625          4,459.27      910,000.00
    ARCADIA          CA   91007          1            07/29/98         00
    0430965335                           05           09/01/98          0
    982394                               O            08/01/13
    0
 
 
1
 
 
    1784362          267/267             F          610,000.00         ZZ
                                         180        610,000.00          1
    230 AMHERST AVENUE                 6.625          5,355.77         61
                                       6.375          5,355.77    1,000,000.00
    SAN MATEO        CA   94402          2            07/10/98         00
    4266349                              05           09/01/98          0
    4266349                              O            08/01/13
    0
 
 
    1784510          267/267             F          305,000.00         ZZ
                                         180        305,000.00          1
    2074 EMPIRE MINE CIRCLE            7.125          2,762.79         78
                                       6.875          2,762.79      395,000.00
    GOLD RIVER       CA   95670          2            07/17/98         00
    4265107                              03           09/01/98          0
    4265107                              O            08/01/13
    0
 
 
    1784521          267/267             F          250,000.00         ZZ
                                         180        250,000.00          1
    929 MILMADA DRIVE                  6.875          2,229.64         51
                                       6.625          2,229.64      495,000.00
    LA CANADA FLINT  CA   91011          5            07/17/98         00
    4264143                              05           09/01/98          0
    4264143                              O            08/01/13
    0
 
 
    1784562          267/267             F          254,000.00         ZZ
                                         180        254,000.00          1
    612 VERDEMONT CIR                  6.750          2,247.68         71
                                       6.500          2,247.68      360,000.00
    SIMI VALLEY      CA   93065          2            07/10/98         00
    4259944                              05           09/01/98          0
    4259944                              O            08/01/13
    0
 
 
    1784637          638/G01             F          324,000.00         ZZ
                                         180        324,000.00          1
    1618 POTOMAC DRIVE                 6.875          2,889.61         80
                                       6.625          2,889.61      405,000.00
    HOUSTON          TX   77057          1            07/23/98         00
    0430955484                           03           09/01/98          0
    8773302                              O            08/01/13
    0
 
 
    1784646          638/G01             F          383,000.00         ZZ
                                         180        383,000.00          1
    1640 ASCENSION DRIVE               7.000          3,442.51         64
                                       6.750          3,442.51      605,000.00
1
 
 
    SAN MATEO        CA   94402          2            07/20/98         00
    0430955500                           03           09/01/98          0
    8770223                              O            08/01/13
    0
 
 
    1784649          638/G01             F          173,000.00         ZZ
                                         180        173,000.00          1
    84 FAIRLAWN AVENUE                 7.000          1,554.97         53
                                       6.750          1,554.97      330,000.00
    DALY CITY        CA   94015          2            07/20/98         00
    0430955179                           05           09/01/98          0
    8770211                              O            08/01/13
    0
 
 
    1784652          638/G01             F          450,000.00         ZZ
                                         180        450,000.00          1
    3537 VIGILANCE DRIVE               7.250          4,107.88         69
                                       7.000          4,107.88      655,000.00
    RANCHO PALOS VE  CA   90275          2            07/15/98         00
    0430955302                           05           09/01/98          0
    8760479                              O            08/01/13
    0
 
 
    1784655          638/G01             F          151,000.00         ZZ
                                         180        151,000.00          1
    294 BROOKDALE AVENUE               7.000          1,357.23         68
                                       6.750          1,357.23      225,000.00
    SAN FRANCISCO    CA   94134          2            07/20/98         00
    0430955351                           05           09/01/98          0
    8770210                              O            08/01/13
    0
 
 
    1784716          267/267             F          302,500.00         ZZ
                                         180        302,500.00          1
    6571 E EL ROBLE ST                 6.625          2,655.94         76
                                       6.375          2,655.94      400,000.00
    LONG BEACH       CA   90815          2            07/13/98         00
    4268927                              05           09/01/98          0
    4268927                              O            08/01/13
    0
 
 
    1784891          025/025             F          274,000.00         ZZ
                                         120        270,802.95          1
    37 WINWARD ISLAND                  6.875          3,163.75         72
                                       6.625          3,163.75      384,000.00
    CLEARWATER       FL   33767          2            05/21/98         00
    447346                               05           07/01/98          0
    447346                               O            06/01/08
    0
1
 
 
 
 
    1784899          025/025             F          295,000.00         ZZ
                                         180        288,069.29          1
    9420 SW 84 COURT                   7.000          2,651.54         73
                                       6.750          2,651.54      406,000.00
    MIAMI            FL   33156          2            06/22/98         00
    795138                               03           08/01/98          0
    795138                               O            07/01/13
    0
 
 
    1785235          637/G01             F          437,250.00         ZZ
                                         180        437,250.00          1
    85 PRINCEVILLE LANE                6.875          3,899.64         70
                                       6.625          3,899.64      625,000.00
    LAS VEGAS        NV   89113          1            07/17/98         00
    0430961789                           03           09/01/98          0
    0012317582                           O            08/01/13
    0
 
 
    1785239          637/G01             F          243,000.00         ZZ
                                         180        243,000.00          1
    14507 DOLBROOK LANE                7.000          2,184.16         90
                                       6.750          2,184.16      270,000.00
    BOWIE            MD   20721          2            07/10/98         01
    0430963082                           05           09/01/98         25
    0011226230                           O            08/01/13
    0
 
 
    1785276          638/G01             F          255,000.00         ZZ
                                         180        255,000.00          1
    115 CHILDS RIVER ROAD              7.250          2,327.80         55
                                       7.000          2,327.80      465,000.00
    FALMOUTH         MA   02540          2            07/24/98         00
    0430960955                           05           09/01/98          0
    8771587                              O            08/01/13
    0
 
 
    1785278          638/G01             F          328,500.00         ZZ
                                         180        328,500.00          1
    852 NORTH KENTER AVENUE            7.500          3,045.24         33
                                       7.250          3,045.24    1,000,000.00
    LOS ANGELES      CA   90049          2            07/17/98         00
    0430963967                           05           09/01/98          0
    8766768                              O            08/01/13
    0
 
 
    1785281          638/G01             F           56,000.00         ZZ
                                         180         56,000.00          1
1
 
 
    4263 MAIN STREET                   7.000            503.34         80
                                       6.750            503.34       70,000.00
    ADDIS            LA   70710          5            07/20/98         00
    0430961037                           05           09/01/98          0
    8769042                              O            08/01/13
    0
 
 
    1785284          638/G01             F          600,000.00         ZZ
                                         180        600,000.00          1
    6101 SOUTH SPRING CANYON ROAD      7.000          5,392.97         75
                                       6.750          5,392.97      800,000.00
    OGDEN            UT   84403          5            07/27/98         00
    0430960997                           05           09/01/98          0
    8769733                              O            08/01/13
    0
 
 
    1785373          637/G01             F          266,000.00         ZZ
                                         180        266,000.00          1
    5783 CHAMBERTIN DRIVE              7.250          2,428.22         65
                                       7.000          2,428.22      410,000.00
    SAN JOSE         CA   95118          2            07/06/98         00
    0430965988                           03           09/01/98          0
    0010120756                           O            08/01/13
    0
 
 
    1785377          637/G01             F          450,000.00         ZZ
                                         180        448,564.78          1
    32 NORTH HILL COURT                6.875          4,013.35         52
                                       6.625          4,013.35      875,000.00
    OAKLAND          CA   94618          4            06/22/98         00
    0430966481                           03           08/01/98          0
    0011193174                           O            07/01/13
    0
 
 
    1785388          637/G01             F          300,000.00         ZZ
                                         180        300,000.00          1
    351 ESTRELLA ROAD                  7.125          2,717.50         45
                                       6.875          2,717.50      680,000.00
    FREMONT          CA   94539          2            07/07/98         00
    0430966101                           05           09/01/98          0
    0011194776                           O            08/01/13
    0
 
 
    1785392          637/G01             F          281,000.00         ZZ
                                         180        280,123.05          1
    1330 ENCHANTED WAY                 7.125          2,545.39         49
                                       6.875          2,545.39      580,000.00
    SAN MATEO        CA   94402          2            06/24/98         00
    0430966135                           05           08/01/98          0
1
 
 
    0011178316                           O            07/01/13
    0
 
 
    1785412          637/G01             F          284,000.00         ZZ
                                         180        284,000.00          1
    89 LAKESHORE                       6.875          2,532.87         75
                                       6.625          2,532.87      380,000.00
    IRVINE           CA   92604          2            07/01/98         00
    0430966846                           01           09/01/98          0
    0011179199                           O            08/01/13
    0
 
 
    1785441          B98/G01             F          157,000.00         ZZ
                                         180        157,000.00          1
    304 BREWSTER AVENUE                7.375          1,444.28         77
                                       7.125          1,444.28      205,000.00
    SACRAMENTO       CA   95831          2            07/31/98         00
    0430963512                           05           09/01/98          0
    0                                    O            08/01/13
    0
 
 
    1786106          638/G01             F          346,000.00         ZZ
                                         180        346,000.00          1
    448 RIVIERA DRIVE                  6.875          3,085.82         73
                                       6.625          3,085.82      475,000.00
    LAKE ARROWHEAD   CA   92352          2            07/27/98         00
    0430962357                           03           09/01/98          0
    8761338                              O            08/01/13
    0
 
 
    1786115          638/G01             F          392,000.00         ZZ
                                         180        392,000.00          1
    936 AVONDALE COURT                 6.750          3,468.85         80
                                       6.500          3,468.85      490,000.00
    WALNUT CREEK     CA   94596          5            07/27/98         00
    0430961797                           03           09/01/98          0
    8765435                              O            08/01/13
    0
 
 
    1786180          356/G01             F          309,000.00         ZZ
                                         180        309,000.00          1
    2189 ANNAPOLIS DR                  7.125          2,799.02         51
                                       6.875          2,799.02      615,000.00
    FREMONT          CA   94539          2            07/22/98         00
    0430965426                           05           09/01/98          0
    2554863                              O            08/01/13
    0
 
 
1
 
 
    1786274          267/267             F          273,000.00         ZZ
                                         180        273,000.00          1
    2249 AVENIDA OLIVA                 7.000          2,453.81         57
                                       6.750          2,453.81      480,000.00
    SAN CLEMENTE     CA   92673          2            07/23/98         00
    4338219                              03           09/01/98          0
    4338219                              O            08/01/13
    0
 
 
    1786869          964/G01             F          350,000.00         ZZ
                                         180        350,000.00          1
    19581 CLOVERWOOD CIRCLE            6.875          3,121.49         47
                                       6.625          3,121.49      758,081.00
    HUNTINGTON BEAC  CA   92648          1            07/28/98         00
    0430963017                           05           09/01/98          0
    39890                                O            08/01/13
    0
 
 
    1786875          964/G01             F          506,000.00         ZZ
                                         180        506,000.00          1
    1544 10TH STREET                   6.875          4,512.79         60
                                       6.625          4,512.79      854,000.00
    MANHATTAN BEACH  CA   90266          2            07/17/98         00
    0430962910                           05           09/01/98          0
    39373                                O            08/01/13
    0
 
 
    1786916          267/267             F          311,250.00         ZZ
                                         180        311,250.00          1
    708 SKYVIEW TER                    6.875          2,775.90         75
                                       6.625          2,775.90      415,000.00
    VENTURA          CA   93003          5            07/23/98         00
    4267751                              05           09/01/98          0
    4267751                              O            08/01/13
    0
 
 
    1786953          E82/G01             F          350,000.00         ZZ
                                         180        350,000.00          1
    6 SABLE SANDS                      7.000          3,145.90         62
                                       6.750          3,145.90      569,000.00
    NEWPORT COAST    CA   92657          2            07/09/98         00
    0400135570                           03           09/01/98          0
    0400135570                           O            08/01/13
    0
 
 
    1788512          638/G01             F          250,000.00         ZZ
                                         180        250,000.00          1
    31 RAY COURT                       7.000          2,247.07         61
                                       6.750          2,247.07      410,000.00
1
 
 
    SAN RAFAEL       CA   94901          5            07/17/98         00
    0430967497                           05           09/01/98          0
    08767359                             O            08/01/13
    0
 
 
    2659165          696/G01             F          193,600.00         ZZ
                                         180        192,975.82          1
    8419 IDYLWOOD ROAD                 6.750          1,713.18         80
                                       6.500          1,713.18      242,000.00
    VIENNA           VA   22182          1            06/26/98         00
    0430890665                           05           08/01/98          0
    2378200                              O            07/01/13
    0
 
 
    2660283          696/G01             F          300,000.00         ZZ
                                         180        299,043.19          1
    4104 MONTPELIER ROAD               6.875          2,675.56         79
                                       6.625          2,675.56      382,000.00
    ROCKVILLE        MD   20853          2            07/02/98         00
    0430898155                           05           08/01/98          0
    3298019                              O            07/01/13
    0
 
 
    2660284          696/G01             F          342,000.00         ZZ
                                         180        340,873.31          1
    1704 LANDON HILL ROAD              6.500          2,979.19         75
                                       6.250          2,979.19      457,000.00
    VIENNA           VA   22182          2            07/01/98         00
    0430898171                           05           08/01/98          0
    5018117                              O            07/01/13
    0
 
 
    2661967          696/G01             F          278,250.00         ZZ
                                         180        278,250.00          1
    14825 CARONA DRIVE                 7.250          2,540.04         75
                                       7.000          2,540.04      371,000.00
    SILVER SPRING    MD   20905          1            07/20/98         00
    0430912147                           03           09/01/98          0
    3228124                              O            08/01/13
    0
 
 
    2662606          696/G01             F          380,000.00         ZZ
                                         180        380,000.00          1
    9705 BROOKHILL LANE                7.000          3,415.55         70
                                       6.750          3,415.55      545,000.00
    VIENNA           VA   22182          2            07/20/98         00
    0430915686                           05           09/01/98          0
    2438135                              O            08/01/13
    0
1
 
 
 
 
    2663418          354/354             F          300,000.00         T
                                         180        291,550.13          1
    26951 WYNDHURST CT                 7.375          2,759.78         80
                                       7.125          2,759.78      375,348.00
    BONITA SPRINGS   FL   34134          1            10/22/97         00
    0021254685                           01           12/01/97          0
    0021254685                           O            11/01/12
    0
 
 
    2663419          354/354             F          251,000.00         ZZ
                                         180        245,707.35          1
    10033 OAK RIDGE DRIVE              7.750          2,362.61         67
                                       7.500          2,362.61      375,000.00
    ZIONSVILLE       IN   46077          5            12/22/97         00
    0021442322                           03           02/01/98          0
    0021442322                           O            01/01/13
    0
 
 
    2663420          354/354             F          252,000.00         ZZ
                                         180        248,722.55          1
    4849 CORNERSTONE COURT             6.750          2,229.98         68
                                       6.500          2,229.98      375,000.00
    FAIRFAX          VA   22030          5            03/27/98         00
    0021520366                           05           05/01/98          0
    0021520366                           O            04/01/13
    0
 
 
    2663421          354/354             F          650,000.00         ZZ
                                         180        637,514.85          1
    5305 SPANISH OAKS                  7.000          5,842.38         56
                                       6.750          5,842.38    1,180,000.00
    FRISCO           TX   75034          2            01/23/98         00
    0021522628                           03           03/01/98          0
    0021522628                           O            02/01/13
    0
 
 
    2663422          354/354             F          300,000.00         ZZ
                                         180        296,098.32          1
    13048 RIVERA PLACE NORTHEAST       6.750          2,654.73         40
                                       6.500          2,654.73      750,000.00
    SEATTLE          WA   98125          2            03/05/98         00
    0021534862                           03           05/01/98          0
    0021534862                           O            04/01/13
    0
 
 
    2663424          354/354             F          450,000.00         ZZ
                                         180        442,663.72          1
1
 
 
    1145 GREEN BAY ROAD                6.750          3,982.09         60
                                       6.500          3,982.09      760,000.00
    GLENCOE          IL   60022          5            02/24/98         00
    0021563333                           05           04/01/98          0
    0021563333                           O            03/01/13
    0
 
 
    2663425          354/354             F          253,000.00         ZZ
                                         180        249,709.55          1
    9581 BENNETT PLACE                 6.750          2,238.83         57
                                       6.500          2,238.83      448,000.00
    EDEN PRAIRIE     MN   55347          2            03/11/98         00
    0021564901                           05           05/01/98          0
    0021564901                           O            04/01/13
    0
 
 
    2663426          354/354             F          249,600.00         ZZ
                                         180        246,489.91          1
    2905 WHITETAIL DRIVE               7.250          2,278.51         80
                                       7.000          2,278.51      312,000.00
    CHARLESTON       IL   61920          2            03/27/98         00
    0021565577                           05           05/01/98          0
    0021565577                           O            04/01/13
    0
 
 
    2663427          354/354             F          270,000.00         ZZ
                                         180        267,429.54          1
    1637 HALLMARK DRIVE                7.000          2,426.84         66
                                       6.750          2,426.84      410,000.00
    TROY             MI   48098          2            04/09/98         00
    0021571872                           05           06/01/98          0
    0021571872                           O            05/01/13
    0
 
 
    2663428          354/354             F          287,700.00         ZZ
                                         180        284,931.43          1
    9739 WYNCHASE CIRCLE               6.875          2,565.87         76
                                       6.625          2,565.87      383,000.00
    MONTGOMERY       AL   36117          2            04/27/98         00
    0021573829                           03           06/01/98          0
    0021573829                           O            05/01/13
    0
 
 
    2663429          354/354             F          296,300.00         ZZ
                                         180        291,469.45          1
    3250 CANON BAY DRIVE               6.750          2,621.99         66
                                       6.500          2,621.99      450,000.00
    CUMMING          GA   30041          2            02/26/98         00
    0021580931                           03           04/01/98          0
1
 
 
    0021580931                           O            03/01/13
    0
 
 
    2663430          354/354             F          288,000.00         ZZ
                                         180        283,304.77          1
    4907 CARLSON DAIRY ROAD            6.750          2,548.54         80
                                       6.500          2,548.54      360,000.00
    GREENSBORO       NC   27410          1            02/27/98         00
    0021582770                           05           04/01/98          0
    0021582770                           O            03/01/13
    0
 
 
    2663431          354/354             F          515,000.00         ZZ
                                         180        508,302.14          1
    7940 NORTH SHORE ROAD              6.750          4,557.28         74
                                       6.500          4,557.28      705,000.00
    NORFOLK          VA   23505          2            03/06/98         00
    0021584768                           05           05/01/98          0
    0021584768                           O            04/01/13
    0
 
 
    2663432          354/354             F          270,000.00         ZZ
                                         180        266,488.47          1
    5707 S W MENEFEE DRIVE             6.750          2,389.26         58
                                       6.500          2,389.26      470,000.00
    PORTLAND         OR   97201          5            03/06/98         00
    0021586805                           05           05/01/98          0
    0021586805                           O            04/01/13
    0
 
 
    2663433          354/354             F          420,000.00         ZZ
                                         180        414,595.62          1
    1023 THICKET WALK                  6.875          3,745.79         68
                                       6.625          3,745.79      620,000.00
    DAYTON           OH   45459          2            03/13/98         00
    0021589585                           03           05/01/98          0
    0021589585                           O            04/01/13
    0
 
 
    2663434          354/354             F          244,700.00         ZZ
                                         180        241,517.55          1
    3918 KARRINGTON PLACE              6.750          2,165.37         71
                                       6.500          2,165.37      345,000.00
    MONROE           NC   28110          2            02/26/98         00
    0021589643                           05           05/01/98          0
    0021589643                           O            04/01/13
    0
 
 
1
 
 
    2663436          354/354             F          290,000.00         ZZ
                                         180        285,517.79          1
    750 SUGARBUSH DRIVE                7.375          2,667.78         76
                                       7.125          2,667.78      385,000.00
    ZIONSVILLE       IN   46077          2            02/16/98         00
    0021591797                           05           04/01/98          0
    0021591797                           O            03/01/13
    0
 
 
    2663437          354/354             F          320,000.00         ZZ
                                         180        315,882.40          1
    7652 LEGENDARY LANE                6.875          2,853.93         80
                                       6.625          2,853.93      400,000.00
    WEST CHESTER     OH   45069          2            03/19/98         00
    0021592266                           03           05/01/98          0
    0021592266                           O            04/01/13
    0
 
 
    2663438          354/354             F          252,000.00         ZZ
                                         180        247,891.67          1
    585 CROYDON LANE                   6.750          2,229.97         78
                                       6.500          2,229.97      325,000.00
    ALPHARETTA       GA   30022          2            02/12/98         00
    0021593645                           05           04/01/98          0
    0021593645                           O            03/01/13
    0
 
 
    2663439          354/354             F          300,000.00         ZZ
                                         180        295,109.14          1
    2991 EAST SAINT MARY'S CIRCLE      6.750          2,654.73         70
                                       6.500          2,654.73      430,000.00
    SALT LAKE CITY   UT   84108          2            02/24/98         00
    0021594734                           05           04/01/98          0
    0021594734                           O            03/01/13
    0
 
 
    2663440          354/354             F          255,000.00         ZZ
                                         180        252,598.37          1
    7501 DEER VIEW COURT               7.125          2,309.87         72
                                       6.875          2,309.87      355,000.00
    LOUISVILLE       KY   40241          2            04/01/98         00
    0021595053                           05           06/01/98          0
    0021595053                           O            05/01/13
    0
 
 
    2663441          354/354             F          272,576.00         ZZ
                                         180        263,295.91          1
    271 VALLEY VIEW DRIVE              6.875          2,430.98         80
                                       6.625          2,430.98      340,720.00
1
 
 
    LENIOR CITY      TN   37772          1            03/20/98         00
    0021598305                           03           05/01/98          0
    0021598305                           O            04/01/13
    0
 
 
    2663442          354/354             F          300,000.00         ZZ
                                         180        295,631.05          1
    11489 239TH STREET NORTH           6.875          2,675.57         70
                                       6.625          2,675.57      430,000.00
    SCANDIA          MN   55073          2            03/09/98         00
    0021600879                           05           05/01/98          0
    0021600879                           O            04/01/13
    0
 
 
    2663443          354/354             F          308,800.00         ZZ
                                         180        305,953.92          1
    110 VICTORIAN OAKS LANE            7.375          2,840.72         73
                                       7.125          2,840.72      425,000.00
    DRIPPING SPRING  TX   78620          2            04/21/98         00
    0021603410                           05           06/01/98          0
    0021603410                           O            05/01/13
    0
 
 
    2663444          354/354             F          536,850.00         ZZ
                                         180        523,041.23          1
    12601 MOSSYCUP DRIVE               6.750          4,750.64         62
                                       6.500          4,750.64      875,000.00
    HOUSTON          TX   77024          2            02/20/98         00
    0021604665                           03           04/01/98          0
    0021604665                           O            03/01/13
    0
 
 
    2663445          354/354             F          450,000.00         ZZ
                                         180        444,209.58          1
    9888 INDIGO TRAIL NORTH            6.875          4,013.35         63
                                       6.625          4,013.35      725,000.00
    GRANT TOWNSHIP   MN   55115          5            03/18/98         00
    0021607908                           05           05/01/98          0
    0021607908                           O            04/01/13
    0
 
 
    2663446          354/354             F          496,000.00         ZZ
                                         180        491,226.96          1
    2552 ALAMADA AVENUE                6.875          4,423.60         80
    #17                                6.625          4,423.60      620,000.00
    DENVER           CO   80209          2            04/07/98         00
    0021613062                           01           06/01/98          0
    0021613062                           O            05/01/13
    0
1
 
 
 
 
    2663447          354/354             F          496,000.00         ZZ
                                         180        487,913.73          1
    9745 NORRIS FERRY RD               6.750          4,389.16         80
                                       6.500          4,389.16      620,000.00
    SHREVEPORT       LA   71106          2            02/23/98         00
    0021618509                           03           04/01/98          0
    0021618509                           O            03/01/13
    0
 
 
    2663448          354/354             F          380,000.00         ZZ
                                         180        375,097.86          1
    4711 W CREEK RIDGE TRAIL           6.875          3,389.05         80
                                       6.625          3,389.05      475,000.00
    RENO             NV   89509          2            04/01/98         00
    0021619242                           05           05/01/98          0
    0021619242                           O            04/01/13
    0
 
 
    2663449          354/354             F          398,000.00         ZZ
                                         180        394,170.00          1
    204 MUIRFIELD COURT                6.875          3,549.59         86
                                       6.625          3,549.59      466,000.00
    DUBLIN           GA   31021          2            04/16/98         19
    0021619994                           05           06/01/98         12
    0021619994                           O            05/01/13
    0
 
 
    2663450          354/354             F          395,000.00         ZZ
                                         180        389,862.80          1
    2655 SW GRENWOLDE PLACE            6.750          3,495.39         57
                                       6.500          3,495.39      705,000.00
    PORTLAND         OR   97201          2            03/09/98         00
    0021626445                           05           05/01/98          0
    0021626445                           O            04/01/13
    0
 
 
    2663451          354/354             F          483,250.00         ZZ
                                         180        477,097.89          1
    3319 ONION CREEK                   7.000          4,343.59         80
                                       6.750          4,343.59      607,000.00
    SUGAR LAND       TX   77479          2            03/27/98         00
    0021626833                           03           05/01/98          0
    0021626833                           O            04/01/13
    0
 
 
    2663453          354/354             F          460,000.00         ZZ
                                         180        454,017.40          1
1
 
 
    3521 BRYN MAWR DRIVE               6.750          4,070.59         62
                                       6.500          4,070.59      750,000.00
    UNIVERSITY       TX   75225          2            03/05/98         00
    0021634324                           05           05/01/98          0
    0021634324                           O            04/01/13
    0
 
 
    2663454          354/354             F          247,500.00         ZZ
                                         180        244,068.76          1
    2237 SOUTH BERKELEY STREET         6.750          2,190.15         75
                                       6.500          2,190.15      330,000.00
    SALT LAKE CITY   UT   84109          5            03/05/98         00
    0021642285                           05           05/01/98          0
    0021642285                           O            04/01/13
    0
 
 
    2663455          354/354             F          299,500.00         ZZ
                                         180        292,070.92          1
    5300 RAAP RD                       6.750          2,650.31         75
                                       6.500          2,650.31      400,000.00
    ROMEO            MI   48065          2            03/12/98         00
    0021643069                           05           05/01/98          0
    0021643069                           O            04/01/13
    0
 
 
    2663456          354/354             F          401,030.00         ZZ
                                         180        395,003.31          1
    5608 WOLF PEN TRACE                7.250          3,660.85         60
                                       7.000          3,660.85      675,000.00
    PROSPECT         KY   40059          5            03/27/98         00
    0021645619                           05           05/01/98          0
    0021645619                           O            04/01/13
    0
 
 
    2663457          354/354             F          285,850.00         ZZ
                                         180        282,210.94          1
    3141 WATERFALL WAY                 7.000          2,569.30         67
                                       6.750          2,569.30      427,000.00
    WESTLAKE         OH   44145          2            03/12/98         00
    0021650999                           05           05/01/98          0
    0021650999                           O            04/01/13
    0
 
 
    2663458          354/354             F          400,000.00         ZZ
                                         180        393,478.85          1
    21 ASTON GLEN                      6.750          3,539.64         80
                                       6.500          3,539.64      500,000.00
    SAN ANTONIO      TX   78257          2            02/23/98         00
    0021652391                           03           04/01/98          0
1
 
 
    0021652391                           O            03/01/13
    0
 
 
    2663459          354/354             F          625,300.00         ZZ
                                         180        617,339.54          1
    7460 GRIFFIN GATE                  7.000          5,620.37         70
                                       6.750          5,620.37      900,000.00
    CINCINNATI       OH   45255          2            03/19/98         00
    0021652862                           05           05/01/98          0
    0021652862                           O            04/01/13
    0
 
 
    2663460          354/354             F          285,000.00         ZZ
                                         180        281,293.42          1
    10829 EAST CRESTRIDGE              6.750          2,521.99         75
                                       6.500          2,521.99      385,000.00
    ENGLEWOOD        CO   80111          2            03/05/98         00
    0021656400                           05           05/01/98          0
    0021656400                           O            04/01/13
    0
 
 
    2663461          354/354             F          364,200.00         ZZ
                                         180        359,463.37          1
    2327 MIMOSA STREET                 6.750          3,222.84         48
                                       6.500          3,222.84      760,000.00
    HOUSTON          TX   77019          2            03/19/98         00
    0021657366                           03           05/01/98          0
    0021657366                           O            04/01/13
    0
 
 
    2663462          354/354             F          237,750.00         ZZ
                                         180        235,486.59          1
    24301 NE 209TH ST                  7.000          2,136.96         75
                                       6.750          2,136.96      317,000.00
    BATTLE GROUND    WA   98604          5            04/01/98         00
    0021668488                           05           06/01/98          0
    0021668488                           O            05/01/13
    0
 
 
    2663463          354/354             F          381,350.00         ZZ
                                         180        377,680.24          1
    1776 EAST 30TH STREET SOUTH        6.875          3,401.09         77
                                       6.625          3,401.09      500,000.00
    TULSA            OK   74114          2            04/02/98         00
    0021670211                           05           06/01/98          0
    0021670211                           O            05/01/13
    0
 
 
1
 
 
    2663464          354/354             F          486,400.00         ZZ
                                         180        481,668.89          1
    905 CLOISTER DRIVE                 6.750          4,304.20         68
                                       6.500          4,304.20      725,000.00
    GASTONIA         NC   28056          1            04/02/98         00
    0021671920                           03           06/01/98          0
    0021671920                           O            05/01/13
    0
 
 
    2663465          354/354             F          350,000.00         ZZ
                                         180        345,448.01          1
    448 COLUMBINE STREET               6.750          3,097.19         36
                                       6.500          3,097.19      975,000.00
    DENVER           CO   80206          5            03/13/98         00
    0021674874                           03           05/01/98          0
    0021674874                           O            04/01/13
    0
 
 
    2663466          354/354             F          349,000.00         ZZ
                                         180        338,270.43          1
    3113 OAK HOLLOW DRIVE              6.750          3,088.34         62
                                       6.500          3,088.34      570,000.00
    PLANO            TX   75093          2            02/19/98         00
    0021675996                           05           04/01/98          0
    0021675996                           O            03/01/13
    0
 
 
    2663467          354/354             F          488,000.00         ZZ
                                         180        484,878.25          1
    24 VIKING DRIVE                    6.875          4,352.25         66
                                       6.625          4,352.25      745,000.00
    ENGLEWOOD        CO   80110          5            05/28/98         00
    0021676184                           05           07/01/98          0
    0021676184                           O            06/01/13
    0
 
 
    2663468          354/354             F          296,250.00         ZZ
                                         180        292,478.53          1
    902 KINGS MOUNTAIN ROAD            7.000          2,662.78         75
                                       6.750          2,662.78      395,000.00
    TUSCALOOSA       AL   35406          5            03/16/98         00
    0021679139                           05           05/01/98          0
    0021679139                           O            04/01/13
    0
 
 
    2663469          354/354             F          424,000.00         ZZ
                                         180        418,544.13          1
    15607 MCGINTY ROAD                 6.875          3,781.47         68
                                       6.625          3,781.47      625,000.00
1
 
 
    WAYZATA          MN   55391          2            03/24/98         00
    0021679618                           05           05/01/98          0
    0021679618                           O            04/01/13
    0
 
 
    2663470          354/354             F          440,000.00         T
                                         180        434,277.51          1
    3360 GULF OF MEXICO DRIVE          6.750          3,893.61         80
                                       6.500          3,893.61      550,000.00
    LONGBOAT KEY     FL   34228          1            03/31/98         00
    0021686308                           03           05/01/98          0
    0021686308                           O            04/01/13
    0
 
 
    2663471          354/354             F          319,000.00         ZZ
                                         180        314,895.23          1
    2508 REBA DRIVE                    6.875          2,845.02         62
                                       6.625          2,845.02      520,000.00
    HOUSTON          TX   77019          2            03/26/98         00
    0021689542                           05           05/01/98          0
    0021689542                           O            04/01/13
    0
 
 
    2663472          354/354             F          248,000.00         ZZ
                                         180        244,774.59          1
    5110 EAST WAGONER ROAD             6.750          2,194.58         78
                                       6.500          2,194.58      318,635.00
    SCOTTSDALE       AZ   85254          1            03/23/98         00
    0021690862                           03           05/01/98          0
    0021690862                           O            04/01/13
    0
 
 
    2663473          354/354             F          299,000.00         ZZ
                                         180        295,111.33          1
    5305 SEQUOIA COURT                 6.750          2,645.88         74
                                       6.500          2,645.88      408,000.00
    GREENSBORO       NC   27455          2            03/09/98         00
    0021697107                           03           05/01/98          0
    0021697107                           O            04/01/13
    0
 
 
    2663474          354/354             F          270,000.00         ZZ
                                         180        267,457.12          1
    10911 S ROYAL PORTHCAWL DRIVE      7.125          2,445.74         46
                                       6.875          2,445.74      590,000.00
    NAPERVILLE       IL   60564          2            04/13/98         00
    0021697560                           05           06/01/98          0
    0021697560                           O            05/01/13
    0
1
 
 
 
 
    2663475          354/354             F          527,200.00         ZZ
                                         180        522,234.76          1
    17595 BURL OAK COURT               7.125          4,775.54         80
                                       6.875          4,775.54      659,000.00
    EDEN PRAIRE      MN   55347          1            04/10/98         00
    0021697677                           05           06/01/98          0
    0021697677                           O            05/01/13
    0
 
 
    2663476          354/354             F          500,000.00         ZZ
                                         180        490,463.31          1
    709 N OAKHURST DRIVE               6.750          4,424.55         34
                                       6.500          4,424.55    1,500,000.00
    BEVERLY HILLS    CA   90210          2            03/13/98         00
    0021697834                           05           05/01/98          0
    0021697834                           O            04/01/13
    0
 
 
    2663477          354/354             F          267,000.00         ZZ
                                         180        263,527.50          1
    8513 LAKEFOREST DRIVE              6.750          2,362.71         61
                                       6.500          2,362.71      440,000.00
    JONESBORO        GA   30236          2            03/09/98         00
    0021698030                           05           05/01/98          0
    0021698030                           O            04/01/13
    0
 
 
    2663478          354/354             F          332,300.00         ZZ
                                         180        326,006.83          1
    10 SORRELL PLACE DR                6.875          2,963.64         74
                                       6.625          2,963.64      455,000.00
    SAN ANTONIO      TX   78248          2            03/17/98         00
    0021699509                           03           05/01/98          0
    0021699509                           O            04/01/13
    0
 
 
    2663479          354/354             F          375,000.00         ZZ
                                         180        371,352.46          1
    1876 GRAHAM COURT                  6.750          3,318.41         75
                                       6.500          3,318.41      500,000.00
    KESWICK          VA   22947          5            04/10/98         00
    0021700828                           03           06/01/98          0
    0021700828                           O            05/01/13
    0
 
 
    2663480          354/354             F          240,000.00         ZZ
                                         180        236,087.28          1
1
 
 
    1007 FAIR MEADOW TRAIL             6.750          2,123.79         80
                                       6.500          2,123.79      300,000.00
    MT JULIET        TN   37122          1            02/27/98         00
    0021701081                           05           04/01/98          0
    0021701081                           O            03/01/13
    0
 
 
    2663481          354/354             F          480,000.00         ZZ
                                         180        475,380.91          1
    58 MONTCLAIR DR                    6.875          4,280.91         80
                                       6.625          4,280.91      600,000.00
    ATLANTA          GA   30309          1            03/03/98         00
    0021701842                           05           06/01/98          0
    0021701842                           O            05/01/13
    0
 
 
    2663482          354/354             F          407,500.00         ZZ
                                         180        403,578.60          1
    7200PIPER POINT LANE               6.875          3,634.31         56
                                       6.625          3,634.31      740,000.00
    CHARLOTTE        NC   28277          2            04/01/98         00
    0021702022                           03           06/01/98          0
    0021702022                           O            05/01/13
    0
 
 
    2663483          354/354             F          292,500.00         ZZ
                                         180        287,955.65          1
    8127 SOUTH FAIRMONT                7.000          2,629.07         75
                                       6.750          2,629.07      390,000.00
    DOWNERS GROVE    IL   60516          5            04/29/98         00
    0021702063                           05           06/01/98          0
    0021702063                           O            05/01/13
    0
 
 
    2663484          354/354             F          232,000.00         ZZ
                                         180        228,217.74          1
    21 INWOOD AUTUMN                   6.750          2,052.99         71
                                       6.500          2,052.99      330,000.00
    SAN ANTONIO      TX   78248          2            02/24/98         00
    0021702550                           03           04/01/98          0
    0021702550                           O            03/01/13
    0
 
 
    2663485          354/354             F          325,000.00         ZZ
                                         180        320,773.16          1
    1710 QUEENS ROAD                   6.750          2,875.96         51
                                       6.500          2,875.96      640,000.00
    CHARLOTTE        NC   28207          5            03/23/98         00
    0021703061                           05           05/01/98          0
1
 
 
    0021703061                           O            04/01/13
    0
 
 
    2663486          354/354             F          425,000.00         ZZ
                                         180        415,947.21          1
    3541 RUSSELL THOMAS LANE           6.750          3,760.87         80
                                       6.500          3,760.87      534,000.00
    DAVIDSONVILLE    MD   21035          2            03/18/98         00
    0021703772                           03           05/01/98          0
    0021703772                           O            04/01/13
    0
 
 
    2663487          354/354             F          320,000.00         ZZ
                                         180        315,882.40          1
    1555 MERGANSER COURT               6.875          2,853.93         75
                                       6.625          2,853.93      430,000.00
    LINO LAKES       MN   55038          2            03/25/98         00
    0021706395                           05           05/01/98          0
    0021706395                           O            04/01/13
    0
 
 
    2663488          354/354             F          249,500.00         ZZ
                                         180        246,255.10          1
    7 RIVER BEND DRIVE                 6.750          2,207.85         85
                                       6.500          2,207.85      296,000.00
    CLARKS HILL      SC   29821          2            03/20/98         19
    0021706569                           03           05/01/98          6
    0021706569                           O            04/01/13
    0
 
 
    2663489          354/354             F          275,000.00         ZZ
                                         180        270,387.20          1
    1546 E ACOMA DR                    6.750          2,433.50         74
                                       6.500          2,433.50      375,000.00
    PHOENIX          AZ   85022          2            03/13/98         00
    0021707039                           03           05/01/98          0
    0021707039                           O            04/01/13
    0
 
 
    2663490          354/354             F          548,000.00         ZZ
                                         180        539,066.05          1
    4900 EAST PROGRESS COURT           6.750          4,849.30         79
                                       6.500          4,849.30      700,000.00
    GREENWOOD VILLA  CO   80121          2            02/27/98         00
    0021708029                           03           04/01/98          0
    0021708029                           O            03/01/13
    0
 
 
1
 
 
    2663491          354/354             F          407,000.00         ZZ
                                         180        400,364.70          1
    5340 ANNABEL LANE                  6.750          3,601.59         69
                                       6.500          3,601.59      590,000.00
    PLANO            TX   75093          2            02/23/98         00
    0021708334                           03           04/01/98          0
    0021708334                           O            03/01/13
    0
 
 
    2663492          354/354             F          296,000.00         ZZ
                                         180        294,126.83          1
    3240 BRETON DRIVE                  7.000          2,660.53         79
                                       6.750          2,660.53      375,000.00
    PLANO            TX   75025          2            05/11/98         00
    0021709381                           05           07/01/98          0
    0021709381                           O            06/01/13
    0
 
 
    2663493          354/354             F          522,000.00         ZZ
                                         180        515,283.14          1
    1212 FOREST HILLS LANE             6.875          4,655.48         78
                                       6.625          4,655.48      672,000.00
    FORT COLLIN      CO   80524          2            03/25/98         00
    0021710629                           03           05/01/98          0
    0021710629                           O            04/01/13
    0
 
 
    2663494          354/354             F          297,000.00         ZZ
                                         180        293,259.32          1
    15820 NW FAIR ACRES                7.125          2,690.32         72
                                       6.875          2,690.32      415,000.00
    VANCOUVER        WA   98685          5            03/23/98         00
    0021711353                           05           05/01/98          0
    0021711353                           O            04/01/13
    0
 
 
    2663496          354/354             F          315,000.00         ZZ
                                         180        310,946.72          1
    5275 WATAUGA BEACH DR E            6.875          2,809.34         70
                                       6.625          2,809.34      455,000.00
    PORT ORCHARD     WA   98366          2            03/25/98         00
    0021713003                           05           05/01/98          0
    0021713003                           O            04/01/13
    0
 
 
    2663498          354/354             F          370,400.00         ZZ
                                         180        365,684.57          1
    1 GLENMARY RD                      7.000          3,329.26         80
                                       6.750          3,329.26      463,000.00
1
 
 
    ST LOUIS         MO   63132          1            03/26/98         00
    0021718846                           03           05/01/98          0
    0021718846                           O            04/01/13
    0
 
 
    2663499          354/354             F          315,450.00         ZZ
                                         180        311,211.77          1
    3601 FAR VIEW DRIVE                6.875          2,813.36         63
                                       6.625          2,813.36      505,000.00
    AUSTIN           TX   78730          2            03/23/98         00
    0021722434                           05           05/01/98          0
    0021722434                           O            04/01/13
    0
 
 
    2663500          354/354             F          319,400.00         ZZ
                                         180        315,290.08          1
    30W654  BRADFORD PKY               6.875          2,848.59         71
                                       6.625          2,848.59      452,000.00
    WAYNE            IL   60184          2            03/24/98         00
    0021723549                           03           05/01/98          0
    0021723549                           O            04/01/13
    0
 
 
    2663501          354/354             F          447,300.00         ZZ
                                         180        441,666.32          1
    108 LATIGO ROAD                    7.125          4,051.78         67
                                       6.875          4,051.78      675,000.00
    DURANGO          CO   81301          5            03/25/98         00
    0021723671                           03           05/01/98          0
    0021723671                           O            04/01/13
    0
 
 
    2663502          354/354             F          381,950.00         ZZ
                                         180        377,087.50          1
    9680 WELLINGTON COURT              7.000          3,433.08         70
                                       6.750          3,433.08      550,000.00
    WOODBURY         MN   55125          2            03/16/98         00
    0021724190                           03           05/01/98          0
    0021724190                           O            04/01/13
    0
 
 
    2663503          354/354             F          315,000.00         ZZ
                                         180        312,065.16          1
    9955 FREDERICK                     7.250          2,875.52         75
                                       7.000          2,875.52      420,000.00
    OMAHA            NE   68124          5            04/16/98         00
    0021727292                           05           06/01/98          0
    0021727292                           O            05/01/13
    0
1
 
 
 
 
    2663504          354/354             F          408,000.00         ZZ
                                         180        404,073.78          1
    88 CROWNED OAK COURT               6.875          3,638.77         80
                                       6.625          3,638.77      510,000.00
    THE WOODLANDS    TX   77381          2            04/02/98         00
    0021727326                           03           06/01/98          0
    0021727326                           O            05/01/13
    0
 
 
    2663506          354/354             F          485,000.00         ZZ
                                         180        478,692.25          1
    5343 LEGENDS DRIVE                 6.750          4,291.82         69
                                       6.500          4,291.82      705,000.00
    BRASELTON        GA   30517          5            02/26/98         00
    0021732607                           03           05/01/98          0
    0021732607                           O            04/01/13
    0
 
 
    2663507          354/354             F          550,000.00         ZZ
                                         180        544,820.00          1
    470 REGALIA DRIVE                  7.125          4,982.08         68
                                       6.875          4,982.08      810,000.00
    INVERNESS        IL   60010          2            04/09/98         00
    0021738786                           05           06/01/98          0
    0021738786                           O            05/01/13
    0
 
 
    2663508          354/354             F          356,000.00         ZZ
                                         180        349,182.04          1
    4704 STONEHEARTH PLACE             6.750          3,150.28         48
                                       6.500          3,150.28      755,000.00
    DALLAS           TX   75287          2            02/17/98         00
    0021741186                           03           04/01/98          0
    0021741186                           O            03/01/13
    0
 
 
    2663509          354/354             F          280,000.00         ZZ
                                         180        276,273.22          1
    214 THOMPSON BOULEVARD             7.125          2,536.33         58
                                       6.875          2,536.33      485,000.00
    BUFFALO GROVE    IL   60089          2            04/02/98         00
    0021747928                           05           05/01/98          0
    0021747928                           O            04/01/13
    0
 
 
    2663510          354/354             F          493,100.00         ZZ
                                         180        486,822.52          1
1
 
 
    3215 ALBANS STREET                 7.000          4,432.12         62
                                       6.750          4,432.12      800,000.00
    HOUSTON          TX   77005          2            03/26/98         00
    0021752514                           05           05/01/98          0
    0021752514                           O            04/01/13
    0
 
 
    2663511          354/354             F          321,425.00         ZZ
                                         180        318,298.57          1
    17415 CONOY ROAD                   6.750          2,844.32         54
                                       6.500          2,844.32      600,000.00
    BARNESVILLE      MD   20838          2            04/03/98         00
    0021754221                           03           06/01/98          0
    0021754221                           O            05/01/13
    0
 
 
    2663513          354/354             F          251,650.00         ZZ
                                         180        248,651.38          1
    360 SEVILLE WAY                    6.750          2,226.88         72
                                       6.500          2,226.88      350,000.00
    LONG BEACH       CA   90814          2            04/09/98         00
    0021762125                           03           06/01/98          0
    0021762125                           O            05/01/13
    0
 
 
    2663514          354/354             F          490,050.00         ZZ
                                         180        486,881.17          1
    3406 ONION CREEK                   6.750          4,336.50         74
                                       6.500          4,336.50      663,000.00
    SUGAR LAND       TX   77479          2            05/08/98         00
    0021763545                           03           07/01/98          0
    0021763545                           O            06/01/13
    0
 
 
    2663515          354/354             F          462,950.00         ZZ
                                         180        457,056.32          1
    3424 SUNSET BOULEVARD              7.000          4,161.13         71
                                       6.750          4,161.13      658,500.00
    HOUSTON          TX   77005          2            03/23/98         00
    0021773056                           05           05/01/98          0
    0021773056                           O            04/01/13
    0
 
 
    2663516          354/354             F          231,000.00         ZZ
                                         180        228,121.67          1
    4706 MORNING GLORY WAY             7.250          2,108.72         80
                                       7.000          2,108.72      292,000.00
    MCKINNEY         TX   75070          2            03/17/98         00
    0021773304                           03           05/01/98          0
1
 
 
    0021773304                           O            04/01/13
    0
 
 
    2663517          354/354             F          327,600.00         ZZ
                                         180        324,211.83          1
    4508 MERRIE LANE DRIVE             6.750          2,898.96         80
                                       6.500          2,898.96      409,500.00
    BELLAIRE         TX   77401          1            04/15/98         00
    0021776000                           05           06/01/98          0
    0021776000                           O            05/01/13
    0
 
 
    2663518          354/354             F          262,000.00         ZZ
                                         120        255,891.94          1
    19256 BROOKHOLLOW DR               7.000          3,042.05         64
                                       6.750          3,042.05      412,500.00
    WILDWOOD         MO   63038          2            03/24/98         00
    0021777065                           03           05/01/98          0
    0021777065                           O            04/01/08
    0
 
 
    2663519          354/354             F          301,000.00         ZZ
                                         180        297,085.32          1
    614 WEST WATER STREET              6.750          2,663.58         64
                                       6.500          2,663.58      475,000.00
    KERRVILLE        TX   78028          2            03/25/98         00
    0021777958                           05           05/01/98          0
    0021777958                           O            04/01/13
    0
 
 
    2663520          354/354             F          236,400.00         ZZ
                                         180        232,545.99          1
    4106 BEDROCK COURT                 6.750          2,091.93         90
                                       6.500          2,091.93      263,000.00
    ALEXANDRIA       VA   22306          2            02/25/98         14
    0021782065                           03           04/01/98         25
    0021782065                           O            03/01/13
    0
 
 
    2663521          354/354             F          276,000.00         ZZ
                                         180        273,344.03          1
    4011 FULFORD COURT                 6.875          2,461.52         80
                                       6.625          2,461.52      345,000.00
    KATY             TX   77450          1            04/09/98         00
    0021785589                           03           06/01/98          0
    0021785589                           O            05/01/13
    0
 
 
1
 
 
    2663522          354/354             F          282,000.00         ZZ
                                         180        279,218.61          1
    40 BERTHE CIRCLE                   7.000          2,534.70         57
                                       6.750          2,534.70      500,000.00
    COLORADO SPRING  CO   80906          2            04/23/98         00
    0021786850                           05           06/01/98          0
    0021786850                           O            05/01/13
    0
 
 
    2663523          354/354             F          240,000.00         ZZ
                                         180        236,087.28          1
    5240 EAST BLUEFIELD AVENUE         6.750          2,123.79         69
                                       6.500          2,123.79      350,590.00
    PHOENIX          AZ   85254          1            02/16/98         00
    0021791108                           03           04/01/98          0
    0021791108                           O            03/01/13
    0
 
 
    2663525          354/354             F          300,000.00         ZZ
                                         180        297,617.83          1
    7370 VALENCIA DR                   7.250          2,738.59         50
                                       7.000          2,738.59      610,000.00
    BOCA RATON       FL   33433          5            05/07/98         00
    0021792999                           05           07/01/98          0
    0021792999                           O            06/01/13
    0
 
 
    2663526          354/354             F          274,400.00         ZZ
                                         180        271,357.57          1
    3931 BYRON STREET                  6.750          2,428.19         63
                                       6.500          2,428.19      438,000.00
    HOUSTON          TX   77005          2            04/20/98         00
    0021793575                           05           06/01/98          0
    0021793575                           O            05/01/13
    0
 
 
    2663527          354/354             F          300,000.00         ZZ
                                         180        296,098.32          1
    815 ELK RUN CIRCLE                 6.750          2,654.73         80
                                       6.500          2,654.73      375,000.00
    HOUSTON          TX   70079          1            03/27/98         00
    0021794060                           03           05/01/98          0
    0021794060                           O            04/01/13
    0
 
 
    2663528          354/354             F          272,650.00         ZZ
                                         180        269,796.85          1
    6014 NORWAY ROAD                   6.750          2,412.71         50
                                       6.500          2,412.71      554,000.00
1
 
 
    DALLAS           TX   75230          2            04/16/98         00
    0021795125                           05           06/01/98          0
    0021795125                           O            05/01/13
    0
 
 
    2663529          354/354             F          286,000.00         ZZ
                                         180        283,277.23          1
    321 LOCHSIDE DRIVE                 7.000          2,570.65         68
                                       6.750          2,570.65      426,000.00
    CARY             NC   27511          2            04/16/98         00
    0021796156                           03           06/01/98          0
    0021796156                           O            05/01/13
    0
 
 
    2663530          354/354             F          286,950.00         ZZ
                                         180        284,158.89          1
    11318 PINEY POINT CIRCLE           6.750          2,539.25         56
                                       6.500          2,539.25      521,000.00
    HOUSTON          TX   77024          2            04/16/98         00
    0021796180                           05           06/01/98          0
    0021796180                           O            05/01/13
    0
 
 
    2663531          354/354             F          500,000.00         ZZ
                                         180        495,290.93          1
    9310 RALEIGH AVENUE                7.125          4,529.16         59
                                       6.875          4,529.16      850,000.00
    LUBBOCK          TX   79407          2            04/09/98         00
    0021799150                           05           06/01/98          0
    0021799150                           O            05/01/13
    0
 
 
    2663532          354/354             F          344,000.00         ZZ
                                         180        340,760.16          1
    7720 BRAMBLY CREEK COURT           7.125          3,116.06         67
                                       6.875          3,116.06      515,000.00
    LAS VEGAS        NV   89129          2            04/06/98         00
    0021801428                           03           06/01/98          0
    0021801428                           O            05/01/13
    0
 
 
    2663533          354/354             F          375,000.00         ZZ
                                         180        371,429.93          1
    4150    MINERAL DRIVE              7.000          3,370.61         63
                                       6.750          3,370.61      600,000.00
    COLORADO  SPRIN  CO   80904          5            04/06/98         00
    0021801477                           05           06/01/98          0
    0021801477                           O            05/01/13
    0
1
 
 
 
 
    2663534          354/354             F          400,000.00         ZZ
                                         180        397,522.97          1
    51 CRESCENT PLACE                  7.250          3,651.45         69
                                       7.000          3,651.45      580,000.00
    WILMETTE         IL   60091          2            05/20/98         00
    0021802657                           05           07/01/98          0
    0021802657                           O            06/01/13
    0
 
 
    2663535          354/354             F          266,700.00         ZZ
                                         180        263,231.39          1
    7116 84TH STREET NORTHWEST         6.750          2,360.06         87
                                       6.500          2,360.06      310,000.00
    GIG HARBOR       WA   98332          2            03/25/98         12
    0021807615                           05           05/01/98         25
    0021807615                           O            04/01/13
    0
 
 
    2663536          354/354             F          250,654.00         ZZ
                                         180        247,497.01          1
    1604 CLIFFVIEW DRIVE               7.125          2,270.51         31
                                       6.875          2,270.51      825,000.00
    PLANO            TX   75093          2            03/24/98         00
    0021808985                           03           05/01/98          0
    0021808985                           O            04/01/13
    0
 
 
    2663537          354/354             F          360,000.00         ZZ
                                         180        356,682.00          1
    836 LEXINGTON AVENUE               7.375          3,311.73         80
                                       7.125          3,311.73      450,000.00
    WESTMINSTER      CO   80020          2            04/23/98         00
    0021809587                           03           06/01/98          0
    0021809587                           O            05/01/13
    0
 
 
    2663538          354/354             F          307,200.00         ZZ
                                         176        305,205.68          1
    10034 EDGEWATER TERRACE            7.125          2,818.21         80
                                       6.875          2,818.21      384,000.00
    FORT WASHINGTON  MD   20744          1            05/22/98         00
    0021809645                           03           07/01/98          0
    0021809645                           O            02/01/13
    0
 
 
    2663539          354/354             F          255,500.00         ZZ
                                         180        253,067.58          1
1
 
 
    1112 GETTYSVUE WAY                 7.000          2,296.51         75
                                       6.750          2,296.51      342,000.00
    KNOXVILLE        TN   37923          2            04/20/98         00
    0021810478                           03           06/01/98          0
    0021810478                           O            05/01/13
    0
 
 
    2663540          354/354             F          371,500.00         ZZ
                                         180        369,123.51          1
    4004 SYLVAN COURT                  6.875          3,313.24         68
                                       6.625          3,313.24      550,000.00
    FLOYD KNOBS      IN   47119          5            05/08/98         00
    0021810593                           05           07/01/98          0
    0021810593                           O            06/01/13
    0
 
 
    2663541          354/354             F          298,000.00         ZZ
                                         180        295,223.56          1
    1754 COSTNER DRIVE                 7.250          2,720.33         63
                                       7.000          2,720.33      475,000.00
    WARRINGTON       PA   18976          2            04/13/98         00
    0021810981                           05           06/01/98          0
    0021810981                           O            05/01/13
    0
 
 
    2663542          354/354             F          500,000.00         ZZ
                                         180        495,136.59          1
    2401 BROOKWOOD DRIVE               6.750          4,424.55         77
                                       6.500          4,424.55      650,000.00
    FORT COLLINS     CO   80525          2            04/16/98         00
    0021811427                           03           06/01/98          0
    0021811427                           O            05/01/13
    0
 
 
    2663543          354/354             F          350,000.00         ZZ
                                         180        346,982.76          1
    5127 SUNSET DRIVE                  7.000          3,145.90         58
                                       6.750          3,145.90      610,000.00
    KANSAS CITY      MO   64112          5            05/11/98         00
    0021814561                           03           07/01/98          0
    0021814561                           O            06/01/13
    0
 
 
    2663544          354/354             F          291,650.00         ZZ
                                         180        287,856.90          1
    807 VICTORIA LANE                  6.750          2,580.84         53
                                       6.500          2,580.84      560,000.00
    SOUTHLAKE        TX   76092          2            03/27/98         00
    0021815022                           05           05/01/98          0
1
 
 
    0021815022                           O            04/01/13
    0
 
 
    2663545          354/354             F          274,000.00         ZZ
                                         180        271,051.20          1
    1295 EAST 150 SOUTH                7.000          2,462.79         72
                                       6.750          2,462.79      385,000.00
    LINDON           UT   84042          2            04/08/98         00
    0021815279                           05           06/01/98          0
    0021815279                           O            05/01/13
    0
 
 
    2663546          354/354             F          357,800.00         ZZ
                                         180        355,511.16          1
    1235 SCARSBROOK COURT              6.875          3,191.05         61
                                       6.625          3,191.05      590,000.00
    MONUMENT         CO   80132          2            05/22/98         00
    0021817853                           03           07/01/98          0
    0021817853                           O            06/01/13
    0
 
 
    2663547          354/354             F          241,000.00         ZZ
                                         180        237,112.51          1
    1432 33RD AVENUE S                 6.875          2,149.37         50
                                       6.625          2,149.37      490,000.00
    SEATTLE          WA   98144          5            02/18/98         00
    0021818935                           05           04/01/98          0
    0021818935                           O            03/01/13
    0
 
 
    2663548          354/354             F          310,000.00         ZZ
                                         180        304,946.11          1
    26325 SE 31ST STREET               6.750          2,743.22         80
                                       6.500          2,743.22      390,000.00
    ISSAQUAH         WA   98029          2            02/18/98         00
    0021819016                           03           04/01/98          0
    0021819016                           O            03/01/13
    0
 
 
    2663549          354/354             F          278,200.00         ZZ
                                         180        274,514.25          1
    35 WESTELM CIR.                    6.875          2,481.14         68
                                       6.625          2,481.14      410,000.00
    SAN ANTONIO      TX   78230          2            04/03/98         00
    0021819032                           03           06/01/98          0
    0021819032                           O            05/01/13
    0
 
 
1
 
 
    2663550          354/354             F          263,000.00         ZZ
                                         180        258,757.62          1
    1429 9TH AVENUE WEST               6.875          2,345.58         51
                                       6.625          2,345.58      525,000.00
    SEATTLE          WA   98119          2            02/25/98         00
    0021819073                           05           04/01/98          0
    0021819073                           O            03/01/13
    0
 
 
    2663551          354/354             F          426,000.00         ZZ
                                         180        421,900.58          1
    3215 BRYN MAWR DRIVE               6.875          3,799.30         69
                                       6.625          3,799.30      625,000.00
    UNIVERSITY PARK  TX   75225          2            04/15/98         00
    0021820295                           05           06/01/98          0
    0021820295                           O            05/01/13
    0
 
 
    2663552          354/354             F          350,000.00         ZZ
                                         180        346,595.63          1
    2 WOODRUN                          6.750          3,097.18         64
                                       6.500          3,097.18      550,000.00
    EDGEWOOD         KY   41017          1            04/23/98         00
    0021820550                           05           06/01/98          0
    0021820550                           O            05/01/13
    0
 
 
    2663553          354/354             F          311,500.00         ZZ
                                         180        305,962.07          1
    322 LOOKOUT POINT                  6.750          2,756.49         67
                                       6.500          2,756.49      470,000.00
    HOT SPRINGS      AR   71913          5            04/20/98         00
    0021820717                           05           06/01/98          0
    0021820717                           O            05/01/13
    0
 
 
    2663554          354/354             F          602,800.00         ZZ
                                         180        597,061.23          1
    4970 COLD HARBOR DRIVE             7.000          5,418.14         67
                                       6.750          5,418.14      900,000.00
    BIRMINGHAM       AL   35223          2            04/23/98         00
    0021821889                           05           06/01/98          0
    0021821889                           O            05/01/13
    0
 
 
    2663555          354/354             F          325,000.00         ZZ
                                         180        321,872.50          1
    5619 DUNDON COURT                  6.875          2,898.53         67
                                       6.625          2,898.53      490,000.00
1
 
 
    DUBLIN           OH   43017          2            04/21/98         00
    0021821970                           05           06/01/98          0
    0021821970                           O            05/01/13
    0
 
 
    2663556          354/354             F          291,500.00         ZZ
                                         180        289,790.89          1
    5901 OXFORD ROAD                   7.875          2,764.73         68
                                       7.625          2,764.73      430,000.00
    LONGMONT         CO   80503          2            05/14/98         00
    0021822002                           05           07/01/98          0
    0021822002                           O            06/01/13
    0
 
 
    2663559          354/354             F          271,200.00         ZZ
                                         180        269,446.34          1
    26 ALBERT RAY DRIVE                6.750          2,399.87         80
                                       6.500          2,399.87      339,000.00
    WALTHAM          MA   01721          1            05/15/98         00
    0021828306                           05           07/01/98          0
    0021828306                           O            06/01/13
    0
 
 
    2663561          354/354             F          248,000.00         ZZ
                                         180        246,413.53          1
    104  CRYSTAL SPRINGS DRIVE         6.875          2,211.80         80
                                       6.625          2,211.80      310,000.00
    CRANBERRY TOWNS  PA   16066          2            05/11/98         00
    0021832282                           05           07/01/98          0
    0021832282                           O            06/01/13
    0
 
 
    2663562          354/354             F          271,500.00         ZZ
                                         180        269,763.20          1
    10701 SAN ANTONIO DRIVE NE         6.875          2,421.39         76
                                       6.625          2,421.39      357,500.00
    ALBUQUERQUE      NM   87122          2            05/07/98         00
    0021832597                           05           07/01/98          0
    0021832597                           O            06/01/13
    0
 
 
    2663563          354/354             F          348,400.00         ZZ
                                         120        344,307.06          1
    4208 ROSA COURT                    6.750          4,000.48         70
                                       6.500          4,000.48      500,000.00
    DALLAS           TX   75220          2            05/08/98         00
    0021834023                           05           07/01/98          0
    0021834023                           O            06/01/08
    0
1
 
 
 
 
    2663564          354/354             F          412,000.00         ZZ
                                         180        408,035.31          1
    2377 CANTERBURY ROAD               6.875          3,674.44         80
                                       6.625          3,674.44      515,000.00
    COLUMBUS         OH   43221          2            04/28/98         00
    0021835061                           05           06/01/98          0
    0021835061                           O            05/01/13
    0
 
 
    2663565          354/354             F          436,500.00         ZZ
                                         180        430,883.32          1
    8882 SELLY ROAD                    6.875          3,892.94         90
                                       6.625          3,892.94      485,000.00
    PARKER           CO   80134          1            03/31/98         04
    0021835848                           03           05/01/98         12
    0021835848                           O            04/01/13
    0
 
 
    2663567          354/354             F          290,150.00         ZZ
                                         180        287,357.86          1
    8308 WINNINGHAM LANE               6.875          2,587.72         80
                                       6.625          2,587.72      362,700.00
    HOUSTON          TX   77055          1            04/09/98         00
    0021837422                           03           06/01/98          0
    0021837422                           O            05/01/13
    0
 
 
    2663569          354/354             F          342,500.00         ZZ
                                         180        339,274.29          1
    3136 SOUTH LEMAY AVENUE            7.125          3,102.47         76
                                       6.875          3,102.47      451,000.00
    FORT COLLINS     CO   80525          2            04/20/98         00
    0021838404                           03           06/01/98          0
    0021838404                           O            05/01/13
    0
 
 
    2663570          354/354             F          500,000.00         ZZ
                                         180        495,188.48          1
    424 FAIRFAX STREET                 6.875          4,459.27         66
                                       6.625          4,459.27      760,000.00
    DENVER           CO   80220          2            04/23/98         00
    0021839964                           05           06/01/98          0
    0021839964                           O            05/01/13
    0
 
 
    2663571          354/354             F          341,000.00         ZZ
                                         180        337,718.53          1
1
 
 
    399 LAKE MURRAY DRIVE              6.875          3,041.23         60
                                       6.625          3,041.23      575,000.00
    NORTH AUGUSTA    SC   29841          2            04/23/98         00
    0021840079                           05           06/01/98          0
    0021840079                           O            05/01/13
    0
 
 
    2663572          354/354             F          267,100.00         ZZ
                                         180        265,391.34          1
    3504 LAKEBLUFF WAY                 6.875          2,382.15         63
                                       6.625          2,382.15      430,000.00
    PLANO            TX   75093          2            05/08/98         00
    0021840087                           05           07/01/98          0
    0021840087                           O            06/01/13
    0
 
 
    2663573          354/354             F          386,500.00         ZZ
                                         180        384,054.09          1
    5349 CASTLEWOOD ROAD               7.000          3,473.98         68
                                       6.750          3,473.98      570,000.00
    DALLAS           TX   75229          2            05/13/98         00
    0021840277                           05           07/01/98          0
    0021840277                           O            06/01/13
    0
 
 
    2663574          354/354             F          302,400.00         ZZ
                                         180        300,444.58          1
    234 CHARLES ROAD                   6.750          2,675.97         80
                                       6.500          2,675.97      378,000.00
    TERRELL HILL     TX   78209          1            05/13/98         00
    0021840459                           05           07/01/98          0
    0021840459                           O            06/01/13
    0
 
 
    2663575          354/354             F          300,000.00         ZZ
                                         180        297,235.02          1
    5801 SHORT ROAD                    7.375          2,759.77         60
                                       7.125          2,759.77      500,000.00
    CALEDONIA        WI   53402          1            05/01/98         00
    0021842968                           05           06/01/98          0
    0021842968                           O            05/01/13
    0
 
 
    2663576          354/354             F          466,000.00         ZZ
                                         180        464,561.47          1
    6634 RUTGERS STREET                7.250          4,253.95         80
                                       7.000          4,253.95      582,500.00
    HOUSTON          TX   77005          1            06/01/98         00
    0021843321                           05           08/01/98          0
1
 
 
    0021843321                           O            07/01/13
    0
 
 
    2663577          354/354             F          297,000.00         ZZ
                                         180        295,160.82          1
    3633 NORTH MARSHFIELD AVENUE       7.250          2,711.20         57
                                       7.000          2,711.20      530,000.00
    CHICAGO          IL   60613          2            04/30/98         00
    0021843354                           05           07/01/98          0
    0021843354                           O            06/01/13
    0
 
 
    2663578          354/354             F          302,400.00         T
                                         180        300,444.58          1
    2845 EAST MANZANITA AVENUE         6.750          2,675.97         80
                                       6.500          2,675.97      378,000.00
    TUCSON           AZ   85718          1            05/04/98         00
    0021846514                           05           07/01/98          0
    0021846514                           O            06/01/13
    0
 
 
    2663579          354/354             F          360,000.00         ZZ
                                         180        357,721.79          1
    5005 DEERWOOD PARK DRIVE           7.000          3,235.79         80
                                       6.750          3,235.79      450,000.00
    ARLINGTON        TX   76017          2            05/01/98         00
    0021847421                           05           07/01/98          0
    0021847421                           O            06/01/13
    0
 
 
    2663580          354/354             F          470,000.00         ZZ
                                         180        466,993.39          1
    7409 FRANKTOWN ROAD                6.875          4,191.72         78
                                       6.625          4,191.72      605,000.00
    CARSON CITY      NV   89704          2            05/22/98         00
    0021847835                           05           07/01/98          0
    0021847835                           O            06/01/13
    0
 
 
    2663582          354/354             F          250,500.00         ZZ
                                         180        248,809.30          1
    7940 BENNETT BRANCH ROAD           6.250          2,147.84         80
                                       6.000          2,147.84      315,000.00
    MT AIRY          MD   21771          2            05/20/98         00
    0021850078                           03           07/01/98          0
    0021850078                           O            06/01/13
    0
 
 
1
 
 
    2663583          354/354             F          267,750.00         ZZ
                                         180        265,716.94          1
    730 FALLING ROCKS COURT            6.750          2,369.35         75
                                       6.500          2,369.35      357,000.00
    ROSWELL          GA   30076          5            05/11/98         00
    0021850334                           03           07/01/98          0
    0021850334                           O            06/01/13
    0
 
 
    2663584          354/354             F          344,000.00         ZZ
                                         180        341,775.58          1
    4515 PALMETTO STREET               6.750          3,044.09         79
                                       6.500          3,044.09      439,000.00
    BELLAIRE         TX   77401          1            05/01/98         00
    0021851001                           05           07/01/98          0
    0021851001                           O            06/01/13
    0
 
 
    2663585          354/354             F          312,000.00         ZZ
                                         180        308,964.28          1
    1547 SHOOTING STAR DRIVE           7.000          2,804.35         71
                                       6.750          2,804.35      440,000.00
    GOLDEN           CO   80401          2            05/13/98         00
    0021851381                           05           07/01/98          0
    0021851381                           O            06/01/13
    0
 
 
    2663586          354/354             F          252,000.00         ZZ
                                         180        249,548.82          1
    536 NATALIE DRIVE                  6.750          2,229.98         79
                                       6.500          2,229.98      321,000.00
    GOODLETTSVI      TN   37072          1            04/29/98         00
    0021854146                           05           06/01/98          0
    0021854146                           O            05/01/13
    0
 
 
    2663587          354/354             F          590,980.00         ZZ
                                         180        586,193.76          1
    3224 ROBINHOOD                     6.875          5,270.68         79
                                       6.625          5,270.68      750,000.00
    HOUSTON          TX   77005          2            05/01/98         00
    0021854716                           05           07/01/98          0
    0021854716                           O            06/01/13
    0
 
 
    2663588          354/354             F          233,600.00         ZZ
                                         180        231,271.12          1
    301 EAST MATY AVENUE               7.000          2,099.66         77
                                       6.750          2,099.66      305,000.00
1
 
 
    HARLINGEN        TX   78550          2            04/24/98         00
    0021855176                           05           06/01/98          0
    0021855176                           O            05/01/13
    0
 
 
    2663589          354/354             F          250,500.00         ZZ
                                         180        248,914.75          1
    5710 W 130TH STREET                7.000          2,251.57         68
                                       6.750          2,251.57      370,000.00
    OVERLAND PARK    KS   66209          5            05/05/98         00
    0021855382                           05           07/01/98          0
    0021855382                           O            06/01/13
    0
 
 
    2663591          354/354             F          400,000.00         ZZ
                                         180        396,407.84          1
    11220 STRAIT LANE                  6.750          3,539.64         60
                                       6.500          3,539.64      674,000.00
    DALLAS           TX   75240          1            05/01/98         00
    0021858295                           05           07/01/98          0
    0021858295                           O            06/01/13
    0
 
 
    2663592          354/354             F          256,350.00         ZZ
                                         180        253,883.13          1
    6408 SPRUCEWOOD DRIVE              6.875          2,286.27         79
                                       6.625          2,286.27      325,000.00
    AUSTIN           TX   78731          2            04/28/98         00
    0021858659                           05           06/01/98          0
    0021858659                           O            05/01/13
    0
 
 
    2663594          354/354             F          288,650.00         ZZ
                                         180        285,872.29          1
    1503 WESTOVER ROAD                 6.875          2,574.34         80
                                       6.625          2,574.34      365,000.00
    AUSTIN           TX   78703          2            05/08/98         00
    0021859921                           05           06/01/98          0
    0021859921                           O            05/01/13
    0
 
 
    2663595          354/354             F          411,000.00         ZZ
                                         180        407,002.29          1
    3928 COLERIDGE STREET              6.750          3,636.98         80
                                       6.500          3,636.98      516,000.00
    HOUSTON          TX   77005          2            04/27/98         00
    0021864269                           05           06/01/98          0
    0021864269                           O            05/01/13
    0
1
 
 
 
 
    2663596          354/354             F          274,000.00         ZZ
                                         180        269,612.26          1
    1813 POPLAR RIDGE ROAD             6.875          2,443.69         78
                                       6.625          2,443.69      352,000.00
    PASADENA         MD   21122          2            05/06/98         00
    0021865415                           05           06/01/98          0
    0021865415                           O            05/01/13
    0
 
 
    2663597          354/354             F          418,500.00         ZZ
                                         180        415,546.54          1
    5441 ANTLER RUN                    6.750          3,703.35         73
                                       6.500          3,703.35      580,000.00
    LITTLETON        CO   80125          2            05/18/98         00
    0021865878                           05           07/01/98          0
    0021865878                           O            06/01/13
    0
 
 
    2663598          354/354             F          348,650.00         ZZ
                                         180        345,484.91          1
    141 S HUMBOLD STREET               7.250          3,182.70         66
                                       7.000          3,182.70      530,000.00
    DENVER           CO   80209          2            04/28/98         00
    0021866082                           05           07/01/98          0
    0021866082                           O            06/01/13
    0
 
 
    2663599          354/354             F          300,000.00         ZZ
                                         180        298,101.50          1
    10 BELFREY DRIVE                   7.000          2,696.49         75
                                       6.750          2,696.49      400,000.00
    GREER            SC   29650          5            05/14/98         00
    0021866355                           03           07/01/98          0
    0021866355                           O            06/01/13
    0
 
 
    2663600          354/354             F          267,500.00         ZZ
                                         180        265,612.63          1
    3809 CHIPPENHAM ROAD               6.750          2,367.13         69
                                       6.500          2,367.13      390,000.00
    DURHAM           NC   27707          2            05/05/98         00
    0021866488                           05           07/01/98          0
    0021866488                           O            06/01/13
    0
 
 
    2663601          354/354             F          260,000.00         ZZ
                                         180        258,354.63          1
1
 
 
    2985 LAWNDALE LANE NORTH           7.000          2,336.96         66
                                       6.750          2,336.96      397,000.00
    PLYMOUTH         MN   55447          2            04/29/98         00
    0021867569                           05           07/01/98          0
    0021867569                           O            06/01/13
    0
 
 
    2663602          354/354             F          315,000.00         ZZ
                                         180        312,868.80          1
    12 COUNTRY OAKS LANE               7.000          2,831.31         56
                                       6.750          2,831.31      567,000.00
    BARRINGTON       IL   60010          2            05/01/98         00
    0021867650                           05           07/01/98          0
    0021867650                           O            06/01/13
    0
 
 
    2663603          354/354             F          400,000.00         ZZ
                                         180        397,413.47          1
    765 BUNKER HILL ROAD               6.750          3,539.64         75
                                       6.500          3,539.64      538,000.00
    HOUSTON          TX   77024          1            05/11/98         00
    0021867965                           05           07/01/98          0
    0021867965                           O            06/01/13
    0
 
 
    2663604          354/354             F          327,000.00         ZZ
                                         180        324,885.52          1
    48 RED DEER ROAD                   6.750          2,893.65         68
                                       6.500          2,893.65      485,000.00
    FRANKTOWN        CO   80116          1            05/06/98         00
    0021870662                           05           07/01/98          0
    0021870662                           O            06/01/13
    0
 
 
    2663605          354/354             F          301,200.00         ZZ
                                         180        297,900.38          1
    9162 CARDWELL DRIVE                6.875          2,686.27         76
                                       6.625          2,686.27      400,000.00
    HOUSTON          TX   77055          2            04/29/98         00
    0021871769                           05           06/01/98          0
    0021871769                           O            05/01/13
    0
 
 
    2663607          354/354             F          385,000.00         ZZ
                                         180        382,589.84          1
    3812 GLENCOE DRIVE                 7.125          3,487.45         75
                                       6.875          3,487.45      520,000.00
    BIRMINGHAM       AL   35213          5            05/01/98         00
    0021874698                           05           07/01/98          0
1
 
 
    0021874698                           O            06/01/13
    0
 
 
    2663608          354/354             F          310,000.00         ZZ
                                         180        307,111.74          1
    69 BEDFORD CENTER                  7.250          2,829.88         66
                                       7.000          2,829.88      475,000.00
    BEDFORD          NH   03110          5            04/16/98         00
    0021875737                           05           06/01/98          0
    0021875737                           O            05/01/13
    0
 
 
    2663609          354/354             F          270,000.00         ZZ
                                         180        267,401.77          1
    905 S WAYNE STREET                 6.875          2,408.01         78
                                       6.625          2,408.01      350,000.00
    ARLINGTON        VA   22204          2            04/21/98         00
    0021877691                           05           06/01/98          0
    0021877691                           O            05/01/13
    0
 
 
    2663610          354/354             F          264,000.00         ZZ
                                         180        262,347.33          1
    2675 QUAIL CROSSING DRIVE          7.125          2,391.39         80
                                       6.875          2,391.39      330,092.00
    POWELL           OH   43065          1            05/29/98         00
    0021879598                           05           07/01/98          0
    0021879598                           O            06/01/13
    0
 
 
    2663611          354/354             F          297,450.00         ZZ
                                         180        294,587.60          1
    2020 109TH AVENUE NORTHEAST        6.875          2,652.83         90
                                       6.625          2,652.83      330,500.00
    BELLEVUE         WA   98004          1            04/28/98         11
    0021880679                           05           06/01/98         25
    0021880679                           O            05/01/13
    0
 
 
    2663612          354/354             F          278,100.00         ZZ
                                         180        275,306.99          1
    101 INTERLACHEN DRIVE              6.375          2,403.48         70
                                       6.125          2,403.48      400,000.00
    BLUE BELL        PA   19422          2            05/01/98         00
    0021882279                           05           06/01/98          0
    0021882279                           O            05/01/13
    0
 
 
1
 
 
    2663613          354/354             F          250,000.00         ZZ
                                         180        249,202.65          1
    11610 HALEY HOLLOW                 6.875          2,229.64         46
                                       6.625          2,229.64      555,000.00
    RICHMOND         TX   77469          1            06/10/98         00
    0021882956                           03           08/01/98          0
    0021882956                           O            07/01/13
    0
 
 
    2663614          354/354             F          464,000.00         ZZ
                                         180        461,063.66          1
    12500 CREEK ROAD WEST              7.000          4,170.57         80
                                       6.750          4,170.57      583,000.00
    MINNETONKA       MN   55305          2            05/11/98         00
    0021883475                           05           07/01/98          0
    0021883475                           O            06/01/13
    0
 
 
    2663615          354/354             F          250,000.00         ZZ
                                         180        248,400.73          1
    13115 NE 246TH AVENUE              6.875          2,229.64         55
                                       6.625          2,229.64      460,000.00
    BRUSH PRAIRIE    WA   98606          2            05/06/98         00
    0021884374                           05           07/01/98          0
    0021884374                           O            06/01/13
    0
 
 
    2663616          354/354             F          290,000.00         ZZ
                                         180        288,204.13          1
    10 WINFIELD POINTE                 7.250          2,647.31         74
                                       7.000          2,647.31      395,000.00
    ST LOUIS         MO   63141          1            05/28/98         00
    0021884390                           03           07/01/98          0
    0021884390                           O            06/01/13
    0
 
 
    2663618          354/354             F          264,600.00         ZZ
                                         180        262,026.27          1
    6415 WICKERWOOD DRIVE              6.750          2,341.48         74
                                       6.500          2,341.48      362,000.00
    DALLAS           TX   75248          2            04/23/98         00
    0021885843                           05           06/01/98          0
    0021885843                           O            05/01/13
    0
 
 
    2663619          354/354             F          233,637.00         ZZ
                                         180        232,142.41          1
    111 FOX BRIAR LANE                 6.875          2,083.71         66
                                       6.625          2,083.71      356,000.00
1
 
 
    CARY             NC   27511          2            05/04/98         00
    0021886031                           03           07/01/98          0
    0021886031                           O            06/01/13
    0
 
 
    2663621          354/354             F          300,000.00         ZZ
                                         180        298,080.88          1
    5211 BRAESHEATHER DRIVE            6.875          2,675.57         80
                                       6.625          2,675.57      376,500.00
    HOUSTON          TX   77096          1            05/29/98         00
    0021886643                           03           07/01/98          0
    0021886643                           O            06/01/13
    0
 
 
    2663622          354/354             F          500,000.00         ZZ
                                         180        496,835.83          1
    1879 GRENTLEY RD                   7.000          4,494.15         73
                                       6.750          4,494.15      690,000.00
    YORK             PA   17403          1            06/01/98         00
    0021886916                           05           07/01/98          0
    0021886916                           O            06/01/13
    0
 
 
    2663623          354/354             F          545,000.00         ZZ
                                         180        541,513.62          1
    2651 SOUTH YORKTOWN AVENUE         6.875          4,860.61         48
                                       6.625          4,860.61    1,150,000.00
    TULSA            OK   74114          2            05/15/98         00
    0021888706                           05           07/01/98          0
    0021888706                           O            06/01/13
    0
 
 
    2663624          354/354             F          261,300.00         ZZ
                                         180        258,839.04          1
    8954 MOUNTAIN ASH COURT            7.125          2,366.94         77
                                       6.875          2,366.94      342,000.00
    SPRINGFIELD      VA   22153          2            04/13/98         00
    0021889381                           03           06/01/98          0
    0021889381                           O            05/01/13
    0
 
 
    2663625          354/354             F          354,000.00         ZZ
                                         180        351,735.45          1
    245 HUNT CLUB DR                   6.875          3,157.17         75
                                       6.625          3,157.17      472,000.00
    SIMPSONVILLE     SC   29680          5            05/15/98         00
    0021890520                           05           07/01/98          0
    0021890520                           O            06/01/13
    0
1
 
 
 
 
    2663626          354/354             F          229,500.00         ZZ
                                         180        228,047.64          1
    8936 EVENING GROVE COVE            7.000          2,062.82         90
                                       6.750          2,062.82      255,000.00
    CORDOVA          TN   38018          1            05/22/98         10
    0021890934                           05           07/01/98         12
    0021890934                           O            06/01/13
    0
 
 
    2663627          354/354             F          300,000.00         ZZ
                                         180        297,113.10          1
    7652 SOUTH SOURDOUGH DRIVE         6.875          2,675.56         75
                                       6.625          2,675.56      400,000.00
    MORRISON         CO   80465          5            04/24/98         00
    0021892120                           05           06/01/98          0
    0021892120                           O            05/01/13
    0
 
 
    2663628          354/354             F          579,500.00         ZZ
                                         180        575,792.91          1
    17 CHERRY LANE DRIVE               6.875          5,168.30         53
                                       6.625          5,168.30    1,100,000.00
    ENGLEWOOD        CO   80110          2            05/15/98         00
    0021893656                           05           07/01/98          0
    0021893656                           O            06/01/13
    0
 
 
    2663629          354/354             F          645,000.00         ZZ
                                         180        640,873.92          1
    70 SADDLE DRIVE                    6.875          5,752.46         68
                                       6.625          5,752.46      950,000.00
    EDWARDS          CO   81632          2            05/22/98         00
    0021894977                           03           07/01/98          0
    0021894977                           O            06/01/13
    0
 
 
    2663630          354/354             F          575,000.00         ZZ
                                         180        571,321.69          1
    11306 ARCOLA TRAIL                 6.875          5,128.17         68
                                       6.625          5,128.17      850,000.00
    STILLWATER       MN   55082          2            05/08/98         00
    0021896105                           05           07/01/98          0
    0021896105                           O            06/01/13
    0
 
 
    2663631          354/354             F          294,450.00         ZZ
                                         180        292,506.75          1
1
 
 
    7412 CHURCHILL DRIVE               6.875          2,626.07         59
                                       6.625          2,626.07      500,000.00
    WAKE FOREST      NC   27587          2            05/20/98         00
    0021897913                           05           07/01/98          0
    0021897913                           O            06/01/13
    0
 
 
    2663632          354/354             F          410,000.00         ZZ
                                         180        407,433.34          1
    68 ASHLEY AVENUE                   7.125          3,713.91         52
                                       6.875          3,713.91      795,000.00
    CHARLESTON       SC   29401          5            05/22/98         00
    0021898358                           05           07/01/98          0
    0021898358                           O            06/01/13
    0
 
 
    2663633          354/354             F          643,400.00         ZZ
                                         180        638,781.27          1
    3602 ROBINHOOD AVENUE              6.875          5,738.20         75
                                       6.625          5,738.20      865,000.00
    HOUSTON          TX   77005          2            05/15/98         00
    0021898648                           05           07/01/98          0
    0021898648                           O            06/01/13
    0
 
 
    2663634          354/354             F          400,000.00         T
                                         120        393,026.45          1
    384 GORE CREEK DRIVE               7.000          4,644.34         67
    #3                                 6.750          4,644.34      602,000.00
    VAIL             CO   81657          2            05/15/98         00
    0021899810                           01           06/01/98          0
    0021899810                           O            05/01/08
    0
 
 
    2663635          354/354             F          400,000.00         ZZ
                                         180        396,191.91          1
    4638 EAST CARON STREET             7.000          3,595.32         51
                                       6.750          3,595.32      795,000.00
    PHOENIX          AZ   85028          1            04/22/98         00
    0021902432                           03           06/01/98          0
    0021902432                           O            05/01/13
    0
 
 
    2663636          354/354             F          485,000.00         ZZ
                                         180        481,930.77          1
    6016 MURRAY LANE                   7.000          4,359.32         63
                                       6.750          4,359.32      780,000.00
    BRENTWOOD        TN   37027          5            05/08/98         00
    0021903422                           05           07/01/98          0
1
 
 
    0021903422                           O            06/01/13
    0
 
 
    2663637          354/354             F          750,000.00         ZZ
                                         180        745,150.24          1
    3801 SOUTHWESTERN BOULEVARD        6.750          6,636.83         69
                                       6.500          6,636.83    1,100,000.00
    UNIVERSITY PARK  TX   75225          2            05/05/98         00
    0021904933                           05           07/01/98          0
    0021904933                           O            06/01/13
    0
 
 
    2663638          354/354             F          452,000.00         ZZ
                                         180        449,139.61          1
    16 KRAW DRIVE                      7.000          4,062.70         49
                                       6.750          4,062.70      940,000.00
    DOVER            MA   02030          1            06/01/98         00
    0021904958                           05           07/01/98          0
    0021904958                           O            06/01/13
    0
 
 
    2663639          354/354             F          260,000.00         ZZ
                                         180        259,134.19          1
    113 CAMELOT LANE                   6.375          2,247.06         47
                                       6.125          2,247.06      558,500.00
    LIBERTYVILLE     IL   60048          1            06/15/98         00
    0021905534                           03           08/01/98          0
    0021905534                           O            07/01/13
    0
 
 
    2663640          354/354             F          620,000.00         ZZ
                                         180        617,868.09          1
    2440 EAST 26TH PLACE               6.000          5,231.91         80
                                       5.750          5,231.91      775,000.00
    TULSA            OK   74114          1            06/16/98         00
    0021905658                           05           08/01/98          0
    0021905658                           O            07/01/13
    0
 
 
    2663641          354/354             F          285,000.00         ZZ
                                         180        282,227.87          1
    9912 JUNIPER HILL ROAD             6.750          2,521.99         49
                                       6.500          2,521.99      590,000.00
    ROCKVILLE        MD   20850          2            04/27/98         00
    0021905930                           03           06/01/98          0
    0021905930                           O            05/01/13
    0
 
 
1
 
 
    2663642          354/354             F          585,150.00         ZZ
                                         180        581,406.77          1
    3235 LOCKE LANE                    6.875          5,218.69         69
                                       6.625          5,218.69      860,000.00
    HOUSTON          TX   77019          2            05/14/98         00
    0021908538                           03           07/01/98          0
    0021908538                           O            06/01/13
    0
 
 
    2663643          354/354             F          315,000.00         ZZ
                                         180        313,153.10          1
    1301 12TH AVENUE NW                7.875          2,987.62         52
                                       7.625          2,987.62      610,000.00
    NEW BRIGHTON     MN   55112          5            05/21/98         00
    0021908546                           05           07/01/98          0
    0021908546                           O            06/01/13
    0
 
 
    2663644          354/354             F          427,000.00         ZZ
                                         180        424,268.46          1
    506 FALL RIVER ROAD                6.875          3,808.22         70
                                       6.625          3,808.22      610,000.00
    HOUSTON          TX   77024          2            05/08/98         00
    0021911045                           03           07/01/98          0
    0021911045                           O            06/01/13
    0
 
 
    2663646          354/354             F          300,000.00         ZZ
                                         180        298,101.52          1
    1703 PARKSHIRE LANE                7.000          2,696.48         79
                                       6.750          2,696.48      380,000.00
    LOUISVILLE       KY   40220          2            05/22/98         00
    0021911987                           05           07/01/98          0
    0021911987                           O            06/01/13
    0
 
 
    2663647          354/354             F          270,000.00         ZZ
                                         180        268,364.04          1
    53 BLUFF ROAD                      7.500          2,502.93         75
                                       7.250          2,502.93      360,000.00
    CARY             IL   60013          5            05/12/98         00
    0021912639                           03           07/01/98          0
    0021912639                           O            06/01/13
    0
 
 
    2663648          354/354             F          312,000.00         ZZ
                                         180        310,004.12          1
    1035 BROWN ROAD                    6.875          2,782.59         79
                                       6.625          2,782.59      398,000.00
1
 
 
    KNOXVILLE        TN   37920          2            05/29/98         00
    0021913017                           05           07/01/98          0
    0021913017                           O            06/01/13
    0
 
 
    2663650          354/354             F          365,000.00         ZZ
                                         180        362,020.83          1
    1680 ARLINGTON AVENUE              7.000          3,280.72         73
                                       6.750          3,280.72      500,000.00
    COLUMBUS         OH   43212          2            05/11/98         00
    0021914049                           05           07/01/98          0
    0021914049                           O            06/01/13
    0
 
 
    2663651          354/354             F          388,000.00         ZZ
                                         180        386,775.88          1
    631 E POLO DR                      7.000          3,487.45         48
                                       6.750          3,487.45      815,000.00
    ST LOUIS         MO   63105          2            06/10/98         00
    0021914064                           03           08/01/98          0
    0021914064                           O            07/01/13
    0
 
 
    2663652          354/354             F          391,000.00         ZZ
                                         180        388,471.66          1
    40 FORREST LAKE DRIVE              6.750          3,460.00         57
                                       6.500          3,460.00      695,000.00
    ATLANTA          GA   30327          2            05/15/98         00
    0021915079                           05           07/01/98          0
    0021915079                           O            06/01/13
    0
 
 
    2663653          354/354             F          650,000.00         ZZ
                                         180        643,811.90          1
    5520 ROLAND DRIVE                  7.000          5,842.38         65
                                       6.750          5,842.38    1,000,000.00
    PLANO            TX   75093          2            04/29/98         00
    0021915350                           03           06/01/98          0
    0021915350                           O            05/01/13
    0
 
 
    2663654          354/354             F          411,400.00         ZZ
                                         180        408,796.53          1
    5204 WINDJAMMER ROAD               7.000          3,697.78         74
                                       6.750          3,697.78      560,000.00
    PLANO            TX   75093          2            05/01/98         00
    0021915426                           03           07/01/98          0
    0021915426                           O            06/01/13
    0
1
 
 
 
 
    2663655          354/354             F          269,000.00         ZZ
                                         180        267,297.69          1
    1541 POND ROAD                     7.000          2,417.85         78
                                       6.750          2,417.85      346,000.00
    WILDWOOD         MO   63038          2            05/22/98         00
    0021915624                           03           07/01/98          0
    0021915624                           O            06/01/13
    0
 
 
    2663657          354/354             F          344,000.00         ZZ
                                         120        342,012.54          1
    15 LINDEN HILL RD                  7.000          3,994.13         69
                                       6.750          3,994.13      500,000.00
    CRESCENT SPRING  KY   41017          2            06/02/98         00
    0021916168                           05           08/01/98          0
    0021916168                           O            07/01/08
    0
 
 
    2663658          354/354             F          361,000.00         ZZ
                                         180        325,297.29          1
    33 W 295 SURREY ROAD               7.375          3,320.92         47
                                       7.125          3,320.92      770,000.00
    WAYNE            IL   60184          5            05/20/98         00
    0021916218                           05           07/01/98          0
    0021916218                           O            06/01/13
    0
 
 
    2663659          354/354             F          233,000.00         ZZ
                                         180        231,420.19          1
    19 HICKORY SHADOW DRIVE            7.000          2,094.27         66
                                       6.750          2,094.27      357,000.00
    HOUSTON          TX   77055          2            05/04/98         00
    0021916952                           03           07/01/98          0
    0021916952                           O            06/01/13
    0
 
 
    2663660          354/354             F          460,000.00         ZZ
                                         180        458,532.89          1
    1613 CHANDLER ROAD                 6.875          4,102.53         69
                                       6.625          4,102.53      675,000.00
    HUNTSVILLE       AL   35802          2            06/09/98         00
    0021917620                           05           08/01/98          0
    0021917620                           O            07/01/13
    0
 
 
    2663661          354/354             F          250,000.00         ZZ
                                         180        247,594.22          1
1
 
 
    155 SEVILLE CHASE                  6.875          2,229.64         68
                                       6.625          2,229.64      370,000.00
    ATLANTA          GA   30328          5            04/29/98         00
    0021917752                           03           06/01/98          0
    0021917752                           O            05/01/13
    0
 
 
    2663662          354/354             F          106,400.00         ZZ
                                         180        105,408.66          1
    2871 MAYDELLE LANE                 7.250            971.29         80
                                       7.000            971.29      133,000.00
    FARMERS BRANCH   TX   75234          1            04/27/98         00
    0021918438                           05           06/01/98          0
    0021918438                           O            05/01/13
    0
 
 
    2663663          354/354             F          638,600.00         ZZ
                                         180        636,391.69          1
    8631 CEDAR                         7.125          5,784.64         73
                                       6.875          5,784.64      875,000.00
    PRAIRIE VILLAGE  KS   66207          2            06/05/98         00
    0021918982                           03           08/01/98          0
    0021918982                           O            07/01/13
    0
 
 
    2663664          354/354             F          268,800.00         ZZ
                                         180        267,135.43          1
    904 SHADOW RIDGE DRIVE             7.250          2,453.78         80
                                       7.000          2,453.78      336,000.00
    HIGHLAND VILLAG  TX   75067          1            05/21/98         00
    0021919642                           03           07/01/98          0
    0021919642                           O            06/01/13
    0
 
 
    2663665          354/354             F          302,800.00         ZZ
                                         180        301,834.26          1
    4307 SYCAMORE LANE                 6.875          2,700.53         80
                                       6.625          2,700.53      378,500.00
    ALLEN            TX   75002          1            06/04/98         00
    0021919998                           05           08/01/98          0
    0021919998                           O            07/01/13
    0
 
 
    2663666          354/354             F          330,400.00         ZZ
                                         180        328,309.12          1
    1205 CHASEWOOD TRAIL               7.000          2,969.73         80
                                       6.750          2,969.73      415,000.00
    ALPHARETTA       GA   30005          2            05/14/98         00
    0021920848                           03           07/01/98          0
1
 
 
    0021920848                           O            06/01/13
    0
 
 
    2663667          354/354             F          300,000.00         ZZ
                                         180        298,080.88          1
    5116 SCARBOROUGH LANE              6.875          2,675.57         76
                                       6.625          2,675.57      399,000.00
    DALLAS           TX   75287          1            05/18/98         00
    0021920996                           03           07/01/98          0
    0021920996                           O            06/01/13
    0
 
 
    2663668          354/354             F          340,000.00         ZZ
                                         180        338,903.81          1
    10442 PLEASANT RIDGE               6.750          3,008.69         74
                                       6.500          3,008.69      460,000.00
    ARLINGTON        TN   38002          1            06/19/98         00
    0021921044                           05           08/01/98          0
    0021921044                           O            07/01/13
    0
 
 
    2663669          354/354             F          320,400.00         ZZ
                                         180        315,519.28          1
    45 SOUTH LONE PEAK DRIVE           7.250          2,924.81         59
                                       7.000          2,924.81      550,000.00
    ALPINE           UT   84004          5            05/18/98         00
    0021921622                           05           07/01/98          0
    0021921622                           O            06/01/13
    0
 
 
    2663670          354/354             F          400,000.00         ZZ
                                         180        396,992.96          1
    154 INVERNESS DRIVE                7.125          3,623.33         77
                                       6.875          3,623.33      525,000.00
    BLUE BELL        PA   19422          2            05/28/98         00
    0021921754                           03           07/01/98          0
    0021921754                           O            06/01/13
    0
 
 
    2663671          354/354             F          450,000.00         ZZ
                                         180        447,213.35          1
    0195 WILDFLOWER                    7.250          4,107.88         57
                                       7.000          4,107.88      799,000.00
    CARBONDALE       CO   81623          1            05/26/98         00
    0021922018                           03           07/01/98          0
    0021922018                           O            06/01/13
    0
 
 
1
 
 
    2663672          354/354             F          279,500.00         ZZ
                                         180        277,692.67          1
    139 SALIGUGI WAY                   6.750          2,473.32         50
                                       6.500          2,473.32      568,000.00
    LOUDON           TN   37774          2            05/20/98         00
    0021922042                           05           07/01/98          0
    0021922042                           O            06/01/13
    0
 
 
    2663673          354/354             F          297,000.00         ZZ
                                         180        295,120.49          1
    16764 WEST CHERRYWOOD LANE         7.000          2,669.52         78
                                       6.750          2,669.52      385,000.00
    WADSWORTH        IL   60083          2            05/20/98         00
    0021922067                           03           07/01/98          0
    0021922067                           O            06/01/13
    0
 
 
    2663674          354/354             F          300,000.00         ZZ
                                         180        298,101.51          1
    12818 WOODLAND TRAIL               7.000          2,696.48         59
                                       6.750          2,696.48      512,000.00
    PARKER           CO   80138          2            05/29/98         00
    0021922125                           05           07/01/98          0
    0021922125                           O            06/01/13
    0
 
 
    2663675          354/354             F          346,100.00         ZZ
                                         180        342,805.06          1
    2 PEACH BLOSSOM SQUARE             7.000          3,110.85         52
                                       6.750          3,110.85      675,000.00
    NASHVILLE        TN   37205          2            05/02/98         00
    0021923743                           05           06/01/98          0
    0021923743                           O            05/01/13
    0
 
 
    2663676          354/354             F          556,000.00         ZZ
                                         180        552,481.45          1
    11840 SHADE COVE COURT             7.000          4,997.49         80
                                       6.750          4,997.49      695,000.00
    ORLAND PARK      IL   60467          1            05/15/98         00
    0021924378                           05           07/01/98          0
    0021924378                           O            06/01/13
    0
 
 
    2663677          354/354             F          268,000.00         ZZ
                                         180        266,267.02          1
    4005 MARTINA COURT                 6.750          2,371.56         80
                                       6.500          2,371.56      335,000.00
1
 
 
    PLANO            TX   75093          2            05/19/98         00
    0021924576                           03           07/01/98          0
    0021924576                           O            06/01/13
    0
 
 
    2663678          354/354             F          340,000.00         ZZ
                                         180        337,825.02          1
    4150 WIND SONG CIRCLE NE           6.875          3,032.30         72
                                       6.625          3,032.30      477,000.00
    PRIOR LAKE       MN   55372          2            05/22/98         00
    0021924626                           03           07/01/98          0
    0021924626                           O            06/01/13
    0
 
 
    2663681          354/354             F          284,000.00         T
                                         180        282,183.23          1
    524 OSCEOLA ROAD                   6.875          2,532.87         79
                                       6.625          2,532.87      360,000.00
    DESTIN           FL   32541          1            05/19/98         00
    0021925441                           05           07/01/98          0
    0021925441                           O            06/01/13
    0
 
 
    2663682          354/354             F          364,600.00         ZZ
                                         120        360,403.52          1
    9225 DOUBLE EAGLE LANE             7.125          4,256.84         53
                                       6.875          4,256.84      700,000.00
    KNOXVILLE        TN   37922          2            05/21/98         00
    0021925946                           03           07/01/98          0
    0021925946                           O            06/01/08
    0
 
 
    2663683          354/354             F          273,850.00         ZZ
                                         120        269,043.31          1
    2107 FAIRWAY GREEN DRIVE           6.875          3,162.02         66
                                       6.625          3,162.02      420,000.00
    KINGWOOD         TX   77339          2            04/28/98         00
    0021926456                           03           06/01/98          0
    0021926456                           O            05/01/08
    0
 
 
    2663684          354/354             F          400,000.00         ZZ
                                         180        398,724.25          1
    3070 STERLING ROAD                 6.875          3,567.42         58
                                       6.625          3,567.42      700,000.00
    BIRMINGHAM       AL   35213          2            06/01/98         00
    0021926605                           05           08/01/98          0
    0021926605                           O            07/01/13
    0
1
 
 
 
 
    2663685          354/354             F          344,000.00         ZZ
                                         180        341,775.58          1
    4826 OLD TIMBER RIDGE ROAD         6.750          3,044.09         80
                                       6.500          3,044.09      430,000.00
    MARIETTA         GA   30068          1            06/04/98         00
    0021927165                           03           07/01/98          0
    0021927165                           O            06/01/13
    0
 
 
    2663686          354/354             F          286,900.00         ZZ
                                         180        285,084.40          1
    6077 SOUTH OAK CANYON DRIVE        7.000          2,578.74         64
                                       6.750          2,578.74      454,000.00
    SALT LAKE CITY   UT   84121          2            05/05/98         00
    0021927256                           05           07/01/98          0
    0021927256                           O            06/01/13
    0
 
 
    2663687          354/354             F          251,000.00         ZZ
                                         180        248,593.70          1
    2205 EAST FARDOWN AVENUE           6.750          2,221.12         27
                                       6.500          2,221.12      950,000.00
    SALT LAKE CITY   UT   84121          2            05/29/98         00
    0021927678                           05           07/01/98          0
    0021927678                           O            06/01/13
    0
 
 
    2663688          354/354             F          325,000.00         ZZ
                                         180        322,920.96          1
    2 INLET TERRACE                    6.875          2,898.53         60
                                       6.625          2,898.53      550,000.00
    BELMAR           NJ   07719          2            05/08/98         00
    0021928692                           05           07/01/98          0
    0021928692                           O            06/01/13
    0
 
 
    2663689          354/354             F          650,000.00         ZZ
                                         180        645,974.82          1
    235 S BUENA VISTA RD               7.250          5,933.61         75
                                       7.000          5,933.61      875,000.00
    SOUTH CHARLESTO  OH   45368          2            05/22/98         00
    0021929674                           05           07/01/98          0
    0021929674                           O            06/01/13
    0
 
 
    2663690          354/354             F          423,000.00         ZZ
                                         180        416,912.21          1
1
 
 
    5111 POCAHONTAS STREET             6.875          3,772.55         72
                                       6.625          3,772.55      595,000.00
    BELLAIRE         TX   77401          2            05/01/98         00
    0021929856                           05           06/01/98          0
    0021929856                           O            05/01/13
    0
 
 
    2663691          354/354             F          375,000.00         ZZ
                                         180        373,803.98          1
    3305 SPRING HILL ROAD              6.875          3,344.46         72
                                       6.625          3,344.46      522,000.00
    BIRMINGHAM       AL   35223          5            05/28/98         00
    0021929989                           05           08/01/98          0
    0021929989                           O            07/01/13
    0
 
 
    2663692          354/354             F          280,000.00         ZZ
                                         180        278,189.42          1
    1106 HIGHLAND LAKES CIRCLE         6.750          2,477.75         54
                                       6.500          2,477.75      520,000.00
    BIRMINGHAM       AL   35242          1            05/08/98         00
    0021930342                           03           07/01/98          0
    0021930342                           O            06/01/13
    0
 
 
    2663693          354/354             F          310,000.00         ZZ
                                         180        307,995.44          1
    43 SOUTH TAYLOR POINT DRIVE        6.750          2,743.22         76
                                       6.500          2,743.22      410,000.00
    THE WOODLANDS    TX   77382          1            05/28/98         00
    0021931571                           03           07/01/98          0
    0021931571                           O            06/01/13
    0
 
 
    2663694          354/354             F          428,800.00         ZZ
                                         180        425,271.80          1
    1321 KURTZ ROAD                    7.000          3,854.18         80
                                       6.750          3,854.18      536,000.00
    MCLEAN           VA   22101          1            05/05/98         00
    0021933395                           05           07/01/98          0
    0021933395                           O            06/01/13
    0
 
 
    2663695          354/354             F          340,000.00         ZZ
                                         180        337,801.43          1
    2214 LONG VALLEY DRIVE             6.750          3,008.70         80
                                       6.500          3,008.70      425,000.00
    KINGWOOD         TX   77345          1            05/21/98         00
    0021933593                           03           07/01/98          0
1
 
 
    0021933593                           O            06/01/13
    0
 
 
    2663696          354/354             F          255,600.00         ZZ
                                         180        253,982.48          1
    1407 CHIMNEY WORKS DRIVE           7.000          2,297.41         69
                                       6.750          2,297.41      375,000.00
    SOUTHLAKE        TX   76092          2            05/26/98         00
    0021934443                           03           07/01/98          0
    0021934443                           O            06/01/13
    0
 
 
    2663697          354/354             F          322,900.00         ZZ
                                         180        320,812.01          1
    3263 ELLA LEE LANE                 6.750          2,857.38         39
                                       6.500          2,857.38      830,000.00
    HOUSTON          TX   77019          2            05/29/98         00
    0021935317                           03           07/01/98          0
    0021935317                           O            06/01/13
    0
 
 
    2663698          354/354             F          270,850.00         ZZ
                                         180        268,243.59          1
    12023 SURREY LANE                  6.875          2,415.59         73
                                       6.625          2,415.59      375,000.00
    HOUSTON          TX   77024          2            04/28/98         00
    0021935507                           05           06/01/98          0
    0021935507                           O            05/01/13
    0
 
 
    2663699          354/354             F          515,000.00         ZZ
                                         180        509,990.72          1
    3401 N 18TH AVENUE                 6.750          4,557.28         74
                                       6.500          4,557.28      700,000.00
    PENSACOLA        FL   32503          2            04/20/98         00
    0021935531                           05           06/01/98          0
    0021935531                           O            05/01/13
    0
 
 
    2663700          354/354             F          276,500.00         ZZ
                                         180        273,839.21          1
    765 TANGLEWOOD DRIVE               6.875          2,465.98         47
                                       6.625          2,465.98      595,000.00
    PENSACOLA        FL   32503          2            04/28/98         00
    0021935580                           05           06/01/98          0
    0021935580                           O            05/01/13
    0
 
 
1
 
 
    2663701          354/354             F          314,000.00         ZZ
                                         180        310,945.78          1
    14 MEADOW COVE DRIVE               6.750          2,778.62         80
                                       6.500          2,778.62      392,500.00
    THE WOODLANDS    TX   77381          1            04/13/98         00
    0021935606                           03           06/01/98          0
    0021935606                           O            05/01/13
    0
 
 
    2663702          354/354             F          450,000.00         ZZ
                                         180        448,549.15          1
    2343 UNDERWOOD BOULEVARD           6.750          3,982.10         71
                                       6.500          3,982.10      640,000.00
    HOUSTON          TX   77030          2            06/15/98         00
    0021936091                           05           08/01/98          0
    0021936091                           O            07/01/13
    0
 
 
    2663703          354/354             F          222,000.00         ZZ
                                         180        220,610.24          1
    3612 EDGESTONE DRIVE               7.125          2,010.95         80
                                       6.875          2,010.95      277,500.00
    PLANO            TX   75096          2            05/22/98         00
    0021936414                           03           07/01/98          0
    0021936414                           O            06/01/13
    0
 
 
    2663704          354/354             F          436,800.00         ZZ
                                         180        434,035.78          1
    4837 OAK ARBOR DRIVE               7.000          3,926.09         80
                                       6.750          3,926.09      546,000.00
    VALDOSTA         GA   31602          2            05/22/98         00
    0021936679                           05           07/01/98          0
    0021936679                           O            06/01/13
    0
 
 
    2663705          354/354             F          255,000.00         ZZ
                                         180        254,177.86          1
    10 CHENEY POND ROAD                6.750          2,256.52         75
                                       6.500          2,256.52      340,000.00
    MEDFIELD         MA   02052          5            06/03/98         00
    0021936687                           05           08/01/98          0
    0021936687                           O            07/01/13
    0
 
 
    2663706          354/354             F          350,000.00         ZZ
                                         180        347,761.04          1
    2807 LAKE FOREST DRIVE             6.875          3,121.49         74
                                       6.625          3,121.49      475,000.00
1
 
 
    GREENSBORO       NC   27408          5            05/26/98         00
    0021936794                           05           07/01/98          0
    0021936794                           O            06/01/13
    0
 
 
    2663707          354/354             F          384,000.00         ZZ
                                         180        381,569.91          1
    120 ASPEN DRIVE                    7.000          3,451.51         80
                                       6.750          3,451.51      480,000.00
    BOALSBURG        PA   16827          1            05/29/98         00
    0021936976                           05           07/01/98          0
    0021936976                           O            06/01/13
    0
 
 
    2663709          354/354             F          253,000.00         ZZ
                                         180        251,381.56          1
    7228 GYPSY LANE                    6.875          2,256.39         80
                                       6.625          2,256.39      318,000.00
    VACAVILLE        CA   95688          2            05/12/98         00
    0021937545                           05           07/01/98          0
    0021937545                           O            06/01/13
    0
 
 
    2663710          354/354             F          335,336.00         ZZ
                                         180        333,259.40          1
    38435 COUNTRY ROAD 13              7.250          3,061.16         70
                                       7.000          3,061.16      480,000.00
    ELIZABETH        CO   80107          2            05/15/98         00
    0021938808                           05           07/01/98          0
    0021938808                           O            06/01/13
    0
 
 
    2663711          354/354             F          284,350.00         ZZ
                                         180        282,550.55          1
    2510 N NORWOOD DRIVE               7.000          2,555.82         57
                                       6.750          2,555.82      500,000.00
    HURST            TX   76054          2            05/29/98         00
    0021938865                           05           07/01/98          0
    0021938865                           O            06/01/13
    0
 
 
    2663712          354/354             F          333,200.00         ZZ
                                         180        331,068.51          1
    28 WILLOW BAY DRIVE                6.875          2,971.66         36
                                       6.625          2,971.66      950,000.00
    SOUTH BARRINGTO  IL   60010          2            05/28/98         00
    0021938881                           05           07/01/98          0
    0021938881                           O            06/01/13
    0
1
 
 
 
 
    2663713          354/354             F          308,850.00         ZZ
                                         180        306,852.86          1
    3017 ALBANS                        6.750          2,733.05         76
                                       6.500          2,733.05      410,000.00
    HOUSTON          TX   77005          2            05/20/98         00
    0021939806                           05           07/01/98          0
    0021939806                           O            06/01/13
    0
 
 
    2663714          354/354             F          228,000.00         T
                                         180        226,525.67          1
    18109 RIDGE ROAD                   6.750          2,017.60         80
                                       6.500          2,017.60      285,000.00
    LEANDER          TX   78645          1            05/22/98         00
    0021940036                           03           07/01/98          0
    0021940036                           O            06/01/13
    0
 
 
    2663716          354/354             F          230,400.00         ZZ
                                         180        228,957.65          1
    627 FLAGHOIST LANE                 7.125          2,087.04         80
                                       6.875          2,087.04      288,000.00
    HOUSTON          TX   77079          1            05/22/98         00
    0021940291                           03           07/01/98          0
    0021940291                           O            06/01/13
    0
 
 
    2663717          354/354             F          312,000.00         ZZ
                                         180        310,004.12          1
    14513 SOUTHEAST 49TH STREET        6.875          2,782.59         80
                                       6.625          2,782.59      390,000.00
    BELLEVUE         WA   98006          1            05/26/98         00
    0021940432                           05           07/01/98          0
    0021940432                           O            06/01/13
    0
 
 
    2663718          354/354             F          273,625.00         ZZ
                                         180        271,893.42          1
    5704 RIDGEHAVEN DRIVE              7.000          2,459.42         79
                                       6.750          2,459.42      350,000.00
    PLANO            TX   75093          2            06/03/98         00
    0021940911                           03           07/01/98          0
    0021940911                           O            06/01/13
    0
 
 
    2663719          354/354             F          544,000.00         ZZ
                                         180        542,302.28          1
1
 
 
    4228 EDMONDSON AVENUE              7.125          4,927.72         80
                                       6.875          4,927.72      680,000.00
    DALLAS           TX   75205          1            06/01/98         00
    0021940978                           05           08/01/98          0
    0021940978                           O            07/01/13
    0
 
 
    2663720          354/354             F          244,000.00         T
                                         180        243,238.52          1
    545 ARROWWOOD BEACH CIRCLE         7.125          2,210.23         80
                                       6.875          2,210.23      305,000.00
    TRINIDAD         TX   75163          1            06/05/98         00
    0021941802                           03           08/01/98          0
    0021941802                           O            07/01/13
    0
 
 
    2663721          354/354             F          442,700.00         ZZ
                                         180        439,898.47          1
    105 WHITTSHIRE COURT               7.000          3,979.11         79
                                       6.750          3,979.11      566,500.00
    CARY             NC   27513          2            05/22/98         00
    0021941950                           03           07/01/98          0
    0021941950                           O            06/01/13
    0
 
 
    2663722          354/354             F          290,000.00         ZZ
                                         180        289,085.07          1
    1600 MASTERS COURT                 7.000          2,606.60         85
                                       6.750          2,606.60      342,000.00
    SUPERIOR         CO   80027          2            06/15/98         14
    0021942461                           03           08/01/98         12
    0021942461                           O            07/01/13
    0
 
 
    2663723          354/354             F          278,000.00         ZZ
                                         180        276,221.62          1
    400 SOUTH STEELE STREET            6.875          2,479.36         31
    #11                                6.625          2,479.36      925,000.00
    DENVER           CO   80209          2            05/20/98         00
    0021943527                           03           07/01/98          0
    0021943527                           O            06/01/13
    0
 
 
    2663724          354/354             F          248,000.00         ZZ
                                         180        246,430.57          1
    719 KERSEY ROAD                    7.000          2,229.10         80
                                       6.750          2,229.10      310,000.00
    SILVER SPRING    MD   20902          2            05/27/98         00
    0021944178                           05           07/01/98          0
1
 
 
    0021944178                           O            06/01/13
    0
 
 
    2663726          354/354             F          499,000.00         T
                                         180        495,909.90          1
    9873 EAST PALO BREA DRIVE          7.250          4,555.19         59
                                       7.000          4,555.19      850,000.00
    SCOTTSDALE       AZ   85262          2            05/06/98         00
    0021948666                           05           07/01/98          0
    0021948666                           O            06/01/13
    0
 
 
    2663728          354/354             F          248,800.00         ZZ
                                         180        247,208.43          1
    9630 GROVE ROAD                    6.875          2,218.93         80
                                       6.625          2,218.93      311,000.00
    CORDOVA          TN   38018          2            05/21/98         00
    0021949193                           05           07/01/98          0
    0021949193                           O            06/01/13
    0
 
 
    2663729          354/354             F          380,000.00         ZZ
                                         180        377,595.24          1
    2160 LANDWEHR ROAD                 7.000          3,415.55         72
                                       6.750          3,415.55      530,000.00
    NORTHBROOK       IL   60062          2            05/19/98         00
    0021954136                           05           07/01/98          0
    0021954136                           O            06/01/13
    0
 
 
    2663730          354/354             F          381,000.00         ZZ
                                         180        378,536.33          1
    7252 N CENTRAL AVENUE              6.750          3,371.51         77
                                       6.500          3,371.51      500,000.00
    PHOENIX          AZ   85020          2            05/04/98         00
    0021954409                           05           07/01/98          0
    0021954409                           O            06/01/13
    0
 
 
    2663732          354/354             F          472,400.00         ZZ
                                         180        469,442.70          1
    7103 COVERED COVE WAY              7.125          4,279.15         75
                                       6.875          4,279.15      630,000.00
    PROSPECT         KY   40059          2            05/21/98         00
    0021956685                           05           07/01/98          0
    0021956685                           O            06/01/13
    0
 
 
1
 
 
    2663733          354/354             F          400,000.00         ZZ
                                         180        397,468.66          1
    814 MOFFAT COURT                   7.000          3,595.32         64
                                       6.750          3,595.32      630,000.00
    CASTLE ROCK      CO   80104          2            05/20/98         00
    0021958947                           03           07/01/98          0
    0021958947                           O            06/01/13
    0
 
 
    2663734          354/354             F          264,000.00         ZZ
                                         180        263,167.09          1
    68 LAKEVIEW DRIVE                  7.000          2,372.91         76
                                       6.750          2,372.91      351,000.00
    SLAYTON          MN   56172          2            06/04/98         00
    0021959234                           05           08/01/98          0
    0021959234                           O            07/01/13
    0
 
 
    2663735          354/354             F          448,000.00         ZZ
                                         180        446,571.16          1
    2 BALD EAGLE                       6.875          3,995.51         70
                                       6.625          3,995.51      640,000.00
    LITTLETON        CO   80127          5            06/03/98         00
    0021963004                           05           08/01/98          0
    0021963004                           O            07/01/13
    0
 
 
    2663736          354/354             F          450,000.00         ZZ
                                         180        447,152.26          1
    610 DUNE ROAD                      7.000          4,044.73         70
                                       6.750          4,044.73      650,000.00
    WEST HAMPTON     NY   11977          5            05/15/98         00
    0021964291                           05           07/01/98          0
    0021964291                           O            06/01/13
    0
 
 
    2663737          354/354             F          380,000.00         ZZ
                                         180        377,595.24          1
    2460 OAK HILLS DRIVE               7.000          3,415.55         80
                                       6.750          3,415.55      480,000.00
    COLORADO SP      CO   80919          2            05/14/98         00
    0021964978                           03           07/01/98          0
    0021964978                           O            06/01/13
    0
 
 
    2663738          354/354             F          650,000.00         ZZ
                                         180        645,018.92          1
    270 VALLEYRUN PLACE                7.000          5,842.38         70
                                       6.750          5,842.38      940,000.00
1
 
 
    POWELL           OH   43065          5            05/22/98         00
    0021967641                           05           07/01/98          0
    0021967641                           O            06/01/13
    0
 
 
    2663739          354/354             F          284,800.00         ZZ
                                         180        283,873.38          1
    2304 OLD WAGON ROAD                6.750          2,520.23         80
                                       6.500          2,520.23      356,000.00
    HUNTSVILLE       AL   35801          1            06/17/98         00
    0021968722                           05           08/01/98          0
    0021968722                           O            07/01/13
    0
 
 
    2663741          354/354             F          255,200.00         ZZ
                                         180        253,585.01          1
    556 EAST SEVENTH AVENUE            7.000          2,293.81         80
                                       6.750          2,293.81      320,000.00
    SALT LAKE CITY   VT   84103          2            05/22/98         00
    0021971825                           05           07/01/98          0
    0021971825                           O            06/01/13
    0
 
 
    2663742          354/354             F          389,300.00         ZZ
                                         180        386,224.48          1
    4509 TEAS STREET                   6.750          3,444.96         65
                                       6.500          3,444.96      600,000.00
    BELLAIRE         TX   77401          2            05/20/98         00
    0021972344                           05           07/01/98          0
    0021972344                           O            06/01/13
    0
 
 
    2663743          354/354             F          312,000.00         ZZ
                                         180        310,994.08          1
    5802 ARCHBISHOP COURT              6.750          2,760.92         80
                                       6.500          2,760.92      390,000.00
    ARLINGTON        TX   76017          2            06/03/98         00
    0021973474                           05           08/01/98          0
    0021973474                           O            07/01/13
    0
 
 
    2663744          354/354             F          260,000.00         ZZ
                                         180        258,282.26          1
    9627 NORTHWEST MARVIN LANE         6.500          2,264.88         80
                                       6.250          2,264.88      325,000.00
    PORTLAND         OR   97229          1            05/27/98         00
    0021974712                           05           07/01/98          0
    0021974712                           O            06/01/13
    0
1
 
 
 
 
    2663745          354/354             F          250,000.00         ZZ
                                         180        248,702.65          1
    107 HUNTINGDON PLACE               6.875          2,229.64         80
                                       6.625          2,229.64      316,000.00
    BIRMINGHAM       AL   35242          1            06/02/98         00
    0021975388                           05           08/01/98          0
    0021975388                           O            07/01/13
    0
 
 
    2663746          354/354             F          414,000.00         ZZ
                                         180        412,679.60          1
    26605 W 106TH TERRACE              6.875          3,692.28         60
                                       6.625          3,692.28      700,000.00
    OLATHE           KS   66061          2            06/05/98         00
    0021976295                           03           08/01/98          0
    0021976295                           O            07/01/13
    0
 
 
    2663747          354/354             F          248,300.00         ZZ
                                         180        246,728.67          1
    2041 BROOKVIEW DRIVE               7.000          2,231.80         75
                                       6.750          2,231.80      334,000.00
    ATLANTA          GA   30318          5            05/26/98         00
    0021980214                           05           07/01/98          0
    0021980214                           O            06/01/13
    0
 
 
    2663749          354/354             F          649,900.00         ZZ
                                         180        647,761.78          1
    5412 N STANFORD DRIVE              7.125          5,887.00         33
                                       6.875          5,887.00    2,000,000.00
    NASHVILLE        TN   37215          2            06/09/98         00
    0021985247                           05           08/01/98          0
    0021985247                           O            07/01/13
    0
 
 
    2663750          354/354             F          408,400.00         ZZ
                                         180        407,097.45          1
    4208 CITY OF OAKS WYND             6.875          3,642.34         66
                                       6.625          3,642.34      625,000.00
    RALEIGH          NC   27612          5            06/05/98         00
    0021985809                           03           08/01/98          0
    0021985809                           O            07/01/13
    0
 
 
    2663751          354/354             F          650,000.00         ZZ
                                         180        648,015.28          1
1
 
 
    46 EAST RIVERCREST DRIVE           7.375          5,979.51         77
                                       7.125          5,979.51      845,000.00
    HOUSTON          TX   77042          1            06/08/98         00
    0021993621                           03           08/01/98          0
    0021993621                           O            07/01/13
    0
 
 
    2663752          354/354             F          327,950.00         ZZ
                                         180        325,874.63          1
    3421 MOUNT VERNON AVENUE           7.000          2,947.71         68
                                       6.750          2,947.71      485,000.00
    HOUSTON          TX   77006          2            05/21/98         00
    0021994330                           05           07/01/98          0
    0021994330                           O            06/01/13
    0
 
 
    2663753          354/354             F          313,200.00         ZZ
                                         180        311,196.45          1
    525 TATUM PLACE                    6.875          2,793.29         80
                                       6.625          2,793.29      392,000.00
    HEATH            TX   75087          2            05/05/98         00
    0021996525                           03           07/01/98          0
    0021996525                           O            06/01/13
    0
 
 
    2663754          354/354             F          341,000.00         ZZ
                                         180        338,771.15          1
    67 SHERWOOD DRIVE NORTH            6.625          2,993.96         60
                                       6.375          2,993.96      569,000.00
    NORTH ANDOVER    MA   01845          1            05/18/98         00
    0021996616                           05           07/01/98          0
    0021996616                           O            06/01/13
    0
 
 
    2663755          354/354             F          288,700.00         ZZ
                                         180        287,769.20          1
    5105 MAX ROAD                      6.750          2,554.74         65
                                       6.500          2,554.74      450,000.00
    ROSHARON         TX   77583          2            06/19/98         00
    0022001465                           05           08/01/98          0
    0022001465                           O            07/01/13
    0
 
 
    2663756          354/354             F          480,000.00         ZZ
                                         180        478,485.62          1
    700 N DOBSON RD #37                7.000          4,314.38         77
                                       6.750          4,314.38      625,000.00
    CHANDLER         AZ   85224          1            06/11/98         00
    0022001473                           03           08/01/98          0
1
 
 
    0022001473                           O            07/01/13
    0
 
 
    2663757          354/354             F          340,000.00         ZZ
                                         180        338,903.81          1
    455 OLD SPANISH TRAIL              6.750          3,008.69         27
                                       6.500          3,008.69    1,300,000.00
    PORTOLA VALLEY   CA   94028          2            06/08/98         00
    0022003578                           05           08/01/98          0
    0022003578                           O            07/01/13
    0
 
 
    2663758          354/354             F          300,000.00         ZZ
                                         180        298,080.88          1
    3150 HIGHLAND PLACE NW             6.875          2,675.57         34
                                       6.625          2,675.57      902,000.00
    WASHINGTON       DC   20008          2            05/28/98         00
    0022009823                           05           07/01/98          0
    0022009823                           O            06/01/13
    0
 
 
    2663759          354/354             F          435,000.00         ZZ
                                         180        433,627.60          1
    536 WEST POPLAR AVENUE             7.000          3,909.90         47
                                       6.750          3,909.90      935,000.00
    SAN MATEO        CA   94402          2            06/04/98         00
    0022016026                           05           08/01/98          0
    0022016026                           O            07/01/13
    0
 
 
    2663760          354/354             F          267,450.00         ZZ
                                         180        266,587.72          1
    12351 COMBLAIN ROAD                6.750          2,366.69         53
                                       6.500          2,366.69      510,000.00
    KNOXVILLE        TN   37922          2            06/19/98         00
    0022021059                           03           08/01/98          0
    0022021059                           O            07/01/13
    0
 
 
    2663761          354/354             F          344,000.00         ZZ
                                         180        342,902.85          1
    5050 CLARK SHAW ROAD               6.875          3,067.98         80
                                       6.625          3,067.98      430,000.00
    POWELLRE         OH   43065          1            06/12/98         00
    0022021224                           05           08/01/98          0
    0022021224                           O            07/01/13
    0
 
 
1
 
 
    2663762          354/354             F          400,000.00         ZZ
                                         180        398,682.24          1
    53 WYN OAK                         6.500          3,484.43         73
                                       6.250          3,484.43      549,500.00
    NASHVILLE        TN   37205          1            06/16/98         00
    0022022149                           05           08/01/98          0
    0022022149                           O            07/01/13
    0
 
 
    2663763          354/354             F          618,300.00         ZZ
                                         180        616,306.54          1
    6102 LAKEHURST AVENUE              6.750          5,471.40         65
                                       6.500          5,471.40      955,000.00
    DALLAS           TX   75230          2            06/19/98         00
    0022022537                           05           08/01/98          0
    0022022537                           O            07/01/13
    0
 
 
    2663764          354/354             F          416,000.00         ZZ
                                         180        404,658.77          1
    4515 VERONE STREET                 6.750          3,681.23         80
                                       6.500          3,681.23      520,000.00
    BELLAIRE         TX   77401          1            06/12/98         00
    0022024061                           05           08/01/98          0
    0022024061                           O            07/01/13
    0
 
 
    2663765          354/354             F          262,000.00         ZZ
                                         180        260,323.97          1
    1557 DEL MONTE COURT               6.875          2,336.66         59
                                       6.625          2,336.66      445,000.00
    MORAGA           CA   94556          2            04/30/98         00
    0022028591                           05           07/01/98          0
    0022028591                           O            06/01/13
    0
 
 
    2663766          354/354             F          284,000.00         ZZ
                                         180        283,104.00          1
    25 LOCUST HILL ROAD                7.000          2,552.67         80
                                       6.750          2,552.67      355,000.00
    CINCINNATI       OH   45245          1            06/15/98         00
    0022031603                           03           08/01/98          0
    0022031603                           O            07/01/13
    0
 
 
    2663768          354/354             F          300,400.00         ZZ
                                         180        298,559.88          1
    36140 CRYSTAL SPRINGS DRIVE        7.375          2,763.45         80
                                       7.125          2,763.45      375,545.00
1
 
 
    NEWARK           CA   94560          1            05/26/98         00
    0022049761                           03           07/01/98          0
    0022049761                           O            06/01/13
    0
 
 
    2663769          354/354             F          261,520.00         ZZ
                                         180        259,865.01          1
    4201 WILD SONNET TRAIL             7.000          2,350.62         80
                                       6.750          2,350.62      326,900.00
    NORCROSS         GA   30092          1            05/29/98         00
    0022049860                           03           07/01/98          0
    0022049860                           O            06/01/13
    0
 
 
    2663770          354/354             F          367,000.00         ZZ
                                         180        365,803.91          1
    4138 RICE BOULEVARD                6.625          3,222.24         64
                                       6.375          3,222.24      580,000.00
    HOUSTON          TX   77005          2            06/17/98         00
    0022055347                           05           08/01/98          0
    0022055347                           O            07/01/13
    0
 
 
    2663772          354/354             F          257,500.00         ZZ
                                         180        256,713.74          1
    62650 MONTARA DRIVE                7.375          2,368.81         94
                                       7.125          2,368.81      275,000.00
    BEND             OR   97701          1            06/15/98         11
    0022084339                           05           08/01/98         25
    0022084339                           O            07/01/13
    0
 
 
    2663773          354/354             F          250,000.00         T
                                         180        242,958.51          1
    49 PIRATES WAY                     7.375          2,299.81         50
                                       7.125          2,299.81      508,000.00
    MANTEO           NC   27954          1            10/24/97         00
    0025602699                           03           12/01/97          0
    0025602699                           O            11/01/12
    0
 
 
    2663774          354/354             F          300,000.00         ZZ
                                         180        298,101.50          1
    1315 BRISTOL RIDGE PLACE           7.000          2,696.49         62
                                       6.750          2,696.49      484,000.00
    CROWNSVILLE      MD   21032          1            05/26/98         00
    0025654120                           03           07/01/98          0
    0025654120                           O            06/01/13
    0
1
 
 
 
 
    2663775          354/354             F          291,000.00         ZZ
                                         180        285,410.44          1
    6606 VIREO COURT                   7.000          2,615.60         71
                                       6.750          2,615.60      410,000.00
    CARLSBAD         CA   92009          5            01/28/98         00
    0025872425                           03           03/01/98          0
    0025872425                           O            02/01/13
    0
 
 
    2663776          354/354             F          300,000.00         ZZ
                                         180        294,298.45          1
    1218 VALLEY QUAIL CIRCLE           7.125          2,717.50         48
                                       6.875          2,717.50      629,950.00
    SAN JOSE         CA   95120          1            01/12/98         00
    0025878539                           03           03/01/98          0
    0025878539                           O            02/01/13
    0
 
 
    2663777          354/354             F          275,000.00         ZZ
                                         180        270,711.45          1
    1744 GLENWOOD PLACE                6.875          2,452.60         73
                                       6.625          2,452.60      380,000.00
    MEMPHIS          TN   38104          1            04/15/98         00
    0025885641                           05           06/01/98          0
    0025885641                           O            05/01/13
    0
 
 
    2663778          354/354             F          300,100.00         ZZ
                                         180        297,866.18          1
    8170 HEATHER BOW                   6.750          2,655.62         61
                                       6.500          2,655.62      495,000.00
    JOHNSTON         IA   50131          2            05/13/98         00
    0025914169                           05           07/01/98          0
    0025914169                           O            06/01/13
    0
 
 
    2663779          354/354             F          491,000.00         ZZ
                                         180        481,367.23          1
    4590 VISTA DE LA PATRIA            6.750          4,344.91         59
                                       6.500          4,344.91      840,000.00
    DEL MAR          CA   92014          2            01/26/98         00
    0025928573                           05           03/01/98          0
    0025928573                           O            02/01/13
    0
 
 
    2663780          354/354             F          270,000.00         ZZ
                                         180        265,781.93          1
1
 
 
    2473 MONTGOMERY AVENUE             7.250          2,464.73         53
                                       7.000          2,464.73      510,000.00
    CARDIFF          CA   92007          2            02/09/98         00
    0025962903                           05           04/01/98          0
    0025962903                           O            03/01/13
    0
 
 
    2663781          354/354             F          495,000.00         ZZ
                                         180        488,832.17          1
    4431 BROOKVIEW DRIVE               7.250          4,518.68         75
                                       7.000          4,518.68      660,000.00
    DALLAS           TX   75220          5            03/20/98         00
    0025967548                           05           05/01/98          0
    0025967548                           O            04/01/13
    0
 
 
    2663782          354/354             F          290,000.00         ZZ
                                         180        287,239.13          1
    519 SKIFF CIRCLE                   7.000          2,606.61         69
                                       6.750          2,606.61      425,000.00
    REDWOOD CITY     CA   94065          2            04/13/98         00
    0026018416                           05           06/01/98          0
    0026018416                           O            05/01/13
    0
 
 
    2663783          354/354             F          555,000.00         T
                                         180        548,084.58          1
    434 HICKORY DRIVE                  7.250          5,066.39         75
                                       7.000          5,066.39      740,000.00
    HIGHLANDS        NC   28741          1            03/31/98         00
    0026020602                           03           05/01/98          0
    0026020602                           O            04/01/13
    0
 
 
    2663784          354/354             F          300,000.00         ZZ
                                         180        298,060.10          1
    21233 DUNLORA DRIVE                6.750          2,654.73         69
                                       6.500          2,654.73      440,000.00
    RAPIDAN          VA   22733          2            05/22/98         00
    0026022285                           05           07/01/98          0
    0026022285                           O            06/01/13
    0
 
 
    2663785          354/354             F          390,000.00         ZZ
                                         180        384,927.80          1
    501 WELWYN ROAD                    6.750          3,451.15         80
                                       6.500          3,451.15      490,000.00
    RICHMOND         VA   23229          1            03/13/98         00
    0026048785                           05           05/01/98          0
1
 
 
    0026048785                           O            04/01/13
    0
 
 
    2663786          354/354             F          360,000.00         ZZ
                                         180        356,498.34          1
    1611 CRITTENDEN STREET NW          6.750          3,185.68         67
                                       6.500          3,185.68      538,000.00
    WASHINGTON       DC   20011          2            04/03/98         00
    0026051078                           05           06/01/98          0
    0026051078                           O            05/01/13
    0
 
 
    2663787          354/354             F          569,750.00         ZZ
                                         180        562,340.02          1
    3828 CENTENARY AVENUE              6.750          5,041.78         64
                                       6.500          5,041.78      900,000.00
    UNIVERSITY PARK  TX   75225          2            03/23/98         00
    0026054304                           03           05/01/98          0
    0026054304                           O            04/01/13
    0
 
 
    2663788          354/354             F          400,000.00         ZZ
                                         120        395,332.77          1
    2545 FLAMINGO DRIVE                6.875          4,618.62         56
                                       6.625          4,618.62      725,000.00
    MIAMI BEACH      FL   33140          5            05/08/98         00
    0026066969                           05           07/01/98          0
    0026066969                           O            06/01/08
    0
 
 
    2663789          354/354             F          234,000.00         ZZ
                                         180        231,843.28          1
    15730 SOUTHWEST WINDHAM            7.375          2,152.63         90
    TERRACE                            7.125          2,152.63      260,000.00
    TIGARD           OR   97224          2            04/13/98         10
    0026068429                           05           06/01/98         12
    0026068429                           O            05/01/13
    0
 
 
    2663790          354/354             F          265,000.00         ZZ
                                         180        262,477.14          1
    5570 BOBBY DRIVE                   7.000          2,381.90         80
                                       6.750          2,381.90      332,000.00
    LIVERMORE        CA   94550          2            04/15/98         00
    0026092064                           05           06/01/98          0
    0026092064                           O            05/01/13
    0
 
 
1
 
 
    2663791          354/354             F          295,000.00         ZZ
                                         180        281,350.57          1
    420 MENDOZA TERRACE                6.750          2,610.49         38
                                       6.500          2,610.49      795,000.00
    NEWPORT BEACH    CA   92625          2            03/09/98         00
    0026104703                           03           05/01/98          0
    0026104703                           O            04/01/13
    0
 
 
    2663792          354/354             F          235,000.00         ZZ
                                         180        232,714.20          1
    404 RICE HOPE DRIVE                6.750          2,079.54         42
                                       6.500          2,079.54      567,000.00
    MOUNT PLEASANT   SC   29464          2            04/17/98         00
    0026123067                           03           06/01/98          0
    0026123067                           O            05/01/13
    0
 
 
    2663793          354/354             F          283,500.00         ZZ
                                         180        280,771.86          1
    41885 MISSION CREEK DRIVE          6.875          2,528.41         61
                                       6.625          2,528.41      470,000.00
    FREMONT          CA   94539          2            04/01/98         00
    0026130104                           05           06/01/98          0
    0026130104                           O            05/01/13
    0
 
 
    2663794          354/354             F          320,000.00         ZZ
                                         180        315,539.54          1
    3190 DIABLO VIEW ROAD              6.750          2,831.72         59
                                       6.500          2,831.72      550,000.00
    LAFAYETTE        CA   94549          2            04/21/98         00
    0026130237                           05           06/01/98          0
    0026130237                           O            05/01/13
    0
 
 
    2663795          354/354             F          275,000.00         ZZ
                                         180        271,573.42          1
    5422 FARQUHAR DRIVE                7.250          2,510.38         46
                                       7.000          2,510.38      600,000.00
    DALLAS           TX   75209          5            03/12/98         00
    0026131862                           05           05/01/98          0
    0026131862                           O            04/01/13
    0
 
 
    2663796          354/354             F          650,000.00         ZZ
                                         180        643,878.19          1
    17 MERRY HILL                      7.125          5,887.91         53
                                       6.875          5,887.91    1,230,000.00
1
 
 
    PIKESVILLE       MD   21208          2            04/02/98         00
    0026135921                           05           06/01/98          0
    0026135921                           O            05/01/13
    0
 
 
    2663797          354/354             F          357,000.00         ZZ
                                         180        353,601.29          1
    85 OAKMONT AVENUE                  7.000          3,208.82         48
                                       6.750          3,208.82      747,500.00
    PIEDMONT         CA   94610          5            04/01/98         00
    0026137679                           05           06/01/98          0
    0026137679                           O            05/01/13
    0
 
 
    2663798          354/354             F          345,000.00         ZZ
                                         180        341,715.53          1
    196 MESA VERDE WAY                 7.000          3,100.96         48
                                       6.750          3,100.96      725,000.00
    SAN CARLOS       CA   94070          5            04/14/98         00
    0026137992                           05           06/01/98          0
    0026137992                           O            05/01/13
    0
 
 
    2663799          354/354             F          750,000.00         ZZ
                                         120        736,835.80          1
    2341 HAVERSHAM CLOSE               6.875          8,659.90         57
                                       6.625          8,659.90    1,316,700.00
    VIRGINIA BEACH   VA   23454          2            04/06/98         00
    0026148189                           05           06/01/98          0
    0026148189                           O            05/01/08
    0
 
 
    2663801          354/354             F          268,300.00         ZZ
                                         180        265,718.12          1
    2437 FRANCISCO STREET              6.875          2,392.85         58
                                       6.625          2,392.85      466,000.00
    SAN FRANCISCO    CA   94123          2            04/20/98         00
    0026162511                           01           06/01/98          0
    0026162511                           O            05/01/13
    0
 
 
    2663802          354/354             F          383,250.00         ZZ
                                         180        379,522.19          1
    8805 GOSHEN MILL CT                6.750          3,391.42         75
                                       6.500          3,391.42      511,000.00
    GAITHERSBURG     MD   20882          5            04/16/98         00
    0026170985                           05           06/01/98          0
    0026170985                           O            05/01/13
    0
1
 
 
 
 
    2663803          354/354             F          388,800.00         ZZ
                                         180        385,058.56          1
    907 PALM BLVD                      6.875          3,467.53         80
                                       6.625          3,467.53      486,000.00
    ISLE OF PALM     SC   29451          5            04/23/98         00
    0026173179                           05           06/01/98          0
    0026173179                           O            05/01/13
    0
 
 
    2663804          354/354             F          304,000.00         ZZ
                                         180        302,096.91          1
    1880  MERION LANE                  7.125          2,753.73         75
                                       6.875          2,753.73      408,000.00
    CORAL SPRINGS    FL   33071          2            05/19/98         00
    0026177410                           03           07/01/98          0
    0026177410                           O            06/01/13
    0
 
 
    2663805          354/354             F          390,000.00         ZZ
                                         180        386,084.17          1
    1866 WEST MONTECITO WAY            7.250          3,560.17         75
                                       7.000          3,560.17      520,000.00
    SAN DIEGO        CA   92103          5            04/01/98         00
    0026187799                           05           06/01/98          0
    0026187799                           O            05/01/13
    0
 
 
    2663806          354/354             F          262,500.00         ZZ
                                         180        260,106.75          1
    1348 E CAPITOL ST NE               7.500          2,433.41         75
                                       7.250          2,433.41      350,000.00
    WASHINGTON       DC   20003          5            04/10/98         00
    0026193771                           05           06/01/98          0
    0026193771                           O            05/01/13
    0
 
 
    2663807          354/354             F          550,000.00         ZZ
                                         180        544,763.89          1
    625-627 29TH AVENUE                7.000          4,943.56         70
                                       6.750          4,943.56      790,000.00
    SAN FRANCISCO    CA   94121          5            04/21/98         00
    0026195099                           05           06/01/98          0
    0026195099                           O            05/01/13
    0
 
 
    2663808          354/354             F          427,700.00         ZZ
                                         180        425,051.42          1
1
 
 
    3800 CHARLESTON COURT              7.250          3,904.32         66
                                       7.000          3,904.32      650,000.00
    GREENVILLE       NC   27834          2            05/20/98         00
    0026197038                           05           07/01/98          0
    0026197038                           O            06/01/13
    0
 
 
    2663809          354/354             F          345,500.00         ZZ
                                         180        341,378.43          1
    8020 CROOM STATION ROAD            6.875          3,081.36         80
                                       6.625          3,081.36      435,000.00
    UPPER MARLBORO   MD   20772          2            04/22/98         00
    0026197384                           05           06/01/98          0
    0026197384                           O            05/01/13
    0
 
 
    2663810          354/354             F          630,000.00         ZZ
                                         180        622,065.23          1
    3215 PRINCETON AVENUE              7.125          5,706.74         70
                                       6.875          5,706.74      900,000.00
    HIGHLAND PARK    TX   75205          5            03/26/98         00
    0026199802                           05           05/01/98          0
    0026199802                           O            04/01/13
    0
 
 
    2663811          354/354             F          395,000.00         ZZ
                                         180        392,527.22          1
    261 GUADALUPE TERRACE              7.125          3,578.04         55
                                       6.875          3,578.04      730,000.00
    FREMONT          CA   94539          2            05/21/98         00
    0026206961                           03           07/01/98          0
    0026206961                           O            06/01/13
    0
 
 
    2663812          354/354             F          291,000.00         ZZ
                                         180        288,199.68          1
    526 MEADOWS DRIVE                  6.875          2,595.30         71
                                       6.625          2,595.30      415,000.00
    GLENDALE         CA   91202          2            04/13/98         00
    0026216879                           05           06/01/98          0
    0026216879                           O            05/01/13
    0
 
 
    2663813          354/354             F          344,776.00         ZZ
                                         180        341,493.66          1
    267  CLAYMONT DRIVE                7.000          3,098.95         68
                                       6.750          3,098.95      514,000.00
    EARLYSVILLE      VA   22936          2            04/24/98         00
    0026227140                           03           06/01/98          0
1
 
 
    0026227140                           O            05/01/13
    0
 
 
    2663814          354/354             F          348,000.00         ZZ
                                         180        343,474.03          1
    8315 HORSESHOE BAR ROAD            6.750          3,079.49         80
                                       6.500          3,079.49      435,000.00
    LOOMIS           CA   95650          2            03/23/98         00
    0026235903                           05           05/01/98          0
    0026235903                           O            04/01/13
    0
 
 
    2663815          354/354             F          444,000.00         ZZ
                                         180        439,818.32          1
    33 WALKER TERRACE                  7.125          4,021.90         58
                                       6.875          4,021.90      775,000.00
    ATLANTA          GA   30309          5            04/09/98         00
    0026237271                           05           06/01/98          0
    0026237271                           O            05/01/13
    0
 
 
    2663816          354/354             F          385,000.00         ZZ
                                         180        381,374.02          1
    5 SLEEPY HOLLOW DRIVE              7.125          3,487.45         41
                                       6.875          3,487.45      950,000.00
    CARMEL VALLEY    CA   93924          2            04/15/98         00
    0026239053                           03           06/01/98          0
    0026239053                           O            05/01/13
    0
 
 
    2663817          354/354             F          400,000.00         ZZ
                                         180        396,191.91          1
    110 SILVER LAKE ROAD               7.000          3,595.32         48
                                       6.750          3,595.32      850,000.00
    SAINT SIMONS     GA   31522          5            04/17/98         00
    0026243378                           05           06/01/98          0
    0026243378                           O            05/01/13
    0
 
 
    2663818          354/354             F          583,000.00         ZZ
                                         180        578,264.78          1
    755 VIA AIROSA                     6.875          5,199.52         59
                                       6.625          5,199.52      995,000.00
    SANTA BARBARA    CA   93110          2            05/08/98         00
    0026246702                           03           07/01/98          0
    0026246702                           O            06/01/13
    0
 
 
1
 
 
    2663819          354/354             F          275,300.00         ZZ
                                         180        272,277.92          1
    20975 E ZAYANTE ROAD               7.000          2,474.48         72
                                       6.750          2,474.48      387,000.00
    LOS GATOS        CA   95033          2            04/23/98         00
    0026246942                           05           06/01/98          0
    0026246942                           O            05/01/13
    0
 
 
    2663820          354/354             F          260,000.00         ZZ
                                         180        257,577.57          1
    9920 SOUTHWEST 59TH AVENUE         7.250          2,373.45         68
                                       7.000          2,373.45      383,000.00
    MIAMI            FL   33156          5            04/27/98         00
    0026248328                           05           06/01/98          0
    0026248328                           O            05/01/13
    0
 
 
    2663821          354/354             F          458,000.00         ZZ
                                         180        455,038.41          1
    14020 SUNSET BOULEVARD             6.750          4,052.89         54
                                       6.500          4,052.89      850,000.00
    PACIFIC PALISAD  CA   90272          5            05/01/98         00
    0026258269                           05           07/01/98          0
    0026258269                           O            06/01/13
    0
 
 
    2663823          354/354             F          334,600.00         ZZ
                                         180        333,567.10          1
    8011 WOODGLEN DR                   7.250          3,054.44         77
                                       7.000          3,054.44      435,000.00
    WEST CHESTER     OH   45069          2            06/12/98         00
    0026258574                           03           08/01/98          0
    0026258574                           O            07/01/13
    0
 
 
    2663824          354/354             F          286,500.00         ZZ
                                         180        283,009.28          1
    230 BEACHSIDE COVE                 6.750          2,535.27         64
                                       6.500          2,535.27      450,000.00
    LOCUST GROVE     VA   22508          2            04/24/98         00
    0026262782                           03           06/01/98          0
    0026262782                           O            05/01/13
    0
 
 
    2663825          354/354             F          463,600.00         ZZ
                                         180        460,634.33          1
    18822 VIA PALATINO                 6.875          4,134.64         80
                                       6.625          4,134.64      579,500.00
1
 
 
    IRVINE           CA   92612          1            05/12/98         00
    0026264689                           03           07/01/98          0
    0026264689                           O            06/01/13
    0
 
 
    2663826          354/354             F          431,000.00         ZZ
                                         180        426,432.53          1
    1245 COX ROAD                      6.750          3,813.96         48
                                       6.500          3,813.96      900,000.00
    APTOS            CA   95003          2            04/01/98         00
    0026265876                           05           06/01/98          0
    0026265876                           O            05/01/13
    0
 
 
    2663827          354/354             F          375,000.00         ZZ
                                         180        372,626.88          1
    3820 CATHEDRAL AVE NW              7.000          3,370.61         60
                                       6.750          3,370.61      625,000.00
    WASHINGTON       DC   20016          1            05/29/98         00
    0026269274                           05           07/01/98          0
    0026269274                           O            06/01/13
    0
 
 
    2663828          354/354             F          375,000.00         ZZ
                                         180        372,575.11          1
    200 MALLARD COVE LANE              6.750          3,318.42         55
                                       6.500          3,318.42      685,000.00
    STEVENSVILLE     MD   21666          5            05/01/98         00
    0026271403                           05           07/01/98          0
    0026271403                           O            06/01/13
    0
 
 
    2663830          354/354             F          290,000.00         ZZ
                                         180        284,731.77          1
    2720 CANTOR DRIVE                  6.750          2,566.24         60
                                       6.500          2,566.24      485,000.00
    MORGAN HILL      CA   95037          2            04/13/98         00
    0026281691                           05           06/01/98          0
    0026281691                           O            05/01/13
    0
 
 
    2663831          354/354             F          319,200.00         ZZ
                                         180        316,128.32          1
    21 CHENILE                         6.875          2,846.80         73
                                       6.625          2,846.80      440,000.00
    IRVINE           CA   92614          2            04/29/98         00
    0026281733                           03           06/01/98          0
    0026281733                           O            05/01/13
    0
1
 
 
 
 
    2663832          354/354             F          255,000.00         ZZ
                                         180        253,368.76          1
    810 CASTOR STREET                  6.875          2,274.23         51
                                       6.625          2,274.23      505,000.00
    FOSTER CITY      CA   94404          2            05/04/98         00
    0026284224                           05           07/01/98          0
    0026284224                           O            06/01/13
    0
 
 
    2663833          354/354             F          409,500.00         ZZ
                                         180        408,035.88          1
    1203 PROSPECT HEIGHTS              7.250          3,738.18         75
                                       7.000          3,738.18      546,000.00
    SANTA CRUZ       CA   95065          5            06/01/98         00
    0026284380                           05           08/01/98          0
    0026284380                           O            07/01/13
    0
 
 
    2663834          354/354             F          256,000.00         ZZ
                                         180        253,509.94          1
    19291 WINGED FOOT CIRCLE           6.750          2,265.37         80
                                       6.500          2,265.37      321,000.00
    HUNTINGTON BEAC  CA   92648          2            04/10/98         00
    0026284802                           03           06/01/98          0
    0026284802                           O            05/01/13
    0
 
 
    2663835          354/354             F          292,500.00         ZZ
                                         180        289,685.24          1
    803 REGAL ROAD                     6.875          2,608.68         55
                                       6.625          2,608.68      540,000.00
    BERKELEY         CA   94708          2            04/02/98         00
    0026290007                           05           06/01/98          0
    0026290007                           O            05/01/13
    0
 
 
    2663836          354/354             F          265,400.00         ZZ
                                         180        262,846.01          1
    215 1/2 EL CAMINO DRIVE            6.875          2,366.99         74
                                       6.625          2,366.99      363,000.00
    SCOTTS VALLEY    CA   95066          5            04/13/98         00
    0026290460                           05           06/01/98          0
    0026290460                           O            05/01/13
    0
 
 
    2663837          354/354             F          340,000.00         ZZ
                                         180        337,395.55          1
1
 
 
    1903 MAYFLOWER DRIVE               7.000          3,056.02         80
                                       6.750          3,056.02      425,000.00
    DALLAS           TX   75208          2            05/13/98         00
    0026291831                           05           07/01/98          0
    0026291831                           O            06/01/13
    0
 
 
    2663838          354/354             F          295,000.00         ZZ
                                         180        292,221.63          1
    48949 PEAK VIEW DRIVE              7.125          2,672.21         67
                                       6.875          2,672.21      445,000.00
    FREMONT          CA   94539          2            04/08/98         00
    0026293787                           05           06/01/98          0
    0026293787                           O            05/01/13
    0
 
 
    2663839          354/354             F          400,000.00         ZZ
                                         180        396,191.91          1
    2703 SCENIC DRIVE                  7.000          3,595.32         64
                                       6.750          3,595.32      630,000.00
    AUSTIN           TX   78703          5            04/21/98         00
    0026294660                           05           06/01/98          0
    0026294660                           O            05/01/13
    0
 
 
    2663840          354/354             F          291,000.00         ZZ
                                         180        288,169.50          1
    6204 FOREST PARK DRIVE             6.750          2,575.09         30
                                       6.500          2,575.09    1,000,000.00
    SIGNAL MOUNTAIN  TN   37377          2            04/23/98         00
    0026295485                           05           06/01/98          0
    0026295485                           O            05/01/13
    0
 
 
    2663841          354/354             F          243,000.00         ZZ
                                         180        240,686.58          1
    7612 KELMSCOT WAY                  7.000          2,184.16         51
                                       6.750          2,184.16      480,000.00
    RALEIGH          NC   27615          2            04/27/98         00
    0026295923                           03           06/01/98          0
    0026295923                           O            05/01/13
    0
 
 
    2663842          354/354             F          550,000.00         ZZ
                                         180        544,820.00          1
    1251 SUNSET PLAZA DRIVE            7.125          4,982.08         64
                                       6.875          4,982.08      870,000.00
    LOS ANGELES      CA   90069          2            04/15/98         00
    0026297663                           05           06/01/98          0
1
 
 
    0026297663                           O            05/01/13
    0
 
 
    2663843          354/354             F          280,000.00         ZZ
                                         180        275,118.89          1
    1323 GREENBROOK DRIVE              7.250          2,556.02         79
                                       7.000          2,556.02      355,000.00
    DANVILLE         CA   94526          2            04/24/98         00
    0026297895                           03           06/01/98          0
    0026297895                           O            05/01/13
    0
 
 
    2663844          354/354             F          426,000.00         ZZ
                                         180        424,670.53          1
    741 DESOTO DRIVE                   7.125          3,858.85         62
                                       6.875          3,858.85      690,000.00
    PALO ALTO        CA   94303          2            06/08/98         00
    0026297978                           05           08/01/98          0
    0026297978                           O            07/01/13
    0
 
 
    2663845          354/354             F          472,500.00         ZZ
                                         180        466,972.91          1
    24 VICTORIA DRIVE                  6.875          4,214.02         80
                                       6.625          4,214.02      595,000.00
    ROWLETT          TX   75088          2            05/04/98         00
    0026301705                           05           07/01/98          0
    0026301705                           O            06/01/13
    0
 
 
    2663846          354/354             F          270,000.00         ZZ
                                         180        268,272.80          1
    3 IRVING STREET E                  6.875          2,408.01         41
                                       6.625          2,408.01      668,000.00
    CHEVY CHASE      MD   20815          5            05/08/98         00
    0026302786                           05           07/01/98          0
    0026302786                           O            06/01/13
    0
 
 
    2663847          354/354             F          473,000.00         ZZ
                                         180        468,545.20          1
    3173 SOUTH COURT                   7.125          4,284.59         73
                                       6.875          4,284.59      650,000.00
    PALO ALTO        CA   94306          5            04/08/98         00
    0026303263                           05           06/01/98          0
    0026303263                           O            05/01/13
    0
 
 
1
 
 
    2663848          354/354             F          250,000.00         ZZ
                                         180        247,594.22          1
    110  CAMINO ENCANTO                6.875          2,229.64         70
                                       6.625          2,229.64      360,000.00
    DANVILLE         CA   94526          2            04/17/98         00
    0026304584                           05           06/01/98          0
    0026304584                           O            05/01/13
    0
 
 
    2663850          354/354             F          505,000.00         ZZ
                                         180        501,872.74          1
    4224 MOORLAND DRIVE                7.250          4,609.96         49
                                       7.000          4,609.96    1,045,000.00
    CHARLOTTE        NC   28226          2            05/22/98         00
    0026305490                           03           07/01/98          0
    0026305490                           O            06/01/13
    0
 
 
    2663851          354/354             F          400,000.00         T
                                         180        397,413.47          1
    3940 7TH AVENUE                    6.750          3,539.64         80
    UNIT 301                           6.500          3,539.64      506,000.00
    SAN DIEGO        CA   92103          1            05/07/98         00
    0026307165                           01           07/01/98          0
    0026307165                           O            06/01/13
    0
 
 
    2663852          354/354             F          306,000.00         ZZ
                                         180        304,084.38          1
    5322 NORTHEAST 42ND STREET         7.125          2,771.85         49
                                       6.875          2,771.85      635,000.00
    SEATTLE          WA   98105          5            05/13/98         00
    0026309898                           05           07/01/98          0
    0026309898                           O            06/01/13
    0
 
 
    2663853          354/354             F          287,900.00         ZZ
                                         180        285,217.63          1
    12985 CLAYMONT COURT               7.250          2,628.14         80
                                       7.000          2,628.14      359,900.00
    SAN DIEGO        CA   92130          1            04/09/98         00
    0026310953                           05           06/01/98          0
    0026310953                           O            05/01/13
    0
 
 
    2663854          354/354             F          350,000.00         ZZ
                                         180        346,703.66          1
    18052 CENTER STREET                7.125          3,170.41         64
                                       6.875          3,170.41      550,000.00
1
 
 
    CASTRO VALLEY    CA   94546          2            04/08/98         00
    0026315044                           05           06/01/98          0
    0026315044                           O            05/01/13
    0
 
 
    2663855          354/354             F          243,000.00         ZZ
                                         180        240,686.58          1
    1634 WYNDHAM DRIVE                 7.000          2,184.16         59
                                       6.750          2,184.16      413,000.00
    SAN JOSE         CA   95124          2            04/22/98         00
    0026315481                           05           06/01/98          0
    0026315481                           O            05/01/13
    0
 
 
    2663856          354/354             F          303,300.00         ZZ
                                         180        300,474.15          1
    34 COLLINS STREET                  7.250          2,768.72         63
                                       7.000          2,768.72      485,000.00
    SAN FRANCISCO    CA   94118          2            04/14/98         00
    0026316000                           01           06/01/98          0
    0026316000                           O            05/01/13
    0
 
 
    2663857          354/354             F          374,400.00         T
                                         180        370,835.63          1
    5334 RENAISSANCE AVENUE            7.000          3,365.22         80
                                       6.750          3,365.22      468,000.00
    SAN DIEGO        CA   92122          1            04/14/98         00
    0026319038                           01           06/01/98          0
    0026319038                           O            05/01/13
    0
 
 
    2663859          354/354             F          350,000.00         ZZ
                                         180        346,219.72          1
    6049 DEERFORD ROW                  7.125          3,170.41         58
                                       6.875          3,170.41      605,000.00
    LA JOLLA         CA   92037          2            04/24/98         00
    0026325274                           03           06/01/98          0
    0026325274                           O            05/01/13
    0
 
 
    2663860          354/354             F          475,000.00         ZZ
                                         180        467,236.59          1
    3426 VISTA HAVEN ROAD              7.250          4,336.10         80
                                       7.000          4,336.10      600,000.00
    SHERMAN OAKS     CA   91403          2            04/23/98         00
    0026330118                           05           06/01/98          0
    0026330118                           O            05/01/13
    0
1
 
 
 
 
    2663861          354/354             F          600,000.00         T
                                         180        596,120.20          1
    253 LONGFELLOW COVE                6.750          5,309.46         54
                                       6.500          5,309.46    1,125,000.00
    COROLLA          NC   27927          2            05/07/98         00
    0026331777                           03           07/01/98          0
    0026331777                           O            06/01/13
    0
 
 
    2663862          354/354             F          356,500.00         ZZ
                                         180        354,194.74          1
    1551 REEVES STREET                 6.750          3,154.71         79
                                       6.500          3,154.71      455,000.00
    LOS ANGELES      CA   90035          2            05/17/98         00
    0026332510                           05           07/01/98          0
    0026332510                           O            06/01/13
    0
 
 
    2663863          354/354             F          271,000.00         ZZ
                                         180        268,420.02          1
    10809 BRADDOCK DRIVE               7.000          2,435.83         79
                                       6.750          2,435.83      345,000.00
    CULVER CITY      CA   90230          2            04/21/98         00
    0026332692                           05           06/01/98          0
    0026332692                           O            05/01/13
    0
 
 
    2663864          354/354             F          266,000.00         ZZ
                                         180        263,440.25          1
    3459 EDINBURGH DRIVE               6.875          2,372.34         62
                                       6.625          2,372.34      430,000.00
    LIVERMORE        CA   94550          2            04/17/98         00
    0026334540                           05           06/01/98          0
    0026334540                           O            05/01/13
    0
 
 
    2663865          354/354             F          468,000.00         ZZ
                                         180        465,070.25          1
    11370 PAGE MILL ROAD               7.125          4,239.29         47
                                       6.875          4,239.29    1,015,000.00
    LOS ALTOS HILLS  CA   94022          2            05/01/98         00
    0026335091                           05           07/01/98          0
    0026335091                           O            06/01/13
    0
 
 
    2663866          354/354             F          344,000.00         ZZ
                                         180        341,792.19          1
1
 
 
    12308 LOCH CARRON CIRCLE           7.375          3,164.54         80
                                       7.125          3,164.54      430,000.00
    FORT WASHINGTON  MD   20744          2            05/08/98         00
    0026335950                           05           07/01/98          0
    0026335950                           O            06/01/13
    0
 
 
    2663867          354/354             F          404,000.00         ZZ
                                         180        401,415.58          1
    16170 BIMINI LANE                  6.875          3,603.10         75
                                       6.625          3,603.10      540,000.00
    HUNTINGTON BEAC  CA   92649          2            05/08/98         00
    0026338327                           03           07/01/98          0
    0026338327                           O            06/01/13
    0
 
 
    2663868          354/354             F          466,000.00         ZZ
                                         180        462,045.17          1
    11688 VALLEYCREST ROAD             7.000          4,188.54         61
                                       6.750          4,188.54      775,000.00
    STUDIO CITY      CA   91604          2            05/17/98         00
    0026340885                           05           07/01/98          0
    0026340885                           O            06/01/13
    0
 
 
    2663870          354/354             F          360,000.00         ZZ
                                         180        356,717.82          1
    18693 MCCOY AVENUE                 7.500          3,337.25         75
                                       7.250          3,337.25      480,000.00
    SARATOGA         CA   95070          5            04/29/98         00
    0026344267                           05           06/01/98          0
    0026344267                           O            05/01/13
    0
 
 
    2663871          354/354             F          380,000.00         ZZ
                                         180        376,343.23          1
    1803 RANDALL ROAD                  6.875          3,389.05         70
                                       6.625          3,389.05      550,000.00
    SAN MATEO        CA   94402          2            04/20/98         00
    0026344283                           05           06/01/98          0
    0026344283                           O            05/01/13
    0
 
 
    2663872          354/354             F          253,616.00         ZZ
                                         180        252,028.32          1
    4525 CROSSTIMBER DRI               7.125          2,297.34         88
                                       6.875          2,297.34      290,900.00
    PLANO            TX   75093          2            05/21/98         04
    0026349126                           05           07/01/98         25
1
 
 
    0026349126                           O            06/01/13
    0
 
 
    2663873          354/354             F          289,000.00         ZZ
                                         180        288,068.24          1
    1225 VIA VISALIA                   6.750          2,557.39         67
                                       6.500          2,557.39      435,000.00
    SAN CLEMENTE     CA   92672          2            06/03/98         00
    0026350165                           03           08/01/98          0
    0026350165                           O            07/01/13
    0
 
 
    2663874          354/354             F          420,000.00         ZZ
                                         180        417,284.14          1
    8560 PONCE DE LEON ROAD            6.750          3,716.62         78
                                       6.500          3,716.62      540,000.00
    MIAMI            FL   33143          2            05/06/98         00
    0026351205                           05           07/01/98          0
    0026351205                           O            06/01/13
    0
 
 
    2663875          354/354             F          363,000.00         ZZ
                                         180        358,929.25          1
    505 FOOTHILL ROAD                  6.750          3,212.23         49
                                       6.500          3,212.23      750,000.00
    OJAI             CA   93023          2            04/24/98         00
    0026351395                           05           06/01/98          0
    0026351395                           O            05/01/13
    0
 
 
    2663876          354/354             F          492,000.00         ZZ
                                         180        487,366.27          1
    1202 EL MONTE AVENUE               7.125          4,456.69         80
                                       6.875          4,456.69      615,000.00
    ARCADIA          CA   91007          1            04/29/98         00
    0026352286                           05           06/01/98          0
    0026352286                           O            05/01/13
    0
 
 
    2663877          354/354             F          360,000.00         ZZ
                                         180        357,697.06          1
    170 SANTA ANA AVENUE               6.875          3,210.68         80
                                       6.625          3,210.68      455,000.00
    LONG BEACH       CA   90803          2            05/21/98         00
    0026353128                           05           07/01/98          0
    0026353128                           O            06/01/13
    0
 
 
1
 
 
    2663878          354/354             F          298,300.00         ZZ
                                         180        295,426.65          1
    3974 HUDDINGTON COURT              7.125          2,702.10         42
                                       6.875          2,702.10      725,000.00
    WINSTON-SALEM    NC   27106          2            05/22/98         00
    0026356238                           05           07/01/98          0
    0026356238                           O            06/01/13
    0
 
 
    2663879          354/354             F          326,000.00         T
                                         180        325,004.58          1
    1407 CANAL DRIVE                   7.375          2,998.96         73
                                       7.125          2,998.96      447,500.00
    SUNSET BEACH     NC   28468          2            06/05/98         00
    0026358176                           05           08/01/98          0
    0026358176                           O            07/01/13
    0
 
 
    2663880          354/354             F          285,000.00         ZZ
                                         180        283,176.83          1
    9305 SEABROOK NORTHEAST            6.875          2,541.79         66
                                       6.625          2,541.79      435,000.00
    ALBUQUERQUE      NM   87111          2            05/05/98         00
    0026358994                           03           07/01/98          0
    0026358994                           O            06/01/13
    0
 
 
    2663881          354/354             F          300,000.00         ZZ
                                         180        298,080.88          1
    1500 EMMONS CANYON DRIVE           6.875          2,675.57         49
                                       6.625          2,675.57      619,000.00
    ALAMO            CA   94507          1            05/06/98         00
    0026360800                           03           07/01/98          0
    0026360800                           O            06/01/13
    0
 
 
    2663882          354/354             F          257,000.00         ZZ
                                         180        255,408.51          1
    2966 MERIDIEN CIRCLE               7.250          2,346.06         66
                                       7.000          2,346.06      395,000.00
    UNION CITY       CA   94587          2            05/07/98         00
    0026361212                           03           07/01/98          0
    0026361212                           O            06/01/13
    0
 
 
    2663883          354/354             F          340,000.00         ZZ
                                         180        336,797.82          1
    21053 CANYON VIEW DRIVE            7.125          3,079.83         43
                                       6.875          3,079.83      800,000.00
1
 
 
    SARATOGA         CA   95070          2            04/27/98         00
    0026361592                           05           06/01/98          0
    0026361592                           O            05/01/13
    0
 
 
    2663884          354/354             F          321,500.00         ZZ
                                         180        319,421.07          1
    119 THIRD AVENUE                   6.750          2,844.99         65
                                       6.500          2,844.99      500,000.00
    SANTA CRUZ       CA   95062          2            05/04/98         00
    0026364000                           05           07/01/98          0
    0026364000                           O            06/01/13
    0
 
 
    2663885          354/354             F          280,000.00         ZZ
                                         180        278,208.82          1
    4284 SKYLINE ROAD                  6.875          2,497.20         74
                                       6.625          2,497.20      380,000.00
    CARLSBAD         CA   92008          2            05/19/98         00
    0026364257                           03           07/01/98          0
    0026364257                           O            06/01/13
    0
 
 
    2663886          354/354             F          265,000.00         ZZ
                                         180        264,154.81          1
    102 WESTCHESTER PLACE              6.875          2,363.42         79
                                       6.625          2,363.42      336,672.00
    CHAPEL HILL      NC   27514          1            06/11/98         00
    0026365114                           03           08/01/98          0
    0026365114                           O            07/01/13
    0
 
 
    2663887          354/354             F          235,000.00         ZZ
                                         180        233,512.84          1
    2070 SALEROSO DRIVE                7.000          2,112.25         54
                                       6.750          2,112.25      436,000.00
    ROWLAND HEIGHTS  CA   91748          2            05/13/98         00
    0026367227                           05           07/01/98          0
    0026367227                           O            06/01/13
    0
 
 
    2663888          354/354             F          376,000.00         ZZ
                                         180        373,568.66          1
    17100 PINE STREET                  6.750          3,327.26         28
                                       6.500          3,327.26    1,385,000.00
    LOS GATOS        CA   95032          2            05/07/98         00
    0026370304                           05           07/01/98          0
    0026370304                           O            06/01/13
    0
1
 
 
 
 
    2663889          354/354             F          370,000.00         ZZ
                                         180        367,683.74          1
    400 HILLCREST BOULEVARD            7.125          3,351.58         73
                                       6.875          3,351.58      510,000.00
    ARCADIA          CA   91006          2            05/06/98         00
    0026371955                           05           07/01/98          0
    0026371955                           O            06/01/13
    0
 
 
    2663890          354/354             F          273,000.00         ZZ
                                         180        270,113.38          1
    1966 CAPE HILDA PLACE              7.500          2,530.75         72
                                       7.250          2,530.75      380,000.00
    SAN JOSE         CA   95133          2            04/29/98         00
    0026373266                           05           06/01/98          0
    0026373266                           O            05/01/13
    0
 
 
    2663891          354/354             F          416,900.00         ZZ
                                         180        414,007.47          1
    3504 WENTWOOD DRIVE                7.000          3,747.22         63
                                       6.750          3,747.22      667,500.00
    UNIVERSITY PARK  TX   75225          2            05/19/98         00
    0026373936                           05           07/01/98          0
    0026373936                           O            06/01/13
    0
 
 
    2663893          354/354             F          521,000.00         ZZ
                                         180        517,631.05          1
    12 BUCKTHORN                       6.750          4,610.38         70
                                       6.500          4,610.38      750,000.00
    IRVINE           CA   92604          2            05/21/98         00
    0026384396                           03           07/01/98          0
    0026384396                           O            06/01/13
    0
 
 
    2663894          354/354             F          436,000.00         ZZ
                                         180        433,300.03          1
    316 30TH STREET                    7.250          3,980.09         80
                                       7.000          3,980.09      545,000.00
    MANHATTAN BEACH  CA   90266          1            05/01/98         00
    0026385344                           05           07/01/98          0
    0026385344                           O            06/01/13
    0
 
 
    2663895          354/354             F          316,000.00         ZZ
                                         180        314,064.31          1
1
 
 
    1460 URBINO AVENUE                 7.375          2,906.96         71
                                       7.125          2,906.96      447,000.00
    CORAL GABLES     FL   33146          2            05/15/98         00
    0026389783                           05           07/01/98          0
    0026389783                           O            06/01/13
    0
 
 
    2663896          354/354             F          290,500.00         ZZ
                                         180        288,739.81          1
    1618 ST DAVID DRIVE                7.500          2,692.98         70
                                       7.250          2,692.98      415,000.00
    DANVILLE         CA   94526          5            05/01/98         00
    0026389908                           03           07/01/98          0
    0026389908                           O            06/01/13
    0
 
 
    2663897          354/354             F          288,000.00         ZZ
                                         180        286,216.53          1
    156 SUSSEX COURT                   7.250          2,629.05         72
                                       7.000          2,629.05      400,000.00
    SAN RAMON        CA   94583          2            05/05/98         00
    0026390591                           05           07/01/98          0
    0026390591                           O            06/01/13
    0
 
 
    2663898          354/354             F          279,000.00         ZZ
                                         180        277,234.39          1
    2175 TEMPLE HILLS DRIVE            7.000          2,507.74         28
                                       6.750          2,507.74    1,000,000.00
    LAGUNA BEACH     CA   92651          2            05/14/98         00
    0026390914                           05           07/01/98          0
    0026390914                           O            06/01/13
    0
 
 
    2663899          354/354             F          520,000.00         ZZ
                                         180        516,637.51          1
    17260 VIA CUATRO CAMINOS           6.750          4,601.53         59
                                       6.500          4,601.53      895,000.00
    RANCHO SANTA FE  CA   92067          5            05/08/98         00
    0026391300                           03           07/01/98          0
    0026391300                           O            06/01/13
    0
 
 
    2663900          354/354             F          356,500.00         ZZ
                                         180        353,191.92          1
    84 CASTLEWOOD DRIVE                6.750          3,154.71         51
                                       6.500          3,154.71      700,000.00
    PLEASANTON       CA   94566          2            05/11/98         00
    0026393405                           03           07/01/98          0
1
 
 
    0026393405                           O            06/01/13
    0
 
 
    2663901          354/354             F          460,000.00         ZZ
                                         180        458,516.91          1
    4417 OAKWOOD AVENUE                6.750          4,070.59         31
                                       6.500          4,070.59    1,500,000.00
    LA CANADA FLINT  CA   91011          2            06/09/98         00
    0026393850                           05           08/01/98          0
    0026393850                           O            07/01/13
    0
 
 
    2663902          354/354             F          245,250.00         ZZ
                                         180        243,731.26          1
    512 VILLAGE DRIVE                  7.250          2,238.80         75
                                       7.000          2,238.80      327,000.00
    EL CERRITO       CA   94530          5            05/18/98         00
    0026394924                           05           07/01/98          0
    0026394924                           O            06/01/13
    0
 
 
    2663903          354/354             F          304,000.00         ZZ
                                         180        301,412.74          1
    1338 GATES PLACE                   6.750          2,690.13         80
                                       6.500          2,690.13      380,000.00
    SOUTH PASADENA   CA   91030          2            05/19/98         00
    0026396242                           05           07/01/98          0
    0026396242                           O            06/01/13
    0
 
 
    2663904          354/354             F          370,400.00         ZZ
                                         180        367,580.16          1
    79 SOLANA DRIVE                    7.125          3,355.20         50
                                       6.875          3,355.20      750,000.00
    LOS ALTOS        CA   94022          5            05/22/98         00
    0026396341                           05           07/01/98          0
    0026396341                           O            06/01/13
    0
 
 
    2663905          354/354             F          278,000.00         ZZ
                                         180        277,093.96          1
    1030 VERONICA SPRINGS ROAD         6.625          2,440.83         68
                                       6.375          2,440.83      410,000.00
    SANTA BARBARA    CA   93105          5            06/16/98         00
    0026401497                           05           08/01/98          0
    0026401497                           O            07/01/13
    0
 
 
1
 
 
    2663906          354/354             F          415,000.00         ZZ
                                         180        412,316.47          1
    22531 SUNBROOK                     6.750          3,672.38         80
                                       6.500          3,672.38      525,000.00
    MISSION VIEJO    CA   92692          2            05/19/98         00
    0026401869                           03           07/01/98          0
    0026401869                           O            06/01/13
    0
 
 
    2663907          354/354             F          300,000.00         ZZ
                                         180        299,032.77          1
    1803 OMNI BOULEVARD                6.750          2,654.73         67
                                       6.500          2,654.73      450,000.00
    MT PLEASANT      SC   29464          1            06/12/98         00
    0026402099                           03           08/01/98          0
    0026402099                           O            07/01/13
    0
 
 
    2663908          354/354             F          290,000.00         ZZ
                                         180        288,144.86          1
    2108 VIA VIEJO                     6.875          2,586.38         79
                                       6.625          2,586.38      370,000.00
    SAN CLEMENT      CA   92673          2            05/15/98         00
    0026403576                           03           07/01/98          0
    0026403576                           O            06/01/13
    0
 
 
    2663909          354/354             F          600,000.00         ZZ
                                         180        596,161.78          1
    3742  RISING STAR LANE             6.875          5,351.13         32
                                       6.625          5,351.13    1,900,000.00
    PARK CITY        UT   84060          2            05/18/98         00
    0026403667                           05           07/01/98          0
    0026403667                           O            06/01/13
    0
 
 
    2663910          354/354             F          413,000.00         ZZ
                                         180        411,682.79          1
    6418 NOBLE ROCK COURT              6.875          3,683.36         80
                                       6.625          3,683.36      520,000.00
    CLIFTON          VA   20124          5            06/18/98         00
    0026405209                           03           08/01/98          0
    0026405209                           O            07/01/13
    0
 
 
    2663911          354/354             F          630,000.00         ZZ
                                         180        625,926.21          1
    297 CRESTA VISTA DRIVE             6.750          5,574.93         80
                                       6.500          5,574.93      789,000.00
1
 
 
    SAN FRANCISCO    CA   94127          1            05/08/98         00
    0026407122                           05           07/01/98          0
    0026407122                           O            06/01/13
    0
 
 
    2663912          354/354             F          291,000.00         ZZ
                                         180        289,138.46          1
    4380 MANSFIELD DRIVE               6.875          2,595.30         59
                                       6.625          2,595.30      500,000.00
    DANVILLE         CA   94506          2            05/04/98         00
    0026412296                           03           07/01/98          0
    0026412296                           O            06/01/13
    0
 
 
    2663913          354/354             F          284,000.00         ZZ
                                         180        282,222.10          1
    7107 PACIFIC VIEW DRIVE            7.125          2,572.57         80
                                       6.875          2,572.57      355,000.00
    LOS ANGELES      CA   90068          1            05/06/98         00
    0026412601                           05           07/01/98          0
    0026412601                           O            06/01/13
    0
 
 
    2663914          354/354             F          441,500.00         ZZ
                                         180        437,341.74          1
    13443 WYNGATE POINT                6.750          3,906.88         66
                                       6.500          3,906.88      675,000.00
    SAN DIEGO        CA   92130          2            05/14/98         00
    0026412668                           03           07/01/98          0
    0026412668                           O            06/01/13
    0
 
 
    2663915          354/354             F          339,000.00         ZZ
                                         180        336,831.40          1
    22784 CHARLEMONT PLACE             6.875          3,023.39         70
                                       6.625          3,023.39      485,000.00
    WOODLAND HILLS   CA   91364          5            05/14/98         00
    0026417352                           05           07/01/98          0
    0026417352                           O            06/01/13
    0
 
 
    2663916          354/354             F          400,000.00         ZZ
                                         180        397,441.19          1
    3620 42ND AVENUE NORTHEAST         6.875          3,567.42         48
                                       6.625          3,567.42      835,000.00
    SEATTLE          WA   98105          5            05/07/98         00
    0026419283                           05           07/01/98          0
    0026419283                           O            06/01/13
    0
1
 
 
 
 
    2663917          354/354             F          480,000.00         ZZ
                                         180        476,995.13          1
    5746 VIA MONTECITO                 7.125          4,347.99         54
                                       6.875          4,347.99      900,000.00
    LOOMIS           CA   95650          2            05/21/98         00
    0026420158                           03           07/01/98          0
    0026420158                           O            06/01/13
    0
 
 
    2663918          354/354             F          325,000.00         ZZ
                                         180        323,963.45          1
    3328 BELLEMEADE DRIVE              6.875          2,898.53         72
                                       6.625          2,898.53      453,500.00
    VALDOSTA         GA   31605          2            06/08/98         00
    0026420182                           05           08/01/98          0
    0026420182                           O            07/01/13
    0
 
 
    2663919          354/354             F          291,000.00         ZZ
                                         180        289,217.46          1
    975 WEST CALIFORNIA AVENUE         7.375          2,676.98         35
                                       7.125          2,676.98      850,000.00
    MILL VALLEY      CA   94941          2            05/05/98         00
    0026420588                           05           07/01/98          0
    0026420588                           O            06/01/13
    0
 
 
    2663920          354/354             F          408,000.00         ZZ
                                         180        405,387.54          1
    336   S ORANGE GROVE               6.875          3,638.77         80
                                       6.625          3,638.77      510,000.00
    PASADENA         CA   91105          2            05/11/98         00
    0026421073                           01           07/01/98          0
    0026421073                           O            06/01/13
    0
 
 
    2663921          354/354             F          277,000.00         ZZ
                                         180        274,953.68          1
    2112 BURNT MILL ROAD               6.750          2,451.20         74
                                       6.500          2,451.20      375,000.00
    TUSTIN           CA   92782          2            05/22/98         00
    0026421792                           03           07/01/98          0
    0026421792                           O            06/01/13
    0
 
 
    2663923          354/354             F          390,000.00         ZZ
                                         180        387,002.28          1
1
 
 
    159 EAST STAGECOACH ROAD           6.875          3,478.24         75
                                       6.625          3,478.24      520,000.00
    BELL CANYON      CA   91307          5            05/07/98         00
    0026422519                           03           07/01/98          0
    0026422519                           O            06/01/13
    0
 
 
    2663924          354/354             F          336,000.00         ZZ
                                         180        333,850.58          1
    1616 CHAPIN AVENUE                 6.875          2,996.64         34
                                       6.625          2,996.64    1,000,000.00
    BURLINGAME       CA   94010          5            05/12/98         00
    0026425710                           05           07/01/98          0
    0026425710                           O            06/01/13
    0
 
 
    2663925          354/354             F          649,500.00         ZZ
                                         180        645,477.91          1
    2737 VIA OLEADAS                   7.250          5,929.05         40
                                       7.000          5,929.05    1,650,000.00
    PALOS VERDES ES  CA   90274          5            05/18/98         00
    0026426254                           05           07/01/98          0
    0026426254                           O            06/01/13
    0
 
 
    2663926          354/354             F          250,400.00         T
                                         180        249,601.37          1
    102 BLUE HERON LANE                6.875          2,233.21         80
                                       6.625          2,233.21      313,000.00
    DUCK             NC   27949          1            06/15/98         00
    0026428144                           03           08/01/98          0
    0026428144                           O            07/01/13
    0
 
 
    2663927          354/354             F          300,000.00         ZZ
                                         180        298,101.50          1
    315 FITCHBURG SQUARE               7.000          2,696.49         70
                                       6.750          2,696.49      430,000.00
    FOLSOM           CA   95630          5            05/20/98         00
    0026428730                           05           07/01/98          0
    0026428730                           O            06/01/13
    0
 
 
    2663928          354/354             F          500,000.00         ZZ
                                         180        448,125.76          1
    12788 HOMES DRIVE                  7.500          4,635.07         69
                                       7.250          4,635.07      725,000.00
    SARATOGA         CA   95070          5            06/01/98         00
    0026428979                           05           08/01/98          0
1
 
 
    0026428979                           O            07/01/13
    0
 
 
    2663929          354/354             F          300,000.00         ZZ
                                         180        298,121.94          1
    1636 CORONADO WAY                  7.125          2,717.50         64
                                       6.875          2,717.50      470,000.00
    BURLINGAME       CA   94010          2            05/19/98         00
    0026429134                           05           07/01/98          0
    0026429134                           O            06/01/13
    0
 
 
    2663930          354/354             F          380,000.00         ZZ
                                         180        377,558.11          1
    9 SILK OAK CIRCLE                  6.875          3,389.05         43
                                       6.625          3,389.05      885,000.00
    SAN RAFAEL       CA   94901          2            05/04/98         00
    0026431114                           05           07/01/98          0
    0026431114                           O            06/01/13
    0
 
 
    2663931          354/354             F          291,000.00         ZZ
                                         180        289,158.44          1
    3084 DELTA ROAD                    7.000          2,615.60         80
                                       6.750          2,615.60      364,000.00
    SAN JOSE         CA   95135          1            05/21/98         00
    0026431353                           05           07/01/98          0
    0026431353                           O            06/01/13
    0
 
 
    2663932          354/354             F          473,000.00         ZZ
                                         180        470,070.90          1
    26872 ALMADEN COURT                7.250          4,317.85         42
                                       7.000          4,317.85    1,150,000.00
    LOS ALTOS HILLS  CA   94022          2            05/07/98         00
    0026431445                           05           07/01/98          0
    0026431445                           O            06/01/13
    0
 
 
    2663933          354/354             F          421,000.00         ZZ
                                         180        418,277.68          1
    1721 CHRISTINA DRIVE               6.750          3,725.47         61
                                       6.500          3,725.47      700,000.00
    LOS ALTOS        CA   96024          2            05/13/98         00
    0026431858                           05           07/01/98          0
    0026431858                           O            06/01/13
    0
 
 
1
 
 
    2663934          354/354             F          398,000.00         ZZ
                                         180        395,508.46          1
    2202 ANNAPOLIS DRIVE               7.125          3,605.21         64
                                       6.875          3,605.21      628,000.00
    FREMONT          CA   94539          2            05/21/98         00
    0026432138                           03           07/01/98          0
    0026432138                           O            06/01/13
    0
 
 
    2663935          354/354             F          323,600.00         ZZ
                                         180        321,639.25          1
    3231 HADDON WAY                    7.500          2,999.82         70
                                       7.250          2,999.82      465,000.00
    SAN JOSE         CA   95135          2            05/07/98         00
    0026432989                           05           07/01/98          0
    0026432989                           O            06/01/13
    0
 
 
    2663936          354/354             F          650,000.00         ZZ
                                         180        635,184.75          1
    35 STILL CREEK ROAD                7.125          5,887.91         64
                                       6.875          5,887.91    1,025,000.00
    WOODSIDE         CA   94062          2            05/05/98         00
    0026433227                           05           07/01/98          0
    0026433227                           O            06/01/13
    0
 
 
    2663937          354/354             F          292,000.00         ZZ
                                         180        291,078.75          1
    4410 ROCHELLE PLACE                7.000          2,624.58         38
                                       6.750          2,624.58      769,000.00
    ENCINO           CA   91316          2            06/01/98         00
    0026433557                           05           08/01/98          0
    0026433557                           O            07/01/13
    0
 
 
    2663938          354/354             F          240,300.00         ZZ
                                         180        239,574.26          1
    11811 VALENSIN ROAD                7.500          2,227.62         90
                                       7.250          2,227.62      267,500.00
    GALT             CA   95632          2            06/01/98         11
    0026435008                           05           08/01/98         12
    0026435008                           O            07/01/13
    0
 
 
    2663940          354/354             F          258,000.00         ZZ
                                         180        256,349.56          1
    3700 LAKE SHORE AVENUE             6.875          2,300.99         65
                                       6.625          2,300.99      400,000.00
1
 
 
    OAKLAND          CA   94610          2            05/16/98         00
    0026435412                           05           07/01/98          0
    0026435412                           O            06/01/13
    0
 
 
    2663941          354/354             F          281,200.00         ZZ
                                         180        279,611.04          1
    18541 SOUTHEAST HERITAGE DRIVE     6.875          2,507.90         73
                                       6.625          2,507.90      390,000.00
    TEQUESTA         FL   33469          2            06/05/98         00
    0026438424                           03           08/01/98          0
    0026438424                           O            07/01/13
    0
 
 
    2663943          354/354             F          320,000.00         ZZ
                                         180        317,952.94          1
    670 BEL AIR COURT                  6.875          2,853.94         75
                                       6.625          2,853.94      430,000.00
    MORGAN HILL      CA   95037          5            05/20/98         00
    0026440453                           03           07/01/98          0
    0026440453                           O            06/01/13
    0
 
 
    2663944          354/354             F          256,900.00         ZZ
                                         180        255,090.56          1
    161 PIONEER ROAD                   7.125          2,327.09         65
                                       6.875          2,327.09      400,000.00
    WATSONVILLE      CA   95076          2            05/07/98         00
    0026443937                           05           07/01/98          0
    0026443937                           O            06/01/13
    0
 
 
    2663945          354/354             F          279,000.00         T
                                         180        278,100.48          1
    700 E PALACE AVENUE                6.750          2,468.90         80
                                       6.500          2,468.90      350,000.00
    SANTA FE         NM   87501          1            06/12/98         00
    0026445221                           05           08/01/98          0
    0026445221                           O            07/01/13
    0
 
 
    2663946          354/354             F          425,500.00         ZZ
                                         180        424,200.77          1
    120 HEARTLAND STREET               7.375          3,914.28         70
                                       7.125          3,914.28      615,000.00
    DANVILLE         CA   94506          2            06/01/98         00
    0026446229                           03           08/01/98          0
    0026446229                           O            07/01/13
    0
1
 
 
 
 
    2663947          354/354             F          309,000.00         ZZ
                                         180        307,023.32          1
    6 CALAIS                           6.875          2,755.83         58
                                       6.625          2,755.83      540,000.00
    NEWPORT COAST A  CA   92657          2            05/21/98         00
    0026446583                           05           07/01/98          0
    0026446583                           O            06/01/13
    0
 
 
    2663948          354/354             F          500,000.00         ZZ
                                         180        496,835.83          1
    23700 SPECTACULAR BID LANE         7.000          4,494.15         69
                                       6.750          4,494.15      730,000.00
    MONTEREY         CA   93940          5            05/13/98         00
    0026446740                           05           07/01/98          0
    0026446740                           O            06/01/13
    0
 
 
    2663949          354/354             F          581,000.00         ZZ
                                         180        579,206.47          1
    1411 CANTERA COURT                 7.250          5,303.74         49
                                       7.000          5,303.74    1,200,000.00
    PEBBLE BEACH     CA   93953          2            06/04/98         00
    0026448449                           05           08/01/98          0
    0026448449                           O            07/01/13
    0
 
 
    2663950          354/354             F          305,000.00         ZZ
                                         180        303,111.25          1
    46498 CHAPARRAL COURT              7.250          2,784.24         45
                                       7.000          2,784.24      680,000.00
    FREMONT          CA   94539          5            05/21/98         00
    0026449082                           05           07/01/98          0
    0026449082                           O            06/01/13
    0
 
 
    2663951          354/354             F          250,000.00         ZZ
                                         180        248,094.07          1
    5805 WALES COURT                   6.750          2,212.28         49
                                       6.500          2,212.28      512,000.00
    SAN JOSE         CA   95138          1            05/22/98         00
    0026450130                           03           07/01/98          0
    0026450130                           O            06/01/13
    0
 
 
    2663952          354/354             F          363,750.00         ZZ
                                         180        362,589.85          1
1
 
 
    1212 CHATSWORTH                    6.875          3,244.13         75
                                       6.625          3,244.13      485,000.00
    COLLEYVILLE      TX   76034          5            06/11/98         00
    0026450379                           03           08/01/98          0
    0026450379                           O            07/01/13
    0
 
 
    2663953          354/354             F          600,000.00         ZZ
                                         180        598,147.82          1
    1185 NOVARA STREET                 7.250          5,477.18         70
                                       7.000          5,477.18      860,000.00
    SAN DIEGO        CA   92107          5            05/29/98         00
    0026450965                           05           08/01/98          0
    0026450965                           O            07/01/13
    0
 
 
    2663954          354/354             F          457,500.00         ZZ
                                         180        454,727.93          1
    327 RAMON DRIVE                    7.500          4,241.09         75
                                       7.250          4,241.09      610,000.00
    LOS ALTOS        CA   94024          2            05/14/98         00
    0026451716                           05           07/01/98          0
    0026451716                           O            06/01/13
    0
 
 
    2663955          354/354             F          253,950.00         ZZ
                                         180        253,148.80          1
    2550 SNOWBIRD HOLLOW ROAD          7.000          2,282.58         80
                                       6.750          2,282.58      320,000.00
    FRANKLIN         TN   37064          2            06/05/98         00
    0026452821                           05           08/01/98          0
    0026452821                           O            07/01/13
    0
 
 
    2663957          354/354             F          257,300.00         ZZ
                                         180        255,740.98          1
    1067 ALISON CIRCLE                 7.500          2,385.21         79
                                       7.250          2,385.21      327,500.00
    LIVERMORE        CA   94550          2            05/13/98         00
    0026454785                           05           07/01/98          0
    0026454785                           O            06/01/13
    0
 
 
    2663958          354/354             F          460,000.00         ZZ
                                         180        458,516.91          1
    3635 FAWNDALE PLACE                6.750          4,070.59         63
                                       6.500          4,070.59      735,000.00
    SHERMAN OAKS     CA   91403          2            06/07/98         00
    0026455204                           05           08/01/98          0
1
 
 
    0026455204                           O            07/01/13
    0
 
 
    2663959          354/354             F          300,000.00         ZZ
                                         180        298,080.88          1
    4104 WESTMOUNT DRIVE               6.875          2,675.57         58
                                       6.625          2,675.57      520,000.00
    GREENSBORO       NC   27410          1            05/29/98         00
    0026456087                           05           07/01/98          0
    0026456087                           O            06/01/13
    0
 
 
    2663960          354/354             F          480,000.00         ZZ
                                         180        476,995.13          1
    13117 JASMINE HILL TERRACE         7.125          4,347.99         80
                                       6.875          4,347.99      600,000.00
    ROCKVILLE        MD   20850          1            06/04/98         00
    0026456574                           05           07/01/98          0
    0026456574                           O            06/01/13
    0
 
 
    2663961          354/354             F          390,000.00         ZZ
                                         180        387,558.53          1
    12665 ORELLA COURT                 7.125          3,532.75         58
                                       6.875          3,532.75      675,000.00
    SARATOGA         CA   95070          2            05/15/98         00
    0026456673                           05           07/01/98          0
    0026456673                           O            06/01/13
    0
 
 
    2663962          354/354             F          360,000.00         ZZ
                                         180        357,697.06          1
    1283 AUDUBON DR                    6.875          3,210.68         77
                                       6.625          3,210.68      470,000.00
    GASTONIA         NC   28054          1            05/29/98         00
    0026456749                           05           07/01/98          0
    0026456749                           O            06/01/13
    0
 
 
    2663963          354/354             F          290,000.00         ZZ
                                         180        288,111.46          1
    5616 DURBIN ROAD                   7.125          2,626.92         60
                                       6.875          2,626.92      490,000.00
    BETHESDA         MD   20814          1            05/21/98         00
    0026457069                           05           07/01/98          0
    0026457069                           O            06/01/13
    0
 
 
1
 
 
    2663964          354/354             F          430,500.00         ZZ
                                         180        427,407.59          1
    26054 CHARING CROSS ROAD           7.375          3,960.27         70
                                       7.125          3,960.27      615,000.00
    VALENCIA         CA   91355          5            05/28/98         00
    0026457176                           03           07/01/98          0
    0026457176                           O            06/01/13
    0
 
 
    2663965          354/354             F          271,000.00         ZZ
                                         180        269,247.62          1
    159 BLACKSTONE DRIVE               6.750          2,398.11         64
                                       6.500          2,398.11      425,000.00
    DANVILLE         CA   94506          2            05/20/98         00
    0026457457                           03           07/01/98          0
    0026457457                           O            06/01/13
    0
 
 
    2663966          354/354             F          266,000.00         ZZ
                                         180        257,648.03          1
    347 WOODSIDE AVENUE                7.375          2,447.00         60
                                       7.125          2,447.00      450,000.00
    MILL VALLEY      CA   94941          2            05/19/98         00
    0026457523                           05           07/01/98          0
    0026457523                           O            06/01/13
    0
 
 
    2663967          354/354             F          411,650.00         ZZ
                                         180        409,044.95          1
    1219 HOMEWOOD AVENUE               7.000          3,700.03         70
                                       6.750          3,700.03      595,000.00
    SAN MATEO        CA   94403          5            05/18/98         00
    0026457549                           05           07/01/98          0
    0026457549                           O            06/01/13
    0
 
 
    2663968          354/354             F          335,000.00         ZZ
                                         180        332,902.83          1
    255 AVENIDA DE MONACO              7.125          3,034.54         65
                                       6.875          3,034.54      520,000.00
    ENCINITAS        CA   92007          5            05/29/98         00
    0026457564                           03           07/01/98          0
    0026457564                           O            06/01/13
    0
 
 
    2663969          354/354             F          296,300.00         ZZ
                                         180        294,404.55          1
    834 SOUTH BLUEBIRD CIRCLE          6.875          2,642.57         77
                                       6.625          2,642.57      385,000.00
1
 
 
    ANAHEIM          CA   92807          2            05/21/98         00
    0026457606                           03           07/01/98          0
    0026457606                           O            06/01/13
    0
 
 
    2663970          354/354             F          314,000.00         ZZ
                                         180        311,941.75          1
    1073 OAKTREE DRIVE                 7.375          2,888.56         60
                                       7.125          2,888.56      525,000.00
    SAN JOSE         CA   95129          2            05/18/98         00
    0026459040                           05           07/01/98          0
    0026459040                           O            06/01/13
    0
 
 
    2663971          354/354             F          260,000.00         ZZ
                                         180        257,401.19          1
    11673 WESTSHORE COURT              7.375          2,391.81         44
                                       7.125          2,391.81      600,000.00
    CUPERTINO        CA   95014          2            05/15/98         00
    0026459115                           03           07/01/98          0
    0026459115                           O            06/01/13
    0
 
 
    2663972          354/354             F          279,750.00         ZZ
                                         180        278,036.37          1
    1513 DANROMAS WAY                  7.375          2,573.49         61
                                       7.125          2,573.49      463,000.00
    SAN JOSE         CA   95129          5            05/19/98         00
    0026459321                           05           07/01/98          0
    0026459321                           O            06/01/13
    0
 
 
    2663973          354/354             F          405,000.00         ZZ
                                         180        402,381.13          1
    901 HOBART STREET                  6.750          3,583.89         25
                                       6.500          3,583.89    1,680,000.00
    MENLO PARK       CA   94025          2            05/21/98         00
    0026459446                           05           07/01/98          0
    0026459446                           O            06/01/13
    0
 
 
    2663974          354/354             F          420,000.00         ZZ
                                         180        417,057.58          1
    520 WEST MAIN STREET               6.875          3,745.79         80
                                       6.625          3,745.79      525,000.00
    TUSTIN           CA   92780          1            05/19/98         00
    0026459552                           05           07/01/98          0
    0026459552                           O            06/01/13
    0
1
 
 
 
 
    2663975          354/354             F          341,000.00         ZZ
                                         180        338,911.18          1
    4509 SOUTH ZARAHEMLA DRIVE         7.375          3,136.94         43
                                       7.125          3,136.94      800,000.00
    SALT LAKE CITY   UT   84124          2            05/28/98         00
    0026459842                           05           07/01/98          0
    0026459842                           O            06/01/13
    0
 
 
    2663976          354/354             F          278,000.00         ZZ
                                         180        277,132.41          1
    13110 RIVIERA TERRACE              7.125          2,518.22         80
                                       6.875          2,518.22      347,500.00
    SILVER SPRING    MD   20904          2            06/08/98         00
    0026460774                           05           08/01/98          0
    0026460774                           O            07/01/13
    0
 
 
    2663977          354/354             F          288,000.00         ZZ
                                         180        287,081.45          1
    710 CALIFORNIA STREET              6.875          2,568.55         72
                                       6.625          2,568.55      400,000.00
    EL SEGUNDO       CA   90245          2            06/01/98         00
    0026461541                           05           08/01/98          0
    0026461541                           O            07/01/13
    0
 
 
    2663978          354/354             F          292,800.00         ZZ
                                         180        291,876.23          1
    3172 TIGERTAIL DRIVE               7.000          2,631.77         80
                                       6.750          2,631.77      366,000.00
    LOS ALAMITOS     CA   90720          1            06/08/98         00
    0026461772                           05           08/01/98          0
    0026461772                           O            07/01/13
    0
 
 
    2663979          354/354             F          290,000.00         ZZ
                                         180        289,075.08          1
    5122 JESSEN DRIVE                  6.875          2,586.38         58
                                       6.625          2,586.38      505,000.00
    LA CANADA-FLINT  CA   91011          2            06/12/98         00
    0026462036                           05           08/01/98          0
    0026462036                           O            07/01/13
    0
 
 
    2663980          354/354             F          410,000.00         ZZ
                                         180        408,678.12          1
1
 
 
    877 CALIFORNIA STREET              6.750          3,628.13         75
                                       6.500          3,628.13      550,000.00
    EL SEGUNDO       CA   90245          2            06/01/98         00
    0026462119                           05           08/01/98          0
    0026462119                           O            07/01/13
    0
 
 
    2663981          354/354             F          305,000.00         ZZ
                                         180        303,048.90          1
    6890 VALLON DRIVE                  6.875          2,720.16         43
                                       6.625          2,720.16      720,000.00
    RANCHO PALOS VE  CA   90275          2            05/26/98         00
    0026462259                           05           07/01/98          0
    0026462259                           O            06/01/13
    0
 
 
    2663982          354/354             F          248,500.00         ZZ
                                         180        247,707.44          1
    1514 WILLOW BEND DRIVE             6.875          2,216.26         69
                                       6.625          2,216.26      365,000.00
    EL CAJON         CA   92019          2            06/16/98         00
    0026462267                           05           08/01/98          0
    0026462267                           O            07/01/13
    0
 
 
    2663983          354/354             F          280,000.00         ZZ
                                         180        278,228.71          1
    17421 SUNBURST STREET              7.125          2,536.33         71
                                       6.875          2,536.33      395,000.00
    NORTHRIDGE       CA   91325          2            05/27/98         00
    0026462887                           05           07/01/98          0
    0026462887                           O            06/01/13
    0
 
 
    2663984          354/354             F          456,000.00         ZZ
                                         180        454,561.34          1
    6023 RAINBOW HILL ROAD             7.000          4,098.66         80
                                       6.750          4,098.66      570,000.00
    AGOURA HILLS     CA   91301          2            05/29/98         00
    0026462937                           05           08/01/98          0
    0026462937                           O            07/01/13
    0
 
 
    2663985          354/354             F          557,500.00         ZZ
                                         180        553,971.96          1
    1742 GALAXY DRIVE                  7.000          5,010.97         56
                                       6.750          5,010.97    1,010,000.00
    NEWPORT BEACH    CA   92660          2            05/28/98         00
    0026463174                           03           07/01/98          0
1
 
 
    0026463174                           O            06/01/13
    0
 
 
    2663986          354/354             F          250,000.00         ZZ
                                         180        248,400.73          1
    3912 CHRISTIAN DRIVE               6.875          2,229.64         61
                                       6.625          2,229.64      410,000.00
    BELMONT          CA   94002          2            05/26/98         00
    0026464750                           05           07/01/98          0
    0026464750                           O            06/01/13
    0
 
 
    2663987          354/354             F          410,000.00         ZZ
                                         180        408,706.47          1
    1 CANANEA PLACE                    7.000          3,685.20         67
                                       6.750          3,685.20      620,000.00
    BURLINGAME       CA   94010          5            06/01/98         00
    0026464875                           05           08/01/98          0
    0026464875                           O            07/01/13
    0
 
 
    2663988          354/354             F          395,000.00         ZZ
                                         180        392,445.79          1
    453 LAKEVIEW WAY                   6.750          3,495.40         67
                                       6.500          3,495.40      595,000.00
    REDWOOD CITY     CA   94062          2            05/21/98         00
    0026464941                           05           07/01/98          0
    0026464941                           O            06/01/13
    0
 
 
    2663989          354/354             F          268,000.00         ZZ
                                         180        267,145.25          1
    517 WINDSTREAM WAY                 6.875          2,390.17         80
                                       6.625          2,390.17      335,000.00
    CARY             NC   27511          2            06/19/98         00
    0026465138                           03           08/01/98          0
    0026465138                           O            07/01/13
    0
 
 
    2663990          354/354             F          440,000.00         ZZ
                                         180        437,275.26          1
    27660 RED ROCK ROAD                7.250          4,016.60         52
                                       7.000          4,016.60      860,000.00
    LOS ALTOS HILLS  CA   94022          2            05/26/98         00
    0026465443                           05           07/01/98          0
    0026465443                           O            06/01/13
    0
 
 
1
 
 
    2663991          354/354             F          352,000.00         ZZ
                                         180        349,820.21          1
    11613 FOREST SPRING COURT          7.250          3,213.28         50
                                       7.000          3,213.28      708,000.00
    CUPERTINO        CA   95014          2            05/19/98         00
    0026465526                           03           07/01/98          0
    0026465526                           O            06/01/13
    0
 
 
    2663992          354/354             F          375,000.00         ZZ
                                         180        372,575.11          1
    1250 ROSCOMARE ROAD                6.750          3,318.42         41
                                       6.500          3,318.42      930,000.00
    LOS ANGELES      CA   90077          2            05/28/98         00
    0026465674                           05           07/01/98          0
    0026465674                           O            06/01/13
    0
 
 
    2663993          354/354             F          272,000.00         ZZ
                                         180        270,351.91          1
    78545 STARLIGHT LANE               7.500          2,521.48         71
                                       7.250          2,521.48      385,000.00
    BERMUDA DUNES    CA   92201          2            05/20/98         00
    0026466102                           03           07/01/98          0
    0026466102                           O            06/01/13
    0
 
 
    2663994          354/354             F          300,000.00         ZZ
                                         180        299,083.98          1
    57 CASSIS                          7.375          2,759.77         62
                                       7.125          2,759.77      490,000.00
    DANA POINT       CA   92629          2            06/01/98         00
    0026466664                           03           08/01/98          0
    0026466664                           O            07/01/13
    0
 
 
    2663995          354/354             F          265,000.00         ZZ
                                         180        264,163.93          1
    825 BYRNWYCK ROAD                  7.000          2,381.90         74
                                       6.750          2,381.90      360,000.00
    ATLANTA          GA   30319          5            06/05/98         00
    0026467100                           05           08/01/98          0
    0026467100                           O            07/01/13
    0
 
 
    2663996          354/354             F          300,000.00         ZZ
                                         180        298,142.22          1
    1353 BOBOLINK CIRCLE               7.250          2,738.59         60
                                       7.000          2,738.59      500,000.00
1
 
 
    SUNNYVALE        CA   94087          5            05/14/98         00
    0026469098                           05           07/01/98          0
    0026469098                           O            06/01/13
    0
 
 
    2663997          354/354             F          250,000.00         ZZ
                                         180        249,202.65          1
    2951 MILES DRIVE                   6.875          2,229.64         61
                                       6.625          2,229.64      415,000.00
    SANTA CLARA      CA   95051          2            06/01/98         00
    0026469197                           05           08/01/98          0
    0026469197                           O            07/01/13
    0
 
 
    2663998          354/354             F          238,500.00         ZZ
                                         180        236,944.68          1
    3091 ATHERTON DRIVE                7.000          2,143.71         70
                                       6.750          2,143.71      341,000.00
    SANTA CLARA      CA   95051          5            05/21/98         00
    0026471029                           05           07/01/98          0
    0026471029                           O            06/01/13
    0
 
 
    2663999          354/354             F          257,000.00         ZZ
                                         180        255,338.15          1
    39 ALVARADO AVENUE                 6.750          2,274.22         39
                                       6.500          2,274.22      660,000.00
    LOS ALTOS        CA   94022          2            05/26/98         00
    0026471268                           05           07/01/98          0
    0026471268                           O            06/01/13
    0
 
 
    2664000          354/354             F          547,000.00         ZZ
                                         180        545,311.43          1
    1111 FISKE STREET                  7.250          4,993.36         65
                                       7.000          4,993.36      850,000.00
    PACIFIC PALISAD  CA   90272          2            06/01/98         00
    0026472605                           05           08/01/98          0
    0026472605                           O            07/01/13
    0
 
 
    2664001          354/354             F          440,000.00         ZZ
                                         180        438,596.67          1
    9533 EAST COVEY TRAIL              6.875          3,924.16         40
                                       6.625          3,924.16    1,100,000.00
    SCOTTSDALE       AZ   85262          2            06/02/98         00
    0026474007                           03           08/01/98          0
    0026474007                           O            07/01/13
    0
1
 
 
 
 
    2664002          354/354             F          336,000.00         ZZ
                                         180        334,974.05          1
    23724 PENNSYLVANIA AVENUE          7.375          3,090.95         80
                                       7.125          3,090.95      420,000.00
    TORRANCE         CA   90501          2            06/01/98         00
    0026474395                           05           08/01/98          0
    0026474395                           O            07/01/13
    0
 
 
    2664003          354/354             F          400,000.00         ZZ
                                         180        398,778.63          1
    7 OLD WESTBURY                     7.375          3,679.70         80
                                       7.125          3,679.70      500,000.00
    WEBSTER GROVES   MO   63119          1            06/09/98         00
    0026474767                           03           08/01/98          0
    0026474767                           O            07/01/13
    0
 
 
    2664004          354/354             F          587,500.00         ZZ
                                         180        585,626.24          1
    1025 BERKELEY STREET               6.875          5,239.65         60
                                       6.625          5,239.65      987,500.00
    SANTA MONICA     CA   90403          1            06/05/98         00
    0026476358                           05           08/01/98          0
    0026476358                           O            07/01/13
    0
 
 
    2664005          354/354             F          555,500.00         ZZ
                                         180        553,709.01          1
    135 SOUTH CARMELINA AVENUE         6.750          4,915.68         41
                                       6.500          4,915.68    1,375,000.00
    LOS ANGELES      CA   90049          2            06/01/98         00
    0026477554                           05           08/01/98          0
    0026477554                           O            07/01/13
    0
 
 
    2664007          354/354             F          381,000.00         ZZ
                                         180        379,836.65          1
    18745 CASA BLANCA LANE             7.375          3,504.91         62
                                       7.125          3,504.91      620,000.00
    SARATOGA         CA   95070          2            06/12/98         00
    0026480335                           05           08/01/98          0
    0026480335                           O            07/01/13
    0
 
 
    2664008          354/354             F          388,000.00         ZZ
                                         180        385,306.90          1
1
 
 
    92 WOOD RANCH CIRCLE               7.125          3,514.63         55
                                       6.875          3,514.63      710,000.00
    DANVILLE         CA   94506          2            05/22/98         00
    0026483164                           03           07/01/98          0
    0026483164                           O            06/01/13
    0
 
 
    2664009          354/354             F        1,000,000.00         ZZ
                                         180        996,845.04          1
    5471 BLACKHAWK DRIVE               7.000          8,988.29         64
                                       6.750          8,988.29    1,575,000.00
    DANVILLE         CA   94506          1            06/11/98         00
    0026483354                           03           08/01/98          0
    0026483354                           O            07/01/13
    0
 
 
    2664010          354/354             F          460,000.00         T
                                         180        456,708.83          1
    1407 CRESSA COURT                  6.875          4,102.53         80
                                       6.625          4,102.53      575,000.00
    CARLSBAD         CA   92009          1            05/28/98         00
    0026484063                           03           07/01/98          0
    0026484063                           O            06/01/13
    0
 
 
    2664011          354/354             F          270,000.00         ZZ
                                         180        269,148.16          1
    27516 LONGHILL DRIVE               7.000          2,426.84         62
                                       6.750          2,426.84      440,000.00
    RANCHO PALOS VE  CA   90275          5            06/12/98         00
    0026484428                           05           08/01/98          0
    0026484428                           O            07/01/13
    0
 
 
    2664012          354/354             F          254,000.00         ZZ
                                         180        251,219.38          1
    4719 EAST BRADFORD AVENUE          7.125          2,300.82         66
                                       6.875          2,300.82      390,000.00
    ORANGE           CA   92867          2            06/02/98         00
    0026485805                           03           08/01/98          0
    0026485805                           O            07/01/13
    0
 
 
    2664013          354/354             F          414,000.00         ZZ
                                         180        412,707.98          1
    1607 DOROTHY LANE                  7.125          3,750.15         64
                                       6.875          3,750.15      650,000.00
    NEWPORT BEACH    CA   92660          2            06/12/98         00
    0026493486                           05           08/01/98          0
1
 
 
    0026493486                           O            07/01/13
    0
 
 
    2664014          354/354             F          484,000.00         ZZ
                                         180        482,473.00          1
    441 HOLCOMB AVENUE                 7.000          4,350.33         75
                                       6.750          4,350.33      646,500.00
    LARKSPUR         CA   94939          5            06/10/98         00
    0026494120                           05           08/01/98          0
    0026494120                           O            07/01/13
    0
 
 
    2664015          354/354             F          460,000.00         ZZ
                                         180        458,532.89          1
    1470 PASEO DE ORO                  6.875          4,102.53         56
                                       6.625          4,102.53      830,000.00
    PACIFIC PALISAD  CA   90272          2            06/12/98         00
    0026497362                           01           08/01/98          0
    0026497362                           O            07/01/13
    0
 
 
    2664016          354/354             F          280,000.00         ZZ
                                         180        279,135.65          1
    3856 MAGNOLIA DRIVE                7.250          2,556.02         51
                                       7.000          2,556.02      550,000.00
    PALO ALTO        CA   94306          2            06/10/98         00
    0026497420                           05           08/01/98          0
    0026497420                           O            07/01/13
    0
 
 
    2664017          354/354             F          240,000.00         ZZ
                                         180        238,497.55          1
    2296 COBBLEHILL PLACE              7.125          2,174.00         50
                                       6.875          2,174.00      480,000.00
    SAN MATEO        CA   94402          2            05/22/98         00
    0026497644                           05           07/01/98          0
    0026497644                           O            06/01/13
    0
 
 
    2664018          354/354             F          329,700.00         ZZ
                                         180        328,648.46          1
    1523 LOS MONTES DRIVE              6.875          2,940.45         57
                                       6.625          2,940.45      580,000.00
    BURLINGAME       CA   94010          2            06/01/98         00
    0026498113                           05           08/01/98          0
    0026498113                           O            07/01/13
    0
 
 
1
 
 
    2664019          354/354             F          368,000.00         ZZ
                                         180        366,826.30          1
    12660 CORTE CORDILLERA             6.875          3,282.03         67
                                       6.625          3,282.03      550,000.00
    SALINAS          CA   93908          5            06/19/98         00
    0026500207                           05           08/01/98          0
    0026500207                           O            07/01/13
    0
 
 
    2664020          354/354             F          270,000.00         ZZ
                                         180        269,120.04          1
    1212 DEVON PLACE                   6.625          2,370.59         69
                                       6.375          2,370.59      395,000.00
    DIAMOND BAR      CA   91765          2            06/19/98         00
    0026500538                           05           08/01/98          0
    0026500538                           O            07/01/13
    0
 
 
    2664021          354/354             F          280,000.00         ZZ
                                         180        279,106.97          1
    10 MILLER PLACE#1502               6.875          2,497.20         59
                                       6.625          2,497.20      475,000.00
    SAN FRANCISCO    CA   94108          2            06/01/98         00
    0026500611                           03           08/01/98          0
    0026500611                           O            07/01/13
    0
 
 
    2664022          354/354             F          251,250.00         ZZ
                                         180        250,248.66          1
    3995 KINGS PADDOCK COURT           6.875          2,240.79         75
                                       6.625          2,240.79      335,000.00
    NORCROSS         GA   30092          2            06/15/98         00
    0026501221                           03           08/01/98          0
    0026501221                           O            07/01/13
    0
 
 
    2664023          354/354             F          242,000.00         ZZ
                                         180        241,228.17          1
    777 COLIMA STREET                  6.875          2,158.29         77
                                       6.625          2,158.29      315,000.00
    LA JOLLA         CA   92037          5            06/05/98         00
    0026503045                           05           08/01/98          0
    0026503045                           O            07/01/13
    0
 
 
    2664024          354/354             F          300,000.00         ZZ
                                         180        299,043.18          1
    8416 MULHOLLAND DRIVE              6.875          2,675.57         45
                                       6.625          2,675.57      675,000.00
1
 
 
    LOS ANGELES      CA   90046          2            06/09/98         00
    0026503375                           05           08/01/98          0
    0026503375                           O            07/01/13
    0
 
 
    2664025          354/354             F          307,000.00         ZZ
                                         180        305,098.88          1
    27908 LONG HILL DRIVE              7.250          2,802.49         49
                                       7.000          2,802.49      635,000.00
    RANCHO PALOS     CA   90275          5            05/26/98         00
    0026509562                           05           07/01/98          0
    0026509562                           O            06/01/13
    0
 
 
    2664026          354/354             F          432,000.00         ZZ
                                         180        430,622.18          1
    1132 DANIELS DRIVE                 6.875          3,852.82         72
                                       6.625          3,852.82      600,000.00
    LOS ANGELES      CA   90035          2            06/01/98         00
    0026511857                           05           08/01/98          0
    0026511857                           O            07/01/13
    0
 
 
    2664027          354/354             F          300,000.00         ZZ
                                         180        299,063.75          1
    1124 WARFIELD AVENUE               7.125          2,717.50         51
                                       6.875          2,717.50      590,000.00
    PIEDMONT         CA   94610          5            06/01/98         00
    0026512293                           05           08/01/98          0
    0026512293                           O            07/01/13
    0
 
 
    2664028          354/354             F          295,000.00         ZZ
                                         180        293,985.62          1
    153 ARBOR LANE                     6.000          2,489.38         79
                                       5.750          2,489.38      375,000.00
    SAN MATEO        CA   94403          2            06/10/98         00
    0026515742                           05           08/01/98          0
    0026515742                           O            07/01/13
    0
 
 
    2664029          354/354             F          300,000.00         ZZ
                                         180        299,022.26          1
    1509 WINDING WAY                   6.625          2,633.99         64
                                       6.375          2,633.99      470,000.00
    BELMONT          CA   94002          2            06/05/98         00
    0026516153                           05           08/01/98          0
    0026516153                           O            07/01/13
    0
1
 
 
 
 
    2664030          354/354             F          260,000.00         ZZ
                                         180        259,188.58          1
    6 OYSTER REEF COVE                 7.125          2,355.17         78
                                       6.875          2,355.17      335,000.00
    HILTON HEAD ISL  SC   29926          1            06/23/98         00
    0026516716                           03           08/01/98          0
    0026516716                           O            07/01/13
    0
 
 
    2664031          354/354             F          269,450.00         ZZ
                                         180        268,590.61          1
    7985 145TH AVENUE SOUTHEAST        6.875          2,403.11         70
                                       6.625          2,403.11      385,000.00
    NEWCASTLE        WA   98059          2            06/15/98         00
    0026517730                           03           08/01/98          0
    0026517730                           O            07/01/13
    0
 
 
    2664032          354/354             F          305,000.00         ZZ
                                         180        303,537.74          1
    3636 ADAMSVILLE AVENUE             7.000          2,741.43         70
                                       6.750          2,741.43      440,000.00
    CALABASAS        CA   91302          2            06/18/98         00
    0026517821                           05           08/01/98          0
    0026517821                           O            07/01/13
    0
 
 
    2664033          354/354             F          265,000.00         ZZ
                                         180        264,190.85          1
    20178 EDINBURGH DRIVE              7.375          2,437.80         35
                                       7.125          2,437.80      776,000.00
    SARATOGA         CA   95070          2            06/01/98         00
    0026518522                           05           08/01/98          0
    0026518522                           O            07/01/13
    0
 
 
    2664034          354/354             F          348,000.00         ZZ
                                         180        346,878.01          1
    1225 WYNN ROAD                     6.750          3,079.49         77
                                       6.500          3,079.49      455,000.00
    PASADENA         CA   91107          2            06/05/98         00
    0026518605                           05           08/01/98          0
    0026518605                           O            07/01/13
    0
 
 
    2664035          354/354             F          485,750.00         ZZ
                                         180        484,183.89          1
1
 
 
    7 MORNING DOVE                     6.750          4,298.45         35
                                       6.500          4,298.45    1,400,000.00
    LAGUNA NIGUUEL   CA   92677          2            06/15/98         00
    0026518704                           03           08/01/98          0
    0026518704                           O            07/01/13
    0
 
 
    2664036          354/354             F          350,000.00         ZZ
                                         180        348,871.56          1
    5555 BRUCE DRIVE                   6.750          3,097.19         22
                                       6.500          3,097.19    1,600,000.00
    PLEASANTON       CA   94588          1            06/03/98         00
    0026520692                           05           08/01/98          0
    0026520692                           O            07/01/13
    0
 
 
    2664037          354/354             F          350,000.00         ZZ
                                         180        348,907.72          1
    8 SHAMROCK COURT                   7.125          3,170.41         67
                                       6.875          3,170.41      530,000.00
    MILLBRAE         CA   94030          5            06/10/98         00
    0026520957                           05           08/01/98          0
    0026520957                           O            07/01/13
    0
 
 
    2664038          354/354             F          375,000.00         ZZ
                                         180        373,764.59          1
    82 BERENS DRIVE                    6.500          3,266.66         66
                                       6.250          3,266.66      575,000.00
    KENTFIELD        CA   94904          5            06/10/98         00
    0026522383                           05           08/01/98          0
    0026522383                           O            07/01/13
    0
 
 
    2664039          354/354             F          450,000.00         ZZ
                                         180        448,549.15          1
    10932 IVY LANE                     6.750          3,982.10         52
                                       6.500          3,982.10      875,000.00
    ORANGE           CA   92869          2            06/11/98         00
    0026522540                           05           08/01/98          0
    0026522540                           O            07/01/13
    0
 
 
    2664040          354/354             F          341,400.00         ZZ
                                         180        340,299.29          1
    2 EMERALD GLEN                     6.750          3,021.09         46
                                       6.500          3,021.09      758,000.00
    LAGUNA NIGUEL    CA   92677          2            06/10/98         00
    0026522797                           03           08/01/98          0
1
 
 
    0026522797                           O            07/01/13
    0
 
 
    2664041          354/354             F          323,200.00         ZZ
                                         180        322,146.65          2
    2843 FOREST AVENUE                 6.625          2,837.68         80
                                       6.375          2,837.68      404,000.00
    BERKELEY         CA   94705          1            06/12/98         00
    0026524629                           05           08/01/98          0
    0026524629                           O            07/01/13
    0
 
 
    2664042          354/354             F          286,000.00         ZZ
                                         180        285,077.90          1
    543 BENVENUE AVENUE                6.750          2,530.85         40
                                       6.500          2,530.85      725,000.00
    LOS ALTOS        CA   94024          2            06/11/98         00
    0026525030                           05           08/01/98          0
    0026525030                           O            07/01/13
    0
 
 
    2664043          354/354             F          308,600.00         ZZ
                                         180        307,626.38          1
    4460 SOMERSET BOULEVARD            7.000          2,773.79         65
    SOUTHEAST                          6.750          2,773.79      480,000.00
    BELLEVUE         WA   98006          2            06/10/98         00
    0026525287                           05           08/01/98          0
    0026525287                           O            07/01/13
    0
 
 
    2664044          354/354             F          350,000.00         ZZ
                                         180        348,919.55          1
    16955 MALAGA DRIVE                 7.250          3,195.03         75
                                       7.000          3,195.03      469,000.00
    MORGAN HILL      CA   95037          5            06/01/98         00
    0026525477                           03           08/01/98          0
    0026525477                           O            07/01/13
    0
 
 
    2664045          354/354             F          300,000.00         ZZ
                                         180        299,043.18          1
    116 MONTEVIDEO CIRCLE              6.875          2,675.57         60
                                       6.625          2,675.57      501,500.00
    FREMONT          CA   94539          2            06/08/98         00
    0026525980                           05           08/01/98          0
    0026525980                           O            07/01/13
    0
 
 
1
 
 
    2664046          354/354             F          357,000.00         ZZ
                                         180        354,873.68          1
    639 RIVIERA ISLE                   7.000          3,208.82         68
                                       6.750          3,208.82      525,000.00
    FT LAUDERDALE    FL   33301          2            06/22/98         00
    0026529206                           05           08/01/98          0
    0026529206                           O            07/01/13
    0
 
 
    2664047          354/354             F          253,000.00         ZZ
                                         180        252,201.79          1
    5649 HILLSIDE DRIVE                7.000          2,274.04         78
                                       6.750          2,274.04      325,000.00
    FELTON           CA   95018          2            06/12/98         00
    0026530378                           05           08/01/98          0
    0026530378                           O            07/01/13
    0
 
 
    2664048          354/354             F          288,000.00         ZZ
                                         180        284,502.74          1
    10646 ARBORETUM PLACE              7.000          2,588.63         80
                                       6.750          2,588.63      360,000.00
    SAN DIEGO        CA   92131          1            06/10/98         00
    0026531129                           05           08/01/98          0
    0026531129                           O            07/01/13
    0
 
 
    2664049          354/354             F          260,000.00         ZZ
                                         180        259,161.73          1
    4607 SPOONER COVE COURT            6.750          2,300.77         70
                                       6.500          2,300.77      375,000.00
    UNION CITY       CA   94587          5            06/03/98         00
    0026531772                           03           08/01/98          0
    0026531772                           O            07/01/13
    0
 
 
    2664050          354/354             F          291,600.00         ZZ
                                         180        290,699.84          1
    1 LAGORIA COURT                    7.250          2,661.91         79
                                       7.000          2,661.91      370,000.00
    ALAMEDA          CA   94502          2            06/15/98         00
    0026533885                           03           08/01/98          0
    0026533885                           O            07/01/13
    0
 
 
    2664051          354/354             F          280,000.00         ZZ
                                         180        279,116.61          1
    502 EAST WISTARIA AVENUE           7.000          2,516.72         49
                                       6.750          2,516.72      581,600.00
1
 
 
    ARCADIA          CA   91006          1            06/12/98         00
    0026534479                           05           08/01/98          0
    0026534479                           O            07/01/13
    0
 
 
    2664052          354/354             F          296,000.00         ZZ
                                         180        295,045.66          1
    77 CYPRESS WAY                     6.750          2,619.34         66
                                       6.500          2,619.34      450,000.00
    ROLLING HILLS E  CA   90274          2            06/16/98         00
    0026536664                           03           08/01/98          0
    0026536664                           O            07/01/13
    0
 
 
    2664053          354/354             F          408,000.00         ZZ
                                         180        406,684.56          1
    1085 MILKY WAY                     6.750          3,610.44         67
                                       6.500          3,610.44      618,000.00
    CUPERTINO        CA   95014          5            06/18/98         00
    0026537134                           05           08/01/98          0
    0026537134                           O            07/01/13
    0
 
 
    2664054          354/354             F          422,000.00         ZZ
                                         180        420,654.08          1
    125 SANTA CATALINA COURT           6.875          3,763.63         65
                                       6.625          3,763.63      650,000.00
    MORAGA           CA   94556          2            06/15/98         00
    0026539247                           05           08/01/98          0
    0026539247                           O            07/01/13
    0
 
 
    2664055          354/354             F          320,000.00         ZZ
                                         180        318,979.39          1
    3115 MOUNTAIN VIEW AVENUE N        6.875          2,853.94         45
                                       6.625          2,853.94      725,000.00
    RENTON           WA   98056          5            06/12/98         00
    0026540658                           05           08/01/98          0
    0026540658                           O            07/01/13
    0
 
 
    2664056          354/354             F          510,000.00         ZZ
                                         180        508,337.86          1
    6192 RUTHLAND ROAD                 6.625          4,477.77         80
                                       6.375          4,477.77      641,000.00
    OAKLAND          CA   94611          1            06/16/98         00
    0026542068                           05           08/01/98          0
    0026542068                           O            07/01/13
    0
1
 
 
 
 
    2664057          354/354             F          343,500.00         ZZ
                                         180        342,392.52          1
    3711 COPPER CREST ROAD             6.750          3,039.67         33
                                       6.500          3,039.67    1,070,000.00
    ENCINITAS        CA   92024          2            06/04/98         00
    0026542126                           05           08/01/98          0
    0026542126                           O            07/01/13
    0
 
 
    2664058          354/354             F          275,000.00         ZZ
                                         180        274,113.37          1
    4365 CORTE DE LA FONDA             6.750          2,433.51         71
                                       6.500          2,433.51      390,000.00
    SAN DIEGO        CA   92130          2            06/09/98         00
    0026544643                           05           08/01/98          0
    0026544643                           O            07/01/13
    0
 
 
    2664059          354/354             F          352,000.00         ZZ
                                         180        350,925.19          1
    25122 SANDIA COURT                 7.375          3,238.14         80
                                       7.125          3,238.14      440,000.00
    LAGUNA HILLS     CA   92653          2            06/03/98         00
    0026545905                           05           08/01/98          0
    0026545905                           O            07/01/13
    0
 
 
    2664060          354/354             F          251,000.00         ZZ
                                         180        250,233.59          1
    2680 MIDDLEBOROUGH CIRCLE          7.375          2,309.01         65
                                       7.125          2,309.01      390,000.00
    SAN JOSE         CA   95132          2            06/04/98         00
    0026547018                           05           08/01/98          0
    0026547018                           O            07/01/13
    0
 
 
    2664061          354/354             F          256,000.00         ZZ
                                         180        255,218.32          1
    910 SAN CLEMENTE WAY               7.375          2,355.01         70
                                       7.125          2,355.01      370,000.00
    MOUNTAIN VIEW    CA   94043          2            06/12/98         00
    0026550277                           05           08/01/98          0
    0026550277                           O            07/01/13
    0
 
 
    2664062          354/354             F          381,500.00         ZZ
                                         180        380,309.41          1
1
 
 
    10306 NORWICH AVENUE               7.125          3,455.75         70
                                       6.875          3,455.75      545,000.00
    CUPERTINO        CA   95014          2            06/16/98         00
    0026550863                           05           08/01/98          0
    0026550863                           O            07/01/13
    0
 
 
    2664063          354/354             F          285,000.00         ZZ
                                         180        284,100.83          1
    351 GORDO COURT                    7.000          2,561.67         53
                                       6.750          2,561.67      545,000.00
    EL DORADO HILLS  CA   95762          2            06/11/98         00
    0026552299                           05           08/01/98          0
    0026552299                           O            07/01/13
    0
 
 
    2664065          354/354             F          356,000.00         ZZ
                                         180        354,788.85          1
    8 SIMO STREET                      6.125          3,028.23         80
                                       5.875          3,028.23      445,000.00
    ALAMO            CA   94507          1            06/23/98         00
    0026562215                           05           08/01/98          0
    0026562215                           O            07/01/13
    0
 
 
    2664066          354/354             F          336,000.00         ZZ
                                         180        334,939.93          1
    37 CREEKSIDE DRIVE                 7.000          3,020.07         75
                                       6.750          3,020.07      450,000.00
    SAN RAFAEL       CA   94903          2            06/15/98         00
    0026565473                           05           08/01/98          0
    0026565473                           O            07/01/13
    0
 
 
    2664067          354/354             F          454,000.00         ZZ
                                         180        452,536.26          1
    152 DRACENA AVENUE                 6.750          4,017.49         77
                                       6.500          4,017.49      590,000.00
    PIEDMONT         CA   94611          2            06/17/98         00
    0026565937                           05           08/01/98          0
    0026565937                           O            07/01/13
    0
 
 
    2664068          354/354             F          282,600.00         ZZ
                                         180        281,708.41          1
    5855 AMAPOLA DRIVE                 7.000          2,540.09         53
                                       6.750          2,540.09      534,000.00
    SAN JOSE         CA   95129          2            06/15/98         00
    0026566091                           05           08/01/98          0
1
 
 
    0026566091                           O            07/01/13
    0
 
 
    2664069          354/354             F          282,000.00         ZZ
                                         180        281,090.80          1
    37 DEER CREEK                      6.750          2,495.45         76
                                       6.500          2,495.45      375,000.00
    IRVINE           CA   92604          2            06/23/98         00
    0026572529                           03           08/01/98          0
    0026572529                           O            07/01/13
    0
 
 
    2664070          354/354             F          450,000.00         ZZ
                                         180        448,564.78          1
    17338 PARKSIDE COURT               6.875          4,013.35         58
                                       6.625          4,013.35      785,000.00
    MONTE SERENO     CA   95030          5            06/15/98         00
    0026573485                           05           08/01/98          0
    0026573485                           O            07/01/13
    0
 
 
    2664071          354/354             F          260,000.00         ZZ
                                         180        259,179.71          1
    33695 PACHECO DRIVE                7.000          2,336.96         58
                                       6.750          2,336.96      455,000.00
    FREMONT          CA   94555          2            06/22/98         00
    0026581082                           05           08/01/98          0
    0026581082                           O            07/01/13
    0
 
 
    2664072          354/354             F          310,000.00         ZZ
                                         180        308,521.96          1
    712 LOS NINOS WAY                  7.000          2,786.37         48
                                       6.750          2,786.37      650,000.00
    LOS ALTOS        CA   94022          2            06/16/98         00
    0026584847                           05           08/01/98          0
    0026584847                           O            07/01/13
    0
 
 
    2664073          354/354             F          363,000.00         ZZ
                                         180        361,829.65          1
    1502 GLEN ELLEN WAY                6.750          3,212.23         59
                                       6.500          3,212.23      620,000.00
    SAN JOSE         CA   95125          2            06/16/98         00
    0026585166                           05           08/01/98          0
    0026585166                           O            07/01/13
    0
 
 
1
 
 
    2664074          354/354             F          344,000.00         ZZ
                                         180        342,878.87          1
    9 PINE TREE ROAD                   6.625          3,020.30         80
                                       6.375          3,020.30      430,000.00
    SALISBURY        NC   28144          1            06/23/98         00
    0026605659                           05           08/01/98          0
    0026605659                           O            07/01/13
    0
 
 
    2664075          354/354             F          450,000.00         ZZ
                                         180        441,758.87          1
    5370 E WHITE HAVEN CT              7.250          4,107.89         74
                                       7.000          4,107.89      610,000.00
    SPRINGFIELD      MO   65809          2            04/09/98         00
    0030030076                           05           06/01/98          0
    0030030076                           O            05/01/13
    0
 
 
    2666628          696/G01             F          533,000.00         ZZ
                                         180        533,000.00          1
    210 CARRWOOD ROAD                  6.875          4,753.58         55
                                       6.625          4,753.58      975,000.00
    GREAT FALLS      VA   22066          2            07/30/98         00
    0430932335                           05           09/01/98          0
    1018100                              O            08/01/13
    0
 
 
    2666630          696/G01             F           87,200.00         ZZ
                                         180         87,200.00          1
    20 MARIAN COURT                    7.125            789.88         80
                                       6.875            789.88      109,000.00
    STERLING         VA   20165          1            07/31/98         00
    0430932467                           03           09/01/98          0
    2288226                              O            08/01/13
    0
 
 
    2668766          G75/G75             F          267,000.00         ZZ
                                         180        267,000.00          1
    12298 NEW MARKET MILL RD           7.125          2,418.57         79
                                       6.875          2,418.57      339,000.00
    BEAVERDAM        VA   23015          2            07/27/98         00
    03599238                             05           09/01/98          0
    03599238                             O            08/01/13
    0
 
 
    2668767          G75/G75             F          444,000.00         ZZ
                                         180        442,659.06          1
    6 CLARK COURT                      7.500          4,115.94         80
                                       7.250          4,115.94      555,000.00
1
 
 
    HOPEWELL         NJ   08560          2            06/05/98         00
    03499274                             05           08/01/98          0
    03499274                             O            07/01/13
    0
 
 
    2668768          G75/G75             F          264,200.00         ZZ
                                         180        263,402.08          1
    210 GLYNDON MEADOW ROAD            7.500          2,449.17         75
                                       7.250          2,449.17      355,000.00
    REISTERSTOWN     MD   21136          5            06/11/98         00
    03478345                             05           08/01/98          0
    03478345                             O            07/01/13
    0
 
 
    2668769          G75/G75             F          259,400.00         ZZ
                                         180        258,563.67          1
    10816 BROKEN BROOK COVE            6.750          2,295.46         80
                                       6.500          2,295.46      326,025.00
    AUSTIN           TX   78726          1            06/22/98         00
    03513377                             03           08/01/98          0
    03513377                             O            07/01/13
    0
 
 
    2668770          G75/G75             F          260,000.00         ZZ
                                         180        260,000.00          1
    38 RUTLAND SQUARE #4               6.625          2,282.79         80
                                       6.375          2,282.79      325,000.00
    BOSTON           MA   02118          1            07/17/98         00
    03580152                             06           09/01/98          0
    03580152                             O            08/01/13
    0
 
 
    2668771          G75/G75             F          236,000.00         ZZ
                                         180        236,000.00          1
    4329 CARTWRIGHT ROAD               7.250          2,154.36         80
                                       7.000          2,154.36      295,000.00
    MESQUITE         TX   75181          1            07/20/98         00
    03564677                             05           09/01/98          0
    03564677                             O            08/01/13
    0
 
 
    2668772          G75/G75             F          300,000.00         ZZ
                                         180        300,000.00          1
    175 ROOSEVELT STREET               7.000          2,696.49         76
                                       6.750          2,696.49      395,000.00
    CRESSKILL        NJ   07626          2            07/24/98         00
    03589237                             05           09/01/98          0
    03589237                             O            08/01/13
    0
1
 
 
 
   TOTAL NUMBER OF LOANS   :      1,532
 
   TOTAL ORIGINAL BALANCE  :   514,685,716.00
 
   TOTAL PRINCIPAL BALANCE :   511,342,850.08
 
   TOTAL ORIGINAL P+I      :     4,652,043.91
 
   TOTAL CURRENT P+I       :     4,652,043.91
 
 
                             ***************************
                             *      END OF REPORT      *
                             ***************************
                          
1
 
  RUN ON     : 08/28/98           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 12.44.56           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI I 1998-S18                               CUTOFF : 08/01/98
  POOL       : 0004318
             :
             :
  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
  -----------------------------------------------------------------------------
 
      1628598                              .2500
      850,354.78                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
 
      1643986                              .2500
      375,951.43                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      1648702                              .2500
      259,770.41                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950
 
      1681145                              .2500
      214,591.54                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
 
      1698906                              .2500
      618,761.00                           .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000
 
      1703535                              .2500
      152,696.52                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1
 
 
 
      1722163                              .2500
      247,690.56                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
 
      1726945                              .2500
      266,520.74                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
 
      1727973                              .2500
      309,000.53                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      1730278                              .2500
      525,000.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950
 
      1734383                              .2500
      319,033.56                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700
 
      1734396                              .2500
      635,949.88                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
      1734571                              .2500
      226,343.99                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.5000                        1.1700
 
      1736283                              .2500
      310,500.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.5000                        1.0450
1
 
 
 
      1737625                              .2500
      312,599.81                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      1737643                              .2500
       64,300.89                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
 
      1739911                              .2500
      585,352.56                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
 
      1741856                              .2500
      398,778.63                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
 
      1742571                              .2500
      150,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
 
      1744322                              .2500
      870,275.53                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
 
      1745437                              .2500
      112,431.04                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
 
      1745518                              .2500
      121,635.57                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950
1
 
 
 
      1746509                              .2500
      484,898.52                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      1747400                              .2500
      355,436.29                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      1748440                              .2500
      185,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
 
      1748565                              .2500
      903,141.61                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
      1748899                              .2500
      290,500.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
 
      1748985                              .2500
      288,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
 
      1749911                              .2500
      150,408.83                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700
 
      1750248                              .2500
      280,461.31                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
1
 
 
 
      1750276                              .2500
      311,802.74                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      1750346                              .2500
      260,012.56                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
 
      1750359                              .2500
      632,451.57                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.5000                         .7950
 
      1750380                              .2500
      297,174.57                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
 
      1750390                              .2500
      258,891.29                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
 
      1750586                              .2500
      306,984.69                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      1750590                              .2500
      326,652.78                           .0800
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      1751088                              .2500
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1
 
 
 
      1751355                              .2500
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      1751634                              .2500
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      1752308                              .2500
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      1753670                              .2500
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      1753946                              .2500
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      1754717                              .2500
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      1755152                              .2500
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      1755841                              .2500
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1
 
 
 
      1756035                              .2500
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      1756585                              .2500
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      1756586                              .2500
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      1756587                              .2500
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      1756589                              .2500
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      1756590                              .2500
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      1756591                              .2500
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      1756592                              .2500
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1
 
 
 
      1756593                              .2500
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      1756595                              .2500
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      1756596                              .2500
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      1756597                              .2500
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      1756599                              .2500
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      1756600                              .2500
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      1756601                              .2500
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      1756602                              .2500
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1
 
 
 
      1756603                              .2500
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      1756604                              .2500
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      1756605                              .2500
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      1756606                              .2500
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      1756607                              .2500
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      1756608                              .2500
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      1756609                              .2500
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      1756610                              .2500
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1
 
 
 
      1756611                              .2500
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      1756613                              .2500
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      1756615                              .2500
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      1756617                              .2500
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      1756618                              .2500
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      1756620                              .2500
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      1756622                              .2500
       79,511.00                           .0800
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      1756623                              .2500
       24,869.15                           .0800
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1
 
 
 
      1756624                              .2500
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      1756626                              .2500
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      1756627                              .2500
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      1756630                              .2500
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      1756632                              .2500
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      1756633                              .2500
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      1756634                              .2500
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      1756635                              .2500
       55,457.96                           .0800
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1
 
 
 
      1756636                              .2500
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      1756637                              .2500
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      1756638                              .2500
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      1756639                              .2500
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      1756640                              .2500
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      1756641                              .2500
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      1756643                              .2500
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      1756644                              .2500
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1
 
 
 
      1756645                              .2500
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      1756647                              .2500
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      1756648                              .2500
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      1756649                              .2500
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      1756650                              .2500
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      1756651                              .2500
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      1756652                              .2500
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      1756653                              .2500
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1
 
 
 
      1756654                              .2500
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      1756655                              .2500
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      1756809                              .2500
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      1756819                              .2500
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      1756868                              .2500
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      1756949                              .2500
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      1757664                              .2500
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      1757708                              .2500
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1
 
 
 
      1757710                              .2500
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      1757740                              .2500
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      1757759                              .2500
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      1757834                              .2500
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      1757905                              .2500
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      1758441                              .2500
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      1758468                              .2500
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      1758480                              .2500
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1
 
 
 
      1758504                              .2500
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      1758505                              .2500
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      1758512                              .2500
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      1758513                              .2500
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      1758517                              .2500
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      1758590                              .2500
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      1758786                              .2500
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      1758908                              .2500
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1
 
 
 
      1758936                              .2500
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      1759169                              .2500
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      1760956                              .2500
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1
 
 
 
      1761216                              .2500
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      1762566                              .2500
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1
 
 
 
      1762581                              .2500
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      1762637                              .2500
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      1763137                              .2500
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      1763662                              .2500
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      1763911                              .2500
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1
 
 
 
      1764097                              .2500
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      1764673                              .2500
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      1764737                              .2500
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      1765086                              .2500
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      1765104                              .2500
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      1765164                              .2500
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1
 
 
 
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      1765328                              .2500
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      1765450                              .2500
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      1765637                              .2500
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      1765783                              .2500
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      1765794                              .2500
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      1765817                              .2500
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      1765830                              .2500
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1
 
 
 
      1765837                              .2500
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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      1774743                              .2500
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      1774846                              .2500
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      1774847                              .2500
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      1774849                              .2500
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      1774850                              .2500
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1
 
 
 
      1774851                              .2500
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      1774852                              .2500
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      1774854                              .2500
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      1774856                              .2500
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      1774857                              .2500
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      1774859                              .2500
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      1774860                              .2500
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      1774861                              .2500
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1
 
 
 
      1774863                              .2500
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      1774865                              .2500
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      1774866                              .2500
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      1774867                              .2500
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      1774868                              .2500
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      1774869                              .2500
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      1774870                              .2500
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      1774871                              .2500
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1
 
 
 
      1774873                              .2500
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      1774874                              .2500
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      1774875                              .2500
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      1774876                              .2500
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      1774877                              .2500
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      1774878                              .2500
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      1774879                              .2500
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      1774880                              .2500
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1
 
 
 
      1774881                              .2500
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      1774882                              .2500
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      1774883                              .2500
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      1774884                              .2500
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      1774885                              .2500
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      1774886                              .2500
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      1774887                              .2500
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      1774889                              .2500
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1
 
 
 
      1774890                              .2500
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      1774891                              .2500
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      1774892                              .2500
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      1774895                              .2500
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      1774896                              .2500
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      1774898                              .2500
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      1774899                              .2500
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      1774900                              .2500
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1
 
 
 
      1774901                              .2500
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      1774902                              .2500
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      1774903                              .2500
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      1774904                              .2500
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      1774905                              .2500
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      1774907                              .2500
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      1774908                              .2500
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      1774909                              .2500
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1
 
 
 
      1774910                              .2500
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      1774912                              .2500
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      1774913                              .2500
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      1774914                              .2500
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      1774915                              .2500
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      1774916                              .2500
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      1774917                              .2500
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      1774918                              .2500
       64,837.06                           .0800
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1
 
 
 
      1774919                              .2500
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      1774920                              .2500
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      1774921                              .2500
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      1774923                              .2500
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      1774924                              .2500
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      1774925                              .2500
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      1774927                              .2500
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      1774928                              .2500
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1
 
 
 
      1774929                              .2500
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      1774930                              .2500
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      1774931                              .2500
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      1774932                              .2500
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      1774933                              .2500
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      1774935                              .2500
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      1774936                              .2500
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      1774937                              .2500
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1
 
 
 
      1774938                              .2500
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      1774939                              .2500
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      1774940                              .2500
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      1774941                              .2500
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      1774942                              .2500
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      1774943                              .2500
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      1774944                              .2500
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      1774945                              .2500
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1
 
 
 
      1774946                              .2500
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      1774947                              .2500
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      1774948                              .2500
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      1774949                              .2500
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      1774950                              .2500
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      1774951                              .2500
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      1774953                              .2500
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      1774954                              .2500
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1
 
 
 
      1774955                              .2500
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      1774956                              .2500
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      1774957                              .2500
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      1774958                              .2500
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      1774959                              .2500
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      1774960                              .2500
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      1774961                              .2500
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      1774962                              .2500
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1
 
 
 
      1774963                              .2500
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      1774964                              .2500
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      1774965                              .2500
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      1774966                              .2500
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      1774967                              .2500
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      1774968                              .2500
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      1774969                              .2500
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      1774973                              .2500
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1
 
 
 
      1774974                              .2500
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      1774975                              .2500
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      1774976                              .2500
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      1774977                              .2500
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      1774978                              .2500
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      1774979                              .2500
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      1774980                              .2500
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      1774981                              .2500
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1
 
 
 
      1774983                              .2500
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      1775083                              .2500
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      1775129                              .2500
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      1775156                              .2500
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      1775255                              .2500
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      1775317                              .2500
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      1775378                              .2500
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      1775409                              .2500
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1
 
 
 
      1775443                              .2500
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      1775491                              .2500
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      1775495                              .2500
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      1775542                              .2500
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      1775549                              .2500
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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      1777137                              .2500
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1
 
 
 
      1777142                              .2500
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      1777153                              .2500
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      1777321                              .2500
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1
 
 
 
      1777322                              .2500
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      1777408                              .2500
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      1777452                              .2500
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      1777546                              .2500
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1
 
 
 
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1
 
 
 
      1777661                              .2500
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      1777707                              .2500
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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1
 
 
 
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      1779408                              .2500
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1
 
 
 
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1
 
 
 
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1
 
 
 
      1779756                              .2500
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      1779763                              .2500
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      1779782                              .2500
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      1779800                              .2500
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1
 
 
 
      1779803                              .2500
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      1779804                              .2500
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      1779805                              .2500
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      1779806                              .2500
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      1779807                              .2500
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      1779836                              .2500
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      1779837                              .2500
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      1779838                              .2500
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1
 
 
 
      1779839                              .2500
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      1779840                              .2500
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      1779841                              .2500
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      1779843                              .2500
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      1779845                              .2500
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      1779847                              .2500
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      1779848                              .2500
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      1779849                              .2500
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1
 
 
 
      1779850                              .2500
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      1779851                              .2500
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      1779852                              .2500
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      1779853                              .2500
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      1779854                              .2500
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      1779856                              .2500
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      1779857                              .2500
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1
 
 
 
      1779858                              .2500
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      1779859                              .2500
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      1779860                              .2500
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      1779861                              .2500
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      1779862                              .2500
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      1779863                              .2500
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      1779864                              .2500
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      1779865                              .2500
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1
 
 
 
      1779866                              .2500
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      1779868                              .2500
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      1779869                              .2500
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      1779870                              .2500
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      1779871                              .2500
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      1779872                              .2500
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      1779873                              .2500
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      1779874                              .2500
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1
 
 
 
      1779875                              .2500
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      1779876                              .2500
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      1779877                              .2500
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      1779878                              .2500
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      1779881                              .2500
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      1779882                              .2500
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      1779883                              .2500
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      1779885                              .2500
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1
 
 
 
      1779886                              .2500
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      1779887                              .2500
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      1779888                              .2500
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      1779889                              .2500
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      1779890                              .2500
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      1779891                              .2500
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      1779892                              .2500
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      1779893                              .2500
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1
 
 
 
      1779894                              .2500
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      1779895                              .2500
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      1779896                              .2500
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      1779897                              .2500
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      1779898                              .2500
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      1779899                              .2500
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      1779900                              .2500
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      1779901                              .2500
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1
 
 
 
      1779902                              .2500
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      1779903                              .2500
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      1779904                              .2500
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      1779905                              .2500
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      1779906                              .2500
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      1779907                              .2500
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      1779908                              .2500
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      1779909                              .2500
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1
 
 
 
      1779910                              .2500
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      1779911                              .2500
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      1779912                              .2500
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      1779913                              .2500
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      1779914                              .2500
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      1779915                              .2500
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      1779916                              .2500
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      1779917                              .2500
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1
 
 
 
      1779918                              .2500
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      1779919                              .2500
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      1779920                              .2500
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      1779922                              .2500
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      1779923                              .2500
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      1779924                              .2500
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      1779925                              .2500
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      1779926                              .2500
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1
 
 
 
      1779927                              .2500
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      1779928                              .2500
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      1779929                              .2500
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      1779930                              .2500
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      1779931                              .2500
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      1779932                              .2500
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      1779933                              .2500
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      1779934                              .2500
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1
 
 
 
      1779935                              .2500
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      1779936                              .2500
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      1779937                              .2500
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      1779938                              .2500
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      1779939                              .2500
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      1779940                              .2500
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      1779941                              .2500
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      1779942                              .2500
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1
 
 
 
      1779943                              .2500
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      1779944                              .2500
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      1779945                              .2500
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      1779946                              .2500
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      1779947                              .2500
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      1779948                              .2500
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      1779949                              .2500
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      1779950                              .2500
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1
 
 
 
      1779951                              .2500
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      1779952                              .2500
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      1779953                              .2500
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      1779954                              .2500
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      1779955                              .2500
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      1779956                              .2500
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      1779957                              .2500
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      1779958                              .2500
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1
 
 
 
      1779959                              .2500
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      1779960                              .2500
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      1779961                              .2500
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      1779962                              .2500
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      1779963                              .2500
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      1779964                              .2500
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      1779965                              .2500
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      1779966                              .2500
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1
 
 
 
      1779968                              .2500
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1
 
 
 
      1779976                              .2500
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      1779984                              .2500
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1
 
 
 
      1779985                              .2500
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      1779991                              .2500
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      1779992                              .2500
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1
 
 
 
      1779994                              .2500
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      1779995                              .2500
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      1779996                              .2500
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      1779997                              .2500
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      1779998                              .2500
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1
 
 
 
      1780003                              .2500
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      1780010                              .2500
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1
 
 
 
      1780011                              .2500
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      1780012                              .2500
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      1780013                              .2500
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      1780271                              .2500
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      1780360                              .2500
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1
 
 
 
      1780402                              .2500
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      1780408                              .2500
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      1780440                              .2500
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      1780465                              .2500
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1
 
 
 
      1780470                              .2500
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      1780486                              .2500
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      1780490                              .2500
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1
 
 
 
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1
 
 
 
      1780984                              .2500
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      1781090                              .2500
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1
 
 
 
      1781159                              .2500
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      1781611                              .2500
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1
 
 
 
      1781613                              .2500
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      1782178                              .2500
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1
 
 
 
      1782182                              .2500
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      1782233                              .2500
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1
 
 
 
      1782249                              .2500
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      1782771                              .2500
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1
 
 
 
      1782791                              .2500
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      1782913                              .2500
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      1782918                              .2500
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1
 
 
 
      1782921                              .2500
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      1782926                              .2500
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      1782927                              .2500
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      1782972                              .2500
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      1783377                              .2500
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      1783378                              .2500
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      1783379                              .2500
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1
 
 
 
      1783380                              .2500
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      1783381                              .2500
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      1783382                              .2500
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      1783383                              .2500
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      1783384                              .2500
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      1783385                              .2500
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      1783386                              .2500
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      1783387                              .2500
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1
 
 
 
      1783388                              .2500
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      1783389                              .2500
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      1783390                              .2500
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      1783391                              .2500
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      1783392                              .2500
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      1783393                              .2500
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      1783394                              .2500
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      1783395                              .2500
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1
 
 
 
      1783396                              .2500
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      1783397                              .2500
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      1783398                              .2500
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      1783399                              .2500
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      1783400                              .2500
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      1783401                              .2500
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      1783402                              .2500
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      1783403                              .2500
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1
 
 
 
      1783404                              .2500
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      1783405                              .2500
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      1783406                              .2500
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      1783407                              .2500
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      1783408                              .2500
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      1783409                              .2500
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      1783410                              .2500
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      1783411                              .2500
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1
 
 
 
      1783412                              .2500
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      1783413                              .2500
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      1783414                              .2500
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      1783415                              .2500
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      1783417                              .2500
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      1783418                              .2500
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      1783419                              .2500
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      1783420                              .2500
      321,006.00                           .0800
            7.2500                         .0000
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1
 
 
 
      1783421                              .2500
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            6.5000                         .1700
 
      1783422                              .2500
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      1783423                              .2500
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      1783424                              .2500
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      1783425                              .2500
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      1783464                              .2500
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      1783471                              .2500
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      1783483                              .2500
      300,000.00                           .0800
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1
 
 
 
      1783735                              .2500
       73,000.00                           .0800
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      1783811                              .2500
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      1783843                              .2500
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      1783983                              .2500
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      1784010                              .2500
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      1784014                              .2500
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      1784018                              .2500
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      1784025                              .2500
      480,000.00                           .0800
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1
 
 
 
      1784028                              .2500
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      1784031                              .2500
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      1784037                              .2500
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      1784362                              .2500
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      1784510                              .2500
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      1784521                              .2500
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      1784562                              .2500
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      1784637                              .2500
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1
 
 
 
      1784646                              .2500
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      1784649                              .2500
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      1784652                              .2500
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      1784655                              .2500
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      1784716                              .2500
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      1784891                              .2500
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      1784899                              .2500
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      1785235                              .2500
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1
 
 
 
      1785239                              .2500
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      1785276                              .2500
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      1785278                              .2500
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      1785281                              .2500
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      1785284                              .2500
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      1785373                              .2500
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      1785377                              .2500
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      1785388                              .2500
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1
 
 
 
      1785392                              .2500
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      1785412                              .2500
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      1785441                              .2500
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      1786106                              .2500
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      1786115                              .2500
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      1786180                              .2500
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      1786274                              .2500
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      1786869                              .2500
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1
 
 
 
      1786875                              .2500
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      1786916                              .2500
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      1786953                              .2500
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      1788512                              .2500
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      2659165                              .2500
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      2660283                              .2500
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      2660284                              .2500
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      2661967                              .2500
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1
 
 
 
      2662606                              .2500
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      2663418                              .2500
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      2663419                              .2500
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      2663420                              .2500
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      2663421                              .2500
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      2663422                              .2500
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      2663424                              .2500
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      2663425                              .2500
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1
 
 
 
      2663426                              .2500
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      2663427                              .2500
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      2663428                              .2500
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      2663429                              .2500
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      2663430                              .2500
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      2663431                              .2500
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      2663432                              .2500
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      2663433                              .2500
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1
 
 
 
      2663434                              .2500
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      2663436                              .2500
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      2663437                              .2500
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      2663438                              .2500
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      2663439                              .2500
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      2663440                              .2500
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      2663441                              .2500
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      2663442                              .2500
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1
 
 
 
      2663443                              .2500
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      2663444                              .2500
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      2663445                              .2500
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      2663446                              .2500
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      2663447                              .2500
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      2663448                              .2500
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      2663449                              .2500
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      2663450                              .2500
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1
 
 
 
      2663451                              .2500
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      2663453                              .2500
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      2663454                              .2500
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      2663455                              .2500
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      2663456                              .2500
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      2663457                              .2500
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      2663458                              .2500
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      2663459                              .2500
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1
 
 
 
      2663460                              .2500
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      2663461                              .2500
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      2663462                              .2500
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      2663463                              .2500
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      2663464                              .2500
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      2663465                              .2500
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      2663466                              .2500
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      2663467                              .2500
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1
 
 
 
      2663468                              .2500
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      2663469                              .2500
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      2663470                              .2500
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      2663471                              .2500
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      2663472                              .2500
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      2663473                              .2500
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      2663474                              .2500
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      2663475                              .2500
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1
 
 
 
      2663476                              .2500
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      2663477                              .2500
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      2663478                              .2500
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      2663479                              .2500
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      2663480                              .2500
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      2663481                              .2500
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      2663482                              .2500
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      2663483                              .2500
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1
 
 
 
      2663484                              .2500
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      2663485                              .2500
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      2663486                              .2500
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      2663487                              .2500
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      2663488                              .2500
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      2663489                              .2500
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      2663490                              .2500
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      2663491                              .2500
      400,364.70                           .0300
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1
 
 
 
      2663492                              .2500
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      2663493                              .2500
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      2663494                              .2500
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      2663496                              .2500
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      2663498                              .2500
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      2663499                              .2500
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      2663500                              .2500
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      2663501                              .2500
      441,666.32                           .0800
            7.1250                         .0000
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            6.5000                         .2950
1
 
 
 
      2663502                              .2500
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      2663503                              .2500
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      2663504                              .2500
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      2663506                              .2500
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      2663507                              .2500
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      2663508                              .2500
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      2663509                              .2500
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            6.5000                         .2950
 
      2663510                              .2500
      486,822.52                           .0800
            7.0000                         .0000
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1
 
 
 
      2663511                              .2500
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      2663513                              .2500
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      2663514                              .2500
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      2663515                              .2500
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            6.5000                         .1700
 
      2663516                              .2500
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      2663517                              .2500
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      2663518                              .2500
      255,891.94                           .0800
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            6.5000                         .1700
 
      2663519                              .2500
      297,085.32                           .0300
            6.7500                         .0000
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1
 
 
 
      2663520                              .2500
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      2663521                              .2500
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      2663522                              .2500
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            6.5000                         .1700
 
      2663523                              .2500
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      2663525                              .2500
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      2663526                              .2500
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      2663527                              .2500
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      2663528                              .2500
      269,796.85                           .0300
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1
 
 
 
      2663529                              .2500
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            7.0000                         .0000
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            6.5000                         .1700
 
      2663530                              .2500
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      2663531                              .2500
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            6.5000                         .2950
 
      2663532                              .2500
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            6.5000                         .2950
 
      2663533                              .2500
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      2663534                              .2500
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      2663535                              .2500
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      2663536                              .2500
      247,497.01                           .0800
            7.1250                         .0000
            6.8750                         .0000
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            6.5000                         .2950
1
 
 
 
      2663537                              .2500
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            6.5000                         .5450
 
      2663538                              .2500
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            6.5000                         .2950
 
      2663539                              .2500
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      2663540                              .2500
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      2663541                              .2500
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      2663542                              .2500
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      2663543                              .2500
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      2663544                              .2500
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1
 
 
 
      2663545                              .2500
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      2663546                              .2500
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      2663547                              .2500
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      2663548                              .2500
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      2663549                              .2500
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      2663550                              .2500
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      2663551                              .2500
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      2663552                              .2500
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1
 
 
 
      2663553                              .2500
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      2663554                              .2500
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      2663555                              .2500
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      2663556                              .2500
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            6.5000                        1.0450
 
      2663559                              .2500
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      2663561                              .2500
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      2663562                              .2500
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      2663563                              .2500
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1
 
 
 
      2663564                              .2500
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      2663565                              .2500
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      2663567                              .2500
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      2663569                              .2500
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      2663570                              .2500
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      2663571                              .2500
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      2663572                              .2500
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      2663573                              .2500
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1
 
 
 
      2663574                              .2500
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      2663575                              .2500
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      2663576                              .2500
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      2663577                              .2500
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      2663578                              .2500
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      2663579                              .2500
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      2663580                              .2500
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      2663582                              .2500
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1
 
 
 
      2663583                              .2500
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      2663584                              .2500
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      2663585                              .2500
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      2663586                              .2500
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      2663587                              .2500
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      2663588                              .2500
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      2663589                              .2500
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      2663591                              .2500
      396,407.84                           .0300
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1
 
 
 
      2663592                              .2500
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      2663594                              .2500
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      2663595                              .2500
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      2663596                              .2500
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      2663597                              .2500
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      2663598                              .2500
      345,484.91                           .0800
            7.2500                         .0000
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            6.9200                         .0000
            6.5000                         .4200
 
      2663599                              .2500
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      2663600                              .2500
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1
 
 
 
      2663601                              .2500
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      2663602                              .2500
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      2663603                              .2500
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      2663604                              .2500
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      2663605                              .2500
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      2663607                              .2500
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      2663608                              .2500
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      2663609                              .2500
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1
 
 
 
      2663610                              .2500
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      2663611                              .2500
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      2663612                              .2500
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      2663613                              .2500
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      2663614                              .2500
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      2663615                              .2500
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      2663616                              .2500
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      2663618                              .2500
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1
 
 
 
      2663619                              .2500
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      2663621                              .2500
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      2663622                              .2500
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      2663623                              .2500
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      2663624                              .2500
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      2663625                              .2500
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      2663626                              .2500
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      2663627                              .2500
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1
 
 
 
      2663628                              .2500
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      2663629                              .2500
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      2663630                              .2500
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      2663631                              .2500
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      2663632                              .2500
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      2663633                              .2500
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      2663634                              .2500
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      2663635                              .2500
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1
 
 
 
      2663636                              .2500
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      2663637                              .2500
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      2663638                              .2500
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      2663639                              .2500
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      2663640                              .2500
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            5.7200                         .0000
 
      2663641                              .2500
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      2663642                              .2500
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      2663643                              .2500
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            6.5000                        1.0450
1
 
 
 
      2663644                              .2500
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            6.5000                         .0450
 
      2663646                              .2500
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      2663647                              .2500
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      2663648                              .2500
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      2663650                              .2500
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      2663651                              .2500
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      2663652                              .2500
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      2663653                              .2500
      643,811.90                           .0800
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            6.5000                         .1700
1
 
 
 
      2663654                              .2500
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      2663655                              .2500
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      2663657                              .2500
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      2663658                              .2500
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      2663659                              .2500
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      2663660                              .2500
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      2663661                              .2500
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      2663662                              .2500
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1
 
 
 
      2663663                              .2500
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      2663664                              .2500
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      2663665                              .2500
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      2663666                              .2500
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      2663667                              .2500
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      2663668                              .2500
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      2663669                              .2500
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      2663670                              .2500
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            7.1250                         .0000
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            6.5000                         .2950
1
 
 
 
      2663671                              .2500
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      2663672                              .2500
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      2663673                              .2500
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      2663674                              .2500
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      2663675                              .2500
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      2663676                              .2500
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      2663677                              .2500
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      2663678                              .2500
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1
 
 
 
      2663681                              .2500
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      2663682                              .2500
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      2663683                              .2500
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      2663684                              .2500
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      2663685                              .2500
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      2663686                              .2500
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      2663687                              .2500
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      2663688                              .2500
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1
 
 
 
      2663689                              .2500
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      2663690                              .2500
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      2663691                              .2500
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      2663692                              .2500
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      2663693                              .2500
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      2663694                              .2500
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      2663695                              .2500
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      2663696                              .2500
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1
 
 
 
      2663697                              .2500
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      2663698                              .2500
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      2663699                              .2500
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      2663700                              .2500
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      2663701                              .2500
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      2663702                              .2500
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      2663703                              .2500
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      2663704                              .2500
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1
 
 
 
      2663705                              .2500
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      2663706                              .2500
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      2663707                              .2500
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      2663709                              .2500
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      2663710                              .2500
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      2663711                              .2500
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      2663712                              .2500
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      2663713                              .2500
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1
 
 
 
      2663714                              .2500
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      2663716                              .2500
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      2663717                              .2500
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      2663718                              .2500
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      2663719                              .2500
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      2663720                              .2500
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      2663721                              .2500
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      2663722                              .2500
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1
 
 
 
      2663723                              .2500
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      2663724                              .2500
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      2663726                              .2500
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      2663728                              .2500
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      2663729                              .2500
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      2663730                              .2500
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      2663732                              .2500
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      2663733                              .2500
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1
 
 
 
      2663734                              .2500
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      2663735                              .2500
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      2663736                              .2500
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      2663737                              .2500
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      2663738                              .2500
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      2663739                              .2500
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      2663741                              .2500
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      2663742                              .2500
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1
 
 
 
      2663743                              .2500
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      2663744                              .2500
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      2663747                              .2500
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      2663749                              .2500
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      2663750                              .2500
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      2663751                              .2500
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1
 
 
 
      2663752                              .2500
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      2663753                              .2500
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      2663754                              .2500
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      2663755                              .2500
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      2663756                              .2500
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      2663757                              .2500
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      2663758                              .2500
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      2663759                              .2500
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1
 
 
 
      2663760                              .2500
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      2663761                              .2500
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      2663762                              .2500
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      2663763                              .2500
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      2663764                              .2500
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      2663765                              .2500
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      2663766                              .2500
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      2663768                              .2500
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1
 
 
 
      2663769                              .2500
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      2663770                              .2500
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      2663772                              .2500
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      2663773                              .2500
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      2663774                              .2500
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      2663775                              .2500
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      2663776                              .2500
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      2663777                              .2500
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1
 
 
 
      2663778                              .2500
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      2663779                              .2500
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      2663780                              .2500
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      2663781                              .2500
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      2663782                              .2500
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      2663783                              .2500
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      2663784                              .2500
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      2663785                              .2500
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1
 
 
 
      2663786                              .2500
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      2663787                              .2500
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      2663788                              .2500
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      2663789                              .2500
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      2663790                              .2500
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      2663791                              .2500
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      2663792                              .2500
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      2663793                              .2500
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1
 
 
 
      2663794                              .2500
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      2663795                              .2500
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      2663796                              .2500
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      2663797                              .2500
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      2663798                              .2500
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      2663799                              .2500
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      2663801                              .2500
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      2663802                              .2500
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1
 
 
 
      2663803                              .2500
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      2663804                              .2500
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            6.5000                         .2950
 
      2663805                              .2500
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      2663806                              .2500
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      2663807                              .2500
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      2663808                              .2500
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      2663809                              .2500
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      2663810                              .2500
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            6.5000                         .2950
1
 
 
 
      2663811                              .2500
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      2663812                              .2500
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      2663813                              .2500
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      2663814                              .2500
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      2663815                              .2500
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            6.5000                         .2950
 
      2663816                              .2500
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      2663817                              .2500
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      2663818                              .2500
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1
 
 
 
      2663819                              .2500
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      2663820                              .2500
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      2663821                              .2500
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      2663823                              .2500
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      2663824                              .2500
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      2663825                              .2500
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      2663826                              .2500
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      2663827                              .2500
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            6.5000                         .1700
1
 
 
 
      2663828                              .2500
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      2663830                              .2500
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      2663831                              .2500
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      2663832                              .2500
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      2663833                              .2500
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      2663834                              .2500
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      2663835                              .2500
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      2663836                              .2500
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1
 
 
 
      2663837                              .2500
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      2663838                              .2500
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      2663839                              .2500
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      2663840                              .2500
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      2663841                              .2500
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      2663842                              .2500
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      2663843                              .2500
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      2663844                              .2500
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1
 
 
 
      2663845                              .2500
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      2663846                              .2500
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      2663847                              .2500
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      2663848                              .2500
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      2663850                              .2500
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      2663851                              .2500
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      2663852                              .2500
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      2663853                              .2500
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1
 
 
 
      2663854                              .2500
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      2663855                              .2500
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      2663856                              .2500
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      2663857                              .2500
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      2663859                              .2500
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      2663860                              .2500
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      2663861                              .2500
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      2663862                              .2500
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1
 
 
 
      2663863                              .2500
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      2663864                              .2500
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      2663865                              .2500
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      2663866                              .2500
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      2663867                              .2500
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      2663868                              .2500
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      2663870                              .2500
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      2663871                              .2500
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1
 
 
 
      2663872                              .2500
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      2663873                              .2500
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      2663874                              .2500
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      2663875                              .2500
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      2663876                              .2500
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      2663877                              .2500
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      2663878                              .2500
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      2663879                              .2500
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            6.5000                         .5450
1
 
 
 
      2663880                              .2500
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      2663881                              .2500
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      2663882                              .2500
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      2663883                              .2500
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      2663884                              .2500
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      2663885                              .2500
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      2663886                              .2500
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      2663887                              .2500
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1
 
 
 
      2663888                              .2500
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      2663889                              .2500
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      2663890                              .2500
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      2663891                              .2500
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      2663893                              .2500
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      2663894                              .2500
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      2663895                              .2500
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      2663896                              .2500
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1
 
 
 
      2663897                              .2500
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      2663898                              .2500
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      2663899                              .2500
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      2663900                              .2500
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      2663901                              .2500
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      2663902                              .2500
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      2663903                              .2500
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      2663904                              .2500
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1
 
 
 
      2663905                              .2500
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      2663906                              .2500
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      2663907                              .2500
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      2663908                              .2500
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      2663909                              .2500
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      2663910                              .2500
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      2663911                              .2500
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      2663912                              .2500
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1
 
 
 
      2663913                              .2500
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      2663914                              .2500
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      2663915                              .2500
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      2663916                              .2500
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      2663917                              .2500
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      2663918                              .2500
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      2663919                              .2500
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      2663920                              .2500
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1
 
 
 
      2663921                              .2500
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      2663923                              .2500
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      2663924                              .2500
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      2663925                              .2500
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      2663926                              .2500
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      2663927                              .2500
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      2663928                              .2500
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      2663929                              .2500
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            6.5000                         .2950
1
 
 
 
      2663930                              .2500
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      2663931                              .2500
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      2663932                              .2500
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      2663933                              .2500
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      2663934                              .2500
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            6.5000                         .2950
 
      2663935                              .2500
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      2663936                              .2500
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            6.5000                         .2950
 
      2663937                              .2500
      291,078.75                           .0800
            7.0000                         .0000
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1
 
 
 
      2663938                              .2500
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      2663940                              .2500
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      2663941                              .2500
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      2663943                              .2500
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      2663944                              .2500
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      2663945                              .2500
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      2663946                              .2500
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      2663947                              .2500
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1
 
 
 
      2663948                              .2500
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      2663949                              .2500
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      2663950                              .2500
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      2663951                              .2500
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      2663952                              .2500
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      2663953                              .2500
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      2663954                              .2500
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      2663955                              .2500
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1
 
 
 
      2663957                              .2500
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      2663958                              .2500
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      2663959                              .2500
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      2663960                              .2500
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      2663961                              .2500
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      2663962                              .2500
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      2663963                              .2500
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            6.5000                         .2950
 
      2663964                              .2500
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            6.5000                         .5450
1
 
 
 
      2663965                              .2500
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      2663966                              .2500
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      2663967                              .2500
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      2663968                              .2500
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      2663969                              .2500
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      2663970                              .2500
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      2663971                              .2500
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      2663972                              .2500
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1
 
 
 
      2663973                              .2500
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      2663974                              .2500
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      2663975                              .2500
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      2663976                              .2500
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      2663977                              .2500
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      2663978                              .2500
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      2663979                              .2500
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      2663980                              .2500
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1
 
 
 
      2663981                              .2500
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      2663982                              .2500
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      2663983                              .2500
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            6.5000                         .2950
 
      2663984                              .2500
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      2663985                              .2500
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      2663986                              .2500
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      2663987                              .2500
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      2663988                              .2500
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1
 
 
 
      2663989                              .2500
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      2663990                              .2500
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      2663991                              .2500
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      2663992                              .2500
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      2663993                              .2500
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      2663994                              .2500
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      2663995                              .2500
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      2663996                              .2500
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1
 
 
 
      2663997                              .2500
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      2663998                              .2500
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      2663999                              .2500
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      2664000                              .2500
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      2664001                              .2500
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      2664002                              .2500
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      2664003                              .2500
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      2664004                              .2500
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1
 
 
 
      2664005                              .2500
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      2664007                              .2500
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            6.5000                         .5450
 
      2664008                              .2500
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      2664009                              .2500
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            6.5000                         .1700
 
      2664010                              .2500
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      2664011                              .2500
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            6.5000                         .1700
 
      2664012                              .2500
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      2664013                              .2500
      412,707.98                           .0800
            7.1250                         .0000
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            6.5000                         .2950
1
 
 
 
      2664014                              .2500
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            7.0000                         .0000
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            6.5000                         .1700
 
      2664015                              .2500
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            6.5000                         .0450
 
      2664016                              .2500
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            6.5000                         .4200
 
      2664017                              .2500
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            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
 
      2664018                              .2500
      328,648.46                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      2664019                              .2500
      366,826.30                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      2664020                              .2500
      269,120.04                           .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000
 
      2664021                              .2500
      279,106.97                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1
 
 
 
      2664022                              .2500
      250,248.66                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      2664023                              .2500
      241,228.17                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      2664024                              .2500
      299,043.18                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      2664025                              .2500
      305,098.88                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
 
      2664026                              .2500
      430,622.18                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      2664027                              .2500
      299,063.75                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
 
      2664028                              .2500
      293,985.62                           .0300
            6.0000                         .0000
            5.7500                         .0000
            5.7200                         .0000
            5.7200                         .0000
 
      2664029                              .2500
      299,022.26                           .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000
1
 
 
 
      2664030                              .2500
      259,188.58                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
 
      2664031                              .2500
      268,590.61                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      2664032                              .2500
      303,537.74                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
      2664033                              .2500
      264,190.85                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
 
      2664034                              .2500
      346,878.01                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2664035                              .2500
      484,183.89                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2664036                              .2500
      348,871.56                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2664037                              .2500
      348,907.72                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1
 
 
 
      2664038                              .2500
      373,764.59                           .0300
            6.5000                         .0000
            6.2500                         .0000
            6.2200                         .0000
            6.2200                         .0000
 
      2664039                              .2500
      448,549.15                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2664040                              .2500
      340,299.29                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2664041                              .2500
      322,146.65                           .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000
 
      2664042                              .2500
      285,077.90                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2664043                              .2500
      307,626.38                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
      2664044                              .2500
      348,919.55                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
 
      2664045                              .2500
      299,043.18                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1
 
 
 
      2664046                              .2500
      354,873.68                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
      2664047                              .2500
      252,201.79                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
      2664048                              .2500
      284,502.74                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
      2664049                              .2500
      259,161.73                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2664050                              .2500
      290,699.84                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
 
      2664051                              .2500
      279,116.61                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
      2664052                              .2500
      295,045.66                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2664053                              .2500
      406,684.56                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
1
 
 
 
      2664054                              .2500
      420,654.08                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      2664055                              .2500
      318,979.39                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      2664056                              .2500
      508,337.86                           .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000
 
      2664057                              .2500
      342,392.52                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2664058                              .2500
      274,113.37                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2664059                              .2500
      350,925.19                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
 
      2664060                              .2500
      250,233.59                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
 
      2664061                              .2500
      255,218.32                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.5000                         .5450
1
 
 
 
      2664062                              .2500
      380,309.41                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
 
      2664063                              .2500
      284,100.83                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
      2664065                              .2500
      354,788.85                           .0300
            6.1250                         .0000
            5.8750                         .0000
            5.8450                         .0000
            5.8450                         .0000
 
      2664066                              .2500
      334,939.93                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
      2664067                              .2500
      452,536.26                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2664068                              .2500
      281,708.41                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
      2664069                              .2500
      281,090.80                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2664070                              .2500
      448,564.78                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
1
 
 
 
      2664071                              .2500
      259,179.71                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
      2664072                              .2500
      308,521.96                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
      2664073                              .2500
      361,829.65                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2664074                              .2500
      342,878.87                           .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000
 
      2664075                              .2500
      441,758.87                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
 
      2666628                              .2500
      533,000.00                           .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.5000                         .0450
 
      2666630                              .2500
       87,200.00                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
 
      2668766                              .2500
      267,000.00                           .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.5000                         .2950
1
 
 
 
      2668767                              .2500
      442,659.06                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700
 
      2668768                              .2500
      263,402.08                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.5000                         .6700
 
      2668769                              .2500
      258,563.67                           .0300
            6.7500                         .0000
            6.5000                         .0000
            6.4700                         .0000
            6.4700                         .0000
 
      2668770                              .2500
      260,000.00                           .0300
            6.6250                         .0000
            6.3750                         .0000
            6.3450                         .0000
            6.3450                         .0000
 
      2668771                              .2500
      236,000.00                           .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.5000                         .4200
 
      2668772                              .2500
      300,000.00                           .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.5000                         .1700
 
  TOTAL NUMBER OF LOANS:     1532
  TOTAL BALANCE........:        511,342,850.08
 
 
1
 
  RUN ON     : 08/28/98            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 12.44.56            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI I 1998-S18     FIXED SUMMARY REPORT      CUTOFF : 08/01/98
  POOL       : 0004318
             :
             :
  POOL STATUS: F
 
                                   WEIGHTED AVERAGES      FROM         TO
  ------------------------------------------------------------------------------
  CURR NOTE RATE                        7.0193            5.8750      8.5000
  RFC NET RATE                          6.7693            5.6250      8.2500
  NET MTG RATE(INVSTR RATE)             6.6994            5.5950      8.1700
  POST STRIP RATE                       6.4794            5.5950      6.5000
  SUB SERV FEE                           .2500             .2500       .2500
  MSTR SERV FEE                          .0699             .0300       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .2201             .0000      1.6700
 
 
 
 
 
 
 
  TOTAL NUMBER OF LOANS:  1532
  TOTAL BALANCE........:     511,342,850.08
 
 
                             ***************************
                             *      END OF REPORT      *
                             ***************************


                                       F-1

<PAGE>



                                    EXHIBIT G

                        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
_______, 19____, by and between Residential Funding Corporation,  its successors
and   assigns   ("Residential   Funding")   and    _____________________    (the
"Seller/Servicer,"  and,  together with Residential  Funding,  the "parties" and
each, individually, a "party").

     WHEREAS, the Seller/Servicer desires to sell Loans to, and/or service Loans
for, Residential Funding, and Residential Funding desires to purchase Loans from
the  Seller/Servicer  and/or  have the  Seller/Servicer  service  various of its
Loans, pursuant to the terms of this Contract and the Residential Funding Seller
and Servicer Guides incorporated herein by reference,  as amended,  supplemented
or otherwise modified, from time to time (together, the "Guides").

     NOW, THEREFORE, in consideration of the premises, and the terms, conditions
and agreements set forth below, the parties agree as follows:

1.       Incorporation of Guides by Reference.

         The  Seller/Servicer  acknowledges  that it has  received  and read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.       Amendments.

         This Contract may not be amended or modified  orally,  and no provision
of this Contract may be waived or amended  except in writing signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.       Representations and Warranties.

         a.       Reciprocal Representations and Warranties.

                  The  Seller/Servicer  and Residential  Funding each represents
and warrants to the other that as of the date of this Contract:



                                       G-1

<PAGE>



                  (1)      Each party is duly organized,  validly existing,  and
                           in good standing  under the laws of its  jurisdiction
                           of organization,  is qualified,  if necessary,  to do
                           business and in good standing in each jurisdiction in
                           which it is required to be so qualified,  and has the
                           requisite  power  and  authority  to enter  into this
                           Contract   and  all   other   agreements   which  are
                           contemplated  by this  Contract  and to carry out its
                           obligations  hereunder and under the Guides and under
                           such other agreements.

                  (2)      This Contract has been duly authorized,  executed and
                           delivered by each party and  constitutes  a valid and
                           legally binding  agreement of each party  enforceable
                           in accordance with its terms.

                  (3)      There  is  no  action,  proceeding  or  investigation
                           pending or threatened, and no basis therefor is known
                           to either  party,  that could  affect the validity or
                           prospective validity of this Contract.

                  (4)      Insofar as its  capacity to carry out any  obligation
                           under this Contract is concerned, neither party is in
                           violation of any charter,  articles of incorporation,
                           bylaws, mortgage, indenture, indebtedness, agreement,
                           instrument, judgment, decree, order, statute, rule or
                           regulation  and  none  of  the  foregoing   adversely
                           affects   its   capacity   to  fulfill   any  of  its
                           obligations  under this  Contract.  Its execution of,
                           and  performance  pursuant to, this Contract will not
                           result in a violation of any of the foregoing.

         b.       Seller/Servicer's Representations, Warranties and Covenants.

                  In addition to the  representations,  warranties and covenants
                  made by the  Seller/Servicer  pursuant to subparagraph  (a) of
                  this    paragraph   3,   the    Seller/Servicer    makes   the
                  representations,  warranties  and  covenants  set forth in the
                  Guides and,  upon  request,  agrees to deliver to  Residential
                  Funding the certified  Resolution of Board of Directors  which
                  authorizes the execution and delivery of this Contract.

4.       Remedies of Residential Funding.

         If an Event of Seller  Default or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.       Seller/Servicer's Status as Independent Contractor.

         At no time shall the Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.       Prior Agreements Superseded.



                                       G-2

<PAGE>



         This Contract restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

7.       Assignment.

         This Contract may not be assigned or transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.       Notices.

         All notices,  requests,  demands or other communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:







         Attention:

         Telefacsimile Number:  (___) ___-____

9.       Jurisdiction and Venue.

         Each of the  parties  irrevocably  submits to the  jurisdiction  of any
state or federal court located in Hennepin County,  Minnesota,  over any action,
suit or  proceeding  to  enforce  or defend any right  under  this  Contract  or
otherwise  arising  from any loan sale or  servicing  relationship  existing  in
connection with this Contract,  and each of the parties  irrevocably agrees that
all  claims  in  respect  of any  such  action  or  proceeding  may be  heard or
determined  in such  state or federal  court.  Each of the  parties  irrevocably
waives  the  defense of an  inconvenient  forum to the  maintenance  of any such
action or proceeding and any other  substantive or procedural rights or remedies
it may have with respect to the  maintenance of any such action or proceeding in
any such


                                       G-3

<PAGE>



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.


                                       G-4

<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:
         (Typed Name)                              (Typed Name)


Title:                                    Title:




ATTEST:                                   RESIDENTIAL FUNDING CORPORATION

By:                                       By:
         (Signature)                               (Signature)


                                          By:
         (Typed Name)                              (Typed Name)


Title:                                    Title:


                                       G-5

<PAGE>



                                    EXHIBIT H

                          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.

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


                                       H-1

<PAGE>



                                   EXHIBIT I-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 1998-S18,
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" as of [date of transfer] within the meaning of Section  860E(e)(5)
of the  Internal  Revenue  Code of 1986,  as  amended  (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 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 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, 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 otherwise liable
for the  tax  shall  be  relieved  of  liability  for the tax if the  transferee
furnishes to such person an affidavit  that the transferee is not a disqualified
organization  and,  at the time of  transfer,  such  person does not have actual
knowledge  that the affidavit is false;  and (iv) that the Class R  Certificates
may  be  "noneconomic   residual  interests"  within  the  meaning  of  Treasury
regulations  promulgated  pursuant  to the Code and  that  the  transferor  of a
noneconomic  residual interest will remain liable for any taxes due with respect
to the income on such residual  interest,  unless no significant  purpose of the
transfer was to impede the assessment or collection of tax.

                  4.  That  the  Owner  is  aware  of  the  tax   imposed  on  a
"pass-through  entity"  holding Class R  Certificates  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


                                      I-1-1

<PAGE>



entity" includes a regulated  investment company, a real estate investment trust
or common trust fund, a partnership, trust or estate, and certain cooperatives.)

                  5. 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.

                  6. 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.

                  7. 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.

                  8.   The   Owner's   Taxpayer    Identification    Number   is
______________.

                  9. 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.

                  10. 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.

                  11.  That the Owner has no present  knowledge  or  expectation
that it will be unable to pay any United  States taxes owed by it so long as any
of the  Certificates  remain  outstanding.  In this  regard,  the  Owner  hereby
represents  to and for the benefit of the person from whom it acquired the Class
R Certificate  that the Owner intends to pay taxes  associated with holding such
Class R Certificate  as they become due, fully  understanding  that it may incur
tax  liabilities  in  excess  of  any  cash  flows  generated  by  the  Class  R
Certificate.

                  12.  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.

                  13. 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, or an estate or
trust whose income from sources without the United


                                      I-1-2

<PAGE>



States is  includible  in gross  income for  United  States  federal  income tax
purposes  regardless of its  connection  with the conduct of a trade or business
within the United States.

                  14. The Owner hereby  certifies,  represents  and warrants to,
and  covenants  with the Company,  the Trustee and the Master  Servicer that the
following  statements in (a) or (b) are accurate:  (a) The  Certificates (i) are
not being acquired by, and will not be transferred to, any employee benefit plan
within the meaning of section 3(3) of the Employee  Retirement  Income  Security
Act of 1974, as amended  ("ERISA") or other  retirement  arrangement,  including
individual  retirement  accounts and annuities,  Keogh plans and bank collective
investment  funds and insurance  company  general or separate  accounts in which
such plans,  accounts or arrangements  are invested,  that is subject to Section
406 of ERISA or Section 4975 of the  Internal  Revenue Code of 1986 (the "Code")
(any of the foregoing, a "Plan"), (ii) are not being acquired with "plan assets"
of a Plan within the meaning of the Department of Labor ("DOL")  regulation,  29
C.F.R.  ss.  2510.3-101  or  otherwise  under  ERISA,  and  (iii)  will  not  be
transferred  to any entity that is deemed to be investing in plan assets  within
the meaning of the DOL regulation,  29 C.F.R. ss.  2510.3-101 or otherwise under
ERISA; or

                  (b)  The  purchase  of  Certificates   is  permissible   under
applicable  law,  will not  constitute or result in any  prohibited  transaction
under  ERISA or Section  4975 of the Code,  will not subject  the  Company,  the
Trustee or the Master Servicer to any obligation in addition to those undertaken
in the Pooling and Servicing Agreement and, with respect to each source of funds
("Source") being used by the Purchaser to acquire the Certificates,  each of the
following  statements are accurate:  (a) the Purchaser is an insurance  company;
(b)  the  Source  is  assets  of the  Purchaser's  "general  account;"  (c)  the
conditions  set forth in  Sections  I and III of  Prohibited  Transaction  Class
Exemption ("PTCE") 95-60 issued by the DOL have been satisfied and the purchase,
holding and transfer of Certificates by or on behalf of the Purchaser are exempt
under  PTCE  95-60;  and (d) the amount of  reserves  and  liabilities  for such
general account  contracts held by or on behalf of any Plan do not exceed 10% of
the total reserves and  liabilities  of such general  account plus surplus as of
the date hereof (for purposes of this clause,  all Plans  maintained by the same
employer  (or  affiliate  thereof) or employee  organization  are deemed to be a
single Plan) in connection  with its purchase and holding of such  Certificates;
or

                  (c) The Owner 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 Owner hereby  certifies,  represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Owner will not transfer  such  Certificates  to any Plan or person unless either
such Plan or person meets the  requirements  set forth in either (a), (b) or (c)
above.



                                      I-1-3

<PAGE>



         Capitalized  terms used but not defined  herein shall have the meanings
assigned in the Pooling and Servicing Agreement.


                                      I-1-4

<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 _______________, 199__.

                                          [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
________________, 199__.




                                          NOTARY PUBLIC

                                          COUNTY OF
                                          STATE OF
                                          My  Commission  expires the
                                          ____         day         of
                                          _______________, 19__.


                                      I-1-5

<PAGE>



                                   EXHIBIT I-2

                         FORM OF TRANSFEROR CERTIFICATE


                                                        __________________, 19__


Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602

Attention:  Residential Funding Corporation Series 1998-S18

                  Re:     Mortgage Pass-Through Certificates,
                          Series 1998-S18, 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
1998-S18, Class R (the "Certificates"),  pursuant to Section 5.02 of the Pooling
and Servicing  Agreement  (the "Pooling and Servicing  Agreement"),  dated as of
August 1, 1998 among Residential  Funding Mortgage Securities I, Inc., as seller
(the "Company"),  Residential Funding Corporation,  as master servicer,  and The
First  National  Bank of Chicago,  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 I-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


                                      I-2-1

<PAGE>



has historically  paid its debts as they become due and has found no significant
evidence to indicate  that the  Purchaser  will not continue to pay its debts as
they become due in the future.  The Seller  understands  that the  transfer of a
Class R  Certificate  may not be respected for United States income tax purposes
(and the  Seller  may  continue  to be liable for  United  States  income  taxes
associated therewith) unless the Seller has conducted such an investigation.

                  4. The  Seller  has no  actual  knowledge  that  the  proposed
Transferee is not both a United States Person and a Permitted Transferee.

                                          Very truly yours,




                                          (Seller)


                                          By:
                                          Name:
                                          Title:


                                      I-2-2

<PAGE>



                                   EXHIBIT J-1

                     FORM OF INVESTOR REPRESENTATION LETTER

                                                            ______________, 19__

Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437

The First National Bank of Chicago
One North State Street
Chicago, Illinois  60602

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series 1998-S18

     Re:  Mortgage Pass-Through Certificates, Series 1998-S18, [Class B- ]

Ladies and Gentlemen:

                  _________________________   (the   "Purchaser")   intends   to
purchase from  ___________________________ (the "Seller") $_____________ Initial
Certificate  Principal  Balance of Mortgage  Pass-Through  Certificates,  Series
1998-S18,  Class __ (the  "Certificates"),  issued  pursuant  to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"),  dated as of August
1, 1998 among  Residential  Funding Mortgage  Securities I, Inc., as seller (the
"Company"),  Residential  Funding  Corporation,  as master servicer (the "Master
Servicer"),  and The First National Bank of Chicago, 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.



                                       J-1

<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 ___________________,  19__, 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


                                       J-2

<PAGE>



                  violation of Section 5 of the Act or any state securities law,
                  or that would require  registration or qualification  pursuant
                  thereto. The Purchaser will not sell or otherwise transfer any
                  of the Certificates,  except in compliance with the provisions
                  of the Pooling and Servicing Agreement.

                  6. The Purchaser hereby certifies, represents and warrants to,
                  and  covenants  with the  Company,  the Trustee and the Master
                  Servicer  that  the  following  statements  in (a) or (b)  are
                  correct:

                          (a) The Purchaser is not an employee  benefit or other
                  plan subject to the prohibited  transaction  provisions of the
                  Employee  Retirement  Income  Security Act of 1974, as amended
                  ("ERISA"),  or Section  4975 of the  Internal  Revenue Code of
                  1986, as amended (the "Code") (a "Plan"),  or any other person
                  (including  an  investment  manager,  a named  fiduciary  or a
                  trustee of any Plan) acting, directly or indirectly, on behalf
                  of or  purchasing  any  Certificate  with "plan assets" of any
                  Plan within the  meaning of the  Department  of Labor  ("DOL")
                  regulation at 29 C.F.R. ss.2510.3-101; or

                          (b) The Purchaser is an insurance company;  the source
                  of the  funds  being  used by the  Purchaser  to  acquire  the
                  Certificates is assets of the Purchaser's  "general  account";
                  the conditions set forth in Sections 1 and 3 of the Prohibited
                  Transaction  Class Exemption  ("PTCE") 95-60 issued by the DOL
                  have been satisfied and the purchase,  holding and transfer of
                  Certificates by or on behalf of the Purchaser are exempt under
                  PTCE 95-60;  and the amount of reserves  and  liabilities  for
                  such  general  account  contracts  held by or on behalf of any
                  Plan do not exceed 10% of the total  reserves and  liabilities
                  of such  general  account  plus  surplus as of the date hereof
                  (for purposes of this clause, all Plans maintained by the same
                  employer (or affiliate  thereof) or employee  organization are
                  deemed to be a single  Plan) in  connection  with its purchase
                  and holding of such Certificates; 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.



                                       J-3

<PAGE>




                  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), (b) or (c) above.


                                          Very truly yours,


                                          (Purchaser)

                                          By:
                                          Name:
                                          Title:


                                       J-4

<PAGE>



                                   EXHIBIT J-2

                       FORM OF ERISA REPRESENTATION LETTER

                                                            ______________, 19__

 Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437

The First National Bank of Chicago
One North State Street
Chicago, Illinois  60602

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series 1998-S18

                  Re:     Mortgage Pass-Through Certificates,
                          Series 1998-S18, [Class         ]

Ladies and Gentlemen:

                  _________________________   (the   "Purchaser")   intends   to
purchase from  ___________________________ (the "Seller") $_____________ Initial
Certificate  Principal  Balance of Mortgage  Pass-Through  Certificates,  Series
1998-S18,  Class __ (the  "Certificates"),  issued  pursuant  to the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"),  dated as of August
1, 1998 among  Residential  Funding Mortgage  Securities I, Inc., as seller (the
"Company"),  Residential  Funding  Corporation,  as master servicer (the "Master
Servicer"),  and The First National Bank of Chicago, 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:

                                      (a)  The  Purchaser  is  not  an  employee
                  benefit or other plan  subject to the  prohibited  transaction
                  provisions of the Employee  Retirement  Income Security Act of
                  1974,  as amended  ("ERISA"),  or Section 4975 of the Internal
                  Revenue Code of 1986,  as amended (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


                                      J-2-1

<PAGE>



                  assets" of any Plan within the meaning of the Department of 
                  Labor ("DOL") regulation at 29 C.F.R. ss.2510.3-101; or

                                      (b) The Purchaser is an insurance company;
                  the source of the funds being used by the Purchaser to acquire
                  the  Certificates  is  assets  of  the  Purchaser's   "general
                  account";  the conditions set forth in Prohibited  Transaction
                  Class  Exemption  ("PTCE")  95-60  issued by the DOL have been
                  satisfied   and  the   purchase,   holding  and   transfer  of
                  Certificates by or on behalf of the Purchaser are exempt under
                  PTCE 95-60;  and the amount of reserves  and  liabilities  for
                  such  general  account  contracts  held by or on behalf of any
                  Plan do not exceed 10% of the total  reserves and  liabilities
                  of such  general  account  plus  surplus as of the date hereof
                  (for purposes of this clause, all Plans maintained by the same
                  employer (or affiliate  thereof) or employee  organization are
                  deemed to be a single  Plan) in  connection  with its purchase
                  and holding of such Certificates; 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 (a), (b) or (c)
above.
                                          Very truly yours,


                                          (Purchaser)

                                          By:
                                          Name:
                                          Title:

                                      J-2-2

<PAGE>




                                    EXHIBIT K

                    FORM OF TRANSFEROR REPRESENTATION LETTER




                                                                            , 19


Residential Funding Mortgage
Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, MN 55437

The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602

Attention: Residential Funding Corporation Series 1998-S18

                  Re:      Mortgage Pass-Through Certificates,
                           Series 1998-S18, [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   1998-S18,   Class   __   (the
"Certificates"),  issued  pursuant to the Pooling and Servicing  Agreement  (the
"Pooling and Servicing Agreement"), dated as of August 1, 1998 among Residential
Funding  Mortgage  Securities  I, Inc., as seller (the  "Company"),  Residential
Funding Corporation, as master servicer, and The First National Bank of Chicago,
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

                                       K-1

<PAGE>



not act, in any manner set forth in the  foregoing  sentence with respect to any
Certificate.  The Seller has not and will not sell or otherwise  transfer any of
the  Certificates,  except in compliance  with the provisions of the Pooling and
Servicing Agreement.

                                          Very truly yours,


                                          (Seller)



                                          By:
                                          Name:
                                          Title:

                                       K-2

<PAGE>



                                    EXHIBIT L

                  [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 Pooling and
Servicing  Agreement  (the  "Agreement"),  dated  as of  August  1,  1998  among
Residential Funding Corporation as Master Servicer, Residential Funding Mortgage
Securities  I, Inc. as depositor  pursuant to Section 5.02 of the  Agreement and
The First National Bank of Chicago, 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.


                                       L-1

<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 (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

                           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 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 Section III of PTCE 95-60.]

                  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.


                                       L-2

<PAGE>




                  IN WITNESS  WHEREOF,  each of the  parties has  executed  this
document as of the date set forth below.



Print Name of Seller                      Print Name of Buyer

By:                                       By:
     Name:                                    Name:
     Title:                               Title:

Taxpayer Identification:                  Taxpayer Identification:

No.                                       No.

Date:                                     Date:





                                       L-3

<PAGE>



                              ANNEX 1 TO EXHIBIT L


            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.

                                       L-4

<PAGE>



     ___  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.

     ___  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.

                                       L-5

<PAGE>



             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 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:

                                       L-6

<PAGE>



                              ANNEX 2 TO EXHIBIT L


            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]


                  The undersigned hereby certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

                   1. As indicated  below,  the  undersigned  is the  President,
Chief  Financial  Officer or Senior Vice President of the Buyer or, if the Buyer
is a "qualified  institutional buyer" as that term is defined in Rule 144A under
the  Securities  Act of 1933 ("Rule 144A")  because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.

                  2. In  connection  with  purchases  by  Buyer,  the Buyer is a
"qualified  institutional  buyer" as  defined in SEC Rule 144A  because  (i) the
Buyer is an investment  company  registered under the Investment  Company Act of
1940,  and (ii) as marked  below,  the Buyer  alone,  or the  Buyer's  Family of
Investment Companies,  owned at least $100,000,000 in securities (other than the
excluded  securities referred to below) as of the end of the Buyer's most recent
fiscal year. For purposes of determining  the amount of securities  owned by the
Buyer or the Buyer's Family of Investment Companies, the cost of such securities
was used.

     ____ The Buyer owned  $___________________  in  securities  (other than the
          excluded  securities  referred  to below) as of the end of the Buyer's
          most recent  fiscal year (such amount being  calculated  in accordance
          with Rule 144A).

     ____ The Buyer is part of a Family of Investment  Companies  which owned in
          the aggregate  $______________  in securities (other than the excluded
          securities referred to below) as of the end of the Buyer's most recent
          fiscal year (such  amount being  calculated  in  accordance  with Rule
          144A).

                  3. The term "Family of  Investment  Companies"  as used herein
means two or more registered  investment companies (or series thereof) that have
the same  investment  adviser or  investment  advisers that are  affiliated  (by
virtue of being  majority owned  subsidiaries  of the same parent or because one
investment adviser is a majority owned subsidiary of the other).

                  4. The term  "securities"  as used herein does not include (i)
securities  of  issuers  that are  affiliated  with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) bank deposit notes and certificates
of  deposit,  (iii)  loan  participations,   (iv)  repurchase  agreements,   (v)
securities  owned but  subject  to a  repurchase  agreement  and (vi)  currency,
interest rate and commodity swaps.

                  5. The Buyer is familiar with Rule 144A and  understands  that
each of the  parties to which this  certification  is made are  relying and will
continue to rely on the statements

                                       L-7

<PAGE>



made  herein  because one or more sales to the Buyer will be in reliance on Rule
144A. In addition, the Buyer will only purchase for the Buyer's own account.

                  6. The  undersigned  will  notify each of the parties to which
this  certification  is made of any changes in the  information  and conclusions
herein.  Until such notice,  the Buyer's  purchase of Rule 144A  Securities will
constitute a reaffirmation  of this  certification  by the undersigned as of the
date of such purchase.



                                          Print Name of Buyer


                                          By:
                                          Name:
                                          Title:

                                          IF AN ADVISER:


                                          Print Name of Buyer


                                          Date:


                                       L-8

<PAGE>



                                    EXHIBIT M

                   [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
Subservicer will be entitled to any reimbursement pursuant to Section 4.02(a) on
such  Distribution  Date for Advances or Subservicer  Advances  previously made,
(which will not be Advances or Subservicer  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 Subservicer Advances reimbursed
pursuant to Section 4.02(a), to the extent such Advances or Subservicer 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

                                       M-1

<PAGE>



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  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

                                       M-2

<PAGE>



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 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.

                                       M-3

<PAGE>



                                    EXHIBIT N

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                 RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

                       Mortgage Pass-Through Certificates
                                 Series 1998-S18


                                                                         , 199__


The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602

Attention:  Residential Funding Corporation Series 1998-S18

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 Pooling and
Servicing  Agreement  dated as of August 1,  1998 (the  "Servicing  Agreement"),
among  Residential   Funding  Mortgage   Securities  I,  Inc.  (the  "Company"),
Residential  Funding and The First  National Bank of Chicago (the  "Trustee") as
amended by Amendment No. ___ thereto, dated as of ________,  with respect to the
Mortgage Pass-Through Certificates, Series 1998-S18 (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

                                       N-1

<PAGE>



Funding to perform its Subordinate  Certificate  Loss Obligation when and as the
same arises from time to time upon the demand of the Trustee in accordance  with
Section 12.01 of the Servicing Agreement.

                  (b) The agreement set forth in the preceding  clause (a) shall
be  absolute,  irrevocable  and  unconditional  and shall not be affected by the
transfer by GMAC or any other person of all or any 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.


                                       N-2

<PAGE>



                  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.

                  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:

THE FIRST NATIONAL BANK OF CHICAGO,
  as Trustee


By:
Name:
Title:


RESIDENTIAL FUNDING MORTGAGE
  SECURITIES I, INC.


By:
Name:
Title:

                                       N-3

<PAGE>



                                    EXHIBIT O

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN


                                                      __________________, 19____

Residential Funding Mortgage
  Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602

Attention:  Residential Funding Corporation Series 1998-S18

     Re:  Mortgage  Pass-Through  Certificates,  Series  1998-S18  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 Pooling
and Servicing  Agreement  (the "Pooling and Servicing  Agreement"),  dated as of
August 1, 1998 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:

           (i) the Mortgage Loan is secured by Mortgaged  Property  located in a
jurisdiction  in which an  assignment  in lieu of  satisfaction  is  required to
preserve lien priority,  minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;

          (ii) the  substance  of the  assignment  is, and is  intended to be, a
refinancing  of such Mortgage Loan and the form of the  transaction is solely to
comply with, or facilitate the transaction under, such local laws;

         (iii) the  Mortgage  Loan  following  the proposed  assignment  will be
modified  to have a rate of interest  at least 0.25  percent  below or above the
rate of interest on such Mortgage Loan prior to such proposed assignment; and

          (iv) such  assignment  is at the  request  of the  borrower  under the
related Mortgage Loan.

                                       O-1

<PAGE>



                                          Very truly yours,



                                          (Lender)

                                          By:
                                          Name:
                                          Title:


                                       O-2

<PAGE>



                                    EXHIBIT P

                         SCHEDULE OF DISCOUNT FRACTIONS

Schedule of Discount Fractions

        PRINCIPAL       NET MORTGAGE    DISCOUNT        PO
LOAN #  BALANCE RATE    FRACTION        BALANCE
1780001 627,810.53      5.595   13.9230769231%  87,410.54
1779952 449,725.00      5.720   12.0000000000%  53,967.00
2663640 617,868.09      5.720   12.0000000000%  74,144.17
2664028 293,985.62      5.720   12.0000000000%  35,278.27
1779975 398,639.17      5.845   10.0769230769%  40,170.56
2664065 354,788.85      5.845   10.0769230769%  35,751.80
1779963 308,956.56      5.970   8.1538461538%   25,191.84
1779968 578,047.77      5.970   8.1538461538%   47,133.13
1779976 348,821.93      5.970   8.1538461538%   28,442.40
1779980 257,729.58      5.970   8.1538461538%   21,014.87
1779981 255,138.32      5.970   8.1538461538%   20,803.59
2663582 248,809.30      5.970   8.1538461538%   20,287.53
1768578 550,900.00      6.095   6.2307692308%   34,325.31
1779733 398,668.00      6.095   6.2307692308%   24,840.08
1779865 323,917.74      6.095   6.2307692308%   20,182.57
1779895 598,001.99      6.095   6.2307692308%   37,260.12
1779945 274,084.25      6.095   6.2307692308%   17,077.56
1779958 272,090.90      6.095   6.2307692308%   16,953.36
1780004 491,586.02      6.095   6.2307692308%   30,629.59
2663612 275,306.99      6.095   6.2307692308%   17,153.74
2663639 259,134.19      6.095   6.2307692308%   16,146.05
1698906 618,761.00      6.220   4.3076923077%   26,654.32
1765164 609,983.82      6.220   4.3076923077%   26,276.23
1771082 450,300.00      6.220   4.3076923077%   19,397.54
1774973 345,928.06      6.220   4.3076923077%   14,901.52
1779845 271,295.72      6.220   4.3076923077%   11,686.58
1779886 244,192.87      6.220   4.3076923077%   10,519.08
1779904 493,369.26      6.220   4.3076923077%   21,252.83
1779919 647,858.63      6.220   4.3076923077%   27,907.76
1779923 365,790.95      6.220   4.3076923077%   15,757.15
1779937 333,896.37      6.220   4.3076923077%   14,383.23
1779943 249,176.23      6.220   4.3076923077%   10,733.75
1780534 300,000.00      6.220   4.3076923077%   12,923.08
1782913 307,951.94      6.220   4.3076923077%   13,265.62
2660284 340,873.31      6.220   4.3076923077%   14,683.77
2663744 258,282.26      6.220   4.3076923077%   11,126.01
2663762 398,682.24      6.220   4.3076923077%   17,174.00
2664038 373,764.59      6.220   4.3076923077%   16,100.63
1758517 415,870.82      6.345   2.3846153846%   9,916.92
1761440 348,859.31      6.345   2.3846153846%   8,318.95
1770401 322,944.05      6.345   2.3846153846%   7,700.97
1772194 323,940.79      6.345   2.3846153846%   7,724.74
1775559 233,237.36      6.345   2.3846153846%   5,561.81
1777521 628,000.00      6.345   2.3846153846%   14,975.38
1777656 339,900.00      6.345   2.3846153846%   8,105.31
1777750 350,000.00      6.345   2.3846153846%   8,346.15
1778126 304,000.00      6.345   2.3846153846%   7,249.23
1779453 735,000.00      6.345   2.3846153846%   17,526.92
1779856 336,657.32      6.345   2.3846153846%   8,027.98
1779870 385,140.68      6.345   2.3846153846%   9,184.12
1779894 623,660.78      6.345   2.3846153846%   14,871.91
1779913 395,706.13      6.345   2.3846153846%   9,436.07
1779926 274,103.74      6.345   2.3846153846%   6,536.32
1779992 425,471.93      6.345   2.3846153846%   10,145.87
1780012 558,174.90      6.345   2.3846153846%   13,310.32
1780843 275,000.00      6.345   2.3846153846%   6,557.69
1783410 498,370.45      6.345   2.3846153846%   11,884.22
1783424 300,000.00      6.345   2.3846153846%   7,153.85
1784362 610,000.00      6.345   2.3846153846%   14,546.15
1784716 302,500.00      6.345   2.3846153846%   7,213.46
2663754 338,771.15      6.345   2.3846153846%   8,078.39
2663770 365,803.91      6.345   2.3846153846%   8,723.02
2663905 277,093.96      6.345   2.3846153846%   6,607.63
2664020 269,120.04      6.345   2.3846153846%   6,417.48
2664029 299,022.26      6.345   2.3846153846%   7,130.53
2664041 322,146.65      6.345   2.3846153846%   7,681.96
2664056 508,337.86      6.345   2.3846153846%   12,121.90
2664074 342,878.87      6.345   2.3846153846%   8,176.34
2668770 260,000.00      6.345   2.3846153846%   6,200.00
1727973 309,000.53      6.470   0.4615384615%   1,426.16
1750276 311,802.74      6.470   0.4615384615%   1,439.09
1750586 306,984.69      6.470   0.4615384615%   1,416.85
1757664 260,623.50      6.470   0.4615384615%   1,202.88
1757708 361,016.86      6.470   0.4615384615%   1,666.23
1757710 298,060.10      6.470   0.4615384615%   1,375.66
1757905 116,622.79      6.470   0.4615384615%   538.26
1759863 327,866.10      6.470   0.4615384615%   1,513.23
1762637 304,050.38      6.470   0.4615384615%   1,403.31
1762789 500,000.00      6.470   0.4615384615%   2,307.69
1765450 403,088.82      6.470   0.4615384615%   1,860.41
1765783 553,210.63      6.470   0.4615384615%   2,553.28
1765817 571,500.00      6.470   0.4615384615%   2,637.69
1765837 393,726.48      6.470   0.4615384615%   1,817.20
1766193 268,254.08      6.470   0.4615384615%   1,238.10
1766251 980,000.00      6.470   0.4615384615%   4,523.08
1767885 414,658.78      6.470   0.4615384615%   1,913.81
1769967 350,000.00      6.470   0.4615384615%   1,615.38
1770853 84,725.96       6.470   0.4615384615%   391.04
1771780 260,000.00      6.470   0.4615384615%   1,200.00
1772164 383,758.73      6.470   0.4615384615%   1,771.19
1772179 132,571.20      6.470   0.4615384615%   611.87
1772187 483,436.31      6.470   0.4615384615%   2,231.24
1774868 291,701.48      6.470   0.4615384615%   1,346.31
1774901 318,968.28      6.470   0.4615384615%   1,472.16
1774977 297,081.96      6.470   0.4615384615%   1,371.15
1776326 276,286.23      6.470   0.4615384615%   1,275.17
1776634 184,403.55      6.470   0.4615384615%   851.09
1777125 263,946.26      6.470   0.4615384615%   1,218.21
1777452 321,460.23      6.470   0.4615384615%   1,483.66
1777546 277,103.70      6.470   0.4615384615%   1,278.94
1779389 266,139.17      6.470   0.4615384615%   1,228.33
1779411 513,650.00      6.470   0.4615384615%   2,370.69
1779836 340,782.05      6.470   0.4615384615%   1,572.84
1779859 321,904.90      6.470   0.4615384615%   1,485.71
1779869 269,018.75      6.470   0.4615384615%   1,241.63
1779878 466,960.85      6.470   0.4615384615%   2,155.20
1779888 255,473.67      6.470   0.4615384615%   1,179.11
1779899 330,929.60      6.470   0.4615384615%   1,527.37
1779908 349,469.63      6.470   0.4615384615%   1,612.94
1779911 398,110.36      6.470   0.4615384615%   1,837.43
1779922 315,099.00      6.470   0.4615384615%   1,454.30
1779930 454,529.81      6.470   0.4615384615%   2,097.83
1779933 242,913.64      6.470   0.4615384615%   1,121.14
1779936 448,549.15      6.470   0.4615384615%   2,070.23
1779938 294,030.24      6.470   0.4615384615%   1,357.06
1779962 269,118.75      6.470   0.4615384615%   1,242.09
1779971 530,309.70      6.470   0.4615384615%   2,447.58
1779973 262,750.12      6.470   0.4615384615%   1,212.69
1779986 245,206.87      6.470   0.4615384615%   1,131.72
1779989 528,291.22      6.470   0.4615384615%   2,438.27
1779991 280,978.08      6.470   0.4615384615%   1,296.82
1780223 260,000.00      6.470   0.4615384615%   1,200.00
1780404 296,000.00      6.470   0.4615384615%   1,366.15
1782908 423,629.76      6.470   0.4615384615%   1,955.21
1784031 365,900.00      6.470   0.4615384615%   1,688.77
1784562 254,000.00      6.470   0.4615384615%   1,172.31
1786115 392,000.00      6.470   0.4615384615%   1,809.23
2659165 192,975.82      6.470   0.4615384615%   890.66
2663420 248,722.55      6.470   0.4615384615%   1,147.95
2663422 296,098.32      6.470   0.4615384615%   1,366.61
2663424 442,663.72      6.470   0.4615384615%   2,043.06
2663425 249,709.55      6.470   0.4615384615%   1,152.51
2663429 291,469.45      6.470   0.4615384615%   1,345.24
2663430 283,304.77      6.470   0.4615384615%   1,307.56
2663431 508,302.14      6.470   0.4615384615%   2,346.01
2663432 266,488.47      6.470   0.4615384615%   1,229.95
2663434 241,517.55      6.470   0.4615384615%   1,114.70
2663438 247,891.67      6.470   0.4615384615%   1,144.12
2663439 295,109.14      6.470   0.4615384615%   1,362.04
2663444 523,041.23      6.470   0.4615384615%   2,414.04
2663447 487,913.73      6.470   0.4615384615%   2,251.91
2663450 389,862.80      6.470   0.4615384615%   1,799.37
2663453 454,017.40      6.470   0.4615384615%   2,095.46
2663454 244,068.76      6.470   0.4615384615%   1,126.47
2663455 292,070.92      6.470   0.4615384615%   1,348.02
2663458 393,478.85      6.470   0.4615384615%   1,816.06
2663460 281,293.42      6.470   0.4615384615%   1,298.28
2663461 359,463.37      6.470   0.4615384615%   1,659.06
2663464 481,668.89      6.470   0.4615384615%   2,223.09
2663465 345,448.01      6.470   0.4615384615%   1,594.38
2663466 338,270.43      6.470   0.4615384615%   1,561.25
2663470 434,277.51      6.470   0.4615384615%   2,004.36
2663472 244,774.59      6.470   0.4615384615%   1,129.73
2663473 295,111.33      6.470   0.4615384615%   1,362.05
2663476 490,463.31      6.470   0.4615384615%   2,263.68
2663477 263,527.50      6.470   0.4615384615%   1,216.28
2663479 371,352.46      6.470   0.4615384615%   1,713.93
2663480 236,087.28      6.470   0.4615384615%   1,089.63
2663484 228,217.74      6.470   0.4615384615%   1,053.31
2663485 320,773.16      6.470   0.4615384615%   1,480.49
2663486 415,947.21      6.470   0.4615384615%   1,919.76
2663488 246,255.10      6.470   0.4615384615%   1,136.56
2663489 270,387.20      6.470   0.4615384615%   1,247.94
2663490 539,066.05      6.470   0.4615384615%   2,488.00
2663491 400,364.70      6.470   0.4615384615%   1,847.84
2663506 478,692.25      6.470   0.4615384615%   2,209.35
2663508 349,182.04      6.470   0.4615384615%   1,611.61
2663511 318,298.57      6.470   0.4615384615%   1,469.07
2663513 248,651.38      6.470   0.4615384615%   1,147.62
2663514 486,881.17      6.470   0.4615384615%   2,247.14
2663517 324,211.83      6.470   0.4615384615%   1,496.36
2663519 297,085.32      6.470   0.4615384615%   1,371.16
2663520 232,545.99      6.470   0.4615384615%   1,073.29
2663523 236,087.28      6.470   0.4615384615%   1,089.63
2663526 271,357.57      6.470   0.4615384615%   1,252.42
2663527 296,098.32      6.470   0.4615384615%   1,366.61
2663528 269,796.85      6.470   0.4615384615%   1,245.22
2663530 284,158.89      6.470   0.4615384615%   1,311.50
2663535 263,231.39      6.470   0.4615384615%   1,214.91
2663542 495,136.59      6.470   0.4615384615%   2,285.25
2663544 287,856.90      6.470   0.4615384615%   1,328.57
2663548 304,946.11      6.470   0.4615384615%   1,407.44
2663552 346,595.63      6.470   0.4615384615%   1,599.67
2663553 305,962.07      6.470   0.4615384615%   1,412.13
2663559 269,446.34      6.470   0.4615384615%   1,243.60
2663563 344,307.06      6.470   0.4615384615%   1,589.11
2663574 300,444.58      6.470   0.4615384615%   1,386.67
2663578 300,444.58      6.470   0.4615384615%   1,386.67
2663583 265,716.94      6.470   0.4615384615%   1,226.39
2663584 341,775.58      6.470   0.4615384615%   1,577.43
2663586 249,548.82      6.470   0.4615384615%   1,151.76
2663591 396,407.84      6.470   0.4615384615%   1,829.57
2663595 407,002.29      6.470   0.4615384615%   1,878.47
2663597 415,546.54      6.470   0.4615384615%   1,917.91
2663600 265,612.63      6.470   0.4615384615%   1,225.90
2663603 397,413.47      6.470   0.4615384615%   1,834.22
2663604 324,885.52      6.470   0.4615384615%   1,499.47
2663618 262,026.27      6.470   0.4615384615%   1,209.35
2663637 745,150.24      6.470   0.4615384615%   3,439.15
2663641 282,227.87      6.470   0.4615384615%   1,302.59
2663652 388,471.66      6.470   0.4615384615%   1,792.95
2663668 338,903.81      6.470   0.4615384615%   1,564.17
2663672 277,692.67      6.470   0.4615384615%   1,281.66
2663677 266,267.02      6.470   0.4615384615%   1,228.92
2663685 341,775.58      6.470   0.4615384615%   1,577.43
2663687 248,593.70      6.470   0.4615384615%   1,147.36
2663692 278,189.42      6.470   0.4615384615%   1,283.95
2663693 307,995.44      6.470   0.4615384615%   1,421.52
2663695 337,801.43      6.470   0.4615384615%   1,559.08
2663697 320,812.01      6.470   0.4615384615%   1,480.67
2663699 509,990.72      6.470   0.4615384615%   2,353.80
2663701 310,945.78      6.470   0.4615384615%   1,435.13
2663702 448,549.15      6.470   0.4615384615%   2,070.23
2663705 254,177.86      6.470   0.4615384615%   1,173.13
2663713 306,852.86      6.470   0.4615384615%   1,416.24
2663714 226,525.67      6.470   0.4615384615%   1,045.50
2663730 378,536.33      6.470   0.4615384615%   1,747.09
2663739 283,873.38      6.470   0.4615384615%   1,310.18
2663742 386,224.48      6.470   0.4615384615%   1,782.57
2663743 310,994.08      6.470   0.4615384615%   1,435.36
2663755 287,769.20      6.470   0.4615384615%   1,328.17
2663757 338,903.81      6.470   0.4615384615%   1,564.17
2663760 266,587.72      6.470   0.4615384615%   1,230.40
2663763 616,306.54      6.470   0.4615384615%   2,844.49
2663764 404,658.77      6.470   0.4615384615%   1,867.66
2663778 297,866.18      6.470   0.4615384615%   1,374.77
2663779 481,367.23      6.470   0.4615384615%   2,221.69
2663784 298,060.10      6.470   0.4615384615%   1,375.66
2663785 384,927.80      6.470   0.4615384615%   1,776.59
2663786 356,498.34      6.470   0.4615384615%   1,645.38
2663787 562,340.02      6.470   0.4615384615%   2,595.42
2663791 281,350.57      6.470   0.4615384615%   1,298.54
2663792 232,714.20      6.470   0.4615384615%   1,074.07
2663794 315,539.54      6.470   0.4615384615%   1,456.34
2663802 379,522.19      6.470   0.4615384615%   1,751.64
2663814 343,474.03      6.470   0.4615384615%   1,585.26
2663821 455,038.41      6.470   0.4615384615%   2,100.18
2663824 283,009.28      6.470   0.4615384615%   1,306.20
2663826 426,432.53      6.470   0.4615384615%   1,968.15
2663828 372,575.11      6.470   0.4615384615%   1,719.58
2663830 284,731.77      6.470   0.4615384615%   1,314.15
2663834 253,509.94      6.470   0.4615384615%   1,170.05
2663840 288,169.50      6.470   0.4615384615%   1,330.01
2663851 397,413.47      6.470   0.4615384615%   1,834.22
2663861 596,120.20      6.470   0.4615384615%   2,751.32
2663862 354,194.74      6.470   0.4615384615%   1,634.74
2663873 288,068.24      6.470   0.4615384615%   1,329.55
2663874 417,284.14      6.470   0.4615384615%   1,925.93
2663875 358,929.25      6.470   0.4615384615%   1,656.60
2663884 319,421.07      6.470   0.4615384615%   1,474.25
2663888 373,568.66      6.470   0.4615384615%   1,724.16
2663893 517,631.05      6.470   0.4615384615%   2,389.07
2663899 516,637.51      6.470   0.4615384615%   2,384.48
2663900 353,191.92      6.470   0.4615384615%   1,630.12
2663901 458,516.91      6.470   0.4615384615%   2,116.23
2663903 301,412.74      6.470   0.4615384615%   1,391.14
2663906 412,316.47      6.470   0.4615384615%   1,903.00
2663907 299,032.77      6.470   0.4615384615%   1,380.15
2663911 625,926.21      6.470   0.4615384615%   2,888.89
2663914 437,341.74      6.470   0.4615384615%   2,018.50
2663921 274,953.68      6.470   0.4615384615%   1,269.02
2663933 418,277.68      6.470   0.4615384615%   1,930.51
2663945 278,100.48      6.470   0.4615384615%   1,283.54
2663951 248,094.07      6.470   0.4615384615%   1,145.05
2663958 458,516.91      6.470   0.4615384615%   2,116.23
2663965 269,247.62      6.470   0.4615384615%   1,242.68
2663973 402,381.13      6.470   0.4615384615%   1,857.14
2663980 408,678.12      6.470   0.4615384615%   1,886.21
2663988 392,445.79      6.470   0.4615384615%   1,811.29
2663992 372,575.11      6.470   0.4615384615%   1,719.58
2663999 255,338.15      6.470   0.4615384615%   1,178.48
2664005 553,709.01      6.470   0.4615384615%   2,555.58
2664034 346,878.01      6.470   0.4615384615%   1,600.98
2664035 484,183.89      6.470   0.4615384615%   2,234.69
2664036 348,871.56      6.470   0.4615384615%   1,610.18
2664039 448,549.15      6.470   0.4615384615%   2,070.23
2664040 340,299.29      6.470   0.4615384615%   1,570.61
2664042 285,077.90      6.470   0.4615384615%   1,315.74
2664049 259,161.73      6.470   0.4615384615%   1,196.13
2664052 295,045.66      6.470   0.4615384615%   1,361.75
2664053 406,684.56      6.470   0.4615384615%   1,877.01
2664057 342,392.52      6.470   0.4615384615%   1,580.27
2664058 274,113.37      6.470   0.4615384615%   1,265.14
2664067 452,536.26      6.470   0.4615384615%   2,088.63
2664069 281,090.80      6.470   0.4615384615%   1,297.34
2664073 361,829.65      6.470   0.4615384615%   1,669.98
2668769 258,563.67      6.470   0.4615384615%   1,193.37

        $102,600,804.21         1.5831801723%   $1,624,355.59
                                

<PAGE>


                                    EXHIBIT Q

                          FORM OF REQUEST FOR EXCHANGE

                                                                          [Date]


The First National Bank of Chicago
One North State Street
Chicago, Illinois 60602

Re:  Residential  Funding  Mortgage  Securities  I, Inc.  Mortgage  Pass-Through
     Certificates, Series 1998-S18

                  Residential  Funding  Corporation,  as the  Holder  of a ____%
Percentage Interest of the  [Class/Subclass] of Class A-__ Certificates,  hereby
requests  the  Trustee to exchange  the  above-referenced  Certificates  for the
Subclasses referred to below:

                  1.       Class   A__   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-__ 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-__
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
August  1,  1998,  among  Residential   Funding  Mortgage  Securities  I,  Inc.,
Residential  Funding  Corporation  and The First  National  Bank of Chicago,  as
trustee.

                                          RESIDENTIAL FUNDING CORPORATION


                                          By:

                                          Name:

                                          Title:



                                       Q-1

<PAGE>





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