POOLING AND SERVICING AGREEMENT

Pooling and Servicing Agreement

You are currently viewing:

This Pooling and Servicing Agreement involves

WELLS FARGO BANK, N.A. | OPTEUM MORTGAGE ACCEPTANCE CORPORATION, | HSBC BANK USA, NATIONAL ASSOCIATION

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.

Title: POOLING AND SERVICING AGREEMENT
Governing Law: New York Date: 4/20/2005

OPTEUM MORTGAGE ACCEPTANCE CORPORATION,

COMPANY,

WELLS FARGO BANK, N.A.

MASTER SERVICER AND SECURITIES ADMINISTRATOR,

AND

HSBC BANK USA, NATIONAL ASSOCIATION

TRUSTEE

POOLING AND SERVICING AGREEMENT

DATED AS OF APRIL 1, 2005

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

ASSET-BACKED PASS-THROUGH CERTIFICATES

SERIES 2005-2

<PAGE>

<TABLE>

TABLE OF CONTENTS

Page

----

ARTICLE I

DEFINITIONS

Section 1.01 Defined Terms............................................................................16

Accepted Master Servicing Practices....................................................................16

Accrual Period.........................................................................................16

Accrued Certificate Interest...........................................................................16

Adjustable Rate Mortgage Loans.........................................................................16

Advance................................................................................................17

Affected Party.........................................................................................17

Affiliate..............................................................................................17

Aggregate Stated Principal Balance.....................................................................17

Agreement..............................................................................................17

Allocated Realized Loss Amount.........................................................................17

Assignment.............................................................................................17

Assignment Agreement...................................................................................17

Available Distribution Amount..........................................................................17

Balloon Loan...........................................................................................18

Balloon Payment........................................................................................18

Bankruptcy Code........................................................................................18

Basic Principal Distribution Amount....................................................................18

Basis Risk Shortfall...................................................................................18

Basis Risk Shortfall Carry-Forward Amount..............................................................18

Basis Risk Shortfall Reserve Fund......................................................................18

Book-Entry Certificate.................................................................................18

Business Day...........................................................................................18

Cash Liquidation.......................................................................................18

Cenlar.................................................................................................19

Cenlar Servicing Agreement.............................................................................19

Certificate............................................................................................19

Certificate Account....................................................................................19

Certificate Account Deposit Date.......................................................................19

Certificateholder or Holder............................................................................19

Certificate Margin.....................................................................................19

Certificate Owner......................................................................................20

Certificate Principal Balance..........................................................................20

Certificate Register...................................................................................20

Class..................................................................................................20

Class A Certificate....................................................................................20

Class A Principal Distribution Amount..................................................................20

Class A-I Certificate:.................................................................................20

Class A-II Certificate:................................................................................20

</TABLE>

-i-

<PAGE>

<TABLE>

<S> <C>

Class A-I-2 Certificate................................................................................21

Class A-I-3 Certificate................................................................................21

Class A-II-1 Certificate...............................................................................21

Class A-II-2 Certificate...............................................................................21

Class A-I Principal Distribution Amount................................................................21

Class C Certificate....................................................................................22

Class C Interest.......................................................................................22

Class IO Distribution Amount...........................................................................22

Class M Certificates...................................................................................22

Class M-1 Certificate..................................................................................22

Class M-1 Principal Distribution Amount................................................................22

Class M-2 Certificate..................................................................................23

Class M-2 Principal Distribution Amount................................................................23

"Class M-3 Certificate"................................................................................23

Class M-3 Principal Distribution Amount................................................................23

Class M-4 Certificate..................................................................................24

Class M-4 Principal Distribution Amount................................................................24

Class M-5 Certificate..................................................................................24

Class M-5 Principal Distribution Amount................................................................24

Class M-6 Certificate..................................................................................25

Class M-6 Principal Distribution Amount................................................................25

Class M-7 Certificate..................................................................................25

Class M-7 Principal Distribution Amount................................................................25

Class M-8 Certificate..................................................................................26

Class M-8 Principal Distribution Amount................................................................26

Class M-9 Certificate..................................................................................26

Class M-9 Principal Distribution Amount................................................................27

Class M-10 Certificate.................................................................................27

Class M-10 Principal Distribution Amount...............................................................27

Class M-11 Certificate.................................................................................28

Class M-11 Principal Distribution Amount...............................................................28

Class P Certificate....................................................................................28

Class P Interest.......................................................................................28

Class R Certificate....................................................................................28

Class R-1 Interest.....................................................................................28

Class R-2 Interest.....................................................................................29

Class R-3 Interest.....................................................................................29

Class R-4 Interest.....................................................................................29

Class R-5 Interest.....................................................................................29

Class R-6 Interest.....................................................................................29

Class R-X Certificate..................................................................................29

Closing Date...........................................................................................29

Code...................................................................................................29

Collateral Value.......................................................................................29

Commission.............................................................................................29

Company................................................................................................29

</TABLE>

-ii-

<PAGE>

<TABLE>

<S> <C>

Compensating Interest..................................................................................29

Corporate Trust Office.................................................................................29

Corresponding Certificate..............................................................................29

Curtailment............................................................................................30

Custodial Account......................................................................................30

Custodial Agreement....................................................................................30

Custodian..............................................................................................30

Cut-off Date...........................................................................................30

Defaulting Party.......................................................................................30

Deficient Valuation....................................................................................31

Definitive Certificate.................................................................................31

Deleted Mortgage Loan..................................................................................31

Delinquent.............................................................................................31

Depository.............................................................................................31

Depository Participant.................................................................................31

Determination Date.....................................................................................31

Disqualified Organization..............................................................................31

Distribution Date......................................................................................32

Due Date...............................................................................................32

Due Period.............................................................................................32

EDGAR..................................................................................................32

Eligible Account.......................................................................................32

ERISA Restricted Certificates..........................................................................32

Event of Default.......................................................................................32

Exchange Act...........................................................................................33

Extra Principal Distribution Amount....................................................................33

Fannie Mae.............................................................................................33

FDIC...................................................................................................33

Fitch..................................................................................................33

Fixed Rate Mortgage Loans..............................................................................33

Freddie Mac............................................................................................33

Group I Loans..........................................................................................33

Group II Loans.........................................................................................33

Indenture..............................................................................................33

Indenture Trustee......................................................................................33

Initial Certificate Principal Balance..................................................................33

Initial Notional Amount................................................................................33

Insurance Policy.......................................................................................33

Insurance Proceeds.....................................................................................33

Interest Carry Forward Amount..........................................................................34

Interest Determination Date............................................................................34

Interest Remittance Amount.............................................................................34

Late Collections.......................................................................................34

Lender-Paid Insured Loans..............................................................................34

Lender-Paid Primary Insurance Policy...................................................................34

Lender-Paid Primary Insurance Rate.....................................................................34

</TABLE>

-iii-

<PAGE>

<TABLE>

<S> <C>

LIBOR..................................................................................................34

LIBOR Business Day.....................................................................................35

Liquidated Mortgage Loan...............................................................................35

Liquidation Proceeds...................................................................................35

Loan-to-Value Ratio....................................................................................35

Lost Note Affidavit....................................................................................35

Majority Class C Certificateholder.....................................................................35

Marker Rate............................................................................................35

Master Servicer........................................................................................35

Master Servicing Fees..................................................................................36

Master Servicing Fee Rate..............................................................................36

Maximum Uncertificated Accrued Interest Deferral Amount................................................36

MERS...................................................................................................36

MERS(R) System.........................................................................................36

MIN....................................................................................................36

MOM Loan...............................................................................................36

Monthly Payment........................................................................................37

Moody's................................................................................................37

Mortgage...............................................................................................37

Mortgage File..........................................................................................37

Mortgage Loan..........................................................................................37

Mortgage Loan Purchase Agreement.......................................................................37

Mortgage Loan Schedule.................................................................................37

Mortgage Note..........................................................................................39

Mortgage Rate..........................................................................................39

Mortgaged Property.....................................................................................39

Mortgagor..............................................................................................39

Net Liquidation Proceeds...............................................................................39

Net Monthly Excess Cashflow............................................................................39

Net Mortgage Rate......................................................................................39

Net Prepayment Interest Shortfall......................................................................39

Net Swap Payment.......................................................................................39

Net WAC Rate...........................................................................................39

Nonrecoverable Advance.................................................................................40

Non-United States Person...............................................................................40

Note Account...........................................................................................41

Note Administrator.....................................................................................41

Notional Amount........................................................................................41

Offered Certificates...................................................................................41

Officers' Certificate..................................................................................41

Opinion of Counsel.....................................................................................41

Option One.............................................................................................41

Option One Servicing Agreement.........................................................................41

Optional Termination Date..............................................................................41

OTS....................................................................................................41

Outstanding Mortgage Loan..............................................................................41

</TABLE>

-iv-

<PAGE>

<TABLE>

<S> <C>

Overcollateralization Deficiency Amount................................................................41

Overcollateralization Floor Amount.....................................................................42

Overcollateralization Release Amount...................................................................42

Overcollateralization Target Amount....................................................................42

Overcollateralized Amount..............................................................................42

Ownership Interest.....................................................................................42

Pass-Through Rate......................................................................................42

Percentage Interest....................................................................................44

Permitted Investment...................................................................................44

Permitted Transferee...................................................................................45

Person.................................................................................................46

Prepayment Assumption..................................................................................46

Prepayment Charge......................................................................................46

Prepayment Interest Shortfall..........................................................................46

Prepayment Period......................................................................................46

Primary Hazard Insurance Policy........................................................................46

Primary Insurance Policy...............................................................................46

Principal Allocation Amount............................................................................46

Principal Distribution Amount..........................................................................46

Principal Prepayment...................................................................................46

Principal Prepayment in Full...........................................................................46

Principal Remittance Amount............................................................................47

Prospectus Supplement..................................................................................47

Protected Account......................................................................................47

Purchase Price.........................................................................................47

Qualified Insurer......................................................................................47

Qualified Substitute Mortgage Loan.....................................................................48

Rating Agency..........................................................................................48

Realized Loss..........................................................................................48

Record Date............................................................................................49

Regular Certificate....................................................................................49

Regular Interest.......................................................................................49

Relief Act.............................................................................................49

Relief Act Interest Shortfall..........................................................................49

REMIC..................................................................................................49

REMIC 1................................................................................................49

REMIC 1 Group I Regular Interests......................................................................49

REMIC 1 Group II Regular Interests.....................................................................49

REMIC I Regular Interest...............................................................................50

REMIC 2................................................................................................50

REMIC 2 Interest Loss Allocation Amount................................................................50

REMIC 2 Marker Allocation Percentage...................................................................50

REMIC 2 Overcollateralized Amount......................................................................50

REMIC 2 Principal Loss Allocation Amount...............................................................51

REMIC 2 Overcollateralization Target Amount............................................................51

REMIC 2 Regular Interests .............................................................................51

</TABLE>

-v-

<PAGE>

<TABLE>

<S> <C>

REMIC 2 Sub WAC Allocation Percentage..................................................................51

REMIC 2 Subordinated Balance Ratio.....................................................................51

REMIC 3................................................................................................52

REMIC 3 Regular Interest...............................................................................52

REMIC 4................................................................................................52

REMIC 5................................................................................................52

REMIC 6................................................................................................52

REMIC 6 Regular Interest IO............................................................................52

REMIC Provisions.......................................................................................52

REMIC Regular Interest.................................................................................52

Remittance Report......................................................................................52

REO Acquisition........................................................................................52

REO Disposition........................................................................................53

REO Imputed Interest...................................................................................53

REO Proceeds...........................................................................................53

REO Property...........................................................................................53

Request for Release....................................................................................53

Residual Certificates..................................................................................53

Residual Interest......................................................................................53

Responsible Officer....................................................................................53

Securities Administrator...............................................................................53

Seller.................................................................................................53

Senior Enhancement Percentage..........................................................................53

Sequential Trigger Event...............................................................................54

Servicer...............................................................................................54

Servicer Remittance Date...............................................................................54

Servicing Advances.....................................................................................54

Servicing Agreements...................................................................................54

Servicing Fee..........................................................................................54

Servicing Fee Rate.....................................................................................54

Servicing Officer......................................................................................54

Single Certificate.....................................................................................54

Standard & Poor's......................................................................................55

Startup Day............................................................................................55

Stated Principal Balance...............................................................................55

Step-Up Date...........................................................................................55

Stepdown Date..........................................................................................55

Sub-Group..............................................................................................55

Subservicer............................................................................................55

Subservicer Remittance Date............................................................................55

Subservicing Agreement.................................................................................55

Subsequent Recoveries..................................................................................55

Substitution Adjustment................................................................................56

Supplemental Interest Trust............................................................................56

Swap Agreement.........................................................................................56

Swap LIBOR.............................................................................................56

</TABLE>

-vi-

<PAGE>

<TABLE>

Swap Principal Payment Amount..........................................................................56

Swap Provider..........................................................................................56

Swap Provider Trigger Event............................................................................56

Swap Termination Payment...............................................................................56

Tax Returns............................................................................................56

Transfer...............................................................................................57

Transferor.............................................................................................57

Trigger Event..........................................................................................57

Trust Fund.............................................................................................57

Trust REMIC............................................................................................57

Trustee................................................................................................57

Uncertificated Accrued Interest........................................................................57

Uncertificated Notional Amount.........................................................................57

Uncertificated Principal Balance.......................................................................60

Uncertificated Pass-Through Rate.......................................................................60

Uncertificated REMIC 1 Pass-Through Rate...............................................................60

Uncertificated REMIC 2 Pass-Through Rate...............................................................60

Uninsured Cause........................................................................................83

United States Person...................................................................................83

Voting Rights..........................................................................................83

Weighted Average Net Mortgage Rate.....................................................................84

Section 1.02 Determination of LIBOR...................................................................84

Section 1.03 Allocation of Certain Interest Shortfalls................................................85

ARTICLE II

CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01 Conveyance of Mortgage Loans.............................................................87

Section 2.02 Acceptance of the Trust Fund by the Trustee..............................................91

Section 2.03 Representations, Warranties and Covenants of the Master Servicer and the Company.........92

Section 2.04 Assignment of Interest in the Mortgage Loan Purchase Agreement...........................95

Section 2.05 Issuance of Certificates; Conveyance of REMIC Regular Interests and Acceptance

of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and REMIC 5 by the Trustee.........................97

Section 2.06 Negative Covenants of the Trustee and Master Servicer....................................99

ARTICLE III

ADMINISTRATION AND SERVICING OF THE TRUST FUND

Section 3.01 Administration and Servicing of Mortgage Loans..........................................100

Section 3.02 REMIC-Related Covenants.................................................................101

Section 3.03 Monitoring of Servicer..................................................................102

Section 3.04 Fidelity Bond...........................................................................103

Section 3.05 Power to Act; Procedures................................................................103

Section 3.06 Due-on-Sale Clauses; Assumption Agreements..............................................104

</TABLE>

-vii-

<PAGE>

<TABLE>

Section 3.07 Release of Mortgage Files...............................................................104

Section 3.08 Documents, Records and Funds in Possession of Master Servicer To Be

Held for Trustee........................................................................105

Section 3.09 Standard Hazard Insurance and Flood Insurance Policies..................................106

Section 3.10 Presentment of Claims and Collection of Proceeds........................................106

Section 3.11 Maintenance of the Primary Mortgage Insurance Policies..................................106

Section 3.12 Trustee to Retain Possession of Certain Insurance Policies and Documents................107

Section 3.13 Realization Upon Defaulted Mortgage Loans...............................................107

Section 3.14 Compensation for the Master Servicer....................................................108

Section 3.15 REO Property............................................................................108

Section 3.16 Protected Accounts......................................................................108

Section 3.17 Custodial Account.......................................................................110

Section 3.18 Permitted Withdrawals and Transfers from the Custodial Account..........................111

Section 3.19 Certificate Account.....................................................................112

Section 3.20 Permitted Withdrawals and Transfers from the Certificate Account........................113

Section 3.21 Annual Officer's Certificate as to Compliance...........................................114

Section 3.22 Annual Independent Accountant's Servicing Report........................................115

Section 3.23 Reports Filed with Securities and Exchange Commission...................................115

Section 3.24 UCC.....................................................................................116

Section 3.25 Optional Purchase of Defaulted Mortgage Loans...........................................116

ARTICLE IV

PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01 Distributions...........................................................................118

Section 4.02 Statements to Certificateholders........................................................125

Section 4.03 Remittance Reports; Advances by the Master Servicer.....................................127

Section 4.04 Distributions on the REMIC Regular Interests............................................128

Section 4.05 Allocation of Realized Losses...........................................................132

Section 4.06 Information Reports to Be Filed by the Servicer.........................................135

Section 4.07 Compliance with Withholding Requirements................................................135

Section 4.08 Basis Risk Shortfall Reserve Fund.......................................................135

Section 4.09 Supplemental Interest Trust.............................................................136

Section 4.10 Class M-9 Interest Reserve Fund.........................................................138

ARTICLE V

THE CERTIFICATES

Section 5.01 The Certificates........................................................................139

Section 5.02 Registration of Transfer and Exchange of Certificates...................................140

Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.......................................146

Section 5.04 Persons Deemed Owners...................................................................146

Section 5.05 Rule 144A Information...................................................................146

</TABLE>

-viii-

<PAGE>

<TABLE>

ARTICLE VI

THE COMPANY AND THE MASTER SERVICER

Section 6.01 Liability of the Company and the Master Servicer........................................147

Section 6.02 Merger, Consolidation or Conversion of the Company or the Master Servicer...............147

Section 6.03 Limitation on Liability of the Company, the Master Servicer, the

Securities Administrator and Others.....................................................147

Section 6.04 Limitation on Resignation of the Master Servicer........................................148

Section 6.05 Sale and Assignment of Master Servicing.................................................149

ARTICLE VII

DEFAULT

Section 7.01 Events of Default.......................................................................150

Section 7.02 Trustee to Act; Appointment of Successor................................................151

Section 7.03 Notification to Certificateholders......................................................153

Section 7.04 Waiver of Events of Default.............................................................153

Section 7.05 List of Certificateholders..............................................................153

ARTICLE VIII

CONCERNING THE TRUSTEE AND SECURITIES ADMINISTRATOR

Section 8.01 Duties of Trustee and the Securities Administrator......................................154

Section 8.02 Certain Matters Affecting the Trustee and the Securities Administrator..................155

Section 8.03 Trustee and Securities Administrator Not Liable for Certificates or

Mortgage Loans..........................................................................157

Section 8.04 Trustee and Securities Administrator May Own Certificates...............................157

Section 8.05 Trustee's and Securities Administrator's Fees...........................................157

Section 8.06 Eligibility Requirements for Trustee and the Securities Administrator...................158

Section 8.07 Resignation and Removal of the Trustee and the Securities Administrator.................158

Section 8.08 Successor Trustee and Successor Securities Administrator................................159

Section 8.09 Merger or Consolidation of Trustee or Securities Administrator..........................160

Section 8.10 Appointment of Co-Trustee or Separate Trustee...........................................160

ARTICLE IX

TERMINATION

Section 9.01 Termination Upon Repurchase or Liquidation of All Mortgage Loans or upon

Purchase of Certificates................................................................162

Section 9.02 Termination of REMIC 2, REMIC 3, REMIC 4, REMIC 5 and REMIC 6...........................164

Section 9.03 Additional Termination Requirements.....................................................164

</TABLE>

-ix-

<PAGE>

<TABLE>

ARTICLE X

REMIC PROVISIONS

Section 10.01 REMIC Administration....................................................................166

Section 10.02 Prohibited Transactions and Activities..................................................169

Section 10.03 Master Servicer, Securities Administrator and Trustee Indemnification...................169

ARTICLE XI

MISCELLANEOUS PROVISIONS

Section 11.01 Amendment...............................................................................171

Section 11.02 Recordation of Agreement; Counterparts..................................................172

Section 11.03 Limitation on Rights of Certificateholders..............................................172

Section 11.04 Governing Law...........................................................................173

Section 11.05 Notices.................................................................................173

Section 11.06 Severability of Provisions..............................................................174

Section 11.07 Successors and Assigns..................................................................174

Section 11.08 Article and Section Headings............................................................174

Section 11.09 Notice to Rating Agencies...............................................................174

Section 11.10 Third Party Rights......................................................................175

</TABLE>

-x-

<PAGE>

Signatures

Acknowledgments

Exhibit A Form of Class A Certificate

Exhibit B-1 Form of Class M Certificate

Exhibit B-2 Form of Class C Certificate

Exhibit B-3 Form of Class P Certificate

Exhibit B-4 Form of Class R Certificate

Exhibit B-5 Form of Class R-X Certificate

Exhibit C Form of Custodian Initial Certification

Exhibit D Form of Custodian Final Certification

Exhibit E Form of Remittance Report

Exhibit F Form of Request for Release

Exhibit G-1 Form of Investor Representation Letter

Exhibit G-2 Form of Transferor Representation Letter

Exhibit G-3 Form of Rule 144A Investment Representation

Exhibit G-4 Form of Transferor Certificate for Transfers of Residual

Certificates

Exhibit G-5 Form of Transfer Affidavit and Agreement for Transfers of

Residual Certificates

Exhibit H Mortgage Loan Schedule

Exhibit I [Reserved]

Exhibit J [Reserved]

Exhibit K Form of Assignment Agreement

Exhibit L-1 Form 10-K Certification

Exhibit L-2 Form 10-K Back-up Certification (Master Servicer)

Exhibit L-3 Form 10-K Back-up Certification (Trustee)

Exhibit M-1 Cenlar Servicing Agreement

Exhibit M-2 Option One Servicing Agreement

Exhibit N Form of Custodial Agreement

Exhibit O Interest Rate Swap Agreement

Exhibit P Form of Mortgage Loan Purchase Agreement

-xi-

<PAGE>

This Pooling and Servicing Agreement, dated and effective as of April

1, 2005, is entered into among Opteum Mortgage Acceptance Corporation, as

company (the "Company"), Wells Fargo Bank, N.A., as master servicer (in such

capacity, the "Master Servicer") and as securities administrator (in such

capacity, the "Securities Administrator"), and HSBC Bank USA, National

Association, as trustee (the "Trustee").

PRELIMINARY STATEMENT:

The Company intends to sell pass-through certificates (collectively,

the "Certificates"), to be issued hereunder in multiple classes, which in the

aggregate will evidence the entire beneficial ownership interest in the Trust

Fund created hereunder. The Certificates will consist of twenty classes of

certificates, designated as (i) the Class A-I-1, Class A-I-2, Class A-I-3, Class

A-II-1, Class A-II-2 Certificates, (ii) the Class M-1, Class M-2, Class M-3,

Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and

Class M-11 Certificates, (iii) the Class C Certificates, (iv) the Class P

Certificates, (v) the Class R Certificates and (vi) the Class R-X Certificates.

<PAGE>

REMIC 1

-------

As provided herein, the Trustee will make an election to treat the

segregated pool of assets consisting of the Trust Fund (exclusive of the Basis

Risk Shortfall Reserve Fund, the Class M-9 Interest Reserve Fund and, for the

avoidance of doubt, the Supplemental Interest Trust and the Swap Agreement) as a

REMIC for federal income tax purposes, and such segregated pool of assets will

be designated as "REMIC 1". The Class R-1 Interest will represent the sole class

of "residual interests" in REMIC 1 for purposes of the REMIC Provisions.

The following table irrevocably sets forth the designation, the

Uncertificated REMIC 1 Pass-Through Rate, the initial Uncertificated Principal

Balance, and for purposes of satisfying Treasury regulation Section

1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the REMIC 1

Regular Interests. None of the REMIC 1 Regular Interests will be certificated.

<TABLE>

Uncertificated Remic 1 Initial Certificate Assumed Final

Designation Pass-through Rate Principal Balance Maturity Date(1)

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

I (2) $ 2,243,146.54 April 25, 2035

I-1-A (2) $ 8,190,384.19 April 25, 2035

I-1-B (2) $ 8,190,384.19 April 25, 2035

I-2-A (2) $ 7,978,030.95 April 25, 2035

I-2-B (2) $ 7,978,030.95 April 25, 2035

I-3-A (2) $ 7,777,233.37 April 25, 2035

I-3-B (2) $ 7,777,233.37 April 25, 2035

I-4-A (2) $ 7,586,894.42 April 25, 2035

I-4-B (2) $ 7,586,894.42 April 25, 2035

I-5-A (2) $ 7,403,979.12 April 25, 2035

I-5-B (2) $ 7,403,979.12 April 25, 2035

I-6-A (2) $ 7,229,870.31 April 25, 2035

I-6-B (2) $ 7,229,870.31 April 25, 2035

I-7-A (2) $ 7,063,404.23 April 25, 2035

I-7-B (2) $ 7,063,404.23 April 25, 2035

I-8-A (2) $ 6,903,615.63 April 25, 2035

I-8-B (2) $ 6,903,615.63 April 25, 2035

I-9-A (2) $ 6,747,677.63 April 25, 2035

I-9-B (2) $ 6,747,677.63 April 25, 2035

I-10-A (2) $ 6,550,129.43 April 25, 2035

I-10-B (2) $ 6,550,129.43 April 25, 2035

I-11-A (2) $ 6,297,885.11 April 25, 2035

I-11-B (2) $ 6,297,885.11 April 25, 2035

I-12-A (2) $ 6,055,538.55 April 25, 2035

I-12-B (2) $ 6,055,538.55 April 25, 2035

I-13-A (2) $ 5,822,763.04 April 25, 2035

I-13-B (2) $ 5,822,763.04 April 25, 2035

I-14-A (2) $ 5,599,173.15 April 25, 2035

I-14-B (2) $ 5,599,173.15 April 25, 2035

I-15-A (2) $ 5,384,400.44 April 25, 2035

I-15-B (2) $ 5,384,400.44 April 25, 2035

I-16-A (2) $ 5,178,089.13 April 25, 2035

I-16-B (2) $ 5,178,089.13 April 25, 2035

</TABLE>

-2-

<PAGE>

<TABLE>

Uncertificated Remic 1 Initial Certificate Assumed Final

Designation Pass-through Rate Principal Balance Maturity Date(1)

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

I-17-A (2) $ 4,979,900.45 April 25, 2035

I-17-B (2) $ 4,979,900.45 April 25, 2035

I-18-A (2) $ 4,789,507.41 April 25, 2035

I-18-B (2) $ 4,789,507.41 April 25, 2035

I-19-A (2) $ 4,606,597.60 April 25, 2035

I-19-B (2) $ 4,606,597.60 April 25, 2035

I-20-A (2) $ 4,430,995.87 April 25, 2035

I-20-B (2) $ 4,430,995.87 April 25, 2035

I-21-A (2) $ 4,262,364.55 April 25, 2035

I-21-B (2) $ 4,262,364.55 April 25, 2035

I-22-A (2) $ 4,099,963.76 April 25, 2035

I-22-B (2) $ 4,099,963.76 April 25, 2035

I-23-A (2) $ 3,942,255.30 April 25, 2035

I-23-B (2) $ 3,942,255.30 April 25, 2035

I-24-A (2) $ 44,625,257.62 April 25, 2035

I-24-B (2) $ 44,625,257.62 April 25, 2035

I-25-A (2) $ 1,940,741.19 April 25, 2035

I-25-B (2) $ 1,940,741.19 April 25, 2035

I-26-A (2) $ 1,873,996.91 April 25, 2035

I-26-B (2) $ 1,873,996.91 April 25, 2035

I-27-A (2) $ 1,809,658.63 April 25, 2035

I-27-B (2) $ 1,809,658.63 April 25, 2035

I-28-A (2) $ 1,747,635.22 April 25, 2035

I-28-B (2) $ 1,747,635.22 April 25, 2035

I-29-A (2) $ 1,687,839.64 April 25, 2035

I-29-B (2) $ 1,687,839.64 April 25, 2035

I-30-A (2) $ 1,630,189.27 April 25, 2035

I-30-B (2) $ 1,630,189.27 April 25, 2035

I-31-A (2) $ 1,574,603.12 April 25, 2035

I-31-B (2) $ 1,574,603.12 April 25, 2035

I-32-A (2) $ 1,521,004.32 April 25, 2035

I-32-B (2) $ 1,521,004.32 April 25, 2035

I-33-A (2) $ 1,469,465.61 April 25, 2035

I-33-B (2) $ 1,469,465.61 April 25, 2035

I-34-A (2) $ 1,419,706.98 April 25, 2035

I-34-B (2) $ 1,419,706.98 April 25, 2035

I-35-A (2) $ 1,371,559.86 April 25, 2035

I-35-B (2) $ 1,371,559.86 April 25, 2035

I-36-A (2) $ 6,474,508.92 April 25, 2035

I-36-B (2) $ 6,474,508.92 April 25, 2035

I-37-A (2) $ 1,064,967.26 April 25, 2035

I-37-B (2) $ 1,064,967.26 April 25, 2035

I-38-A (2) $ 1,030,834.52 April 25, 2035

I-38-B (2) $ 1,030,834.52 April 25, 2035

I-39-A (2) $ 997,850.43 April 25, 2035

I-39-B (2) $ 997,850.43 April 25, 2035

I-40-A (2) $ 965,974.63 April 25, 2035

</TABLE>

-3-

<PAGE>

<TABLE>

Uncertificated Remic 1 Initial Certificate Assumed Final

Designation Pass-through Rate Principal Balance Maturity Date(1)

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

I-40-B (2) $ 965,974.63 April 25, 2035

I-41-A (2) $ 935,167.04 April 25, 2035

I-41-B (2) $ 935,167.04 April 25, 2035

I-42-A (2) $ 905,391.42 April 25, 2035

I-42-B (2) $ 905,391.42 April 25, 2035

I-43-A (2) $ 876,610.16 April 25, 2035

I-43-B (2) $ 876,610.16 April 25, 2035

I-44-A (2) $ 848,789.22 April 25, 2035

I-44-B (2) $ 848,789.22 April 25, 2035

I-45-A (2) $ 821,894.56 April 25, 2035

I-45-B (2) $ 821,894.56 April 25, 2035

I-46-A (2) $ 795,893.50 April 25, 2035

I-46-B (2) $ 795,893.50 April 25, 2035

I-47-A (2) $ 770,755.84 April 25, 2035

I-47-B (2) $ 770,755.84 April 25, 2035

I-48-A (2) $ 746,450.03 April 25, 2035

I-48-B (2) $ 746,450.03 April 25, 2035

I-49-A (2) $ 722,948.05 April 25, 2035

I-49-B (2) $ 722,948.05 April 25, 2035

I-50-A (2) $ 700,221.90 April 25, 2035

I-50-B (2) $ 700,221.90 April 25, 2035

I-51-A (2) $ 678,244.40 April 25, 2035

I-51-B (2) $ 678,244.40 April 25, 2035

I-52-A (2) $ 656,989.47 April 25, 2035

I-52-B (2) $ 656,989.47 April 25, 2035

I-53-A (2) $ 636,432.96 April 25, 2035

I-53-B (2) $ 636,432.96 April 25, 2035

I-54-A (2) $ 616,549.33 April 25, 2035

I-54-B (2) $ 616,549.33 April 25, 2035

I-55-A (2) $ 597,316.89 April 25, 2035

I-55-B (2) $ 597,316.89 April 25, 2035

I-56-A (2) $ 578,947.86 April 25, 2035

I-56-B (2) $ 578,947.86 April 25, 2035

I-57-A (2) $ 561,163.59 April 25, 2035

I-57-B (2) $ 561,163.59 April 25, 2035

I-58-A (2) $ 543,950.89 April 25, 2035

I-58-B (2) $ 543,950.89 April 25, 2035

I-59-A (2) $ 527,047.05 April 25, 2035

I-59-B (2) $ 527,047.05 April 25, 2035

I-60-A (2) $ 3,776,864.29 April 25, 2035

I-60-B (2) $ 3,776,864.29 April 25, 2035

I-61-A (2) $ 357,348.34 April 25, 2035

I-61-B (2) $ 357,348.34 April 25, 2035

I-62-A (2) $ 347,827.24 April 25, 2035

I-62-B (2) $ 347,827.24 April 25, 2035

I-63-A (2) $ 338,557.62 April 25, 2035

I-63-B (2) $ 338,557.62 April 25, 2035

</TABLE>

-4-

<PAGE>

<TABLE>

Uncertificated Remic 1 Initial Certificate Assumed Final

Designation Pass-through Rate Principal Balance Maturity Date(1)

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

I-64-A (2) $ 329,533.98 April 25, 2035

I-64-B (2) $ 329,533.98 April 25, 2035

I-65-A (2) $ 320,749.19 April 25, 2035

I-65-B (2) $ 320,749.19 April 25, 2035

I-66-A (2) $ 312,196.92 April 25, 2035

I-66-B (2) $ 312,196.92 April 25, 2035

I-67-A (2) $ 303,871.42 April 25, 2035

I-67-B (2) $ 303,871.42 April 25, 2035

I-68-A (2) $ 295,766.37 April 25, 2035

I-68-B (2) $ 295,766.37 April 25, 2035

I-69-A (2) $ 287,876.01 April 25, 2035

I-69-B (2) $ 287,876.01 April 25, 2035

I-70-A (2) $ 280,194.84 April 25, 2035

I-70-B (2) $ 280,194.84 April 25, 2035

I-71-A (2) $ 272,717.37 April 25, 2035

I-71-B (2) $ 272,717.37 April 25, 2035

I-72-A (2) $ 265,438.12 April 25, 2035

I-72-B (2) $ 265,438.12 April 25, 2035

I-73-A (2) $ 258,351.86 April 25, 2035

I-73-B (2) $ 258,351.86 April 25, 2035

I-74-A (2) $ 251,453.11 April 25, 2035

I-74-B (2) $ 251,453.11 April 25, 2035

I-75-A (2) $ 244,738.02 April 25, 2035

I-75-B (2) $ 244,738.02 April 25, 2035

I-76-A (2) $ 238,200.29 April 25, 2035

I-76-B (2) $ 238,200.29 April 25, 2035

I-77-A (2) $ 231,836.60 April 25, 2035

I-77-B (2) $ 231,836.60 April 25, 2035

I-78-A (2) $ 225,641.48 April 25, 2035

I-78-B (2) $ 225,641.48 April 25, 2035

I-79-A (2) $ 219,610.81 April 25, 2035

I-79-B (2) $ 219,610.81 April 25, 2035

I-80-A (2) $ 213,739.91 April 25, 2035

I-80-B (2) $ 213,739.91 April 25, 2035

I-81-A (2) $ 208,025.22 April 25, 2035

I-81-B (2) $ 208,025.22 April 25, 2035

I-82-A (2) $ 202,462.08 April 25, 2035

I-82-B (2) $ 202,462.08 April 25, 2035

I-83-A (2) $ 197,046.90 April 25, 2035

I-83-B (2) $ 197,046.90 April 25, 2035

I-84-A (2) $ 191,775.04 April 25, 2035

I-84-B (2) $ 191,775.04 April 25, 2035

I-85-A (2) $ 186,643.46 April 25, 2035

I-85-B (2) $ 186,643.46 April 25, 2035

I-86-A (2) $ 181,648.05 April 25, 2035

I-86-B (2) $ 181,648.05 April 25, 2035

I-87-A (2) $ 176,785.79 April 25, 2035

</TABLE>

-5-

<PAGE>

<TABLE>

Uncertificated Remic 1 Initial Certificate Assumed Final

Designation Pass-through Rate Principal Balance Maturity Date(1)

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

I-87-B (2) $ 176,785.79 April 25, 2035

I-89-A (2) $ 172,052.01 April 25, 2035

I-88-B (2) $ 172,052.01 April 25, 2035

I-89-A (2) $ 167,444.79 April 25, 2035

I-89-B (2) $ 167,444.79 April 25, 2035

I-90-A (2) $ 162,959.46 April 25, 2035

I-90-B (2) $ 162,959.46 April 25, 2035

I-91-A (2) $ 158,593.56 April 25, 2035

I-91-B (2) $ 158,593.56 April 25, 2035

I-92-A (2) $ 154,343.78 April 25, 2035

I-92-B (2) $ 154,343.78 April 25, 2035

I-93-A (2) $ 150,206.84 April 25, 2035

I-94-B (2) $ 150,206.84 April 25, 2035

I-94A (2) $ 146,180.26 April 25, 2035

I-94-B (2) $ 146,180.26 April 25, 2035

I-95-A (2) $ 4,034,635.24 April 25, 2035

I-95-B (2) $ 4,034,635.24 April 25, 2035

II (2) $ 1,842,315.46 April 25, 2035

II-1-A (2) $ 6,726,532.81 April 25, 2035

II-1-B (2) $ 6,726,532.81 April 25, 2035

II-2-A (2) $ 6,552,133.05 April 25, 2035

II-2-B (2) $ 6,552,133.05 April 25, 2035

II-3-A (2) $ 6,387,223.63 April 25, 2035

II-3-B (2) $ 6,387,223.63 April 25, 2035

II-4-A (2) $ 6,230,903.58 April 25, 2035

II-4-B (2) $ 6,230,903.58 April 25, 2035

II-5-A (2) $ 6,080,680.38 April 25, 2035

II-5-B (2) $ 6,080,680.38 April 25, 2035

II-6-A (2) $ 5,937,689.69 April 25, 2035

II-6-B (2) $ 5,937,689.69 April 25, 2035

II-7-A (2) $ 5,800,975.77 April 25, 2035

II-7-B (2) $ 5,800,975.77 April 25, 2035

II-8-A (2) $ 5,669,745.87 April 25, 2035

II-8-B (2) $ 5,669,745.87 April 25, 2035

II-9-A (2) $ 5,541,678.37 April 25, 2035

II-9-B (2) $ 5,541,678.37 April 25, 2035

II-10-A (2) $ 5,379,437.57 April 25, 2035

II-10-B (2) $ 5,379,437.57 April 25, 2035

II-11-A (2) $ 5,172,276.39 April 25, 2035

II-11-B (2) $ 5,172,276.39 April 25, 2035

II-12-A (2) $ 4,973,243.95 April 25, 2035

II-12-B (2) $ 4,973,243.95 April 25, 2035

II-13-A (2) $ 4,782,071.96 April 25, 2035

II-13-B (2) $ 4,782,071.96 April 25, 2035

II-14-A (2) $ 4,598,443.85 April 25, 2035

II-14-B (2) $ 4,598,443.85 April 25, 2035

II-15-A (2) $ 4,422,057.06 April 25, 2035

</TABLE>

-6-

<PAGE>

<TABLE>

Uncertificated Remic 1 Initial Certificate Assumed Final

Designation Pass-through Rate Principal Balance Maturity Date(1)

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

II-15-B (2) $ 4,422,057.06 April 25, 2035

II-16-A (2) $ 4,252,619.37 April 25, 2035

II-16-B (2) $ 4,252,619.37 April 25, 2035

II-17-A (2) $ 4,089,852.55 April 25, 2035

II-17-B (2) $ 4,089,852.55 April 25, 2035

II-18-A (2) $ 3,933,488.09 April 25, 2035

II-18-B (2) $ 3,933,488.09 April 25, 2035

II-19-A (2) $ 3,783,269.40 April 25, 2035

II-19-B (2) $ 3,783,269.40 April 25, 2035

II-20-A (2) $ 3,639,052.63 April 25, 2035

II-20-B (2) $ 3,639,052.63 April 25, 2035

II-21-A (2) $ 3,500,560.45 April 25, 2035

II-21-B (2) $ 3,500,560.45 April 25, 2035

II-22-A (2) $ 3,367,185.24 April 25, 2035

II-22-B (2) $ 3,367,185.24 April 25, 2035

II-23-A (2) $ 3,237,663.70 April 25, 2035

II-23-B (2) $ 3,237,663.70 April 25, 2035

II-24-A (2) $ 36,649,472.38 April 25, 2035

II-24-B (2) $ 36,649,472.38 April 25, 2035

II-25-A (2) $ 1,593,876.31 April 25, 2035

II-25-B (2) $ 1,593,876.31 April 25, 2035

II-26-A (2) $ 1,539,061.09 April 25, 2035

II-26-B (2) $ 1,539,061.09 April 25, 2035

II-27-A (2) $ 1,486,221.87 April 25, 2035

II-27-B (2) $ 1,486,221.87 April 25, 2035

II-28-A (2) $ 1,435,283.78 April 25, 2035

II-28-B (2) $ 1,435,283.78 April 25, 2035

II-29-A (2) $ 1,386,175.36 April 25, 2035

II-29-B (2) $ 1,386,175.36 April 25, 2035

II-30-A (2) $ 1,338,828.73 April 25, 2035

II-30-B (2) $ 1,338,828.73 April 25, 2035

II-31-A (2) $ 1,293,177.38 April 25, 2035

II-31-B (2) $ 1,293,177.38 April 25, 2035

II-32-A (2) $ 1,249,158.18 April 25, 2035

II-32-B (2) $ 1,249,158.18 April 25, 2035

II-33-A (2) $ 1,206,830.89 April 25, 2035

II-33-B (2) $ 1,206,830.89 April 25, 2035

II-34-A (2) $ 1,165,965.52 April 25, 2035

II-34-B (2) $ 1,165,965.52 April 25, 2035

II-35-A (2) $ 1,126,423.64 April 25, 2035

II-35-B (2) $ 1,126,423.64 April 25, 2035

II-36-A (2) $ 5,317,332.58 April 25, 2035

II-36-B (2) $ 5,317,332.58 April 25, 2035

II-37-A (2) $ 874,627.74 April 25, 2035

II-37-B (2) $ 874,627.74 April 25, 2035

II-38-A (2) $ 846,595.48 April 25, 2035

II-38-B (2) $ 846,595.48 April 25, 2035

</TABLE>

-7-

<PAGE>

<TABLE>

Uncertificated Remic 1 Initial Certificate Assumed Final

Designation Pass-through Rate Principal Balance Maturity Date(1)

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

II-39-A (2) $ 819,506.57 April 25, 2035

II-39-B (2) $ 819,506.57 April 25, 2035

II-40-A (2) $ 793,327.87 April 25, 2035

II-40-B (2) $ 793,327.87 April 25, 2035

II-41-A (2) $ 768,026.46 April 25, 2035

II-41-B (2) $ 768,026.46 April 25, 2035

II-42-A (2) $ 743,572.58 April 25, 2035

II-42-B (2) $ 743,572.58 April 25, 2035

II-43-A (2) $ 719,935.34 April 25, 2035

II-43-B (2) $ 719,935.34 April 25, 2035

II-44-A (2) $ 697,086.78 April 25, 2035

II-44-B (2) $ 697,086.78 April 25, 2035

II-45-A (2) $ 674,998.94 April 25, 2035

II-45-B (2) $ 674,998.94 April 25, 2035

II-46-A (2) $ 653,645.00 April 25, 2035

II-46-B (2) $ 653,645.00 April 25, 2035

II-47-A (2) $ 633,000.16 April 25, 2035

II-47-B (2) $ 633,000.16 April 25, 2035

II-48-A (2) $ 613,038.47 April 25, 2035

II-48-B (2) $ 613,038.47 April 25, 2035

II-49-A (2) $ 593,736.95 April 25, 2035

II-49-B (2) $ 593,736.95 April 25, 2035

II-50-A (2) $ 575,072.60 April 25, 2035

II-50-B (2) $ 575,072.60 April 25, 2035

II-51-A (2) $ 557,023.10 April 25, 2035

II-51-B (2) $ 557,023.10 April 25, 2035

II-52-A (2) $ 539,567.03 April 25, 2035

II-52-B (2) $ 539,567.03 April 25, 2035

II-53-A (2) $ 522,684.54 April 25, 2035

II-53-B (2) $ 522,684.54 April 25, 2035

II-54-A (2) $ 506,354.67 April 25, 2035

II-54-B (2) $ 506,354.67 April 25, 2035

II-55-A (2) $ 490,559.61 April 25, 2035

II-55-B (2) $ 490,559.61 April 25, 2035

II-56-A (2) $ 475,473.64 April 25, 2035

II-56-B (2) $ 475,473.64 April 25, 2035

II-57-A (2) $ 460,867.91 April 25, 2035

II-57-B (2) $ 460,867.91 April 25, 2035

II-58-A (2) $ 446,731.61 April 25, 2035

II-58-B (2) $ 446,731.61 April 25, 2035

II-59-A (2) $ 432,848.95 April 25, 2035

II-59-B (2) $ 432,848.95 April 25, 2035

II-60-A (2) $ 3,101,832.71 April 25, 2035

II-60-B (2) $ 3,101,832.71 April 25, 2035

I-61-A (2) $ 293,480.16 April 25, 2035

I-61-B (2) $ 293,480.16 April 25, 2035

I-62-A (2) $ 285,660.76 April 25, 2035

</TABLE>

-8-

<PAGE>

<TABLE>

Uncertificated Remic 1 Initial Certificate Assumed Final

Designation Pass-through Rate Principal Balance Maturity Date(1)

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

I-62-B (2) $ 285,660.76 April 25, 2035

I-63-A (2) $ 278,047.88 April 25, 2035

I-63-B (2) $ 278,047.88 April 25, 2035

I-64-A (2) $ 270,637.02 April 25, 2035

I-64-B (2) $ 270,637.02 April 25, 2035

I-65-A (2) $ 263,422.31 April 25, 2035

I-65-B (2) $ 263,422.31 April 25, 2035

I-66-A (2) $ 256,398.58 April 25, 2035

I-66-B (2) $ 256,398.58 April 25, 2035

I-67-A (2) $ 249,561.08 April 25, 2035

I-67-B (2) $ 249,561.08 April 25, 2035

I-68-A (2) $ 242,904.63 April 25, 2035

I-68-B (2) $ 242,904.63 April 25, 2035

I-69-A (2) $ 236,424.49 April 25, 2035

I-69-B (2) $ 236,424.49 April 25, 2035

I-70-A (2) $ 230,116.16 April 25, 2035

I-70-B (2) $ 230,116.16 April 25, 2035

I-71-A (2) $ 223,975.13 April 25, 2035

I-71-B (2) $ 223,975.13 April 25, 2035

I-72-A (2) $ 217,996.88 April 25, 2035

I-72-B (2) $ 217,996.88 April 25, 2035

I-73-A (2) $ 212,177.14 April 25, 2035

I-73-B (2) $ 212,177.14 April 25, 2035

I-74-A (2) $ 206,511.39 April 25, 2035

I-74-B (2) $ 206,511.39 April 25, 2035

I-75-A (2) $ 200,996.48 April 25, 2035

I-75-B (2) $ 200,996.48 April 25, 2035

I-76-A (2) $ 195,627.21 April 25, 2035

I-76-B (2) $ 195,627.21 April 25, 2035

I-77-A (2) $ 190,400.90 April 25, 2035

I-77-B (2) $ 190,400.90 April 25, 2035

I-78-A (2) $ 185,313.02 April 25, 2035

I-78-B (2) $ 185,313.02 April 25, 2035

I-79-A (2) $ 180,360.19 April 25, 2035

I-79-B (2) $ 180,360.19 April 25, 2035

I-80-A (2) $ 175,538.59 April 25, 2035

I-80-B (2) $ 175,538.59 April 25, 2035

I-81-A (2) $ 170,845.28 April 25, 2035

I-81-B (2) $ 170,845.28 April 25, 2035

I-82-A (2) $ 166,276.42 April 25, 2035

I-82-B (2) $ 166,276.42 April 25, 2035

I-83-A (2) $ 161,829.10 April 25, 2035

I-83-B (2) $ 161,829.10 April 25, 2035

I-84-A (2) $ 157,499.46 April 25, 2035

I-84-B (2) $ 157,499.46 April 25, 2035

I-85-A (2) $ 153,285.04 April 25, 2035

I-85-B (2) $ 153,285.04 April 25, 2035

</TABLE>

-9-

<PAGE>

<TABLE>

Uncertificated Remic 1 Initial Certificate Assumed Final

Designation Pass-through Rate Principal Balance Maturity Date(1)

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

I-86-A (2) $ 149,182.45 April 25, 2035

I-86-B (2) $ 149,182.45 April 25, 2035

I-87-A (2) $ 145,189.21 April 25, 2035

I-87-B (2) $ 145,189.21 April 25, 2035

I-89-A (2) $ 141,301.49 April 25, 2035

I-88-B (2) $ 141,301.49 April 25, 2035

I-89-A (2) $ 137,517.71 April 25, 2035

I-89-B (2) $ 137,517.71 April 25, 2035

I-90-A (2) $ 133,834.04 April 25, 2035

I-90-B (2) $ 133,834.04 April 25, 2035

I-91-A (2) $ 130,248.44 April 25, 2035

I-91-B (2) $ 130,248.44 April 25, 2035

I-92-A (2) $ 126,758.22 April 25, 2035

I-92-B (2) $ 126,758.22 April 25, 2035

I-93-A (2) $ 123,360.66 April 25, 2035

I-94-B (2) $ 123,360.66 April 25, 2035

I-94A (2) $ 120,053.74 April 25, 2035

I-94-B (2) $ 120,053.74 April 25, 2035

I-95-A (2) $ 3,313,532.76 April 25, 2035

I-95-B (2) $ 3,313,532.76 April 25, 2035

P (2) $ 100.00 April 25, 2035

</TABLE>

(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury

regulations, the Distribution Date in the month following the maturity

date for the Mortgage Loan with the latest possible maturity date has

been designated as the "latest possible maturity date" for each REMIC 1

Regular Interest.

(2) Calculated in accordance with the definition of "Uncertificated REMIC 1

Pass-Through Rate" herein.

-10-

<PAGE>

REMIC 2

-------

As provided herein, the Trustee will make an election to treat the

segregated pool of assets consisting of the REMIC 1 Regular Interests as a REMIC

for federal income tax purposes, and such segregated pool of assets will be

designated as "REMIC 2". The Class R-2 Interest will represent the sole class of

"residual interests" in REMIC 2 for purposes of the REMIC Provisions.

The following table irrevocably sets forth the designation, the

Uncertificated REMIC 2 Pass-Through Rate, the initial Uncertificated Principal

Balance, and for purposes of satisfying Treasury regulation Section

1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the REMIC 2

Regular Interests. None of the REMIC 2 Regular Interests will be certificated.

<TABLE>

Uncertificated Remic 2 Initial Certificate Assumed Final

Designation Pass-through Rate Principal Balance Maturity Date(1)

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

LT-AA (2) $ 432,989,706.38 April 25, 2035

LT-A-I-1 (2) $ 823,035.00 April 25, 2035

LT-A-I-2 (2) $ 794,030.00 April 25, 2035

LT-A-I-3 (2) $ 565,000.00 April 25, 2035

LT-A-II-1 (2) $ 1,612,315.00 April 25, 2035

LT-A-II-2 (2) $ 179,145.00 April 25, 2035

LT-M1 (2) $ 106,080.00 April 25, 2035

LT-M2 (2) $ 66,300.00 April 25, 2035

LT-M3 (2) $ 41,990.00 April 25, 2035

LT-M4 (2) $ 37,570.00 April 25, 2035

LT-M5 (2) $ 33,150.00 April 25, 2035

LT-M6 (2) $ 28,730.00 April 25, 2035

LT-M7 (2) $ 22,100.00 April 25, 2035

LT-M8 (2) $ 22,100.00 April 25, 2035

LT-M9 (2) $ 22,100.00 April 25, 2035

LT-M10 (2) $ 22,095.00 April 25, 2035

LT-M11 (2) $ 22,095.00 April 25, 2035

LT-ZZ (2) $ 4,438,689.62 April 25, 2035

LT-1SUB (2) $ 4,877.13 April 25, 2035

LT-1GRP (2) $ 48,518.43 April 25, 2035

LT-2SUB (2) $ 4,017.63 April 25, 2035

LT-2GRP (2) $ 39,846.83 April 25, 2035

LT-XX (2) $ 441,728,970.99 April 25, 2035

LT-IO (2) (3) April 25, 2035

LT-P (2) $ 100.00 April 25, 2035

</TABLE>

(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury

regulations, the Distribution Date in the month following the maturity

date for the Mortgage Loan with the latest possible maturity date has

been designated as the "latest possible maturity date" for each REMIC 1

Regular Interest.

-11-

<PAGE>

(2) Calculated in accordance with the definition of "Uncertificated REMIC 2

Pass-Through Rate" herein.

(3) REMIC 2 Regular Interest LT-IO will not have a Certificate Principal

Balance, but will accrue interest on its Uncertificated Notional

Amount, as defined herein.

-12-

<PAGE>

REMIC 3

-------

As provided herein, the Trustee will make an election to treat the

segregated pool of assets consisting of the REMIC 2 Regular Interests as a REMIC

for federal income tax purposes, and such segregated pool of assets will be

designated as "REMIC 3". The Class R-3 Interest will represent the sole class of

"residual interests" in REMIC 3 for purposes of the REMIC Provisions.

The following table irrevocably sets forth the Class designation,

Pass-Through Rate and Initial Certificate Principal Balance for each Class of

Certificates and Interests that represents ownership of one or more of the

"regular interests" in REMIC 3 created hereunder.

Each Certificate, other than the Class P Certificate, the Class C

Certificate and the Class R Certificates, represents ownership of a regular

interest in REMIC 3 and also represents (i) the right to receive payments with

respect to the Basis Risk Shortfall Carry-Forward Amount and (ii) the obligation

to pay the Class IO Distribution Amount (as defined herein). The entitlement to

principal of each REMIC 3 Regular Interest ownership of which is represented by

a regular interest which corresponds to each Certificate shall be equal in

amount and timing to the entitlement to principal of such Certificate.

<TABLE>

Initial Certificate Assumed Final

Class Designation Principal Balance Pass-through Rate Maturity Date(1)

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

Class A-I-1(2) $ 164,607,000.00 Adjustable(3) April 25, 2035

Class A-I-2(2) $ 158,806,000.00 Adjustable(3) April 25, 2035

Class A-I-3(2) $ 113,000,000.00 Adjustable(3) April 25, 2035

Class A-II-1(2) $ 322,463,000.00 Adjustable(3) April 25, 2035

Class A-II-2(2) $ 35,829,000.00 Adjustable(3) April 25, 2035

Class M-1(2) $ 21,216,000.00 Adjustable(3) April 25, 2035

Class M-2(2) $ 13,260,000.00 Adjustable(3) April 25, 2035

Class M-3(2) $ 8,398,000.00 Adjustable(3) April 25, 2035

Class M-4(2) $ 7,514,000.00 Adjustable(3) April 25, 2035

Class M-5(2) $ 6,630,000.00 Adjustable(3) April 25, 2035

Class M-6(2) $ 5,746,000.00 Adjustable(3) April 25, 2035

Class M-7(2) $ 4,420,000.00 Adjustable(3) April 25, 2035

Class M-8(2) $ 4,420,000.00 Adjustable(3) April 25, 2035

Class M-9(2) $ 4,420,000.00 Adjustable(3) April 25, 2035

Class M-10(2) $ 4,419,000.00 Adjustable(3) April 25, 2035

Class M-11(2) $ 4,419,000.00 Adjustable(3) April 25, 2035

Class C Interest $ 4,085,462.00 Variable(4) April 25, 2035

</TABLE>

-13-

<PAGE>

<TABLE>

Initial Certificate Assumed Final

Class Designation Principal Balance Pass-through Rate Maturity Date(1)

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

Class P Interest $ 100.00 (5) April 25, 2035

Class IO Interest (6) (7) April 25, 2035

</TABLE>

(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury

regulations, the Distribution Date in the month following the maturity

date for the Mortgage Loan with the latest possible maturity date has

been designated as the "latest possible maturity date" for each REMIC 3

Regular Interest.

(2) This Class of Certificates represents ownership of a "regular interest"

in REMIC 3. Any amount distributed on this Class of Certificates on any

Distribution Date in excess of the amount distributable on the related

REMIC 3 Regular Interest on such Distribution Date shall be treated for

federal income tax purposes as having been paid from the Basis Risk

Shortfall Reserve Fund or the Supplemental Interest Trust, as

applicable, and any amount distributable on such REMIC 3 regular

interest on such Distribution Date in excess of the amount

distributable on such Class of Certificates on such Distribution Date

shall be treated as having been paid in respect of such certificate and

paid by the holder thereof to the Supplemental Interest Trust, all

pursuant to and as further provided in Section 4.09 hereof.

(3) Calculated in accordance with the definition of "Pass-Through Rate"

herein. Each REMIC 3 Regular Interest the ownership of which is

represented by a Class A Certificate or Class M Certificate will have

the same Pass-Through Rate as such Certificate, except with respect to

the Net WAC Rate. The Net WAC Rate for each such REMIC 3 Regular

Interest and Certificate are specified in the definition of Net WAC

Rate.

(4) The Class C Interest will accrue interest at its variable Pass-Through

Rate on the Notional Amount of the Class C Interest outstanding from

time to time which shall equal the aggregate of the Uncertificated

Principal Balances of the REMIC 2 Regular Interests (other than REMIC 2

Regular Interest LT-P). The Class C Interest will not accrue interest

on its Certificate Principal Balance.

(5) The Class P Interest does not accrue interest.

(6) For federal income tax purposes, the Class IO Interest will not have a

Pass-Through Rate, but will be entitled to 100% of the amounts

distributed on REMIC 2 Regular Interest LT-IO.

(7) For federal income tax purposes, the Class IO Interest will not have an

Uncertificated Principal Balance, but will have a notional amount equal

to the Uncertificated Notional Amount of REMIC 2 Regular Interest IO.

REMIC 4

-------

As provided herein, the Trustee will make an election to treat the

segregated pool of assets consisting of the Class C Interest as a REMIC for

federal income tax purposes, and such segregated pool of assets will be

designated as "REMIC 4". The Class R-4 Interest will represent the sole class of

"residual interests" in REMIC 4 for purposes of the REMIC Provisions.

The following table irrevocably sets forth the Class designation,

Pass-Through Rate and Initial Certificate Principal Balance for each Class of

Certificates that represents one or more of the "regular interests" in REMIC 4

created hereunder:

<TABLE>

Initial Certificate Assumed Final

Class Designation Principal Balance Pass-through Rate Maturity Date(1)

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

Class C $ 4,085,462.00 Variable(2) April 25, 2035

</TABLE>

(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury

regulations, the Distribution Date in the month following the maturity

date for the Mortgage Loan with the latest possible maturity date has

been designated as the "latest possible maturity date" for the Class C

Certificates.

(2) The Class C Certificates will receive 100% of amounts received in

respect of the Class C Interest.

REMIC 5

-------

As provided herein, the Trustee will make an election to treat the

segregated pool of assets consisting of the Class P Interest as a REMIC for

federal income tax purposes, and such segregated pool of assets will be

designated as "REMIC 5". The Class R-5 Interest will

-14-

<PAGE>

represent the sole class of "residual interests" in REMIC 5 for purposes of the

REMIC Provisions.

The following table irrevocably sets forth the Class designation,

Pass-Through Rate and Initial Certificate Principal Balance for each Class of

Certificates that represents one or more of the "regular interests" in REMIC 5

created hereunder:

<TABLE>

Initial Certificate Assumed Final

Class Designation Principal Balance Pass-through Rate Maturity Date(1)

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

Class P $ 100.00 Variable(2) April 25, 2035

</TABLE>

(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury

regulations, the Distribution Date in the month following the maturity

date for the Mortgage Loan with the latest possible maturity date has

been designated as the "latest possible maturity date" for the Class P

Certificates.

(2) The Class P Certificates will receive 100% of amounts received in

respect of the Class P Interest.

REMIC 6

-------

As provided herein, the Trustee will make an election to treat the

segregated pool of assets consisting of the Class IO Interest as a REMIC for

federal income tax purposes, and such segregated pool of assets will be

designated as "REMIC 6". The Class R-6 Interest will represent the sole class of

"residual interests" in REMIC 6 for purposes of the REMIC Provisions.

The following table irrevocably sets forth the Class designation,

Pass-Through Rate and Initial Certificate Principal Balance for the indicated

class of interests that represents a "regular interest" in REMIC 6 created

hereunder:

<TABLE>

Initial Certificate Assumed Final

Class Designation Principal Balance Pass-through Rate Maturity Date(1)

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

IO(2) N/A(3) Variable(4) April 25, 2035

</TABLE>

(1) For purposes of Section 1.860G-1(a)(4)(iii) of the Treasury

regulations, the Distribution Date in the month following the maturity

date for the Mortgage Loan with the latest possible maturity date has

been designated as the "latest possible maturity date" for the REMIC 6

Regular Interest IO.

(2) REMIC 6 Regular Interest IO will be held as an asset of the

Supplemental Interest Trust.

(3) REMIC 6 Regular Interest IO will not have an Uncertificated Principal

Balance, but will have a notional amount equal to the Uncertificated

Notional Amount of the Class IO Interest.

(4) REMIC 6 Regular Interest IO will not have a Pass-Through Rate, but will

receive 100% of amounts received in respect of the Class IO Interest.

-15-

<PAGE>

ARTICLE I

DEFINITIONS

Section 1.01 Defined Terms.

Whenever used in this Agreement, the following words and

phrases, unless the context otherwise requires, shall have the meanings

specified in this Article. Unless otherwise specified, all calculations in

respect of interest on the Class A Certificates and the Class M Certificates

shall be made on the basis of a 360-day year consisting of the actual number of

days in the related Accrual Period. All calculations of interest with regard to

the Class C Certificates, Class C Interest, Class IO Interest, REMIC 1 Regular

Interests and REMIC 2 Regular Interest shall be on the basis of a 360-day year

consisting of twelve 30-days months. The Class P, Class R and Class R-X

Certificates do not accrue interest.

"Accepted Master Servicing Practices": With respect to any

Mortgage Loan, as applicable, either (x) those customary mortgage master

servicing practices of prudent mortgage master servicing institutions that

master service mortgage loans of the same type and quality as such Mortgage Loan

in the jurisdiction where the related Mortgaged Property is located, to the

extent applicable to the Trustee or the Master Servicer (except in its capacity

as successor to the Servicer), or (y) as provided in this Agreement, to the

extent applicable to the Master Servicer, but in no event below the standard set

forth in clause (x).

"Accrual Period": With respect to any Distribution Date, the

Class A Certificates and Class M Certificates, the period commencing on the

immediately preceding Distribution Date (or, in the case of the first

Distribution Date, the Closing Date) and ending on the day immediately preceding

the current Distribution Date. With respect to any Distribution Date and the

Class C Certificates, the calendar month preceding the month in which such

Distribution Date occurs. The Class P, Class R and Class R-X Certificates will

not accrue any interest and therefore have no Accrual Period.

"Accrued Certificate Interest": With respect to the Class A

Certificates, Class M Certificates and Class C Interest and any Distribution

Date, the amount of interest accrued during the related Accrual Period at the

related Pass-Through Rate on the Certificate Principal Balance (or Notional

Amount in the case of the Class C Interest) of such Class immediately prior to

such Distribution Date, in each case, reduced by any Net Prepayment Interest

Shortfalls and Relief Act Interest Shortfalls (allocated to such Certificate as

set forth in Section 1.03). The Accrued Certificate Interest on the Class A

Certificates and Class M Certificates will be calculated on the basis of a

360-day year and the actual number of days in the related Accrual Period. The

Accrued Certificate Interest on the Class C Certificates will be calculated on

the basis of a 360-day year consisting of twelve 30-days months.

"Adjustable Rate Mortgage Loans": The Mortgage Loans

identified in the Mortgage Loan Schedule as having a Mortgage Rate which is

adjustable at any point during the life of the related Mortgage, including any

Mortgage Loans delivered in replacement thereof.

-16-

<PAGE>

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

Servicer or the Master Servicer on any Distribution Date pursuant to Section

4.03.

"Affected Party": As defined in the Swap Agreement.

"Affiliate": With respect to any Person, any other Person

controlling, controlled by or under common control with such Person. For

purposes of this definition, "control" means the power to direct the management

and policies of a Person, directly or indirectly, whether through ownership of

voting securities, by contract or otherwise and "controlling" and "controlled"

shall have meanings correlative to the foregoing.

"Aggregate Stated Principal Balance": As of any date of

determination, the aggregate Stated Principal Balance of the Mortgage Loans.

"Agreement": This Pooling and Servicing Agreement and all

amendments hereof.

"Allocated Realized Loss Amount": With respect to any

Distribution Date and any Class of Class M Certificates, an amount equal to the

sum of any Realized Loss allocated to that class of Certificates on that

Distribution Date and any Allocated Realized Loss Amount for that class

remaining unpaid from any previous Distribution Date.

"Assignment": An assignment of Mortgage, notice of transfer or

equivalent instrument, in recordable form, which is sufficient under the laws of

the jurisdiction wherein the related Mortgaged Property is located to reflect a

record the sale of the Mortgage.

"Assignment Agreement": The Assignment, Assumption and

Recognition Agreement, dated as of the Closing Date, among the Company, the

Trustee and the Seller, whereby the Servicing Agreements are being assigned to

the Trust, and attached hereto as Exhibit K.

"Available Distribution Amount": With respect to any

Distribution Date, an amount equal to the aggregate of the following amounts

with respect to the Mortgage Loans: (a) all previously undistributed payments on

account of principal and all previously undistributed payments on account of

interest received after the Cut-off Date and on or prior to the related

Determination Date, (b) any Advances and Compensating Interest paid by the

Servicers or the Master Servicer with respect to such Distribution Date and (c)

any reimbursed amount in connection with losses on investments of deposits in an

account, except: (i) all payments that were due on or before the Cut-off Date;

(ii) all Principal Prepayments, Liquidation Proceeds and Subsequent Recoveries

received after the applicable Prepayment Period; (iii) all payments, other than

Principal Prepayments, that represent early receipt of scheduled payments due on

a date or dates subsequent to the related Due Date; (iv) amounts received on

particular Mortgage Loans as late payments of principal or interest and

respecting which, and to the extent that, there are any unreimbursed Advances;

(v) any investment earnings on amounts on deposit in the Custodial Account and

the Certificate Account and amounts permitted to be withdrawn from the Custodial

Account and the Certificate Account pursuant to this Agreement; (vi) amounts

needed to pay the Servicing Fees and Master Servicing Fees or to reimburse the

Servicer or the Master Servicer for amounts due under the applicable Servicing

Agreement and the Agreement to the extent such amounts have not been retained

by, or paid previously to, the Servicer or the Master Servicer; (vii) to pay any

fees with respect to the Lender-Paid Primary Insurance Policy and (viii) any

-17-

<PAGE>

amounts reimbursable to the Trustee, the Master Servicer, the Securities

Administrator and the Custodian pursuant to this Agreement.

"Balloon Loan": Each of the Mortgage Loans identified in the

Mortgage Loan Schedule as having an original term to maturity that is shorter

than the related amortization term.

"Balloon Payment": With respect to any Balloon Loan, the

payment due on the stated maturity date of such Balloon Loan.

"Bankruptcy Code": The Bankruptcy Code of 1978, as amended.

"Basic Principal Distribution Amount": With respect to any

Distribution Date, the excess, if any, of (x) the Principal Remittance Amount

for such Distribution Date, over (y) the Overcollateralization Release Amount.

"Basis Risk Shortfall": With respect to any Class of the Class

A Certificates and Class M Certificates, on each Distribution Date where clause

(ii) of the related definition of "Pass-Through Rate" is less than clause (i) of

the definition of "Pass-Through Rate", the excess, if any, of (x) the aggregate

Accrued Certificate Interest thereon for such Distribution Date calculated

pursuant to clause (i) of the definition of "Pass-Through Rate" over (y)

interest accrued on the Mortgage Loans at the Net WAC Rate.

"Basis Risk Shortfall Carry-Forward Amount": With respect to

each Class of the Class A Certificates and Class M Certificates and any

Distribution Date, as determined separately for each such Class of the Class A

Certificates or Class M Certificates, an amount equal to the aggregate amount of

Basis Risk Shortfall for such Certificates on such Distribution Date, if any,

plus any unpaid Basis Risk Shortfall for such Class of Certificates from prior

Distribution Dates, plus interest thereon at the Pass-Through Rate for such

Distribution Date, to the extent previously unreimbursed by the Net Monthly

Excess Cashflow or the Supplemental Interest Trust.

"Basis Risk Shortfall Reserve Fund": A reserve fund

established by the Securities Administrator on behalf of the Trustee for the

benefit of the Holders of the Class A Certificates and Class M Certificates. The

Basis Risk Shortfall Reserve Fund is an "outside reserve fund" within the

meaning of Treasury regulation Section 1.860G-2(h), which is not an asset of any

REMIC, ownership of which is evidenced by the Class C Certificates, and which is

established and maintained pursuant to Section 4.08.

"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 the New York Stock Exchange or Federal Reserve is closed

or on which banking institutions in the jurisdiction in which the Trustee, the

Master Servicer, the Servicer, any Subservicer or the Securities Administrator

is located are authorized or obligated by law or executive order to be closed.

"Cash Liquidation": As to any defaulted Mortgage Loan other

than a Mortgage Loan as to which an REO Acquisition occurred, a determination by

the Servicer that it has received all

-18-

<PAGE>

Insurance Proceeds, Liquidation Proceeds and other payments or cash recoveries

which the Servicer reasonably and in good faith expects to be finally

recoverable with respect to such Mortgage Loan.

"Cenlar": Cenlar FSB.

"Cenlar Servicing Agreement": The Servicing Agreement dated

March 5, 2004, between Wells Fargo Bank, N.A. as master servicer and Home Star

Mortgage Services, LLC as seller and servicer.

"Certificate": Any Class A, Class M, Class C, Class P, Class R

or Class R-X Certificate.

"Certificate Account": The trust account or accounts created

and maintained pursuant to Section 3.19, which shall be entitled "HSBC Bank USA,

National Association, in trust for registered holders of Opteum Mortgage

Acceptance Corporation, Asset-Backed Pass-Through Certificates, Series 2005-2",

and which account or accounts must each be an Eligible Account.

"Certificate Account Deposit Date": With respect to any

Distribution Date, the Business Day immediately preceding such Distribution

Date.

"Certificateholder" or "Holder": The Person in whose name a

Certificate is registered in the Certificate Register, except that only a

Permitted Transferee shall be a holder of a Residual Certificate for any

purposes hereof and, solely for the purposes of giving any consent pursuant to

this Agreement, any Certificate registered in the name of the Company or the

Master Servicer or any affiliate thereof shall be deemed not to be outstanding

and the Voting Rights to which such Certificate is entitled shall not be taken

into account in determining whether the requisite percentage of Voting Rights

necessary to effect any such consent has been obtained, except as otherwise

provided in Section 11.01. The Trustee and the Securities Administrator shall be

entitled to rely upon a certification of the Company or the Master Servicer in

determining if any Certificates are registered in the name of the respective

affiliate. All references herein to "Holders" or "Certificateholders" shall

reflect the rights of Certificate Owners as they may indirectly exercise such

rights through the Depository and participating members thereof, except as

otherwise specified herein; PROVIDED, however, that the Trustee and the

Securities Administrator 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 Margin": With respect to the Class A-I-1, Class

A-I-2, Class A-I-3, Class A-II-1, Class A-II-2, Class M-1, Class M-2, Class M-3,

Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and

Class M-11 Certificates and solely for the purposes of the definition of Marker

Rate and Maximum Uncertificated Accrued Interest Deferral Amount, the REMIC 2

Regular Interests (other than REMIC 2 Regular Interests LT-AA, LT-ZZ and LT-P),

on any Distribution Date prior to the Optional Termination Date, 0.130%, 0.220%,

0.320%, 0.260%, 0.310%, 0.430%, 0.450%, 0.480%, 0.620%, 0.650%, 0.700%, 1.200%,

1.300%, 1.850%, 1.400% and 1.400% per annum, respectively, and on any

Distribution Date on and after the Step-Up Date, 0.260%, 0.440%, 0.640%, 0.520%,

0.620%, 0.645%, 0.675%, 0.720%, 0.930%, 0.975%, 1.050%, 1.800%, 1.950%, 2.775%,

2.100% and 2.100% per annum, respectively.

-19-

<PAGE>

"Certificate Owner": With respect to a Book-Entry Certificate,

the Person who is the beneficial owner of such Certificate, as reflected on the

books of an indirect participating brokerage firm for which a Depository

Participant acts as agent, if any, and otherwise on the books of a Depository

Participant, if any, and otherwise on the books of the Depository.

"Certificate Principal Balance": With respect to any Class of

Class A Certificates or Class M Certificates immediately prior to any

Distribution Date, the Initial Certificate Principal Balance thereof, plus any

Subsequent Recoveries added to the Certificate Principal Balance of such

Certificate, reduced by the sum of (a) all amounts actually distributed in

respect of principal of such Class and, (b) in the case of a Class M

Certificate, Realized Losses allocated thereto on all prior Distribution Dates.

With respect to the Class C Certificates as of any date of determination, an

amount equal to the excess, if any, of (A) the then aggregate Uncertificated

Principal Balances of the REMIC 1 Regular Interests over (B) the then aggregate

Certificate Principal Balances of the Class A Certificates, the Class M

Certificates and the Class P Certificates then outstanding.

"Certificate Register": The register maintained pursuant to

Section 5.02.

"Class": Collectively, all of the Certificates bearing the

same designation.

"Class A Certificate": Class A-I-1, Class A-I-2, Class A-I-3,

Class A-II-1 or Class A-II-2 Certificates.

"Class A Principal Distribution Amount": For any applicable

Distribution Date on or after the Stepdown Date as long as a Trigger Event has

not occurred with respect to such Distribution Date, an amount equal to the

excess (if any) of (x) the aggregate Certificate Principal Balance of the Class

A Certificates immediately prior to such Distribution Date over (y) the lesser

of (a) the Aggregate Stated Principal Balance of the Mortgage Loans as of the

last day of the related Due Period (after giving effect to scheduled payments of

principal due during the related Due Period, to the extent received or advanced,

and unscheduled collections of principal received during the related Prepayment

Period, and after reduction for Realized Losses incurred during the related

Prepayment Period) multiplied by 79.80% and (b) the amount, if any, by which (i)

the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day

of the related Due Period (after giving effect to scheduled payments of

principal due during the related Due Period, to the extent received or advanced,

and unscheduled collections of principal received during the related Prepayment

Period, and after reduction for Realized Losses incurred during the related

Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.

"Class A-I Certificate": Class A-I-1, Class A-I-2 or Class

A-I-3 Certificate.

"Class A-II Certificate": Class A-II-1 Certificate or Class

A-II-2 Certificate.

"Class A-I-1 Certificate": Any one of the Class A-I-1

Certificates as designated on the face thereof substantially in the form annexed

hereto as Exhibit A, executed by the Securities Administrator and authenticated

and delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

-20-

<PAGE>

"Class A-I-2 Certificate": Any one of the Class A-I-2

Certificates as designated on the face thereof substantially in the form annexed

hereto as Exhibit A, executed by the Securities Administrator and authenticated

and delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

"Class A-I-3 Certificate": Any one of the Class A-I-3

Certificates as designated on the face thereof substantially in the form annexed

hereto as Exhibit A, executed by the Securities Administrator and authenticated

and delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

"Class A-II-1 Certificate": Any one of the Class A-II-1

Certificates as designated on the face thereof substantially in the form annexed

hereto as Exhibit A, executed by the Securities Administrator and authenticated

and delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

"Class A-II-2 Certificate": Any one of the Class A-II-2

Certificates as designated on the face thereof substantially in the form annexed

hereto as Exhibit A, executed by the Securities Administrator and authenticated

and delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

"Class A-I Principal Distribution Amount": On any Distribution

Date (a) prior to the Stepdown Date or on which a Trigger Event is in effect,

(i) the Principal Distribution Amount multiplied by (ii) a fraction, the

numerator of which is the portion of the Principal Allocation Amount related to

the Group I Loans for that Distribution Date and the denominator of which is the

Principal Allocation Amount for all of the Mortgage Loans for that Distribution

Date and (b) on or after the Stepdown Date and on which a Trigger Event is not

in effect, (i) the Class A Principal Distribution Amount multiplied by (ii) a

fraction, the numerator of which is the portion of the Principal Allocation

Amount related to the Group I Loans for that Distribution Date and the

denominator of which is the Principal Allocation Amount for all of the Mortgage

Loans for that Distribution Date.

"Class A-II Principal Distribution Amount": On any

Distribution Date (a) prior to the Stepdown Date or on which a Trigger Event is

in effect, (i) the Principal Distribution Amount multiplied by (ii) a fraction,

the numerator of which is the portion of the Principal Allocation Amount related

to the Group II Loans for that Distribution Date and the denominator of which is

the Principal Allocation Amount for all of the Mortgage Loans for that

Distribution Date and (b) on or after the Stepdown Date and on which a Trigger

Event is not in effect, (i) the Class A Principal Distribution Amount multiplied

by (ii) a fraction, the numerator of which is the portion of the Principal

Allocation Amount related to the Group II Loans for that Distribution Date and

-21-

<PAGE>

the denominator of which is the Principal Allocation Amount for all of the

Mortgage Loans for that Distribution Date.

"Class C Certificate": Any one of the Class C Certificates as

designated on the face thereof substantially in the form annexed hereto as

Exhibit B-2, executed by the Securities Administrator and authenticated and

delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing a REMIC Regular

Interest in REMIC 4.

"Class C Interest": An uncertificated interest in the Trust

Fund held by the Trustee on behalf of the Holders of the Class C Certificates,

evidencing a REMIC Regular Interest in REMIC 3 for purposes of the REMIC

Provisions.

"Class IO Distribution Amount": As defined in Section 4.09

hereof. For purposes of clarity, the Class IO Distribution Amount for any

Distribution Date shall equal the amount payable to the Supplemental Interest

Trust on such Distribution Date in excess of the amount payable on REMIC 6

Regular Interest IO on such Distribution Date, all as further provided in

Section 4.09 hereof.

"Class IO Interest": An uncertificated interest in the Trust

Fund held by the Trustee on behalf of the Holders of REMIC 6 Regular Interest

IO, evidencing a REMIC Regular Interest in REMIC 3 for purposes of the REMIC

Provisions.

"Class M Certificates": The Class M-1, Class M-2, Class M-3,

Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and

Class M-11 Certificates.

"Class M-1 Certificate": Any one of the Class M-1 Certificates

as designated on the face thereof substantially in the form annexed hereto as

Exhibit B-1, executed by the Securities Administrator and authenticated and

delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

"Class M-1 Principal Distribution Amount": For any applicable

Distribution Date on or after the Stepdown Date as long as a Trigger Event has

not occurred with respect to such Distribution Date, an amount equal to the

excess (if any) of (x) the sum of (i) the aggregate Certificate Principal

Balance of the Class A Certificates (after taking into account the distribution

of the Class A Principal Distribution Amount on such Distribution Date) and (ii)

the Certificate Principal Balance of the Class M-1 Certificates immediately

prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated

Principal Balance of the Mortgage Loans as of the last day of the related Due

Period (after giving effect to scheduled payments of principal due during the

related Due Period, to the extent received or advanced, and unscheduled

collections of principal received during the related Prepayment Period, and

after reduction for Realized Losses incurred during the related Prepayment

Period) multiplied by 84.60% and (b) the amount, if any, by which (i) the

Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of

the related Due Period (after giving effect to scheduled payments of principal

due during the related Due Period, to the extent received or advanced, and

unscheduled

-22-

<PAGE>

collections of principal received during the related Prepayment Period, and

after reduction for Realized Losses incurred during the related Prepayment

Period) exceeds (ii) the Overcollateralization Floor Amount.

"Class M-2 Certificate": Any one of the Class M-2 Certificates

as designated on the face thereof substantially in the form annexed hereto as

Exhibit B-1, executed by the Securities Administrator and authenticated and

delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

"Class M-2 Principal Distribution Amount": For any applicable

Distribution Date on or after the Stepdown Date as long as a Trigger Event has

not occurred with respect to such Distribution Date, an amount equal to the

excess (if any) of (x) the sum of (i) the aggregate Certificate Principal

Balance of the Class A Certificates and Class M-1 Certificates (after taking

into account the distribution of the Class A and Class M-1 Principal

Distribution Amounts on such Distribution Date) and (ii) the Certificate

Principal Balance of the Class M-2 Certificates immediately prior to such

Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal

Balance of the Mortgage Loans as of the last day of the related Due Period

(after giving effect to scheduled payments of principal due during the related

Due Period, to the extent received or advanced, and unscheduled collections of

principal received during the related Prepayment Period, and after reduction for

Realized Losses incurred during the related Prepayment Period) multiplied by

87.60% and (b) the amount, if any, by which (i) the Aggregate Stated Principal

Balance of the Mortgage Loans as of the last day of the related Due Period

(after giving effect to scheduled payments of principal due during the related

Due Period, to the extent received or advanced, and unscheduled collections of

principal received during the related Prepayment Period, and after reduction for

Realized Losses incurred during the related Prepayment Period) exceeds (ii) the

Overcollateralization Floor Amount.

"Class M-3 Certificate": Any one of the Class M-3 Certificates

as designated on the face thereof substantially in the form annexed hereto as

Exhibit B-1, executed by the Securities Administrator and authenticated and

delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

"Class M-3 Principal Distribution Amount": For any applicable

Distribution Date on or after the Stepdown Date as long as a Trigger Event has

not occurred with respect to such Distribution Date, an amount equal to the

excess (if any) of (x) the sum of (i) the aggregate Certificate Principal

Balance of the Class A, Class M-1 and Class M-2 Certificates (after taking into

account the distributions of the Class A, Class M-1 and Class M-2 Principal

Distribution Amounts on such Distribution Date) and (ii) the Certificate

Principal Balance of the Class M-3 Certificates immediately prior to such

Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal

Balance of the Mortgage Loans as of the last day of the related Due Period

(after giving effect to scheduled payments of principal due during the related

Due Period, to the extent received or advanced, and unscheduled collections of

principal received during the related Prepayment Period, and after reduction for

Realized Losses incurred during the related Prepayment Period) multiplied by

89.50% and (a) the amount, if any, by which (i) the Aggregate Stated Principal

Balance of the Mortgage Loans as of the last day of the related Due Period

(after giving effect to scheduled payments of principal due during the related

Due Period, to the extent received or advanced, and unscheduled collections of

principal received during the related Prepayment Period, and after reduction for

Realized Losses incurred during the related

-23-

<PAGE>

Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.

"Class M-4 Certificate": Any one of the Class M-4 Certificates

as designated on the face thereof substantially in the form annexed hereto as

Exhibit B-1, executed by the Securities Administrator and authenticated and

delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

"Class M-4 Principal Distribution Amount": For any applicable

Distribution Date on or after the Stepdown Date as long as a Trigger Event has

not occurred with respect to such Distribution Date, an amount equal to the

excess (if any) of (x) the sum of (i) the aggregate Certificate Principal

Balance of the Class A, Class M-1, Class M-2 and Class M-3 Certificates (after

taking into account the distribution of the Class A, Class M-1, Class M-2 and

Class M-3 Principal Distribution Amounts on such Distribution Date) and (ii) the

Certificate Principal Balance of the Class M-4 Certificates immediately prior to

such Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal

Balance of the Mortgage Loans as of the last day of the related Due Period

(after giving effect to scheduled payments of principal due during the related

Due Period, to the extent received or advanced, and unscheduled collections of

principal received during the related Prepayment Period, and after reduction for

Realized Losses incurred during the related Prepayment Period) multiplied by

91.20% and (b) the amount, if any, by which (i) the Aggregate Stated Principal

Balance of the Mortgage Loans as of the last day of the related Due Period

(after giving effect to scheduled payments of principal due during the related

Due Period, to the extent received or advanced, and unscheduled collections of

principal received during the related Prepayment Period, and after reduction for

Realized Losses incurred during the related Prepayment Period) exceeds (ii) the

Overcollateralization Floor Amount.

"Class M-5 Certificate": Any one of the Class M-5 Certificates

as designated on the face thereof substantially in the form annexed hereto as

Exhibit B-1, executed by the Securities Administrator and authenticated and

delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

"Class M-5 Principal Distribution Amount": For any applicable

Distribution Date on or after the Stepdown Date as long as a Trigger Event has

not occurred with respect to such Distribution Date, an amount equal to the

excess (if any) of (x) the sum of (i) the aggregate Certificate Principal

Balance of the Class A, Class M-1, Class M-2, Class M-3 and Class M-4

Certificates (after taking into account the distribution of the Class A, Class

M-1, Class M-2, Class M-3 and Class M-4 Principal Distribution Amounts on such

Distribution Date) and (ii) the Certificate Principal Balance of the Class M-5

Certificates immediately prior to such Distribution Date over (y) the lesser of

(a) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last

day of the related Due Period (after giving effect to scheduled payments of

principal due during the related Due Period, to the extent received or advanced,

and unscheduled collections of principal received during the related Prepayment

Period, and after reduction for Realized Losses incurred during the related

Prepayment Period) multiplied by 92.70% and (b) the amount, if any, by which (i)

the Aggregate Stated Principal Balance of the Mortgage Loans as

-24-

<PAGE>

of the last day of the related Due Period (after giving effect to scheduled

payments of principal due during the related Due Period, to the extent received

or advanced, and unscheduled collections of principal received during the

related Prepayment Period, and after reduction for Realized Losses incurred

during the related Prepayment Period) exceeds (ii) the Overcollateralization

Floor Amount.

"Class M-6 Certificate": Any one of the Class M-6 Certificates

as designated on the face thereof substantially in the form annexed hereto as

Exhibit B-1, executed by the Securities Administrator and authenticated and

delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

"Class M-6 Principal Distribution Amount": For any applicable

Distribution Date on or after the Stepdown Date as long as a Trigger Event has

not occurred with respect to such Distribution Date, an amount equal to the

excess (if any) of (x) the sum of (i) the aggregate Certificate Principal

Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5

Certificates (after taking into account the distribution of the Class A, Class

M-1, Class M-2, Class M-3, Class M-4 and Class M-5 Principal Distribution

Amounts on such Distribution Date) and (ii) the Certificate Principal Balance of

the Class M-6 Certificates immediately prior to such Distribution Date over (y)

the lesser of (a) the Aggregate Stated Principal Balance of the Mortgage Loans

as of the last day of the related Due Period (after giving effect to scheduled

payments of principal due during the related Due Period, to the extent received

or advanced, and unscheduled collections of principal received during the

related Prepayment Period, and after reduction for Realized Losses incurred

during the related Prepayment Period) multiplied by 94.00% and (b) the amount,

if any, by which (i) the Aggregate Stated Principal Balance of the Mortgage

Loans as of the last day of the related Due Period (after giving effect to

scheduled payments of principal due during the related Due Period, to the extent

received or advanced, and unscheduled collections of principal received during

the related Prepayment Period, and after reduction for Realized Losses incurred

during the related Prepayment Period) exceeds (ii) the Overcollateralization

Floor Amount.

"Class M-7 Certificate": Any one of the Class M-7 Certificates

as designated on the face thereof substantially in the form annexed hereto as

Exhibit B-1, executed by the Securities Administrator and authenticated and

delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

"Class M-7 Principal Distribution Amount": For any applicable

Distribution Date on or after the Stepdown Date as long as a Trigger Event has

not occurred with respect to such Distribution Date, an amount equal to the

excess (if any) of (x) the sum of (i) the aggregate

-25-

<PAGE>

Certificate Principal Balance of the Class A, Class M-1, Class M-2, Class M-3,

Class M-4, Class M-5 and Class M-6 Certificates (after taking into account the

distribution of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class

M-5 and Class M-6 Principal Distribution Amounts on such Distribution Date) and

(ii) the Certificate Principal Balance of the Class M-7 Certificates immediately

prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated

Principal Balance of the Mortgage Loans as of the last day of the related Due

Period (after giving effect to scheduled payments of principal due during the

related Due Period, to the extent received or advanced, and unscheduled

collections of principal received during the related Prepayment Period, and

after reduction for Realized Losses incurred during the related Prepayment

Period) multiplied by 95.00% and (b) the amount, if any, by which (i) the

Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of

the related Due Period (after giving effect to scheduled payments of principal

due during the related Due Period, to the extent received or advanced, and

unscheduled collections of principal received during the related Prepayment

Period, and after reduction for Realized Losses incurred during the related

Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.

"Class M-8 Certificate": Any one of the Class M-8 Certificates

as designated on the face thereof substantially in the form annexed hereto as

Exhibit B-1, executed by the Securities Administrator and authenticated and

delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

"Class M-8 Principal Distribution Amount": For any applicable

Distribution Date on or after the Stepdown Date as long as a Trigger Event has

not occurred with respect to such Distribution Date, an amount equal to the

excess (if any) of (x) the sum of (i) the aggregate Certificate Principal

Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,

Class M-6 and Class M-7 Certificates (after taking into account the distribution

of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6

and Class M-7 Principal Distribution Amounts on such Distribution Date) and (ii)

the Certificate Principal Balance of the Class M-8 Certificates immediately

prior to such Distribution Date over (y) the lesser of (a) the Aggregate Stated

Principal Balance of the Mortgage Loans as of the last day of the related Due

Period (after giving effect to scheduled payments of principal due during the

related Due Period, to the extent received or advanced, and unscheduled

collections of principal received during the related Prepayment Period, and

after reduction for Realized Losses incurred during the related Prepayment

Period) multiplied by 96.00% and (b) the amount, if any, by which (i) the

Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of

the related Due Period (after giving effect to scheduled payments of principal

due during the related Due Period, to the extent received or advanced, and

unscheduled collections of principal received during the related Prepayment

Period, and after reduction for Realized Losses incurred during the related

Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.

"Class M-9 Certificate": Any one of the Class M-9 Certificates

as designated on the face thereof substantially in the form annexed hereto as

Exhibit B-1, executed by the Securities Administrator and authenticated and

delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing (i) a REMIC Regular

Interest

-26-

<PAGE>

in REMIC 3, (ii) the right to receive the related Basis Risk Shortfall

Carry-Forward Amount and (iii) the obligation to pay any Class IO Distribution

Amount.

"Class M-9 Principal Distribution Amount": For any applicable

Distribution Date on or after the Stepdown Date as long as a Trigger Event has

not occurred with respect to such Distribution Date, an amount equal to the

excess (if any) of (x) the sum of (i) the aggregate Certificate Principal

Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,

Class M-6, Class M-7 and Class M-8 Certificates (after taking into account the

distribution of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class

M-5, Class M-6, Class M-7 and Class M-8 Principal Distribution Amounts on such

Distribution Date) and (ii) the Certificate Principal Balance of the Class M-9

Certificates immediately prior to such Distribution Date over (y) the lesser of

(a) the Aggregate Stated Principal Balance of the Mortgage Loans as of the last

day of the related Due Period (after giving effect to scheduled payments of

principal due during the related Due Period, to the extent received or advanced,

and unscheduled collections of principal received during the related Prepayment

Period, and after reduction for Realized Losses incurred during the related

Prepayment Period) multiplied by 97.00% and (b) the amount, if any, by which (i)

the Aggregate Stated Principal Balance of the Mortgage Loans as of the last day

of the related Due Period (after giving effect to scheduled payments of

principal due during the related Due Period, to the extent received or advanced,

and unscheduled collections of principal received during the related Prepayment

Period, and after reduction for Realized Losses incurred during the related

Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.

"Class M-10 Certificate": Any one of the Class M-10

Certificates as designated on the face thereof substantially in the form annexed

hereto as Exhibit B-1, executed by the Securities Administrator and

authenticated and delivered by the Securities Administrator, representing the

right to distributions as set forth herein and therein and evidencing (i) a

REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis

Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO

Distribution Amount.

"Class M-10 Principal Distribution Amount": For any applicable

Distribution Date on or after the Stepdown Date as long as a Trigger Event has

not occurred with respect to such Distribution Date, an amount equal to the

excess (if any) of (x) the sum of (i) the aggregate Certificate Principal

Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,

Class M-6, Class M-7, Class M-8 and Class M-9 Certificates (after taking into

account the distribution of the Class A, Class M-1, Class M-2, Class M-3, Class

M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Principal

Distribution Amounts on such Distribution Date) and (ii) the Certificate

Principal Balance of the Class M-10 Certificates immediately prior to such

Distribution Date over (y) the lesser of (a) the Aggregate Stated Principal

Balance of the Mortgage Loans as of the last day of the related Due Period

(after giving effect to scheduled payments of principal due during the related

Due Period, to the extent received or advanced, and unscheduled collections of

principal received during the related Prepayment Period, and after reduction for

Realized Losses incurred during the related Prepayment Period) multiplied by

98.00% and (b) the amount, if any, by which (i) the Aggregate Stated Principal

Balance of the Mortgage Loans as of the last day of the related Due Period

(after giving effect to scheduled payments of principal due during the related

Due Period, to the extent received or advanced, and unscheduled collections of

principal received during the related Prepayment Period, and after

-27-

<PAGE>

reduction for Realized Losses incurred during the related Prepayment Period)

exceeds (ii) the Overcollateralization Floor Amount.

"Class M-11 Certificate": Any one of the Class M-11

Certificates as designated on the face thereof substantially in the form annexed

hereto as Exhibit B-1, executed by the Securities Administrator and

authenticated and delivered by the Securities Administrator, representing the

right to distributions as set forth herein and therein and evidencing (i) a

REMIC Regular Interest in REMIC 3, (ii) the right to receive the related Basis

Risk Shortfall Carry-Forward Amount and (iii) the obligation to pay any Class IO

Distribution Amount.

"Class M-11 Principal Distribution Amount": For any applicable

Distribution Date on or after the Stepdown Date as long as a Trigger Event has

not occurred with respect to such Distribution Date, an amount equal to the

excess (if any) of (x) the sum of (i) the aggregate Certificate Principal

Balance of the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5,

Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates (after

taking into account the distribution of the Class A, Class M-1, Class M-2, Class

M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class

M-10 Principal Distribution Amounts on such Distribution Date) and (ii) the

Certificate Principal Balance of the Class M-11 Certificates immediately prior

to such Distribution Date over (y) the lesser of (a) the Aggregate Stated

Principal Balance of the Mortgage Loans as of the last day of the related Due

Period (after giving effect to scheduled payments of principal due during the

related Due Period, to the extent received or advanced, and unscheduled

collections of principal received during the related Prepayment Period, and

after reduction for Realized Losses incurred during the related Prepayment

Period) multiplied by 99.00% and (b) the amount, if any, by which (i) the

Aggregate Stated Principal Balance of the Mortgage Loans as of the last day of

the related Due Period (after giving effect to scheduled payments of principal

due during the related Due Period, to the extent received or advanced, and

unscheduled collections of principal received during the related Prepayment

Period, and after reduction for Realized Losses incurred during the related

Prepayment Period) exceeds (ii) the Overcollateralization Floor Amount.

"Class P Certificate": Any one of the Class P Certificates as

designated on the face thereof substantially in the form annexed hereto as

Exhibit B-3, executed by the Securities Administrator and authenticated and

delivered by the Securities Administrator, representing the right to

distributions as set forth herein and therein and evidencing a REMIC Regular

Interest in REMIC 5.

"Class P Interest": An uncertificated interest in the Trust

Fund held by the Trustee on behalf of the Holders of the Class P Certificates,

evidencing a Regular Interest in REMIC 3 for purposes of the REMIC Provisions.

"Class R Certificate": Any one of the Class R Certificates as

designated on the face thereof substantially in the form annexed hereto as

Exhibit B-4, executed by the Securities Administrator and authenticated and

delivered by the Securities Administrator, evidencing the ownership of the Class

R-1 Interest, Class R-2 Interest and Class R-3 Interest.

"Class R-1 Interest": The uncertificated Residual Interest in

REMIC 1.

-28-

<PAGE>

"Class R-2 Interest": The uncertificated Residual Interest in

REMIC 2.

"Class R-3 Interest": The uncertificated Residual Interest in

REMIC 3.

"Class R-4 Interest": The uncertificated Residual Interest in

REMIC 4.

"Class R-5 Interest": The uncertificated Residual Interest in

REMIC 5.

"Class R-6 Interest": The uncertificated Residual Interest in

REMIC 6.

"Class R-X Certificate": Any one of the Class R-X Certificates

as designated on the face thereof substantially in the form annexed hereto as

Exhibit B-5, executed by the Securities Administrator and authenticated and

delivered by the Securities Administrator, evidencing the ownership of the Class

R-4, Class R-5 and Class R-6 Interest.

"Closing Date": April 5, 2005.

"Code": The Internal Revenue Code of 1986, as amended.

"Collateral Value": The appraised value of a Mortgaged

Property based upon the lesser of (i) the appraisal made at the time of the

origination of the related Mortgage Loan, or (ii) the sales price of such

Mortgaged Property at such time of origination. With respect to a Mortgage Loan

the proceeds of which were used to refinance an existing mortgage loan, the

appraised value of the Mortgaged Property based upon the appraisal obtained at

the time of refinancing.

"Commission": The Securities and Exchange Commission.

"Company": Opteum Mortgage Acceptance Corporation, or its

successor in interest.

"Compensating Interest": With respect to any Distribution

Date, an amount equal to Prepayment Interest Shortfalls resulting from Principal

Prepayments during the related Prepayment Period, but not more than the

Servicing Fees for the immediately preceding Due Period.

"Corporate Trust Office": With respect to the Trustee, the

principal corporate trust office of the Trustee at which at any particular time

its corporate trust business related to this Agreement shall be administered,

which office at the date of the execution of this Agreement is located at 452

Fifth Avenue, New York, New York 10018, Attention: Corporate Trust Services -

Opteum, and with respect to the Securities Administrator, for Certificate

transfer purposes, Wells Fargo Center, Sixth Street and Marquette Avenue,

Minneapolis, Minnesota 55479, Attn: Corporate Trust Services - Opteum 2005-2,

and for all other purposes, 9062 Old Annapolis Road, Columbia, Maryland, 21045,

Attn: Corporate Trust Services - Opteum 2005-2.

"Corresponding Certificate": With respect to:

(i) REMIC 2 Regular Interest LT-A-I-1, the Class A-I-1

Certificates,

(ii) REMIC 2 Regular Interest LT-A-I-2, the Class A-I-2

Certificates,

-29-

<PAGE>

(iii) REMIC 2 Regular Interest LT-I-3, the Class A-I-3

Certificates,

(iv) REMIC 2 Regular Interest LT-A-II-1, the Class A-II-1

Certificates,

(v) REMIC 2 Regular Interest LT-A-II-2, the Class A-II-2

Certificates,

(vi) REMIC 2 Regular Interest LT-M1, the Class M-1

Certificates,

(vii) REMIC 2 Regular Interest LT-M2, the Class M-2

Certificates, (viii) REMIC 2 Regular Interest LT-M3,

the Class M-3 Certificates,

(ix) REMIC 2 Regular Interest LT-M4, the Class M-4

Certificates,

(x) REMIC 2 Regular Interest LT-M5, the Class M-5

Certificates,

(xi) REMIC 2 Regular Interest LT-M6, the Class M-6

Certificates,

(xii) REMIC 2 Regular Interest LT-M7, the Class M-7

Certificates,

(xiii) REMIC 2 Regular Interest LT-M8, the Class M-8

Certificates;

(xiv) REMIC 2 Regular Interest LT-M9, the Class M-9

Certificates;

(xv) REMIC 2 Regular Interest LT-M10, the Class M-10

Certificates;

(xvi) REMIC 2 Regular Interest LT-M11, the Class M-11

Certificates; and

(xvii) REMIC 2 Regular Interest LT-P, the Class P

Certificates.

"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 by the Master Servicer pursuant to Section 3.17 in the name of a

depository institution, as custodian for the Holders of the Certificates. Any

such account or accounts shall be an Eligible Account.

"Custodial Agreement": An agreement, dated as of the Closing

Date among the Company, the Master Servicer, the Trustee and the Custodian in

substantially the form of Exhibit N hereto.

"Custodian": Wells Fargo Bank, N.A., or any successor

custodian appointed pursuant to the provisions hereof and of the Custodial

Agreement.

"Cut-off Date": April 1, 2005.

"Defaulting Party": As defined in the Swap Agreement.

-30-

<PAGE>

"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.

"Delinquent": A Mortgage Loan is "delinquent" if any payment

due thereon is not made pursuant to the terms of such Mortgage Loan by the close

of business on the day such payment is scheduled to be due. A Mortgage Loan is

"30 days delinquent" if such payment has not been received by the close of

business on the corresponding day of the month immediately succeeding the month

in which such payment was due, or, if there is no such corresponding day (e.g.,

as when a 30-day month follows a 31-day month in which a payment was due on the

31st day of such month), then on the last day of such immediately succeeding

month. Similarly for "60 days delinquent," "90 days delinquent" and so on.

"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(5) of the Uniform Commercial Code of the State of New York and

a "clearing agency" registered pursuant to the provisions of Section 17A of the

Securities Exchange Act of 1934, as amended.

"Depository Participant": A broker, dealer, bank or other

financial institutions or other Person for whom from time to time a Depository

effects book-entry transfers and pledges of securities deposited with the

Depository.

"Determination Date": The 15th day (or if such 15th day is not

a Business Day, the Business Day immediately preceding such 15th day) of the

month of the related Distribution Date.

"Disqualified Organization": Any organization defined as a

"disqualified organization" under Section 860E(e)(5) of the Code, 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 Freddie Mac, a

majority of its board of directors is not selected by such governmental unit),

(ii) a foreign government, any international organization, or any agency or

instrumentality of any of the foregoing, (iii) any organization (other than

certain farmers' cooperatives described in Section 521 of the Code) which is

exempt from the tax imposed by Chapter 1 of the Code (including the tax imposed

by Section 511 of the Code on unrelated business taxable income), (iv) rural

electric and telephone cooperatives described in Section 1381(a)(2)(C) of the

Code and (v) any other Person so designated by the Securities Administrator

based upon an Opinion of Counsel that the holding of

-31-

<PAGE>

an Ownership Interest in a Residual Certificate by such Person may cause any

REMIC 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 Residual 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, or if such

25th day is not a Business Day, the Business Day immediately following such 25th

day, commencing in May 2005.

"Due Date": With respect to all of the Mortgage Loans, the

first day of the month.

"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 (or, with respect to the first Due Period, the day following

the Cut-off Date) and ending on the first day of the month of the related

Distribution Date.

"EDGAR": The Electronic Data Gathering and Retrieval System of

the Commission.

"Eligible Account": Any of (i) a segregated account maintained

with a federal or state chartered depository institution (A) the short-term

obligations of which are rated A-1+ or better by Standard & Poor's and P-1 by

Moody's at the time of any deposit therein or (B) insured by the FDIC (to the

limits established by such Corporation), the uninsured deposits in which account

are otherwise secured such that, as evidenced by an Opinion of Counsel (obtained

by the Person requesting that the account be held pursuant to this clause (ii))

delivered to the Trustee prior to the establishment of such account, the

Certificateholders will have a claim with respect to the funds in such account

and a perfected first priority security interest against any collateral (which

shall be limited to Permitted Investments, each of which shall mature not later

than the Business Day immediately preceding the Distribution Date next following

the date of investment in such collateral or the Distribution Date if such

Permitted Investment is an obligation of the institution that maintains the

Certificate Account or Custodial Account) securing such funds that is superior

to claims of any other depositors or general creditors of the depository

institution with which such account is maintained, (ii) a segregated trust

account or accounts maintained with a federal or state chartered depository

institution or trust company subject to regulations regarding fiduciary funds on

deposit similar to Title 12 of the Code of Federal Regulations Section 9.10(b),