DEMAND NOTE

                    GreenPoint Home Equity Loan Trust 2000-1

                                  June 29, 2000



                  ON DEMAND, for value received, GreenPoint Bank ("GreenPoint"),

promises to pay on the Insured Undercollateralization Payment Date for each Pool

to the Bankers Trust Company (the "Trustee") the Undercollateralization Amount

for such Pool up to a maximum aggregate amount payable pursuant to this

paragraph for both Pools of $2,625,145.73 in lawful money of the United States

of America pursuant to the Pooling Agreement and Indenture, dated as of June 1,

2000 (the "Pooling Agreement"), among the Trustee, GreenPoint Home Equity Loan

Trust 2000-1, as Issuer and Freddie Mac. GreenPoint has issued this Demand Note

to the Trustee. Capitalized terms used but not defined herein shall have the

meaning set forth in the Pooling Agreement.



                  Interest shall accrue on the amount due under this Demand Note

from the date of demand until the date payment is made at the Late Payment Rate.



                  In addition, GreenPoint hereby agrees to pay any Capitalized

Interest Shortfall for each Payment Date occurring prior to the later of (i) the

Payment Date in September 2000 and (ii) the Insured Undercollateralization

Payment Date. For purposes of this Demand Note, Capitalized Interest Shortfall

shall mean the excess, if any, of (i) the sum of the Class A-1 Interest Payment

Amount and the Class A-2 Interest Payment Amount for such Payment Date over (ii)

the total Interest Collections received on the Mortgage Loans during the

immediately preceding Collection Period.



                  If the indebtedness represented by this Demand Note, or any

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