Exhibit 10.3

TENTH AMENDMENT TO MASTER REPURCHASE AGREEMENT

Dated as of October 21, 2020

Between:

PENNYMAC LOAN SERVICES, LLC, as Seller

and

JPMORGAN CHASE BANK, N.A., as Buyer

The Parties have agreed to amend the Master Repurchase Agreement dated August
19, 2016 between them (the “Original MRA”, as amended by the First Amendment to
Master Repurchase Agreement dated May 23, 2017, the Second Amendment to Master
Repurchase Agreement dated September 27, 2017, the Third Amendment to Master
Repurchase Agreement dated October 13, 2017, the Fourth Amendment to Master
Repurchase Agreement dated October 13, 2017, the Fifth Amendment to Master
Repurchase Agreement dated October 12, 2018 and the Sixth Amendment to Master
Repurchase Agreement dated July 23, 2019, the Seventh Amendment to Master
Repurchase Agreement dated October 11, 2019, Omnibus Letter Agreement dated
April 30, 2020, the Eighth Amendment to Master Repurchase Agreement dated August
24, 2020, and the Ninth Amendment to the Master Repurchase Agreement dated
October 9, 2020 (the “Amended MRA”) and as amended hereby and as further
supplemented, amended or restated from time to time (the “MRA”)), to increase
the Uncommitted Facility Amount, and they hereby amend the Amended MRA as
follows.

All capitalized terms used in the Amended MRA and used, but not defined
differently, in this amendment have the same meanings here as there.

‎3.‎         Facilities; Initiation; Confirmations; Termination

A.        The unnumbered grammatical paragraph added by the First Amendment to
MRA ‎immediately after the caption of Section 3 of the Amended MRA and before
its Section 3(a) is ‎amended to read as follows:‎

Subject to the terms and conditions set forth in this Agreement and the Side
Letter, Buyer (i) agrees and is committed to enter into Transactions from time
to time with respect to Eligible Mortgage Loans having a maximum aggregate
Purchase Price outstanding at any one time of Fifty Million Dollars
($50,000,000) (such maximum amount, the “Committed Facility Amount”), from May
23, 2017 (the effective date of the First Amendment to MRA) until the
Termination Date (such facility, the “Committed Facility”), and (ii) agrees to
consider engaging, on an uncommitted and wholly discretionary basis, in
additional Transactions from time to time from July 23, 2019 until the
Termination Date and (only) when the Committed Facility Amount is fully funded
and outstanding, of up to a maximum aggregate Purchase Price outstanding at any
one time of One Billion Two Hundred Million Dollars ($1,200,000,000) more than
the Committed Facility Amount (the “Uncommitted Facility Amount”.  The One
Billion Two Hundred Fifty Million

1

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

Dollar ($1,250,000,000) sum of the Committed Facility Amount and the Uncommitted
Facility Amount is the “Facility Amount”.

(The remainder of this page is intentionally blank; counterpart signature pages
follow)

2

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

As amended hereby, the Amended MRA remains in full force and effect, and the
Parties hereby ratify and confirm it.

JPMORGAN CHASE BANK, N.A.

By:

/s/ Lindsay R. Schelstrate

Lindsay R. Schelstrate

Authorized Officer

PENNYMAC LOAN SERVICES, LLC

By:

/s/ Pamela Marsh

Pamela Marsh

Senior Managing Director and Treasurer

Counterpart signature page to Tenth Amendment to Master Repurchase Agreement

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