EX-10.9.3





 Exhibit 10.9.31 

EXECUTION 
 AMENDMENT NO.
3 
 TO MASTER REPURCHASE AGREEMENT 

Amendment No. 3 to Master Repurchase Agreement, dated as of June 28, 2016 (this “Amendment”), by and between Bank of
America, N.A. (“Buyer”) and United Shore Financial Services, LLC (“Seller”). 
 RECITALS 

Buyer and Seller are parties to that certain Master Repurchase Agreement, dated as of December 31, 2014 (as amended from time to time, the
“Existing Master Repurchase Agreement”; and as amended by this Amendment, the “Master Repurchase Agreement”). 

Buyer and Seller have agreed, subject to the terms and conditions of this Amendment, that the Existing Master Repurchase Agreement be amended
to reflect certain agreed upon revisions to the terms of the Existing Master Repurchase Agreement. 
 Accordingly, Buyer and Seller hereby
agree, in consideration of the mutual promises and mutual obligations set forth herein, that the Existing Master Repurchase Agreement is hereby amended as follows: 

SECTION 1.    Definitions. Exhibit A to the Existing Master Repurchase Agreement is
hereby amended by deleting the definitions of “Liquidity” and “Tangible Net Worth” in their entirety and replacing them with the following, respectively: 

Liquidity: As of any date of determination, the sum of (a) Seller’s unrestricted and unencumbered cash and Cash
Equivalents, (b) the balance in the Over/Under Account exclusive of funds held due to a Margin Deficit or Margin Call and (c) [***] percent of Seller’s unused, available and committed borrowing capacity under Seller’s mortgage
loan repurchase or warehouse financing facilities (other than this Agreement). By way of example but not limitation, cash in escrow and/or impound accounts shall not be included in this calculation. 

Tangible Net Worth: As of any date of determination, (i) the Net Worth of Seller and its consolidated Subsidiaries, on a
combined basis, determined in accordance with GAAP, plus (ii) Subordinated Debt as evidenced by an executed subordination agreement, in form and substance satisfactory to Buyer, minus (iii) all intangibles determined in accordance with
GAAP (including, without limitation, goodwill, capitalized financing costs and capitalized administration costs but excluding mortgage servicing rights) and any and all advances to, investments in and receivables held from Affiliates, minus
(iv) the sum of (a) loans with a loan age since origination of greater than ninety (90) days, (b) loans that have been repurchased by Seller and (c) real estate owned net of acceptable financing (financing must be deemed
acceptable by Buyer in its sole discretion) plus (v) up to [***] in the aggregate of the loans identified in clauses (iv)(a) and (b) above. 
  

	1 	 Certain portions of this exhibit have been redacted in accordance with Item 601(b)(10) of Regulation S-K. This
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. “[***]” indicates that information has been redacted. 














 SECTION 2.     Fees and Expenses. Seller hereby agrees to pay to
Buyer, on demand, any and all reasonable fees, costs and expenses (including reasonable fees and expenses of counsel) incurred by Buyer in connection with the development, preparation and execution of this Amendment, irrespective of whether any
transactions hereunder are executed. 
 SECTION 3.     Conditions Precedent. This Amendment shall become
effective as of the date hereof upon Buyer’s receipt of this Amendment, executed and delivered by a duly authorized officer of Buyer and Seller. 

SECTION 4.     Limited Effect. Except as expressly amended and modified by this Amendment, the Existing Master
Repurchase Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms. 
 SECTION
5.     Counterparts. This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same
instrument. 
 SECTION 6.     Severability. Each provision and agreement herein shall be treated as separate and
independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement. 

SECTION 7.     GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

[SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their
respective officers thereunto duly authorized as of the day and year first above written. 
  

					
	BANK OF AMERICA, N.A., as Buyer
		
	By:	 	 /s/ Adam Robitshek

		 	Name:	 	Adam Robitshek
		 	Title:	 	Vice President
	
	UNITED SHORE FINANCIAL SERVICES, LLC, as Seller
		
	By:	 	 /s/ Timothy J. Forrester

		 	Name:	 	Timothy J. Forrester
		 	Title:	 	CFO & EVP



  
 Signature Page to
Amendment No. 3 to Master Repurchase Agreement