EX-10.10





 Exhibit 10.101 

EXECUTION 
  

 
  

AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT 

CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC, as administrative agent 

(“Administrative Agent”), 

CREDIT SUISSE AG, a company incorporated in Switzerland, acting through its CAYMAN 

ISLANDS BRANCH, as buyer (“Buyer”), ALPINE SECURITIZATION LTD, as buyer and 

other Buyers from time to time (“Buyers”) and 

UNITED SHORE FINANCIAL SERVICES, LLC, as seller (“Seller”) 

Dated May 8, 2017 
  

 
  

 

	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. 














 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
			
	 1.
	 	 Applicability
	  	 	1	 
			
	 2.
	 	 Definitions
	  	 	1	 
			
	 3.
	 	 Program; Initiation of Transactions
	  	 	17	 
			
	 4.
	 	 Repurchase
	  	 	18	 
			
	 5.
	 	 Price Differential.
	  	 	19	 
			
	 6.
	 	 Margin Maintenance
	  	 	19	 
			
	 7.
	 	 Income Payments
	  	 	20	 
			
	 8.
	 	Security Interest	  	 	20	 
			
	 9.
	 	 Payment and Transfer
	  	 	21	 
			
	 10.
	 	 Conditions Precedent
	  	 	22	 
			
	 11.
	 	 Program; Costs
	  	 	25	 
			
	 12.
	 	 Servicing
	  	 	28	 
			
	 13.
	 	 Representations and Warranties
	  	 	30	 
			
	 14.
	 	 Covenants
	  	 	35	 
			
	 15.
	 	 Events of Default
	  	 	41	 
			
	 16.
	 	 Remedies Upon Default
	  	 	43	 
			
	 17.
	 	 Reports
	  	 	46	 
			
	 18.
	 	 Repurchase Transactions
	  	 	50	 
			
	 19.
	 	 Single Agreement
	  	 	50	 
			
	 20.
	 	 Notices and Other Communications
	  	 	50	 
			
	 21.
	 	 Entire Agreement; Severability
	  	 	52	 
			
	 22.
	 	 Non assignability
	  	 	52	 
			
	 23.
	 	 Set-off
	  	 	53	 

  

  
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	 24.
	 	Binding Effect; Governing Law; Jurisdiction	  	 	54	 
			
	 25.
	 	No Waivers, Etc.	  	 	54	 
			
	 26.
	 	Intent	  	 	54	 
			
	 27.
	 	Disclosure Relating to Certain Federal Protections	  	 	55	 
			
	 28.
	 	Power of Attorney	  	 	56	 
			
	 29.
	 	Buyers May Act Through Administrative Agent	  	 	56	 
			
	 30.
	 	Indemnification; Obligations	  	 	56	 
			
	 31.
	 	Counterparts	  	 	57	 
			
	 32.
	 	Confidentiality	  	 	58	 
			
	 33.
	 	Recording of Communications	  	 	59	 
			
	 34.
	 	Reserved	  	 	60	 
			
	 35.
	 	Reserved	  	 	60	 
			
	 36.
	 	Periodic Due Diligence Review	  	 	60	 
			
	 37.
	 	Authorizations	  	 	60	 
			
	 38.
	 	Acknowledgment of Assignment and Administration of Repurchase Agreement	  	 	61	 
			
	 39.
	 	Acknowledgement Of Anti-Predatory Lending Policies	  	 	61	 
			
	 40.
	 	Documents Mutually Drafted	  	 	61	 
			
	 41.
	 	General Interpretive Principles	  	 	61	 
			
	 42.
	 	Conflicts	  	 	62	 
			
	 43.
	 	Bankruptcy Non-Petition	  	 	62	 
			
	 44.
	 	Limited Recourse	  	 	62	 
			
	 45.
	 	Amendment and Restatement	  	 	63	 

 SCHEDULES 
 Schedule 1 -
Representations and Warranties with Respect to Purchased Mortgage Loans 
 Schedule 2 – Authorized Representatives 

 

  
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 Schedule 3 – Seller’s Trade Names and Fictitious Business Names 

EXHIBITS 
 Exhibit A – Reserved 

Exhibit B – Form of Mortgage Loan Schedule 
 Exhibit C –
Reserved 
 Exhibit D – Form of Power of Attorney 
 Exhibit
E – Reserved 
 Exhibit F – Reserved 
 Exhibit G
– Seller’s Tax Identification Number 
 Exhibit H – Existing Indebtedness 

Exhibit I – Escrow Instruction Letter 
 Exhibit J – Form
of Servicer Notice 
 Exhibit K- Form of Trade Assignment 

 

  
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 This is an AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT, dated as of May 8, 2017,
by and among CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC, (“Administrative Agent”) on behalf of Buyers, including but not limited to Credit Suisse AG, a company incorporated in Switzerland, acting through its Cayman Islands
Branch (“CS Cayman” and a “Buyer”) and Alpine Securitization LTD (“Alpine” and a “Buyer”) and United Shore Financial Services, LLC (“Seller”). 

1. Applicability 
 From
time to time the parties hereto may enter into transactions in which Seller agrees to transfer to Administrative Agent on behalf of Buyers Mortgage Loans (as hereinafter defined) on a servicing released basis against the transfer of funds by
Administrative Agent, with a simultaneous agreement by Administrative Agent on behalf of Buyers to transfer to Seller such Mortgage Loans on a servicing released basis at a date certain or on demand, against the transfer of funds by Seller. Each
such transaction shall be referred to herein as a “Transaction” and, unless otherwise agreed in writing, shall be governed by this Agreement, including any supplemental terms or conditions contained in any annexes identified herein,
as applicable hereunder. For the avoidance of doubt, and for administrative and tracking purposes, the purchase and sale of each Purchased Mortgage Loan shall be deemed a separate Transaction. 

The Administrative Agent and Seller previously entered into a Master Repurchase Agreement, dated as of August 17, 2010 (the
“Existing Master Repurchase Agreement”). 
 Pursuant to that certain Assignment, Assumption and Appointment Agreement, dated as of
June 17, 2016 among Administrative Agent, CS Cayman, as a Buyer, and certain Buyers identified thereto, Administrative Agent sold and assigned its right title and interest in the Transactions and the related Purchased Mortgage Loans under the
Existing Master Repurchase Agreement to such Buyers and was retained as Administrative Agent under the Existing Master Repurchase Agreement. 

The parties hereto have requested that the Existing Master Repurchase Agreement be amended and restated in its entirety on the terms and
subject to the conditions set forth herein which include having CSFBMC act as administrative agent hereunder. 
 NOW, THEREFORE, in
consideration of the mutual agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

2. Definitions 
 Whenever
used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings: 

“Acceptable State” means any state acceptable pursuant to Seller’s Underwriting 

Guidelines. 
 “Accepted Servicing
Practices” means, with respect to any Mortgage Loan, those mortgage servicing practices of prudent mortgage lending institutions which service mortgage loans of the same type as such Mortgage Loan in the jurisdiction where the related
Mortgaged Property is located in accordance with applicable law. 












 “Act of Insolvency” means, with respect to any Person or its Affiliates,
(a) the filing of a petition, commencing, or authorizing the commencement of any case or proceeding, or the voluntary joining of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law
relating to the protection of creditors, or suffering any such petition or proceeding to be commenced by another which is consented to, not timely contested or results in entry of an order for relief; (b) the seeking of the appointment of a
receiver, trustee, custodian or similar official for such party or an Affiliate or any substantial part of the property of either; (c) the appointment of a receiver, conservator, or manager for such party or an Affiliate by any governmental
agency or authority having the jurisdiction to do so; (d) the making or offering by such party or an Affiliate of a composition with its creditors or a general assignment for the benefit of creditors; (e) the admission by such party or an
Affiliate of such party of its inability to pay its debts or discharge its obligations as they become due or mature; or (f) that any governmental authority or agency or any person, agency or entity acting or purporting to act under governmental
authority shall have taken any action to condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the property of such party or of any of its Affiliates, or shall have taken any action to displace the
management of such party or of any of its Affiliates or to curtail its authority in the conduct of the business of such party or of any of its Affiliates. 

“Additional Buyers” has the meaning set forth in Section 36 hereof. 

“Adjusted Tangible Net Worth” has the meaning assigned to such term in the Pricing Side Letter. 

“Administrative Agent” means CSFBMC or any successor thereto. 

“Affiliate” means, with respect to any Person, any “affiliate” of such Person, as such term is defined in the
Bankruptcy Code, which shall also include, for the avoidance of doubt, with respect to Administrative Agent only, any CP Conduit. 

“Agency” means Freddie Mac, Fannie Mae or GNMA, as applicable. 

“Agency Approvals” has the meaning set forth in Section 14.w hereof. 

“Agency Mortgage Loan” means, collectively, Conforming Mortgage Loans, Conforming High LTV Loans, FHA Loans (other than FHA
Loans originated in accordance with FHA’s streamlined 203(k) program), State Agency Mortgage Loans, USDA Loans and VA Loans. 

“Agency Security” means a mortgage-backed security issued by an Agency. 

“Aging Limit” has the meaning assigned to such term in the Pricing Side Letter. 

“Agreement” means this Amended and Restated Master Repurchase Agreement, as it may be amended, restated, supplemented or
otherwise modified from time to time. 

  
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 “Appraised Value” means the value set forth in an appraisal made in
connection with the origination of the related Mortgage Loan as the value of the Mortgaged Property. 
 “Asset Value” has
the meaning assigned to such term in the Pricing Side Letter. 
 “Assignment and Acceptance” has the meaning assigned to
such term in Section 
 22 hereof. 

“Assignment of Mortgage” means an assignment of the Mortgage, notice of transfer or equivalent instrument in recordable form,
sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the sale of the Mortgage. 

“Bailee Letter” has the meaning assigned to such term in the Custodial 

Agreement. 
 “Bankruptcy
Code” means the United States Bankruptcy Code of 1978, as amended from time to time. 
 “Business Day” means any
day other than (i) a Saturday or Sunday; (ii) a day on which the New York Stock Exchange, the Federal Reserve Bank of New York or the Custodian is authorized or obligated by law or executive order to be closed or (iii) a public or
bank holiday in New York City. 
 “Buyer” means CS Cayman, Alpine and each Buyer identified by the Administrative Agent
from time to time and their successors in interest and assigns pursuant to Section 22 and, with respect to Section 11, its participants. 

“Change in Control” means: 

(a) any transaction or event as a result of which Jeffrey A. Ishbia, Mathew Ishbia and Justin Ishbia cease to own or control, on a collective
basis, directly or indirectly, beneficially or of record, at least 51% of the membership interests of Seller; 
 (b) the sale, transfer, or
other disposition of all or substantially all of Seller’s assets (excluding any such action taken in connection with any securitization transaction); or 

(c) the consummation of a merger or consolidation of Seller with or into another entity or any other corporate reorganization, if more than 50%
of the combined voting power of the continuing or surviving entity’s stock or membership interests outstanding immediately after such merger, consolidation or such other reorganization is owned by Persons who were not members of Seller
immediately prior to such merger, consolidation or other reorganization. 
 “Code” means the Internal Revenue Code of 1986,
as amended. 
 “Committed Mortgage Loan” means a Purchased Mortgage Loan which is the subject of a Take-out Commitment with a Take-out Investor. 

  
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 “Conforming High LTV Loan” means a Conforming Mortgage Loan with an LTV of
or higher but not to exceed . 
 “Conforming Mortgage Loan” means a first lien Mortgage Loan originated in accordance with
the criteria of an Agency for purchase of Mortgage Loans, including, without limitation, conventional Mortgage Loans, as determined by Administrative Agent in its sole discretion. 

“Correspondent Mortgage Loan” means a Mortgage Loan originated by a third party originator and acquired by Seller in
accordance with Seller’s correspondent Mortgage Loan program as approved in writing by Administrative Agent. 
 “CP
Conduit” means a commercial paper conduit, including but not limited to Alpine Securitization LTD, administered, managed or supported by CSFBMC or an Affiliate of CSFBMC. 

“CSFBMC” means Credit Suisse First Boston Mortgage Capital LLC, or any successors or assigns. 

“Custodial Agreement” means the amended and restated custodial agreement dated as of the date hereof, among Seller,
Administrative Agent, Buyers and Custodian as it may be amended, restated, supplemented or otherwise modified from time to time. 

“Custodial Mortgage Loan Schedule” has the meaning assigned to such term in the Custodial Agreement. 

“Custodian” means Deutsche Bank National Trust Company or such other party specified by Administrative Agent and agreed to by
Seller, which approval shall not be unreasonably withheld. 
 “DE Compare Ratio” means the Two Year FHA Direct Endorsement
Lender Compare Ratio, excluding streamline FHA refinancings, as made publicly available by HUD. 
 “Default” means an Event
of Default or an event that with notice or lapse of time or both would become an Event of Default. 
 “Dollars” and
“$” means dollars in lawful currency of the United States of America. 
 “Due Date” means the day of the
month on which the Monthly Payment is due on a Mortgage Loan, exclusive of any days of grace. 
 “Due Diligence Cap” has
the meaning assigned to such term in the Pricing Side Letter. 
 “Due Diligence Costs” has the meaning specified in
Section 36 hereof. 

  
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 “Effective Date” means the date upon which the conditions precedent set
forth in Section 10 shall have been satisfied. 
 “Electronic Tracking Agreement” means an
Amended and Restated Electronic Tracking Agreement among Administrative Agent, Seller, MERS and MERSCORP Holdings, Inc., to the extent applicable as the same may be amended from time to time. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time and any successor thereto,
and the regulations promulgated and administrative rulings issued thereunder. 
 “ERISA Affiliate” means any corporation or
trade or business that, together with Seller is treated as a single employer under Section 414(b) or (c) of the Code or solely for purposes of Section 302 of ERISA and Section 412 of the Code is treated as single employer
described in Section 414 of the Code. 
 “Escrow Instruction Letter” means the Escrow Instruction Letter from Seller
to the Settlement Agent, in the form of Exhibit I hereto, as the same may be modified, supplemented and in effect from time to time. 

“Escrow Payments” means, with respect to any Mortgage Loan, the amounts constituting ground rents, taxes, assessments, water
rates, sewer rents, municipal charges, mortgage insurance premiums, fire and hazard insurance premiums, condominium charges, and any other payments required to be escrowed by the Mortgagor with the mortgagee pursuant to the Mortgage or any other
document. 
 “Event of Default” has the meaning specified in Section 15 hereof. 

“Event of Termination” means with respect to Seller (a) with respect to any Plan, a reportable event, as defined in
Section 4043 of ERISA, as to which the PBGC has not by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event, or (b) the withdrawal of Seller or any
ERISA Affiliate thereof from a Plan during a plan year in which it is a substantial employer, as defined in Section 4001(a)(2) of ERISA, or (c) the failure by Seller or any ERISA Affiliate thereof to meet the minimum funding standard of
Section 412 of the Code or Section 302 of ERISA with respect to any Plan, including, without limitation, the failure to make on or before its due date a required installment under Section 412(m) of the Code (or Section 430 (j) of
the Code as amended by the Pension Protection Act) or Section 302(e) of ERISA (or Section 303 (j) of ERISA, as amended by the Pension Protection Act), or (d) the distribution under Section 4041 of ERISA of a notice of intent to
terminate any Plan or any action taken by Seller or any ERISA Affiliate thereof to terminate any plan, or (e) the failure to meet requirements of Section 436 of the Code resulting in the loss of qualified status under
Section 401(a)(29) of the Code, or (f) the institution by the PBGC of proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or (g) the receipt by Seller or any
ERISA Affiliate thereof of a notice from a Multiemployer Plan that action of the type described in the previous clause (f) has been taken by the PBGC with respect to such Multiemployer Plan, or (h) any event or circumstance exists which
may reasonably be expected to constitute grounds for Seller or any ERISA Affiliate thereof to incur liability under Title IV of ERISA or under Sections 412 (b) or 430 (k) of the Code with respect to any Plan. 

  
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 “Excluded Taxes” means any of the following Taxes imposed on or with
respect to a Buyer or other recipient of any payment hereunder or required to be withheld or deducted from a payment to such Buyer or such other recipient: (a) Taxes based on (or measured by) net income or net profits, franchise Taxes and
branch profits Taxes that are imposed on a Buyer or other recipient of any payment hereunder as a result of (i) being organized under the laws of, or having its principal office or its applicable lending office located in the jurisdiction
imposing such Tax (or any political subdivision thereof), or (ii) a present or former connection between such Buyer or other recipient and the jurisdiction of the Governmental Authority imposing such Tax or any political subdivision or Taxing
authority thereof (other than connections arising from such Buyer or other recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in
any other transaction pursuant to or enforced under this Agreement or any Program Agreement, or sold or assigned an interest in any Purchased Mortgage Loan); (b) any Tax imposed on a Buyer or other recipient of a payment hereunder that is
attributable to such Buyer’s or other recipient’s failure to comply with relevant requirements set forth in Section 11(e)(ii); (c) any withholding Tax that is imposed on amounts payable to or for the account of such Buyer or other
recipient of a payment hereunder pursuant to a law in effect on the date such person becomes a party to or under this Agreement, or such person changes its lending office, except in each case to the extent that amounts with respect to Taxes were
payable either to such person’s assignor immediately before such person became a party hereto or to such person immediately before it changed its lending office; and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“Existing Indebtedness” has the meaning specified in Section 13(a)(23) hereof. 

“Fannie Mae” means the Federal National Mortgage Association or any successor 

thereto. 
 “FATCA” means
Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official
interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 
 “FHA” means the
Federal Housing Administration, an agency within the United States Department of Housing and Urban Development, or any successor thereto, and including the Federal Housing Commissioner and the Secretary of Housing and Urban Development where
appropriate under the FHA Regulations. 
 “FHA Approved Mortgagee” means a corporation or institution approved as a
mortgagee by the FHA under the National Housing Act, as amended from time to time, and applicable FHA Regulations, and eligible to own and service mortgage loans such as the FHA Loans. 

  
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 “FHA Loan” means a Mortgage Loan which is the subject of an FHA Mortgage
Insurance Contract. 
 “FHA Mortgage Insurance” means, mortgage insurance authorized under the National Housing Act, as
amended from time to time, and provided by the FHA. 
 “FHA Mortgage Insurance Contract” means the contractual obligation
of the FHA respecting the insurance of a Mortgage Loan. 
 “FHA Regulations” means the regulations promulgated by the
Department of Housing and Urban Development under the National Housing Act, as amended from time to time and codified in 24 Code of Federal Regulations, and other Department of Housing and Urban Development issuances relating to FHA Loans, including
the related handbooks, circulars, notices and mortgagee letters. 
 “FICO” means Fair Isaac & Co., or any
successor thereto. 
 “Fidelity Insurance” means insurance coverage with respect to employee errors, omissions, dishonesty,
forgery, theft, disappearance and destruction, robbery and safe burglary, property (other than money and securities) and computer fraud in an aggregate amount acceptable to Seller’s regulators. 

“Freddie Mac” means the Federal Home Loan Mortgage Corporation or any successor thereto. 

“GAAP” means generally accepted accounting principles in effect from time to time in the United States of America and applied
on a consistent basis. 
 “GNMA” means the Government National Mortgage Association and any successor thereto. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, or any entity
exercising executive, legislative, judicial, regulatory or administrative functions over Seller, Administrative Agent or any Buyer, as applicable. 

“Gross Margin” means, with respect to each adjustable rate Mortgage Loan, the fixed percentage amount set forth in the
related Mortgage Note. 
 “Guarantee” means, as to any Person, any obligation of such Person directly or indirectly
guaranteeing any Indebtedness of any other Person or in any manner providing for the payment of any Indebtedness of any other Person or otherwise protecting the holder of such Indebtedness against loss (whether by virtue of partnership arrangements,
by agreement to keep-well, to purchase assets, goods, securities or services, or to take-or-pay or otherwise); provided that the term “Guarantee” shall
not include (a) endorsements for collection or deposit in the ordinary course of business, or (b) obligations to make servicing advances for delinquent taxes and insurance or other obligations in respect of a Mortgage Loan or Mortgaged
Property, to the extent required by Administrative Agent. The amount of any Guarantee of a Person shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee is made or, if
not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith. The terms “Guarantee” and “Guaranteed” used as verbs shall have correlative
meanings. 

  
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 “High Cost Mortgage Loan” means a Mortgage Loan (a) classified as a
“high cost” loan under the Home Ownership and Equity Protection Act of 1994; (b) classified as a “high cost,” “threshold,” “covered,” or “predatory” loan under any other applicable state, federal or
local law (or a similarly classified loan using different terminology under a law, regulation or ordinance imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or
fees) or (c) having a percentage listed under the Indicative Loss Severity Column (the column that appears in the S&P Anti-Predatory Lending Law Update Table, included in the then-current S&P’s LEVELS® Glossary of Terms on Appendix E). 
 “HUD” means the United States
Department of Housing and Urban Development or any successor thereto. 
 “Income” means, with respect to any Purchased
Mortgage Loan at any time until repurchased by the Seller, any principal received thereon or in respect thereof and all interest, dividends or other distributions thereon. 

“Indebtedness” has the meaning assigned to such term in the Pricing Side Letter. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of the Seller hereunder or under any Program Agreement and (b) Other Taxes. 
 “Index”
means, with respect to any adjustable rate Mortgage Loan, the index identified on the Mortgage Loan Schedule and set forth in the related Mortgage Note for the purpose of calculating the applicable Mortgage Interest Rate. 

“Interest Only Adjustment Date” means, with respect to each Interest Only Loan, the date, specified in the related Mortgage
Note on which the Monthly Payment will be adjusted to include principal as well as interest. 
 “Interest Only Loan” means
a Mortgage Loan which only requires payments of interest for a period of time specified in the related Mortgage Note. 
 “Interest
Rate Adjustment Date” means the date on which an adjustment to the Mortgage Interest Rate with respect to each Mortgage Loan becomes effective. 

“Interest Rate Protection Agreement” means, with respect to any or all of the Purchased Mortgage Loans, any short sale of a
US Treasury Security, or futures contract, or mortgage related security, or Eurodollar futures contract, or options related contract, or interest rate swap, cap or collar agreement or Take-out Commitment, or
similar arrangement providing for protection against fluctuations in interest rates or the exchange of nominal interest obligations, either generally or under specific contingencies, entered into by Seller and an Affiliate of Administrative Agent or
such other party acceptable to Administrative Agent in its sole discretion, which agreement is acceptable to Administrative Agent in its sole discretion. 

  
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 “Lender Insurance Authority” means the permission granted to certain FHA-approved lenders to process single family mortgage applications without first submitting documentation to the United States Department of Housing and Urban Development as set forth in 12 U.S.C. §1715z-21 and the regulations enacted thereunder set forth in 24 CFR §203.6. 

“Lien” means any mortgage, lien, pledge, charge, security interest or similar encumbrance. 

“Loan to Value Ratio” or “LTV” means with respect to any Mortgage Loan, the ratio of the original
outstanding principal amount of such Mortgage Loan to the lesser of (a) the Appraised Value of the Mortgaged Property at origination or (b) if the Mortgaged Property was purchased within 12 months of the origination of such Mortgage Loan,
the purchase price of the Mortgaged Property. 
 “Manufactured Home” means a manufactured home (as defined by the United
States Department of Housing and Urban Development) provided that such manufactured home is attached to a permanent foundation and is no longer transportable. 

“Manufactured Home Loan” means a Conforming Mortgage Loan, FHA Loan or VA Loan secured by a Manufactured Home and such
Manufactured Home Loan is eligible for securitization by an Agency. 
 “Margin Call” has the meaning specified in
Section 6(a) hereof. 
 “Margin Deadline” has the meaning specified in Section 6(b) hereof. 

“Margin Deficit” has the meaning specified in Section 6(a) hereof. 

“Market Value” has the meaning assigned to such term in the Pricing Side Letter. 

“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations,
business, properties, condition (financial or otherwise) or prospects of Seller, or any Affiliate that is a party to any Program Agreement taken as a whole; (b) a material impairment of the ability of Seller or any Affiliate that is a party to any
Program Agreement to perform under any Program Agreement and to avoid any Event of Default; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability of any Program Agreement against Seller or any Affiliate
that is a party to any Program Agreement, in each case as determined by the Administrative Agent in its sole discretion. 
 “Maximum
Aggregate Purchase Price” has the meaning assigned to such term in the Pricing Side Letter. 
 “MERS” means
Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto. 

  
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 “MERS System” means the system of recording transfers of mortgages
electronically maintained by MERS. 
 “Monthly Payment” means the scheduled monthly payment of principal and/or interest on
a Mortgage Loan. 
 “Moody’s” means Moody’s Investors Service, Inc. or any successors thereto. 

“Mortgage” means each mortgage, assignment of rents, security agreement and fixture filing, or deed of trust, assignment of
rents, security agreement and fixture filing, deed to secure debt, assignment of rents, security agreement and fixture filing, or similar instrument creating and evidencing a first lien on real property and other property and rights incidental
thereto. 
 “Mortgage File” means, with respect to a Mortgage Loan, the documents and instruments relating to such Mortgage
Loan and set forth in an exhibit to the Custodial Agreement. 
 “Mortgage Interest Rate” means the rate of interest borne
on a Mortgage Loan from time to time in accordance with the terms of the related Mortgage Note. 
 “Mortgage Interest Rate
Cap” means, with respect to an adjustable rate Mortgage Loan, the limit on each Mortgage Interest Rate adjustment as set forth in the related Mortgage Note. 

“Mortgage Loan” means any first lien closed Agency Mortgage Loan, Non-Agency Non-QM Mortgage Loan or Non-Agency QM Mortgage Loan which is a fixed or floating-rate, one-
to-four family residential mortgage or home equity loan evidenced by a promissory note and secured by a first lien mortgage, which satisfies the requirements set forth in the Underwriting Guidelines and
Section 13(b) hereof; provided, however, that, Mortgage Loans shall not include any High Cost Mortgage Loans. 

“Mortgage Loan Documents” means the documents in the related Mortgage File to be delivered to the Custodian. 

“Mortgage Loan Schedule” means, with respect to any Transaction as of any date, a mortgage loan schedule in the form of
either (a) Exhibit B attached hereto or (b) a computer tape or other electronic medium generated by Seller, and delivered to Administrative Agent and Custodian, which provides information (including, without limitation, the
information set forth on Exhibit B attached hereto) required by Administrative Agent to enter into Transactions relating to the Purchased Mortgage Loans in a format acceptable to Administrative Agent. 

“Mortgage Note” means the promissory note or other evidence of the indebtedness of a Mortgagor secured by a Mortgage. 

“Mortgaged Property” means the real property securing repayment of the debt evidenced by a Mortgage Note. 

  
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 “Mortgagor” means the obligor or obligors on a Mortgage Note, including any
person who has assumed or guaranteed the obligations of the obligor thereunder. 
 “Multiemployer Plan” means a
multiemployer plan defined as such in Section 3(37) of ERISA to which contributions have been or are required to be made by Seller or any ERISA Affiliate and that is covered by Title IV of ERISA. 

“Net Income” means, for any period and any Person, the net income of such Person for such period as determined in accordance
with GAAP. 
 “Net Worth” means, with respect to any Person, an amount equal to, on a consolidated basis, such
Person’s equity (determined in accordance with GAAP). 
 “1934 Act” means the Securities Exchange Act of 1934, as
amended from time to time. 
 “Non-Agency Non-QM
Mortgage Loan” means a Non-Agency QM Loan that (a) does not meet the criteria for a Qualified Mortgage Loan; (b) meets all applicable criteria as set forth in the Underwriting Guidelines and
(c) is otherwise acceptable to Administrative Agent in its sole discretion. 

“Non-Agency QM Mortgage Loan” means a Mortgage Loan that (a) does not meet the
criteria for an Agency Mortgage Loan; (b) meets all applicable criteria as set forth in the Underwriting Guidelines and (c) is otherwise acceptable to Administrative Agent in its sole discretion. 

“Obligations” means (a) all of Seller’s indebtedness, obligations to pay the Repurchase Price on the Repurchase
Date, the Price Differential on each Price Differential Payment Date, and other obligations and liabilities, to Administrative Agent and Buyers or Custodian arising under, or in connection with, the Program Agreements, whether now existing or
hereafter arising; (b) any and all sums paid by Administrative Agent, Buyers or Administrative Agent on behalf of Buyers in order to preserve any Purchased Mortgage Loan or its interest therein; (c) in the event of any proceeding for the
collection or enforcement of any of Seller’s indebtedness, obligations or liabilities referred to in clause (a), the reasonable expenses of retaking, holding, collecting, preparing for sale, selling or otherwise disposing of or realizing on any
Purchased Mortgage Loan, or of any exercise by Administrative Agent or Buyers of their rights under the Program Agreements, including, without limitation, attorneys’ fees and disbursements and court costs; and (d) all of Seller’s
indemnity obligations to Administrative Agent, Buyers and Custodian pursuant to the Program Agreements. 
 “OFAC” has the
meaning set forth in Section 13(a)(27) hereof. 
 “Officer’s Compliance Certificate” has the meaning
assigned to such term in the Pricing Side Letter. 
 “Other Taxes” means any and all present or future stamp, court or
documentary, intangible, recording, filing or similar Taxes or any excise, sales, goods and services or transfer taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery, performance, enforcement or
registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Program Agreement. 

  
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 “PBGC” means the Pension Benefit Guaranty Corporation or any entity
succeeding to any or all of its functions under ERISA. 
 “Pension Protection Act” means the Pension Protection Act of
2006. 
 “Person” means an individual, partnership, corporation (including a business trust), limited liability company,
joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

“Plan” means an employee pension benefit or other plan as defined in Section 3(2) of ERISA, established or maintained by
Seller or any ERISA Affiliate and covered by Title IV of ERISA, other than a Multiemployer Plan. 
 “Pooled Mortgage Loan”
means any (a) Purchased Mortgage Loan that is subject to a Transaction hereunder and is part of a pool of Purchased Mortgage Loans certificated by the Custodian to an Agency to be either (i) purchased by such Agency or (ii) swapped
for an Agency Security backed by such pool, in each case, in accordance with the terms of guidelines issued by the applicable Agency and (b) the portion of any Agency Security to the extent received in exchange for, and backed by a pool of,
Purchased Mortgage Loans subject to a Transaction hereunder. 
 “Post Default Rate” has the meaning assigned to such term
in the Pricing Side Letter. 
 “Power of Attorney” means a Power of Attorney substantially in the form of Exhibit D
hereto. 
 “Price Differential” means with respect to any Transaction as of any date of determination, an amount equal to
the product of (a) the Pricing Rate for such Transaction and 
 (b) the Purchase Price for such Transaction, calculated daily on the basis of a 360-day year for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) the Repurchase Date. 

“Price Differential Payment Date” means, with respect to a Purchased Mortgage Loan, the 5th day of the month following the related Purchase Date and each succeeding 5th day of the month thereafter; provided, that, with respect to such
Purchased Mortgage Loan, the final Price Differential Payment Date shall be the related Repurchase Date; and provided, further, that if any such day is not a Business Day, the Price Differential Payment Date shall be the next
succeeding Business Day. 
 “Pricing Rate” has the meaning assigned to such term in the Pricing Side Letter. 

“Pricing Side Letter” means, the letter agreement dated as of the date hereof, among Administrative Agent, Buyers and Seller,
as the same may be amended from time to time. 

  
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 “Program Agreements” means, collectively, this Agreement, the Custodial
Agreement, the Pricing Side Letter, the Electronic Tracking Agreement, the Power of Attorney, the Servicing Agreement, if any, and the Servicer Notice, if entered into. 

“Prohibited Person” has the meaning set forth in Section 13(a)(27) hereof. 

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether
tangible or intangible. 
 “Purchase Date” means the date on which Purchased Mortgage Loans are to be transferred by Seller
to Administrative Agent for the benefit of Buyers. 
 “Purchase Price” has the meaning assigned to such term in the Pricing
Side Letter. 
 “Purchase Price Percentage” has the meaning assigned to such term in the Pricing Side Letter. 

“Purchased Mortgage Loans” means the collective reference to Mortgage Loans together with the Repurchase Assets related to
such Mortgage Loans transferred by Seller to Administrative Agent for the benefit of Buyers in a Transaction hereunder, and/or listed on the related Mortgage Loan Schedule attached to the related Transaction Request, which such Mortgage Loans the
Custodian has been instructed to hold for the benefit of Administrative Agent pursuant to the Custodial Agreement. 
 “Qualified
Insurer” means an insurance company duly authorized and licensed where required by law to transact insurance business and approved as an insurer by Fannie Mae or Freddie Mac or GNMA, as applicable. 

“Qualified Mortgage Loan” means a Mortgage Loan which is a “Qualified Mortgage” as defined in 12 CFR 1026.43(e).

 “Qualified Originator” means an originator of Mortgage Loans which is acceptable under the Underwriting Guidelines. 

“Records” means all instruments, agreements and other books, records, and reports and data generated by other media for the
storage of information maintained by Seller or any other person or entity with respect to a Purchased Mortgage Loan. Records shall include the Mortgage Notes, any Mortgages, the Mortgage Files, the credit files related to the Purchased Mortgage Loan
and any other instruments necessary to document or service a Mortgage Loan. 
 “Register” has the meaning assigned to such
term in Section 22 hereof. 
 “Repledge Transaction” has the meaning set forth in
Section 18 hereof. 
 “Repledgee” means each Repledgee identified by the Administrative Agent
from 
 time to time. 

  
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 “Reporting Date” means the
5th day of each month or, if such day is not a Business Day, the next succeeding Business Day. 

“Repurchase Assets” has the meaning assigned thereto in Section 8 hereof. 

“Repurchase Date” means the earlier of (a) the Termination Date, (b) the date requested pursuant to
Section 4(a) or (c) the date determined by application of Section 16 hereof. 

“Repurchase Price” means the price at which Purchased Mortgage Loans are to be transferred from the Administrative Agent for
the benefit of Buyers to Seller upon termination of a Transaction, which will be determined in each case (including Transactions terminable upon demand) as the sum of the Purchase Price and the accrued but unpaid Price Differential as of the date of
such determination. 
 “Request for Certification” means a notice sent to the Custodian reflecting the sale of one or more
Purchased Mortgage Loans to Administrative Agent for the benefit of Buyers hereunder. 
 “Requirement of Law” means, with
respect to any Person, any law, treaty, rule or regulation or determination of an arbitrator, a court or other governmental authority, applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject. 
 “Responsible Officer” means as to any Person, the chief executive officer or, with respect to financial
matters, the chief financial officer of such Person. 
 “S&P” means Standard & Poor’s Ratings Services,
or any successor thereto. 
 “SEC” means the Securities and Exchange Commission, or any successor thereto. 

“Seller” means United Shore Financial Services, LLC or its permitted successors and assigns. 

“Servicer” means any servicer approved by Administrative Agent in its sole discretion. 

“Servicer Notice” means the notice acknowledged by a third party Servicer substantially in the form of Exhibit J
hereto, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Servicing
Agreement” means any servicing agreement entered into among Seller and a third party Servicer as the same may be amended from time to time. 

“Servicing Rights” means rights of any Person to administer, service or subservice, the Purchased Mortgage Loans or to
possess related Records. 
  

  
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 “Settlement Agent” means, with respect to any Transaction the subject of
which is a Wet-Ink Mortgage Loan, the entity approved by Administrative Agent, in its sole good-faith discretion, which may be a title company, escrow company or attorney in accordance with local law and
practice in the jurisdiction where the related Wet-Ink Mortgage Loan is being originated. A Settlement Agent is deemed approved unless Administrative Agent notifies Seller otherwise at any time electronically
or in writing. 
 “SIPA” means the Securities Investor Protection Act of 1970, as amended from time to time. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership or other entity of
which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership
or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity shall have or might have voting power by reason of the happening of
any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person. 

“Take-out Commitment” means a commitment of Seller to either (a) sell one or
more identified Mortgage Loans to a Take-out Investor or (b) (i) swap one or more identified Mortgage Loans with a Take-out Investor that is an Agency for an Agency
Security, and (ii) sell the related Agency Security to a Take-out Investor, and in each case, the corresponding Take-out Investor’s commitment back to Seller
to effectuate any of the foregoing, as applicable. With respect to any Take-out Commitment with an Agency, the applicable agency documents list Administrative Agent as sole subscriber. 

“Take-out Investor” means (a) an Agency or (b) other institution which has
made a Take-out Commitment and has been approved by Administrative Agent for the benefit of Buyers. 

“Taxes” means any and all present or future taxes (including social security contributions and value added taxes), levies,
imposts, duties (including stamp duties), deductions, charges (including ad valorem charges), withholdings (including backup withholding), assessments, fees or other charges of any nature whatsoever imposed by any Governmental Authority, including
any interest, additions to tax or penalties applicable thereto. 
 “Termination Date” has the meaning assigned to such term
in the Pricing Side Letter. 
 “TILA-RESPA Integrated Disclosure Rule” means the Truth-in-Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure Rule, adopted by the Consumer Finance Protection Bureau, which is effective for residential mortgage loan applications
received on or after October 3, 2015. 
 “Third Party Evaluator” means an appraiser approved by Administrative Agent
in its sole good faith discretion. 

  
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 “Trade Assignment” means an assignment by Buyer of a forward trade between
a Takeout Investor and Seller with respect to one or more Purchased Mortgage Loans that are Pooled Mortgage Loans substantially in the form of Exhibit K hereto. 

“Transaction” has the meaning set forth in Section 1 hereof. 

“Transaction Request” means a request via email from Seller to Administrative Agent notifying Administrative Agent that
Seller wishes to enter into a Transaction hereunder that indicates that it is a Transaction Request under this Agreement. For the avoidance of doubt, a Transaction Request may refer to multiple Mortgage Loans; provided that each Mortgage Loan shall
be deemed to be subject to its own Transaction. 
 “Trust Receipt” means, with respect to any Transaction as of any date, a
receipt in the form attached as an exhibit to the Custodial Agreement. 
 “Underwriting Guidelines” means the standards,
procedures and guidelines of the Seller for underwriting and acquiring Mortgage Loans, which are set forth in the written policies and procedures of the Seller, a copy of which have been provided to Administrative Agent and such other guidelines as
are hereafter identified and approved by an Agency or a Take-out Investor; provided, that in each case, (i) such other guidelines are acceptable to at least two
Take-out Investors and (ii) the Underwriting Guidelines approval has been received. 

“Uniform Commercial Code” means the Uniform Commercial Code as in effect on the date hereof in the State of New York or the
Uniform Commercial Code as in effect in the applicable jurisdiction. 
 “USDA Loan” means a first lien Mortgage Loan
originated in accordance with the criteria established by and guaranteed by the United States Department of Agriculture. 
 “U.S.
Tax Compliance Certificate” has the meaning set forth in Section 11(e)(ii)(B) hereof. 
 “VA” means the U.S.
Department of Veterans Affairs, an agency of the United States of America, or any successor thereto including the Secretary of Veterans Affairs. 

“VA Approved Lender” means a lender which is approved by the VA to act as a lender in connection with the origination of VA
Loans. 
 “VA Loan” means a Mortgage Loan which is the subject of a VA Loan Guaranty Agreement as evidenced by a loan
guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA. 
 “VA Loan Guaranty Agreement” means the
obligation of the United States to pay a specific percentage of a Mortgage Loan (subject to a maximum amount) upon default of the Mortgagor pursuant to the Servicemen’s Readjustment Act, as amended. 

“Wet-Ink Delivery Date” has the meaning assigned to such term in the Pricing Side
Letter. 

  
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 “Wet-Ink Documents” means, with
respect to any Wet-Ink Mortgage Loan, the (a) Transaction Request and (b) the Mortgage Loan Schedule. 

“Wet-Ink Mortgage Loan” means a Mortgage Loan which Seller is selling to
Administrative Agent for the benefit of a Buyer simultaneously with the origination thereof. 
 3. Program; Initiation of Transactions

 a. From time to time, in the sole discretion of Buyers, Administrative Agent (for the benefit of Buyers) may facilitate the purchase
by Buyers from Seller certain Mortgage Loans that have been originated by Seller. This Agreement is not a commitment by Administrative Agent on behalf of Buyers to enter into Transactions with Seller but rather sets forth the procedures to
be used in connection with periodic requests for Administrative Agent on behalf of Buyers to enter into Transactions with Seller. Seller hereby acknowledges that Administrative Agent on behalf of Buyers is under no obligation to agree to enter into,
or to enter into, any Transaction pursuant to this Agreement. All Purchased Mortgage Loans shall exceed or meet the Underwriting Guidelines, and shall be serviced by Seller or Servicer, as applicable. The aggregate Purchase Price of
Purchased Mortgage Loans subject to outstanding Transactions shall not exceed the Maximum Aggregate Purchase Price. 
 b. Seller shall
request that Administrative Agent enter into a Transaction by delivering (i) to Administrative Agent, a Transaction Request (A) one (1) Business Day prior to the proposed Purchase Date for Mortgage Loans that are not Wet-Ink Mortgage Loans or (B) by 3:30 p.m. (New York City time) on the proposed Purchase Date for Wet-Ink Mortgage Loans and (ii) to Administrative Agent and
Custodian a Mortgage Loan Schedule, in accordance with the Custodial Agreement. In the event the Mortgage Loan Schedule provided by Seller contains erroneous computer data, is not formatted properly or the computer fields are otherwise improperly
aligned, Administrative Agent shall provide written or electronic notice to Seller describing such error and Seller shall correct the computer data, reformat or properly align the computer fields itself and resubmit the Mortgage Loan Schedule as
required herein. 
 c. Reserved. 

d. Reserved. 
 e. Upon the
satisfaction of the applicable conditions precedent set forth in Section 10 hereof, all of Seller’s interest in the Repurchase Assets shall pass to Administrative Agent on behalf of Buyers on the Purchase Date, against
the transfer of the Purchase Price to Seller. Upon transfer of the Mortgage Loans to Administrative Agent on behalf of Buyers as set forth in this Section and until termination of any related Transactions as set forth in Sections 4 or
16 of this Agreement, ownership of each Mortgage Loan, including each document in the related Mortgage File and Records, is vested in the Buyers. For the avoidance of doubt, the parties acknowledge and agree that the Purchased Mortgage Loans
shall be held by the Administrative Agent for the benefit of Buyers. 
 f. With respect to each
Wet-Ink Mortgage Loan, by no later than the Wet-Ink Delivery Date, Seller shall cause the related Settlement Agent to deliver to the Custodian the remaining documents in
the Mortgage File, as more particularly set forth in the Custodial Agreement. 

  
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	4.	 Repurchase 



a. Seller shall repurchase the related Purchased Mortgage Loans from Administrative Agent for the benefit of Buyers on each related Repurchase
Date. In addition, Seller may repurchase Purchased Mortgage Loans without penalty or premium on any date. If Seller intends to make such a repurchase, Seller shall give one (1) Business Day’s prior written notice to Administrative Agent,
designating the Purchased Mortgage Loans to be repurchased. Such obligation to repurchase exists without regard to any prior or intervening liquidation or foreclosure with respect to any Purchased Mortgage Loan (but liquidation or foreclosure
proceeds received by Administrative Agent shall be applied to reduce the Repurchase Price for such Purchased Mortgage Loan on each Price Differential Payment Date except as otherwise provided herein). Seller is obligated to repurchase and take
physical possession of the Purchased Mortgage Loans from Administrative Agent or its designee (including the Custodian) at Seller’s expense on the related Repurchase Date. 

b. Provided that no Default shall have occurred and is continuing, and Administrative Agent has received the related Repurchase Price
(excluding accrued and unpaid Price Differential, which, for the avoidance of doubt, shall be paid on the next succeeding Price Differential Payment Date) upon repurchase of the Purchased Mortgage Loans, Administrative Agent and Buyers will each be
deemed to have released their respective interests hereunder in the Purchased Mortgage Loans (including, the Repurchase Assets related thereto) at the request of Seller. The Purchased Mortgage Loans (including the Repurchase Assets related thereto)
shall be delivered to Seller free and clear of any lien, encumbrance or claim of the Administrative Agent or the Buyers. With respect to payments in full by the related Mortgagor of a Purchased Mortgage Loan, Seller agrees to (i) remit to
Administrative Agent, within two (2) Business Days, the Repurchase Price with respect to such Purchased Mortgage Loan and (ii) provide Administrative Agent a notice specifying each Purchased Mortgage Loan that has been prepaid in full.
Administrative Agent, on behalf of Buyers, agrees to release its ownership interest or interests in Purchased Mortgage Loans which have been prepaid in full after receipt of evidence of compliance with the immediately preceding sentence. 

  
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 5. Price Differential. 

a. On each Business Day that a Transaction is outstanding, the Pricing Rate shall be reset and, unless otherwise agreed, the accrued and unpaid
Price Differential shall be settled in cash on each related Price Differential Payment Date. Two Business Days prior to the Price Differential Payment Date, Administrative Agent shall give Seller written or electronic notice of the amount of the
Price Differential due on such Price Differential Payment Date. On the Price Differential Payment Date, Seller shall pay to Administrative Agent the Price Differential for the benefit of Buyers for such Price Differential Payment Date (along with
any other amounts then due and owing pursuant to Section 7 hereof), by wire transfer in immediately available funds. 

b. If Seller fails to pay all or part of the Price Differential by 3:00 p.m. (New York City time) on the related Price Differential Payment
Date, with respect to any Purchased Mortgage Loan, Seller shall be obligated to pay to Administrative Agent for the benefit of Buyers (in addition to, and together with, the amount of such Price Differential) interest on the unpaid Repurchase Price
at a rate per annum equal to the Post Default Rate until the Price Differential is received in full by Administrative Agent for the benefit of Buyers. 

6. Margin Maintenance 
 a.
If at any time the outstanding Purchase Price of any Purchased Mortgage Loan subject to a Transaction is greater than the Asset Value of such Purchased Mortgage Loan subject to a Transaction (a “Margin Deficit”), then Administrative
Agent may by notice to Seller require Seller to transfer to Administrative Agent for the benefit of Buyers cash in an amount at least equal to the Margin Deficit (such requirement, a “Margin Call”). 

b. Notice delivered pursuant to Section 6(a) above may be given by any written or electronic means. Any notice given before 10:00 a.m.
(New York City time) on a Business Day shall be met, and the related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on such Business Day; notice given after 10:00 a.m. (New York City time) on a Business Day shall be met, and the
related Margin Call satisfied, no later than 5:00 p.m. (New York City time) on the following Business Day (the foregoing time requirements for satisfaction of a Margin Call are referred to as the “Margin Deadlines”). The failure of
Administrative Agent, on any one or more occasions, to exercise its rights hereunder, shall not change or alter the terms and conditions to which this Agreement is subject or limit the right of Administrative Agent to do so at a later date. Seller
and Administrative Agent each agree that a failure or delay by Administrative Agent to exercise its rights hereunder shall not limit or waive Administrative Agent’s or Buyers’ rights under this Agreement or otherwise existing by law or in
any way create additional rights for Seller. 

  
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 c. In the event that a Margin Deficit exists with respect to any Purchased Mortgage Loan,
Administrative Agent may retain any funds received by it to which the Seller would otherwise be entitled hereunder, which funds (i) shall be held by Administrative Agent against the related Margin Deficit and (ii) may be applied by
Administrative Agent against the Repurchase Price of any Purchased Mortgage Loan for which the related Margin Deficit remains otherwise unsatisfied. Notwithstanding the foregoing, the Administrative Agent retains the right, in its sole discretion,
to make a Margin Call in accordance with the provisions of this Section 6. 
 7. Income Payments 

a. If Income is paid in respect of any Purchased Mortgage Loan during the term of a Transaction, such Income shall be the property of
Administrative Agent for the benefit of Buyers. Upon an Event of Default, Seller shall and shall cause Servicer to deposit all Income to the account set forth in Section 9, upon receipt thereof, in accordance with
Section 12(c) hereof. 
 b. Provided that no Event of Default has occurred and is continuing, on each Price
Differential Payment Date, Seller shall remit to Administrative Agent for the benefit of Buyers an amount equal to the Price Differential in accordance with Section 5 of this Agreement. Upon termination of any Transaction,
to the extent that there is any excess Income after repayment of all amounts to be transferred to Administrative Agent by Seller, Administrative Agent, in its sole good faith option, may apply the excess income to reduce the Repurchase Price due
upon termination of any other outstanding Transactions. 
 c. Notwithstanding any provision to the contrary in this Section 7, within
two (2) Business Days of receipt by Seller of any prepayment of principal in full, with respect to a Purchased Mortgage Loan, Seller shall remit such amount to Administrative Agent for the benefit of Buyers and Administrative Agent shall
immediately apply any such amount received by Administrative Agent to reduce the amount of the Repurchase Price due upon termination of the related Transaction. 

8. Security Interest 
 a.
On each Purchase Date, Seller hereby sells, assigns and conveys all rights and interests in the Purchased Mortgage Loans identified on the related Mortgage Loan Schedule and the Repurchase Assets to Administrative Agent for the benefit of Buyers and
Repledgees. Although the parties intend that all Transactions hereunder be sales and purchases and not loans, in the event any such Transactions are deemed to be loans, and in any event, Seller hereby pledges to Administrative Agent as security for
the performance by Seller of its Obligations and hereby grants, assigns and pledges to Administrative Agent a fully perfected first priority security interest in the Purchased Mortgage Loans, any Agency Security or right to receive such Agency
Security when issued to the extent 

  
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 backed by any of the Purchased Mortgage Loans, the Records, and all related Servicing
Rights, the Program Agreements (to the extent such Program Agreements and Seller’s right thereunder relate to the Purchased Mortgage Loans), any related Take-out Commitments, any Property relating to the
Purchased Mortgage Loans, all insurance policies and insurance proceeds relating to any Purchased Mortgage Loan or the related Mortgaged Property, including, but not limited to, any payments or proceeds under any related primary insurance, hazard
insurance and FHA Mortgage Insurance Contracts and VA Loan Guaranty Agreements (if any), Income and any account to which such amount is deposited, Interest Rate Protection Agreements, accounts (including any interest of Seller in escrow accounts)
and any other contract rights, instruments, accounts, payments, rights to payment (including payments of interest or finance charges), general intangibles and other assets relating to the Purchased Mortgage Loans (including, without limitation, any
other accounts) or any interest in the Purchased Mortgage Loans, and any proceeds (including the related securitization proceeds) and distributions with respect to any of the foregoing and any other property, rights, title or interests as are
specified on a Transaction Request and/or Trust Receipt, in all instances, whether now owned or hereafter acquired, now existing or hereafter created (collectively, the “Repurchase Assets”). 

b. The Seller acknowledges that it has no rights to service the Purchased Mortgage Loans. Without limiting the generality of the foregoing and
in the event that the Seller is deemed to retain any residual Servicing Rights, and for the avoidance of doubt, Seller grants, assigns and pledges to Administrative Agent a security interest in the Servicing Rights and proceeds related thereto and
in all instances, whether now owned or hereafter acquired, now existing or hereafter created. The foregoing provision is intended to constitute a security agreement or other arrangement or other credit enhancement related to this Agreement and
Transactions hereunder as defined under Sections 101(47)(A)(v) and 741(7)(A)(xi) of the Bankruptcy Code. 
 c. Seller agrees to execute,
deliver and/or file such documents and perform such acts as may be reasonably necessary to fully perfect Administrative Agent’s security interest created hereby. Furthermore, the Seller hereby authorizes the Administrative Agent to file
financing statements relating to the Repurchase Assets, as the Administrative Agent, at its option, may deem appropriate. The Seller shall pay the filing costs for any financing statement or statements prepared pursuant to this Section 8. 

9. Payment and Transfer 

Unless otherwise mutually agreed in writing, all transfers of funds to be made by Seller hereunder shall be made in Dollars, in immediately
available funds, without deduction, set-off or counterclaim, to Administrative Agent at the following account maintained by Administrative Agent: Account No. [***] for the account of CSFB Administrative
Agent /United Shore Financial Services, LLC-Inbound Account, Citibank, ABA No. [***] or such other account as Administrative Agent shall specify to Seller in writing. Seller 

  
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 acknowledges that it has no rights of withdrawal from the foregoing account. All Purchased Mortgage Loans
transferred by one party hereto to the other party shall be in the case of a purchase by Buyer in suitable form for transfer or shall be accompanied by duly executed instruments of transfer or assignment in blank and such other documentation as
Administrative Agent may reasonably request. All Purchased Mortgage Loans shall be evidenced by a Trust Receipt. Any Repurchase Price received by Administrative Agent after 2:00 p.m. (New York City time) shall be deemed received on the next
succeeding Business Day. 
 10. Conditions Precedent 

a. Continuing Transaction. As conditions precedent to the continuing Transaction, Administrative Agent shall have received on or before
the day of such initial Transaction the following, in form and substance satisfactory to Administrative Agent and duly executed by Seller and each other party thereto: 

(1) Program Agreements. The Program Agreements duly executed and delivered by the parties thereto and being in full
force and effect, free of any modification, breach or waiver. 
 (2) Security Interest. Evidence that all other
actions necessary or, in the opinion of Administrative Agent, desirable to perfect and protect Administrative Agent’s and Buyers’ interest in the Purchased Mortgage Loans and other Repurchase Assets have been taken, including, without
limitation, duly authorized and filed Uniform Commercial Code financing statements on Form UCC-1 and Form UCC-3. 

(3) Organizational Documents. A certificate of the corporate secretary of Seller in form and substance acceptable to
Administrative Agent in its sole good faith discretion, attaching copies of Seller’s organizational documents and resolutions approving the Program Agreements and transactions thereunder (either specifically or by general resolution) and all
documents evidencing other necessary corporate action or governmental approvals as may be required in connection with the Program Agreements. 

(4) Good Standing Certificate. A certified copy of a good standing certificate from the jurisdiction of organization of
Seller, dated as of no earlier than the date ten (10) Business Days prior to the Purchase Date with respect to the continuing Transaction hereunder. 

(5) Incumbency Certificate. An incumbency certificate of the corporate secretary of Seller, certifying the names, true
signatures and titles of the representatives duly authorized to request transactions hereunder and to execute the Program Agreements. 

(6) Opinion of Counsel. An opinion of Seller’s counsel, in form and substance acceptable to Administrative Agent in
its sole discretion. 

  
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 (7) Underwriting Guidelines. A true and correct copy of the
Underwriting Guidelines certified by an officer of the Seller. 
 (8) Fees. Payment of any fees due to Administrative
Agent and Buyers hereunder. 
 (9) Insurance. Evidence that Seller has added Administrative Agent as an additional
loss payee under the Seller’s Fidelity Insurance. 
 b. All Transactions. The obligation of the Administrative Agent for the
benefit of Buyers to enter into each Transaction pursuant to this Agreement is subject to the following conditions precedent: 

(1) Due Diligence Review. Without limiting the generality of Section 36 hereof, Administrative Agent and Buyers
shall have completed, to their satisfaction, their due diligence review of the related Mortgage Loans and Seller. 
 (2)
Required Documents. 
 (a) With respect to each Purchased Mortgage Loan which is not a
Wet-Ink Mortgage Loan, the Mortgage File has been delivered to the Custodian in accordance with the Custodial Agreement. 

(b) With respect to each Wet-Ink Mortgage Loan, the
Wet-Ink Documents have been delivered to Administrative Agent or Custodian, as the case may be, in accordance with the Custodial Agreement. 

(3) Transaction Documents. Administrative Agent or its designee shall have received on or before the day of such
Transaction (unless otherwise specified in this Agreement) the following, in form and substance satisfactory to Administrative Agent and (if applicable) duly executed: 

(a) A Transaction Request and Mortgage Loan Schedule delivered by Seller pursuant to Section 3(b) or 3(c) hereof. 

(b) The Request for Certification and the related Mortgage Loan Schedule delivered by Seller, and the Trust Receipt and
Custodial Mortgage Loan Schedule delivered by Custodian. 
 (c) Such certificates, opinions of counsel or other documents as
Administrative Agent may reasonably request. 
 (4) No Default. No Default or Event of Default shall have occurred and
be continuing. 
  

  
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 (5) Requirements of Law. Neither Administrative Agent nor Buyers
shall have determined that the introduction of or a change in any Requirement of Law or in the interpretation or administration of any Requirement of Law applicable to Administrative Agent or any Buyer has made it unlawful, and no Governmental
Authority shall have asserted that it is unlawful, for Administrative Agent or any Buyer to enter into Transactions with a Pricing Rate based on LIBOR. 

(6) Representations and Warranties. Both immediately prior to the related Transaction and also after giving effect
thereto and to the intended use thereof, the representations and warranties made by Seller in each Program Agreement shall be true, correct and complete on and as of such Purchase Date in all material respects with the same force and effect as if
made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date). 

(7) Electronic Tracking Agreement. To the extent Seller is selling Mortgage Loans which are registered on the MERS® System, an Electronic Tracking Agreement entered into, duly executed and delivered by the parties thereto and being in full force and effect, free of any modification, breach or waiver. 

(8) Material Adverse Change. None of the following shall have occurred and/or be continuing: 

(a) Credit Suisse AG, New York Branch’s corporate bond rating as calculated by S&P or Moody’s has been lowered or
downgraded to a rating below investment grade by S&P or Moody’s; 
 (b) an event or events shall have occurred in
the good faith determination of a Buyer resulting in the effective absence of a “repo market” or comparable “lending market” for financing debt obligations secured by mortgage loans or securities or an event or events shall have
occurred resulting in such Buyer not being able to finance Purchased Mortgage Loans through the “repo market” or “lending market” with traditional counterparties at rates which would have been reasonable prior to the occurrence
of such event or events; or 
 (c) an event or events shall have occurred resulting in the effective absence of a
“securities market” for securities backed by mortgage loans or an event or events shall have occurred resulting in such Buyer not being able to sell securities backed by mortgage loans at prices which would have been reasonable prior to
such event or events; or 
 (d) there shall have occurred (i) a material change in financial markets, an outbreak or
escalation of hostilities or a material change in national or international political, financial or economic conditions; (ii) a general suspension of trading on major stock exchanges; or (iii) a disruption in or moratorium on commercial
banking activities or securities settlement services; or 

  
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 (e) there shall have occurred a material adverse change in the financial
condition of a Buyer which affects (or can reasonably be expected to affect) materially and adversely the ability of such Buyer to fund its obligations under this Agreement. 

(9) DE Compare Ratio. Seller’s DE Compare Ratio is less than 200%; and 

(10) No HUD Suspension. HUD has not suspended Seller’s ability to originate FHA Loans in any jurisdiction. 

11. Program; Costs 
 a.
Seller shall reimburse Administrative Agent and Buyers for any of Administrative Agent’s and Buyers’ reasonable out-of-pocket costs, including due diligence
review costs and reasonable attorney’s fees, incurred by Administrative Agent and Buyers in determining the acceptability to Administrative Agent and Buyers of any Mortgage Loans. Seller shall also pay, or reimburse Administrative Agent and
Buyers if Administrative Agent or Buyers shall pay, any termination fee, which may be due any Servicer. Seller shall pay the reasonable fees and expenses of Administrative Agent’s and Buyers’ counsel in connection with the Program
Agreements. Reasonable legal fees for any subsequent amendments to this Agreement or related documents shall be borne by Seller. Seller shall pay ongoing custodial fees and expenses as set forth in the Custodial Agreement, and any other ongoing fees
and expenses under any other Program Agreement. Without limiting the foregoing, Seller shall pay all fees as and when required by the Pricing Side Letter. 

b. If any Buyer determines that, due to the introduction of, any change in, or the compliance by such Buyer with (i) any Eurocurrency
reserve requirement or (ii) the interpretation of any law, regulation or any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), there shall be an increase in the cost to such
Buyer in engaging in the present or any future Transactions, then Seller agrees to pay to such Buyer, from time to time, upon demand by such Buyer (with a copy to Custodian) the actual cost of additional amounts as specified by such Buyer to
compensate such Buyer for such increased costs, provided that, subject to the foregoing, Seller shall be permitted to terminate this Agreement after such demand by delivering written notice of such election to Administrative Agent. 

c. With respect to any Transaction, Administrative Agent and Buyers may conclusively rely upon, and shall incur no liability to Seller in
acting upon, any request or other communication that Administrative Agent and Buyers reasonably believe to have been given or made by a person authorized to enter into a Transaction on Seller’s behalf, whether or not such person is listed on
the certificate delivered pursuant to Section 10(a)(5) hereof. 

  
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 d. Notwithstanding the assignment of the Program Agreements with respect to each Purchased
Mortgage Loan to Administrative Agent for the benefit of Buyers, Seller agrees and covenants with Administrative Agent and Buyers to enforce diligently Seller’s rights and remedies set forth in the Program Agreements. 

e. (i) Any payments made by Seller to Administrative Agent or a Buyer or a Buyer assignee or participant hereunder or any Program Agreement
shall be made free and clear of and without deduction or withholding for any Taxes, except as required by applicable law (as determined in the good faith discretion of the applicable withholding agent) to deduct or withhold any Tax from any sums
payable to Administrative Agent or a Buyer or Buyer assignee or participant then (i) the Seller shall make such deductions or withholdings and pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law;
(ii) to the extent the withheld or deducted Tax is an Indemnified Tax or Other Tax, the sum payable shall be increased as necessary so that after making all required deductions and withholdings (including deductions and withholdings applicable
to additional sums payable under this Section 11(e)) Administrative Agent receives an amount equal to the sum it would have received had no such deductions or withholdings been made; and (iii) the Seller shall notify the Administrative
Agent of the amount paid and shall provide the original or a certified copy of a receipt issued by the relevant Governmental Authority evidencing such payment within ten (10) days thereafter. Seller shall otherwise indemnify Administrative
Agent and such Buyer, within ten (10) days after demand therefor, for any Indemnified Taxes or Other Taxes imposed on Administrative Agent or such Buyer (including Indemnified Taxes and Other Taxes imposed or asserted on or attributable to
amounts payable under this Section 11(e)) and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally asserted by the relevant Governmental Authority.

 (ii) Administrative Agent shall cause each Buyer and Buyer assignee and participant to deliver to the Seller, at the time or times
reasonably requested by the Seller, such properly completed and executed documentation reasonably requested by the Seller as will permit payments made hereunder to be made without withholding or at a reduced rate of withholding. In addition,
Administrative Agent shall cause each Buyer and Buyer assignee and participant, if reasonably requested by Seller, to deliver such other documentation prescribed by applicable law or reasonably requested by the Seller as will enable the Seller to
determine whether or not such Buyer or Buyer assignee or participant is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in this Section 11, the completion, execution and submission
of such documentation (other than such documentation in Section 11(e)((ii)(A), (B) and (C) below) shall not be required if in the Buyer’s or any Buyer’s assignee’s or participant’s judgment such completion, execution or
submission would subject such Buyer or Buyer assignee or participant to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Buyer or Buyer assignee or participant. Without limiting the
generality of the foregoing, Administrative Agent shall cause a Buyer or Buyer assignee or participant to deliver to the Seller, to the extent legally entitled to do so: 

  
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 (A) in the case of a Buyer or Buyer assignee or participant which is a “U.S.
Person” as defined in section 7701(a)(30) of the Code, a properly completed and executed Internal Revenue Service (“IRS”) Form W-9 certifying that it is not subject to U.S. federal backup
withholding tax; 
 (B) in the case of a Buyer or Buyer assignee or participant which is not a “U.S. Person” as defined in Code
section 7701(a)(30): (I) a properly completed and executed IRS Form W-8BEN, W-8BENE-E or
W-8ECI, as appropriate, evidencing entitlement to a zero percent or reduced rate of U.S. federal income tax withholding on any payments made hereunder, (II) in the case of such
non-U.S. Person claiming exemption from the withholding of U.S. federal income tax under Code sections 871(h) or 881(c) with respect to payments of “portfolio interest,” a duly executed certificate
(a “U.S. Tax Compliance Certificate”) to the effect that such non-U.S. Person is not (x) a “bank” within the meaning of Code section 881(c)(3)(A), (y) a “10 percent
shareholder” of Seller or affiliate thereof, within the meaning of Code section 881(c)(3)(B), or (z) a “controlled foreign corporation” described in Code section 881(c)(3)(C), (III) to the extent such non-U.S. person is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other
certification documents from each beneficial owner, as applicable; provided that if such non-U.S. person is a partnership and one or more direct or indirect partners of such
non-U.S. person are claiming the portfolio interest exemption, such non-U.S. person may provide a U.S. Tax Compliance Certificate on behalf of each such direct and
indirect partner, and (IV) executed originals of any other form or supplementary documentation prescribed by law as a basis for claiming exemption from or a reduction in United States federal withholding tax together with such supplementary
documentation as may be prescribed by law to permit Seller to determine the withholding or deduction required to be made. 
 (C) if a
payment made to a Buyer or Buyer assignee or participant under this Agreement would be subject to U.S. federal withholding tax imposed by FATCA if such Buyer or assignee or participant were to fail to comply with the applicable reporting
requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), Administrative Agent on behalf of such Buyer or assignee or participant shall deliver to the Seller at the time or times prescribed by
law and at such time or times reasonably requested by the Seller such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the
Seller as may be necessary for the Seller to comply with their obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 11(e), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 
  

  
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 The applicable IRS forms referred to above shall be delivered by Administrative Agent on
behalf of each applicable Buyer or Buyer assignee or participant on or prior to the date on which such person becomes a Buyer or Buyer assignee or participant under this Agreement, as the case may be, and upon the obsolescence or invalidity of any
IRS form previously delivered by it hereunder. 
 f. Any indemnification payable by Seller to Administrative Agent or a Buyer or Buyer
assignee or participant for Indemnified Taxes or Other Taxes that are imposed on such Buyer or Buyer assignee or participant, as described in Section 11(e)(i) hereof, shall be paid by Seller within ten (10) days after demand therefor from
Administrative Agent. A certificate as to the amount of such payment or liability delivered to the Seller by the Administrative Agent on behalf of a Buyer or Buyer assignee or participant shall be conclusive absent manifest error. 

g. Each party’s obligations under this Section 11 shall survive any assignment of rights by, or the replacement of, a Buyer or a
Buyer assignee or participant, and the repayment, satisfaction or discharge of all obligations under any Program Agreement. 
 h. Each party
to this Agreement acknowledges that it is its intent for purposes of U.S. federal, state and local income and franchise taxes to treat each Transaction as indebtedness of Seller that is secured by the Purchased Mortgage Loans, and the Purchased
Mortgage Loans as owned by Seller in the absence of an Event of Default by Seller. Administrative Agent on behalf of Buyers and Seller agree that they will treat and report for all tax purposes the Transactions entered into hereunder as one or more
loans from a Buyer to Seller secured by the Purchased Mortgage Loans, unless otherwise prohibited by law or upon a final determination by any taxing authority that the Transactions are not loans for tax purposes. 

 

	12.	 Servicing 



a. Seller, on Administrative Agent’s and Buyers’ behalf, shall contract with Servicer to, or if Seller is the Servicer, Seller shall,
service the Mortgage Loans consistent with the degree of skill and care that Seller customarily requires with respect to similar Mortgage Loans owned or managed by it and in accordance with Accepted Servicing Practices. The Seller and Servicer shall
(i) comply with all applicable federal, state and local laws and regulations, (ii) maintain all state and federal licenses necessary for it to perform its servicing responsibilities hereunder and (iii) not impair the rights of
Administrative Agent or Buyers in any Mortgage Loans or any payment thereunder. Administrative Agent may terminate the servicing of any Mortgage Loan with the then existing Servicer in accordance with Section 12(e) hereof.


  
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 b. Seller shall and shall cause the Servicer to hold or cause to be held all escrow funds
collected by Seller and Servicer with respect to any Purchased Mortgage Loans in trust accounts and shall apply the same for the purposes for which such funds were collected. 

c. Seller shall and shall cause the Servicer to deposit all collections received by Servicer on the Purchased Mortgage Loans in the account set
forth in Section 9 upon an Event of Default. 
 d. In the event there is a third party Servicer and upon
Administrative Agent’s request, Seller shall provide promptly to Administrative Agent a Servicer Notice addressed to and agreed to by the Servicer of the related Purchased Mortgage Loans, advising such Servicer of such matters as Administrative
Agent may reasonably request, including, without limitation, recognition by the Servicer of Administrative Agent’s and Buyers’ interest in such Purchased Mortgage Loans and the Servicer’s agreement that upon receipt of notice of an
Event of Default from Administrative Agent, it will follow the instructions of Administrative Agent with respect to the Purchased Mortgage Loans and any related Income with respect thereto. 

e. Upon written notice, Administrative Agent shall have the right to immediately terminate the Servicer’s right to service the Purchased
Mortgage Loans without payment of any penalty or termination fee. Seller and the Servicer shall cooperate in transferring the servicing of the Purchased Mortgage Loans to a successor servicer appointed by Administrative Agent on behalf of Buyers in
its sole discretion. For the avoidance of doubt any termination of the Servicer’s rights to service by the Administrative Agent as a result of an Event of Default shall be deemed part of an exercise of the Administrative Agent’s rights to
cause the liquidation, termination or acceleration of this Agreement. 
 f. If Seller should discover that, for any reason whatsoever, Seller
or any entity responsible to Seller for managing or servicing any such Purchased Mortgage Loan has failed to perform fully Seller’s obligations under the Program 

Agreements or any of the obligations of such entities with respect to the Purchased Mortgage Loans, Seller shall promptly notify Administrative
Agent. 
 g. For the avoidance of doubt, the Seller retains no economic rights to the servicing of the Purchased Mortgage Loans; provided
that the Seller shall and shall cause the Servicer to continue to service the Purchased Mortgage Loans hereunder as part of its Obligations hereunder. As such, the Seller expressly acknowledges that the Purchased Mortgage Loans are sold to
Administrative Agent for the benefit of Buyers on a “servicing released” basis. 

  
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 13. Representations and Warranties 

a. Seller represents and warrants to Administrative Agent and Buyers as of the date hereof and as of each Purchase Date for any Transaction
that: 
 (1) Seller Existence. Seller has been duly organized and is validly existing as a limited liability company
in good standing under the laws of the State of Michigan. 
 (2) Licenses. Seller is duly licensed or is otherwise
qualified in each jurisdiction in which it transacts business for the business which it conducts and is not in default of any applicable federal, state or local laws, rules and regulations. Seller has the requisite power and authority and legal
right to originate and purchase Mortgage Loans (as applicable) and to own, sell and grant a lien on all of its right, title and interest in and to the Mortgage Loans, and to execute and deliver, engage in the transactions contemplated by, and
perform and observe the terms and conditions of, each Program Agreement and any Transaction Request. Seller is an FHA Approved Mortgagee, and to the extent Seller is originating VA Loans, a VA Approved Lender. 

(3) Power. Seller has all requisite corporate or other power, and has all material governmental licenses,
authorizations, consents and approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted. 

(4) Due Authorization. Seller has all necessary corporate or other power, authority and legal right to execute, deliver
and perform its obligations under each of the Program Agreements, as applicable. Each Program Agreement have been (or, in the case of Program Agreements not yet executed, will be) duly authorized, executed and delivered by Seller, all requisite or
other corporate action having been taken, and each is valid, binding and enforceable against Seller in accordance with its terms except as such enforcement may be affected by bankruptcy, by other insolvency laws, or by general principles of equity.

 (5) Financial Statements. The Seller has heretofore furnished to Administrative Agent a copy of (a) its
consolidated balance sheet and the consolidated balance sheets of its consolidated Subsidiaries for the fiscal year of the Seller ended December 31, 2016 and the related consolidated statements of income and retained earnings and of cash flows
for the Seller and its consolidated Subsidiaries for such fiscal year, setting forth in each case in comparative form the figures for the previous year, with the opinion thereon of Richey May & Co., LLP. All such financial statements are
complete and correct and fairly present, in all material respects, the consolidated financial condition of the Seller and its Subsidiaries and the consolidated results of their operations as at such dates and for such fiscal periods, all in
accordance with GAAP (other than monthly financial statements solely with respect to footnotes, year-end adjustments and cash flow statements) applied on a consistent basis. Since December 31, 2016, 

  
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 there has been no material adverse change in the consolidated business, operations or
financial condition of the Seller and its consolidated Subsidiaries taken as a whole from that set forth in said financial statements nor is Seller aware of any state of facts which (with notice or the lapse of time) would or could result in any
such material adverse change. Except as disclosed in writing to Administrative Agent, the Seller has, on the date of the statements delivered pursuant to this Section (the “Statement Date”) no liabilities, direct or indirect, fixed
or contingent, matured or unmatured, known or unknown, or liabilities for taxes, long-term leases or unusual forward or long-term commitments not disclosed by, or reserved against in, said balance sheet and related statements, and at the present
time there are no material unrealized or anticipated losses from any loans, advances or other commitments of Seller except as heretofore disclosed to Administrative Agent in writing. 

(6) Event of Default. There exists no Event of Default under Section 15(b) hereof, which default gives rise to a
right to accelerate indebtedness as referenced in Section 15(b) hereof, under any mortgage, borrowing agreement or other instrument or agreement pertaining to indebtedness for borrowed money or to the repurchase of mortgage loans or securities.

 (7) Solvency. Seller is solvent and will not be rendered insolvent by any Transaction and, after giving effect to
such Transaction, will not be left with an unreasonably small amount of capital with which to engage in its business. Seller does not intend to incur, nor does it believe that it has incurred, debts beyond its ability to pay such debts as they
mature and is not contemplating the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of such entity or any of its
assets. The amount of consideration being received by Seller upon the sale of the Purchased Mortgage Loans to Administrative Agent for the benefit of Buyers constitutes reasonably equivalent value and fair consideration for such Purchased Mortgage
Loans. Seller is not transferring any Purchased Mortgage Loans with any intent to hinder, delay or defraud any of its creditors. 

(8) No Conflicts. The execution, delivery and performance by Seller of each Program Agreement do not conflict with any
term or provision of the formation documents or by-laws of Seller or any law, rule, regulation, order, judgment, writ, injunction or decree applicable to Seller of any court, regulatory body, administrative
agency or governmental body having jurisdiction over Seller, which conflict would have a Material Adverse Effect and will not result in any violation of any such mortgage, instrument, agreement or obligation to which Seller is a party. 

 

  
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 (9) True and Complete Disclosure. All information, reports, exhibits,
schedules, financial statements or certificates of Seller or any Affiliate thereof or any of their officers furnished or to be furnished to Administrative Agent or Buyers in connection with the initial or any ongoing due diligence of Seller or any
Affiliate or officer thereof, and the negotiation, preparation, or delivery of the Program Agreements are true and complete and do not omit to disclose any material facts necessary to make the statements herein or therein, in light of the
circumstances in which they are made, not misleading. All financial statements have been prepared in accordance with GAAP (other than monthly financial statements solely with respect to footnotes, year-end
adjustments and cash flow statements). 
 (10) Approvals. No consent, approval, authorization or order of,
registration or filing with, or notice to any Governmental Authority or court is required under applicable law in connection with the execution, delivery and performance by Seller of each Program Agreement. 

(11) Litigation. There is no action, proceeding or investigation pending with respect to which Seller has received
service of process or, to the best of Seller’s knowledge threatened against it before any court, administrative agency or other tribunal, which has not been disclosed in writing by Seller to Administrative Agent, (A) asserting the
invalidity of any Program Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated any Program Agreement, (C) making a claim individually in an amount greater than [***] or in an aggregate amount greater
than [***], (D) which requires filing with the Securities and Exchange Commission in accordance with the 1934 Act or any rules thereunder or (E) which might materially and adversely affect the validity of the Mortgage Loans or the performance
by it of its obligations under, or the validity or enforceability of any Program Agreement. 
 (12) Material Adverse
Effect. There has been no Material Adverse Effect since the date set forth in the most recent financial statements supplied to Administrative Agent as determined by Administrative Agent in its sole good faith discretion. 

(13) Ownership. Upon payment of the Purchase Price and the filing of the financing statement and delivery of the
Mortgage Files to the Custodian and the Custodian’s receipt of the related Request for Certification, the Administrative Agent shall become the sole owner of the Purchased Mortgage Loans and related Repurchase Assets for the benefit of the
Buyers and Repledgees, free and clear of all liens and encumbrances. 
 (14) Underwriting Guidelines. The Underwriting
Guidelines provided to Administrative Agent are the true and correct Underwriting Guidelines of the Seller as of the date of this Agreement. 

(15) Taxes. Seller and its Subsidiaries have timely filed all tax returns that are required to be filed by it and has
paid all taxes, except for any such taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect to which adequate reserves have been provided. The charges, accruals and reserves on the
books of Seller and its Subsidiaries in respect of taxes and other governmental charges are, in the opinion of Seller, adequate. 

  
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 (16) Investment Company. Neither Seller nor any of its Subsidiaries
is an “investment company”, or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

(17) Chief Executive Office; Jurisdiction of Organization. On the Effective Date, Seller’s chief executive office,
is, and has been, located at 1414 E. Maple Road, Troy, Michigan 48083. On the Effective Date, Seller’s jurisdiction of organization is Michigan. Seller shall provide Administrative Agent with thirty (30) days’ advance notice of any
change in Seller’s principal office or place of business, legal name or jurisdiction. Seller has no trade names other than as set forth on Schedule 3. During the preceding five (5) years, Seller has not been known by or done
business under any other name, corporate or fictitious, except as duly registered with applicable governmental authorities as set forth on Schedule 3, and has not filed or had filed against it any bankruptcy receivership or similar petitions
nor has it made any assignments for the benefit of creditors. 
 (18) Location of Books and Records. The location
where Seller keeps its books and records (other than those records maintain in offsite storage consistent with customary business practices), including all computer tapes and records relating to the Purchased Mortgage Loans and the related
Repurchase Assets is its chief executive office. 
 (19) Adjusted Tangible Net Worth. On the Effective Date,
Seller’s Adjusted Tangible Net Worth is not less than the amount set forth in Section 2.1 of the Pricing Side Letter. 

(20) ERISA. Each Plan to which Seller or its Subsidiaries make direct contributions, and, to the knowledge of Seller,
each other Plan and each Multiemployer Plan, is in compliance in all material respects with, and has been administered in all material respects in compliance with, the applicable provisions of ERISA, the Code and any other Federal or State law. 

(21) Adverse Selection. Seller has not selected the Purchased Mortgage Loans in a manner so as to adversely affect
Buyers’ interests. 
 (22) Agreements. Neither Seller nor any Subsidiary of Seller is a party to any agreement,
instrument, or indenture or subject to any restriction materially and adversely affecting its business, operations, assets or financial condition, except as disclosed in the financial statements described in Section 13(a)(5) hereof. Neither
Seller nor any Subsidiary of Seller is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement, instrument, or indenture which default could have a material adverse
effect on the business, operations, properties, or financial condition of Seller as a whole. No holder of any indebtedness of Seller or of any of its Subsidiaries has given notice of any asserted default thereunder. 

 

  
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 (23) Other Indebtedness. All material Indebtedness (other than
Indebtedness evidenced by this Agreement) of Seller existing on the date hereof is listed on Exhibit H hereto (the “Existing Indebtedness”). 

(24) Agency Approvals. With respect to each Agency Security and to the extent necessary, Seller is an FHA Approved
Mortgagee, a VA Approved Lender and approved by GNMA as an approved lender. Seller is also approved by Fannie Mae as an approved lender and Freddie Mac as an approved seller/servicer, and, to the extent necessary, approved by the Secretary of
Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. In each such case, Seller is in good standing, with no event having occurred or Seller having any reason whatsoever to believe or suspect will occur prior to
the issuance of the Agency Security or the consummation of the Take-out Commitment, as the case may be, including, without limitation, a change in insurance coverage which would either make Seller unable to
comply with the eligibility requirements for maintaining all such applicable approvals or require notification to the relevant Agency or to the Department of Housing and Urban Development, FHA or VA. Should Seller for any reason cease to possess all
such applicable approvals, or should notification to the relevant Agency or to the Department of Housing and Urban Development, FHA or VA be required, Seller shall so notify Administrative Agent immediately in writing. 

(25) No Reliance. Seller has made its own independent decisions to enter into the Program Agreements and each
Transaction and as to whether such Transaction is appropriate and proper for it based upon its own judgment and upon advice from such advisors (including without limitation, legal counsel and accountants) as it has deemed necessary. Seller is not
relying upon any advice from Administrative Agent or Buyers as to any aspect of the Transactions, including without limitation, the legal, accounting or tax treatment of such Transactions. 

(26) Plan Assets. Seller is not an employee benefit plan as defined in Section 3 of Title I of ERISA, or a plan
described in Section 4975(e)(1) of the Code, and the Purchased Mortgage Loans are not “plan assets” within the meaning of 29 CFR §2510.3 101 as amended by Section 3(42) of ERISA, in the Seller’s hands, and transactions
by or with Seller are not subject to any foreign, state or local statute regulating investments or fiduciary obligations with respect to governmental plans within the meaning of Section 3(32) of ERISA or church plans within the meaning of
Section 3(33) of ERISA. 

  
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 (27) No Prohibited Persons. Neither the Seller nor any of its
Affiliates, officers, directors, partners or members, is an entity or person (or to the Seller’s knowledge, 50 percent or greater owned by an entity or person): (i) whose name appears on the United States Treasury Department’s Office
of Foreign Assets Control (“OFAC”) most current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums including, but not limited to, the OFAC
website, http:www.treas.gov/ofac/t11sdn.pdf); or (ii) is otherwise the target of sanctions administered by OFAC (any and all parties or persons described in clauses (i) and (ii) above are herein referred to as a “Prohibited
Person”). 
 (28) Servicing. Seller or Servicer has adequate financial standing, servicing facilities,
procedures and experienced personnel necessary for the sound servicing of mortgage loans of the same types as may from time to time constitute Mortgage Loans and in accordance with Accepted Servicing Practices. 

14. Covenants 
 Seller covenants with
Administrative Agent and Buyers that, during the term of this facility: 
 a. Litigation. Seller will promptly, and in any event
within ten (10) days after service of process on any of the following, give to Administrative Agent notice of all litigation, actions, suits, arbitrations, investigations (including, without limitation, any of the foregoing which are threatened
or pending) or other legal or arbitrable proceedings affecting Seller or any of its Subsidiaries or affecting any of the Property of any of them before any Governmental Authority that (i) questions or challenges the validity or enforceability of any
of the Program Agreements or any action to be taken in connection with the transactions contemplated hereby, (ii) makes a claim individually in an amount greater than [***] or in an aggregate amount greater than [***], or (iii) which,
individually or in the aggregate, if adversely determined, could be reasonably likely to have a Material Adverse Effect. Seller will promptly provide notice of any judgment, which with the passage of time, could cause an Event of Default hereunder.

 b. Prohibition of Fundamental Changes. Seller shall not enter into any transaction of merger or consolidation or amalgamation, or
liquidate, wind up or dissolve itself (or suffer any liquidation, winding up or dissolution) or sell all or substantially all of its assets. 

c. Servicing. Seller shall not cause the Mortgage Loans to be serviced by any Servicer other than a Servicer expressly approved in
writing by Administrative Agent on behalf of Buyers, which approval shall be deemed granted by Administrative Agent on behalf of Buyers with respect to Seller with the execution of this Agreement. 

d. Insurance. The Seller shall continue to maintain, for Seller and its Subsidiaries, Fidelity Insurance in an aggregate amount at least
equal to [***]. The Seller shall maintain, for Seller and its Subsidiaries and Fidelity Insurance in respect of its officers, employees and agents, with respect to any claims made in connection with all or any portion of the Repurchase Assets. The
Seller shall notify the Administrative Agent of any material and adverse change in the terms of any such Fidelity Insurance. 

  
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 e. No Adverse Claims. Seller warrants and will defend, and shall cause any Servicer
to defend, the right, title and interest of Administrative Agent and Buyers in and to all Purchased Mortgage Loans and the related Repurchase Assets against all adverse claims and demands. 

f. Assignment. Except as permitted herein, neither Seller nor any Servicer shall sell, assign, transfer or otherwise dispose of, or
grant any option with respect to, or pledge, hypothecate or grant a security interest in or lien on or otherwise encumber (except pursuant to the Program Agreements), any of the Purchased Mortgage Loans or any interest therein, provided that this
Section shall not prevent any transfer of Purchased Mortgage Loans in accordance with the Program Agreements. 
 g. Security Interest.
Seller shall do all things necessary to preserve the Purchased Mortgage Loans and the related Repurchase Assets so that they remain subject to a first priority perfected security interest hereunder. Without limiting the foregoing, Seller will comply
with all rules, regulations and other laws of any Governmental Authority and cause the Purchased Mortgage Loans or the related Repurchase Assets to comply with all applicable rules, regulations and other laws. Seller will not allow any default for
which Seller is responsible to occur under any Purchased Mortgage Loans or the related Repurchase Assets or any Program Agreement and Seller shall fully perform or cause to be performed when due all of its obligations under any Purchased Mortgage
Loans or the related Repurchase Assets and any Program Agreement. 
 h. Records. 

(1) Seller shall collect and maintain or cause to be collected and maintained all Records relating to the Purchased Mortgage
Loans in accordance with industry custom and practice for assets similar to the Purchased Mortgage Loans, including those maintained pursuant to the preceding subparagraph, and all such Records shall be in Custodian’s possession unless
Administrative Agent otherwise approves. Except in accordance with the Custodial Agreement, Seller will not allow any such papers, records or files that are an original or an only copy to leave Custodian’s possession, except for individual
items removed in connection with servicing a specific Mortgage Loan, in which event Seller will obtain or cause to be obtained a receipt from a financially responsible person for any such paper, record or file. Seller or the Servicer of the
Purchased Mortgage Loans will maintain all such Records not in the possession of Custodian in good and complete condition in accordance with industry practices for assets similar to the Purchased Mortgage Loans and preserve them against loss. 

  
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 (2) For so long as Administrative Agent has an interest in or lien on any
Purchased Mortgage Loan, Seller will hold or cause to be held all related Records in trust for Administrative Agent. Seller shall notify, or cause to be notified, every other party holding any such Records of the interests and liens in favor of
Administrative Agent granted hereby. 
 (3) Upon reasonable advance notice from Custodian or Administrative Agent, Seller
shall (x) make any and all such Records available during normal business hours to Custodian, Administrative Agent and a Buyer to examine any such Records, either by its own officers or employees, or by agents or contractors, or both, and make
copies of all or any portion thereof, and (y) permit Administrative Agent or a Buyer or its authorized agents to discuss the affairs, finances and accounts of Seller with its chief operating officer and chief financial officer and to discuss the
affairs, finances and accounts of Seller with its independent certified public accountants. 
 i. Books. Seller shall keep or cause to
be kept in reasonable detail books and records of account of its assets and business and shall clearly reflect therein the transfer of Purchased Mortgage Loans to Administrative Agent for the benefit of Buyers. 

j. Approvals. Seller shall maintain all licenses, permits or other approvals necessary for Seller to conduct its business and to perform
its obligations under the Program Agreements, and Seller shall conduct its business strictly in accordance with applicable law. 
 k.
Material Change in Business. Seller shall not make any material change in the nature of its business as carried on at the date hereof. 

l. Underwriting Guidelines. Without the prior written consent of Administrative Agent, Seller shall not materially amend or otherwise
modify the Underwriting Guidelines. Without limiting the foregoing, in the event that Seller makes any amendment or modification to the Underwriting Guidelines, Seller shall promptly deliver to Administrative Agent a complete copy of the amended or
modified Underwriting Guidelines. 
 m. Distributions. Seller shall not make distributions greater than Net Income other than tax
distributions to its member(s) in any given calendar year. If an Event of Default has occurred and is continuing, Seller shall not pay any dividends with respect to any capital stock or other equity interests in such entity, whether now or hereafter
outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of Seller. 

n. Applicable Law. Seller shall comply with the requirements of all applicable laws, rules, regulations and orders of any Governmental
Authority. 

  
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 o. Existence. Seller shall preserve and maintain its legal existence and all of its
material rights, privileges, licenses and franchises. 
 p. Chief Executive Office; Jurisdiction of Organization. Seller shall not
move its chief executive office from the address referred to in Section 13(a)(17) or change its jurisdiction of organization from the jurisdiction referred to in Section 13(a)(17) unless it shall have
provided Administrative Agent thirty (30) days’ prior written notice of such change. 
 q. Taxes. Seller shall timely file
all tax returns that are required to be filed by them and shall timely pay and discharge all taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of its property in advance of the expiration of
any extension and prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being
maintained. 
 r. Transactions with Affiliates. Seller will not enter into any transaction, including, without limitation, any
purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate unless such transaction is (a) otherwise permitted under the Program Agreements, (b) in the ordinary course of Seller’s business and
(c) upon fair and reasonable terms no less favorable to Seller than it would obtain in a comparable arm’s length transaction with a Person which is not an Affiliate, or make a payment that is not otherwise permitted by this Section to any
Affiliate. 
 s. Guarantees. Seller shall not create, incur, assume or suffer to exist any Guarantees, except (i) to the extent
reflected in Seller’s financial statements or notes thereto and (ii) to the extent the aggregate Guarantees of Seller do not exceed [***]. 

t. Indebtedness. Seller shall not incur any additional material Indebtedness outside of its ordinary course of business (other than
(i) the Existing Indebtedness in amounts not to exceed the amounts specified on Exhibit H hereto, or Indebtedness to refinance or replace the Existing Indebtedness (provided that Seller shall deliver prompt written notice thereof to
Administrative Agent), and (ii) usual and customary accounts payable for a mortgage company) without the prior written consent of Administrative Agent; provided, however, that such Indebtedness incurred in connection with its ordinary course of
business shall not exceed [***] at any one time. 
 u. Hedging. Seller has entered into Interest Rate Protection Agreements with
respect to the Purchased Mortgage Loans, having terms with respect to protection against fluctuations in interest rates which are now, and in the future shall remain, acceptable to Administrative Agent. 

  
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 v. True and Correct Information. All information, reports, exhibits, schedules,
financial statements or certificates of Seller or any of its officers furnished to Administrative Agent and/or Buyers hereunder and during Administrative Agent’s and/or Buyers’ diligence of Seller are and will be true and complete and do
not omit to disclose any material facts necessary to make the statements herein or therein, in light of the circumstances in which they are made, not misleading. All required financial statements, information and reports delivered by Seller to
Administrative Agent and/or Buyers pursuant to this Agreement shall be prepared in accordance with U.S. GAAP, or, if applicable, to SEC filings, the appropriate SEC accounting regulations. 

w. Agency Approvals. Seller shall maintain its status with Fannie Mae as an approved lender and Freddie Mac as an approved
seller/servicer, in each case in good standing (“Agency Approvals”). Seller shall service all Purchased Mortgage Loans which are Committed Mortgage Loans in accordance with the applicable agency guide. Should Seller, for any reason,
cease to possess all such applicable Agency Approvals, or should notification to the relevant Agency or to the Department of Housing and Urban Development, FHA or VA be required, such Seller shall so notify Administrative Agent immediately in
writing. Notwithstanding the preceding sentence, Seller shall take all necessary action to maintain all of their applicable Agency Approvals at all times during the term of this Agreement and each outstanding Transaction. 

x. Take-out Payments. With respect to each Committed Mortgage Loan, Seller shall arrange that
all payments under the related Take-out Commitment shall be paid directly to Administrative Agent at the account set forth in Section 9 hereof, or to an account approved by
Administrative Agent in writing prior to such payment. With respect to any Agency Take-out Commitment, if applicable, (1) with respect to the wire transfer instructions as set forth in Freddie Mac Form
987 (Wire Transfer Authorization for a Cash Warehouse Delivery) such wire transfer instructions are identical to Administrative Agent’s wire instructions or Administrative Agent has approved such wire transfer instructions in writing in its
sole discretion, or (2) the Payee Number set forth on Fannie Mae Form 1068 (Fixed-Rate, Graduated-Payment, or Growing-Equity Mortgage Loan Schedule) or Fannie Mae Form 1069 (Adjustable-Rate Mortgage Loan Schedule), as applicable, shall be
identical to the Payee Number that has been identified by Administrative Agent in writing as Administrative Agent’s Payee Number or Administrative Agent has previously approved the related Payee Number in writing in its sole discretion; with
respect to any Take-out Commitment with an Agency, the applicable agency documents shall list Administrative Agent as sole subscriber, unless otherwise agreed to in writing by Administrative Agent, in
Administrative Agent’s sole discretion. 

  
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 y. Reserved. 

z. Plan Assets. Seller shall not be an employee benefit plan as defined in Section 3 of Title I of ERISA, or a plan described in
Section 4975(e)(1) of the Code and the Seller shall not use “plan assets” within the meaning of 29 CFR §2510.3 101, as amended by Section 3(42) of ERISA to engage in this Agreement or any Transaction hereunder. Transactions
by or with Seller shall not be subject to any foreign, state or local statute regulating investments of or fiduciary obligations with respect to governmental plans within the meaning of Section 3(32) of ERISA or church plans within the meaning
of Section 3(33) of ERISA. 
 aa. Sharing of Information. The Seller shall allow the Administrative Agent and Buyers to exchange
information related to the Seller and the Transactions hereunder with third party lenders and the Seller shall permit each third party lender to share such information with the Administrative Agent and Buyers; provided, that,
Administrative Agent will cause such party to execute and deliver a non-disclosure agreement agreeing to keep such information delivered by Administrative Agent and Buyers to such party confidential, subject
to standard caveats and exceptions; provided, further, that if such third party lender is a residential mortgage originator, the sharing of such information shall require Seller’s prior consent, not to be unreasonably withheld.

 bb. Reserved. 
 cc.
No Prohibited Persons. Neither Seller nor any of its Affiliates nor any of their officers, directors, partners or members, shall be an entity or person (or to the 

Seller’s knowledge, 50 percent or greater owned by an entity or person): (i) whose name appears on the United States Treasury
Department’s Office of Foreign Assets Control (“OFAC”) most current list of “Specifically Designated National and Blocked Persons” (which list may be published from time to time in various mediums including, but not limited
to, the OFAC website, http:www.treas.gov/ofac/t11sdn.pdf); or (ii) shall otherwise be the target of sanctions administered by OFAC (any and all parties or persons described in clauses (i) and (ii) above are herein referred to as a
“Prohibited Person”). 
 dd. Lender Insurance Authority. In the event that Seller has on the date hereof or
subsequently receives Lender Insurance Authority, such authority shall not be revoked or suspended. 
 ee. Quality Control. Seller
shall maintain an internal quality control program that tests, on a regular basis, the existence and accuracy of all legal documents, credit documents, property appraisals, and underwriting decisions related to Mortgage Loans and shall provide a
report on the results of such quality control program in the Officer’s Compliance Certificate provided pursuant to Section 17(b)(3). Such program shall be capable of evaluating and monitoring the overall quality of
Seller’s loan production and servicing activities. Such program shall (i) ensure that the Mortgage Loans are originated and serviced in accordance with prudent mortgage banking practices; (ii) guard against dishonest, fraudulent, or
negligent acts; and (iii) guard against errors and omissions by officers, employees, or other authorized persons. 

  
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 ff. Financial and other Unique Covenants. Seller shall at all times comply with all
financial covenants and/or financial ratios set forth in Section 2 of the Pricing Side Letter. 
 gg. Reserved. 

hh. Investment Company. Seller shall not become an “investment company”, or a company “controlled” by an
“investment company”, within the meaning of the Investment Company Act. 
 15. Events of Default 

Each of the following shall constitute an “Event of Default” hereunder: 

a. Payment Failure. Failure of Seller to (i) make any payment of Price Differential or Repurchase Price or any other sum which has
become due, on a Price Differential Payment Date or a Repurchase Date or otherwise, whether by acceleration or otherwise, under the terms of this Agreement or (ii) cure any Margin Deficit when due pursuant to Section 6
hereof. 
 b. Cross Default. Seller or any of Seller’s Affiliates shall be in default under (i) any Indebtedness, in the
aggregate, in excess of the lesser of [***] or [***] of the Seller’s Adjusted Tangible Net Worth of Seller or of such Affiliate which default (1) involves the failure to pay a matured obligation, or (2) permits the acceleration of the
maturity of obligations by any other party to or beneficiary with respect to such Indebtedness, or (ii) any other contract or contracts, in the aggregate in excess of the lesser of [***] or [***] of the Seller’s Adjusted Tangible Net Worth
to which Seller or such Affiliate is a party which default (1) involves the failure to pay a matured obligation, or (2) permits the acceleration of the maturity of obligations by any other party to or beneficiary of such contract. 

c. Assignment. Assignment or attempted assignment by Seller of this Agreement or any rights hereunder without first obtaining the
specific written consent of Administrative Agent, or the granting by Seller of any security interest, lien or other encumbrances on any Purchased Mortgage Loans to any person other than Administrative Agent. 

d. Insolvency. An Act of Insolvency shall have occurred with respect to Seller or any Affiliate. 

e. Material Adverse Effect. The occurrence of a Material Adverse Effect. 

f. Breach of Financial Representation or Covenant or Obligation. A breach by Seller of any of the representations, warranties or
covenants or obligations set forth in Sections 13(a)(1) (Seller Existence), 13(a)(7) (Solvency), 13(a)(12) (Material Adverse Change), 13(a)(19) (Adjusted Tangible Net Worth), 13(a)(23) (Other Indebtedness), 14b
(Prohibition of Fundamental Changes), 14o (Existence), 14s(Guarantees), 14t (Indebtedness), 14x (Take-out Payments), 14z (Plan Assets) or 14ff (Financial
Covenants) of this Agreement. 

  
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 g. Breach of Non-Financial Representation or
Covenant. A breach by Seller of any other material representation, warranty or covenant set forth in this Agreement (and not otherwise specified in Section 15(f) above) or any other Program Agreement, if such breach is not cured within ten
(10) Business Days of Seller’s knowledge thereof (other than the representations and warranties set forth in Schedule 1, which shall be considered solely for the purpose of determining the Asset Value, the existence of a Margin Deficit and
the obligation to repurchase such Mortgage Loan unless (i) such party shall have made any such representations and warranties with knowledge that they were materially false or misleading at the time made, (ii) any such representations and
warranties have been determined by Administrative Agent in its sole discretion to be materially false or misleading on a regular basis, or (iii) Administrative Agent, in its sole discretion, determines that such breach of a material
representation, warranty or covenant materially and adversely affects (A) the condition (financial or otherwise) of such party, its Subsidiaries or Affiliates; or (B) Administrative Agent’s determination to enter into this Agreement
or Transactions with such party, then such breach shall constitute an immediate Event of Default and Seller shall have no cure right hereunder). 

h. Change of Control. The occurrence of a Change in Control without the prior written consent of Administrative Agent. 

i. Failure to Transfer. Seller fails to transfer the Purchased Mortgage Loans to Administrative Agent for the benefit of the applicable
Buyer on the applicable Purchase Date (provided the Administrative Agent, on behalf of the applicable Buyer, has tendered the related Purchase Price). 

j. Judgment. A final judgment or judgments for the payment of money in excess of (a) $3,000,000 individually or (b) $7,000,000 in the
aggregate shall be rendered against the Seller or any of its Affiliates by one or more courts, administrative tribunals or other bodies having jurisdiction and the same shall not be satisfied, discharged (or provision shall not be made for such
discharge) or bonded, or a stay of execution thereof shall not be procured, within 30 days from the date of entry thereof. 
 k.
Government Action. Any Governmental Authority or any person, agency or entity acting or purporting to act under governmental authority shall have taken any action to condemn, seize or appropriate, or to assume custody or control of, all or
any substantial part of the Property of Seller or any Affiliate thereof, or shall have taken any action to displace the management of Seller or any Affiliate thereof or to curtail its authority in the conduct of the business of Seller or any
Affiliate thereof, or takes any action in the nature of enforcement to remove, limit or restrict the approval of Seller or Affiliate as an issuer, buyer or a seller/servicer of Mortgage Loans or securities backed thereby, and such action provided
for in this Section 15k shall not have been discontinued or stayed within 30 days. 

  
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 l. Inability to Perform. An officer of Seller shall admit its inability to, or its
intention not to, perform any of Seller’s Obligations hereunder. 
 m. Security Interest. This Agreement shall for any reason
cease to create a valid, first priority security interest in any material portion of the Purchased Mortgage Loans or other Repurchase Assets purported to be covered hereby. 

n. Financial Statements. Seller’s audited annual financial statements or the notes thereto or other opinions or conclusions stated
therein shall be limited by reference to the status of Seller as a “going concern” or a reference of similar import. 
 An Event
of Default shall be deemed to be continuing unless expressly waived by Administrative Agent in writing. 
 16. Remedies Upon Default

 In the event that an Event of Default shall have occurred: 

a. Administrative Agent may, at its option (which option shall be deemed to have been exercised immediately upon the occurrence of an Act of
Insolvency of Seller or any Affiliate of Seller), declare an Event of Default to have occurred hereunder and, upon the exercise or deemed exercise of such option, the Repurchase Date for each Transaction hereunder shall, if it has not already
occurred, be deemed immediately to occur (except that, in the event that the Purchase Date for any Transaction has not yet occurred as of the date of such exercise or deemed exercise, such Transaction shall be deemed immediately canceled).
Administrative Agent shall (except upon the occurrence of an Act of Insolvency of Seller or any Affiliate of Seller) give notice to Seller of the exercise of such option as promptly as practicable. 

b. If Administrative Agent exercises or is deemed to have exercised the option referred to in subparagraph (a) of this Section,
(i) Seller’s obligations in such Transactions to repurchase all Purchased Mortgage Loans, at the Repurchase Price therefor on the Repurchase Date determined in accordance with subparagraph (a) of this Section, shall thereupon become
immediately due and payable, (ii) all Income paid after such exercise or deemed exercise shall be retained by Administrative Agent and applied, in Administrative Agent’s sole discretion, to the aggregate unpaid Repurchase Prices for all
outstanding Transactions and any other amounts owing by Seller hereunder, and (iii) Seller shall immediately deliver to Administrative Agent the Mortgage Files relating to any Purchased Mortgage Loans subject to such Transactions then in
Seller’s possession or control. 

  
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 c. Administrative Agent also shall have the right to obtain physical possession, and to
commence an action to obtain physical possession, of all Records and files of Seller relating to the Purchased Mortgage Loans and Repurchase Assets and all documents relating to the Purchased Mortgage Loans (including, without limitation, any legal,
credit or servicing files with respect to the Purchased Mortgage Loans and Repurchase Assets) which are then or may thereafter come in to the possession of Seller or any third party acting for Seller, provided that Seller may retain copies of all
records and documents required by applicable law. To obtain physical possession of any Purchased Mortgage Loans held by Custodian, Administrative Agent shall present to Custodian a Trust Receipt. Without limiting the rights of Administrative Agent
hereto to pursue all other legal and equitable rights available to Administrative Agent for Seller’s failure to perform its obligations under this Agreement, Seller acknowledges and agrees that the remedy at law for any failure to perform
obligations hereunder would be inadequate and Administrative Agent shall be entitled to specific performance, injunctive relief, or other equitable remedies in the event of any such failure. The availability of these remedies shall not prohibit
Administrative Agent from pursuing any other remedies for such breach, including the recovery of monetary damages. 
 d. Administrative Agent
shall have the right to direct all servicers then servicing any Purchased Mortgage Loans to remit all collections thereon to Administrative Agent, and if any such payments are received by Seller, Seller shall not commingle the amounts received with
other funds of Seller and shall promptly pay them over to Administrative Agent. Administrative Agent shall also have the right to terminate any one or all of the servicers then servicing any Purchased Mortgage Loans with or without cause. In
addition, Administrative Agent shall have the right to immediately sell the Purchased Mortgage Loans and liquidate all Repurchase Assets. Such disposition of Purchased Mortgage Loans may be, at Administrative Agent’s option, on either a
servicing-released or a servicing-retained basis. Administrative Agent shall not be required to give any warranties as to the Purchased Mortgage Loans with respect to any such disposition thereof. Administrative Agent may specifically disclaim or
modify any warranties of title or the like relating to the Purchased Mortgage Loans. The foregoing procedure for disposition of the Purchased Mortgage Loans and liquidation of the Repurchase Assets shall not be considered to adversely affect the
commercial reasonableness of any sale thereof. Seller agrees that it would not be commercially unreasonable for Administrative Agent to dispose of the Purchased Mortgage Loans or the Repurchase Assets or any portion thereof by using Internet sites
that provide for the auction of assets similar to the Purchased Mortgage Loans or the Repurchase Assets, or that have the reasonable capability of doing so, or that match buyers and sellers of assets. Administrative Agent shall be entitled to place
the Purchased Mortgage Loans in a pool for issuance of mortgage-backed securities at the then-prevailing price for such securities and to sell such securities for such prevailing price in the open market. Administrative Agent shall also be entitled
to sell any or all of such Mortgage Loans individually for the prevailing price. Administrative Agent shall also be entitled, in its sole 

  
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 discretion to elect, in lieu of selling all or a portion of such Purchased Mortgage Loans,
to give the Seller credit for such Purchased Mortgage Loans and the Repurchase Assets in an amount equal to the Asset Value of the Purchased Mortgage Loans against the aggregate unpaid Repurchase Price and any other amounts owing by the Seller
hereunder. 
 e. Upon the happening of one or more Events of Default, Administrative Agent may apply any proceeds from the liquidation of the
Purchased Mortgage Loans and Repurchase Assets to the Repurchase Prices hereunder and all other Obligations in the manner Administrative Agent deems appropriate in its sole discretion. 

f. Seller shall be liable to Administrative Agent and each Buyer for (i) the amount of all reasonable legal or other expenses (including,
without limitation, all costs and expenses of Administrative Agent and each Buyer in connection with the enforcement of this Agreement or any other agreement evidencing a Transaction, whether in action, suit or litigation or bankruptcy, insolvency
or other similar proceeding affecting creditors’ rights generally, further including, without limitation, the reasonable fees and expenses of counsel (including the costs of internal counsel of Administrative Agent and Buyers) incurred in
connection with or as a result of an Event of Default, (ii) damages in an amount equal to the cost (including all fees, expenses and commissions) of entering into replacement transactions and entering into or terminating hedge transactions in
connection with or as a result of an Event of Default, and (iii) any other loss, damage, cost or expense directly arising or resulting from the occurrence of an Event of Default in respect of a Transaction, subject to Administrative
Agent’s duty to mitigate its damages. 
 g. To the extent permitted by applicable law, Seller shall be liable to Administrative Agent
and each Buyer for interest on any amounts owing by Seller hereunder, from the date Seller becomes liable for such amounts hereunder until such amounts are (i) paid in full by Seller or (ii) satisfied in full by the exercise of
Administrative Agent’s and Buyers’ rights hereunder. Interest on any sum payable by Seller under this Section 16(g) shall accrue at a rate equal to the Post Default Rate. 

h. Administrative Agent shall have, in addition to its rights hereunder, any rights otherwise available to it under any other agreement or
applicable law. 
 i. Administrative Agent may exercise one or more of the remedies available to Administrative Agent immediately upon the
occurrence of an Event of Default and, except to the extent provided in subsections (a) and (d) of this Section, at any time thereafter without notice to Seller. All rights and remedies arising under this Agreement as amended from time to time
hereunder are cumulative and not exclusive of any other rights or remedies which Administrative Agent may have. 

  
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 j. Administrative Agent may enforce its rights and remedies hereunder without prior judicial
process or hearing if permitted by law, and Seller hereby expressly waives any defenses Seller might otherwise have to require Administrative Agent to enforce its rights by judicial process. Seller also waives any defense (other than a defense of
payment or performance) Seller might otherwise have arising from the use of nonjudicial process, enforcement and sale of all or any portion of the Repurchase Assets, or from any other election of remedies. Seller recognizes that nonjudicial remedies
are consistent with the usages of the trade, are responsive to commercial necessity and are the result of a bargain at arm’s length. 

k. Administrative Agent shall have the right to perform reasonable and customary due diligence with respect to Seller and the Mortgage Loans,
which review shall be at the expense of Seller. 
 17. Reports 

a. Default Notices. Seller shall furnish to Administrative Agent (i) promptly, copies of any material and adverse notices
(including, without limitation, notices of defaults, termination events, breaches, potential defaults or potential breaches) and any material financial information that is not otherwise required to be provided by Seller hereunder which is given to
Seller’s lenders and (ii) immediately, notice of the occurrence of any (A) Event of Default hereunder, (B) default or breach by Seller or Servicer of any obligation under any Program Agreement or any material contract or agreement of
Seller or Servicer or (C) event or circumstance that such party reasonably expects has resulted in, or will, with the passage of time, result in, a Material Adverse Effect or an Event of Default or such a default or breach by such party. 

b. Financial Notices. Seller shall furnish to Administrative Agent: 

(1) as soon as available and in any event within thirty (30) calendar days after the end of each calendar month, the
unaudited consolidated balance sheets of Seller and its consolidated Subsidiaries as of the end of such period and the related unaudited consolidated statements of income and retained earnings and of cash flows for the Seller and its consolidated
Subsidiaries for such period and the portion of the fiscal year through the end of such period, accompanied by a certificate of a Responsible Officer of Seller, which certificate shall state that said consolidated financial statements fairly present
in all material respects the consolidated financial condition and results of operations of Seller and its consolidated Subsidiaries in accordance with GAAP (other than solely with respect to footnotes,
year-end adjustments and cash flow statements) consistently applied, as at the end of, and for, such period; 

  
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 (2) as soon as available and in any event within ninety (90) days after
the end of each fiscal year of Seller, the consolidated balance sheets of Seller and its consolidated Subsidiaries as at the end of such fiscal year and the related consolidated statements of income and retained earnings and of cash flows for the
Seller and its consolidated Subsidiaries for such year, setting forth in each case in comparative form the figures for the previous year, accompanied by an opinion thereon of independent certified public accountants of recognized national standing,
which opinion and the scope of audit shall be acceptable to Administrative Agent in its sole good faith discretion, shall have no “going concern” qualification and shall state that said consolidated financial statements fairly present the
consolidated financial condition and results of operations of Seller and its respective consolidated Subsidiaries as at the end of, and for, such fiscal year in accordance with GAAP; 

(3) at the time the Seller furnishes each set of financial statements pursuant to Section 17(b)(1) or
(2) above, an Officer’s Compliance Certificate of Responsible Officer of Seller in the form attached as Exhibit A to the Pricing Side Letter; 

(4) as soon as available and in any event within thirty (30) days of receipt thereof: 

(a) if applicable, copies of any 10-Ks, 10-Qs,
registration statements and other “corporate finance” SEC filings by Seller, within 5 Business Days of their filing with the SEC; provided, that, Seller or any Affiliate will provide Administrative Agent with a copy of the annual 10-K filed with the SEC by Seller or its Affiliates, no later than 90 days after the end of the year; 

(b) copies of relevant portions of all final written Agency, FHA, VA, Governmental Authority and investor audits, examinations,
evaluations, monitoring reviews and reports of its operations (including those prepared on a contract basis) which provide for or relate to (i) material corrective action required, (ii) material sanctions proposed, imposed or required,
including without limitation notices of defaults, notices of termination of approved status, notices of imposition of supervisory agreements or interim servicing agreements, and notices of probation, suspension, or
non-renewal, or (iii) “report cards,” “grades” or other classifications of the quality of Seller’s operations; provided, that, if Seller has been advised by legal counsel
that a Governmental Authority imposes restrictions on the disclosure of such information, for as long as such restrictions exist, Seller shall (i) disclose to Administrative Agent any portion of such information that is not confidential,
(ii) notify Administrative Agent of any material event in a level of specificity that would not violate the confidentiality requirements and (iii) promptly seek permission to disclose the information from the applicable Governmental
Authority and shall provide Administrative Agent such information upon receipt of such permission; 
 (c) such other
information regarding the financial condition, operations, or business of the Seller as Administrative Agent may reasonably request; and 

(d) the particulars of any Event of Termination in reasonable detail. 

  
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 (5) Seller shall provide the market value analysis for the valuation of its
mortgage servicing rights as determined by a Third Party Evaluator for each quarterly fiscal period, in all instances as set forth in the Officer’s Compliance Certificate delivered pursuant to Section 17.b(3). 

(6) Seller shall provide Administrative Agent, as part of the Officer’s Certificate delivered pursuant to
Section 17.b(3) above, a list of all material actions, notices, proceedings or investigations pending with respect to which Seller has received service of process or other form of notice or, to the best of Seller’s knowledge, threatened
against it, before any court, administrative or governmental agency or other regulatory body or tribunal as of such date with such information provided as noted in the applicable Schedule to Exhibit A of the Pricing Side Letter. 

c. Notices of Certain Events. As soon as possible and in any event within five (5) Business Days of knowledge thereof, Seller shall
furnish to Administrative Agent notice of the following events: 
 (1) a material change in the insurance coverage required
of Seller, Servicer or any other Person pursuant to any Program Agreement, with a copy of evidence of same attached; 
 (2)
any material proceeding or suspension and any material and adverse dispute, litigation or investigation, in each case, between Seller or Servicer, on the one hand, and any Governmental Authority or any Person; 

(3) any material change in accounting policies or financial reporting practices of Seller or Servicer; 

(4) with respect to any Purchased Mortgage Loan, that the underlying Mortgaged Property has been damaged by waste, fire,
earthquake or earth movement, windstorm, flood, tornado or other casualty, or otherwise damaged so as to affect materially and adversely the value of such Mortgage Loan; 

(5) any material issues raised upon examination of Seller or Seller’s facilities, operations, servicing, origination or
correspondent activities by any Governmental Authority; 
 (6) any material change in the Indebtedness of the Seller,
including, without limitation, any default, renewal, non-renewal, termination and any Indebtedness relating to any mortgage servicing rights or corporate servicing advances; 

(7) any material change to the Underwriting Guidelines, with a complete copy of the amended or modified Underwriting
Guidelines; 

  
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 (8) any default related to any Repurchase Asset or any lien or security
interest (other than security interests created hereby or by the other Program Agreements) on, or claim asserted against, any of the Purchased Mortgage Loans; 

(9) any other event, circumstance or condition that has resulted, or has a reasonable possibility of resulting, in a Material
Adverse Effect with respect to Seller or Servicer; and 
 (10) the occurrence of any material employment dispute and a
description of the strategy for resolving it that has the possibility of resulting in a Material Adverse Effect. 
 d. Portfolio
Performance Data. On the Reporting Date of each calendar month, Seller will furnish to Administrative Agent (i) in the event the Mortgage Loans are serviced on a “retained” basis, an electronic Mortgage Loan performance data,
including, without limitation, delinquency reports and volume information, broken down by product (i.e., delinquency, foreclosure and net charge-off reports) and (ii) electronically, in a format
mutually acceptable to Administrative Agent and Seller, servicing information, including, without limitation, those fields reasonably requested by Administrative Agent from time to time, on a loan-by-loan basis and in the aggregate, with respect to the Purchased Mortgage Loans serviced by Seller or any Servicer for the month (or any portion thereof) prior to the Reporting Date or as mutually
agreed to by Administrative Agent and Seller. In addition to the foregoing information on each Reporting Date, Seller will furnish to Administrative Agent such information upon the occurrence and continuation of an Event of Default. 

e. Other Reports. Seller shall deliver to Administrative Agent any other reports or information reasonably requested by Administrative
Agent or as otherwise required pursuant to this Agreement or as set forth in the Officer’s Compliance Certificate delivered pursuant to Section 17(b)(3) above. 

f. DE Compare Ratio and HUD Reports. Seller shall furnish to Administrative Agent the following notices: 

(1) In the event Seller’s DE Compare Ratio equals or exceeds 150%, Seller shall provide Buyer with written notice of such
occurrence within five (5) Business Days, which notice shall include a written summary of actions Seller is taking to correct its DE Compare Ratio. 

(2) In the event Seller receives any inquiry or notice from HUD regarding its DE Compare Ratio, Seller shall provide Buyer with
written notice of such inquiry or notice within five (5) Business Days, regardless of Seller’s current DE Compare Ratio. 

  
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 (3) In the event of any action plan with respect to Seller’s DE Compare
Ratio is agreed to between Seller and HUD or imposed upon Seller by HUD, Seller shall provide Buyer with a written summary of such agreement or imposition, as applicable, within five (5) Business Days; provided, that such action plan
shall be treated as Confidential Information under Section 32 hereof. 
 18. Repurchase Transactions 

A Buyer may, in its sole election, engage in repurchase transactions (as “seller” thereunder) with any or all of the Purchased
Mortgage Loans and/or Repurchase Assets or pledge, hypothecate, assign, transfer or otherwise convey any or all of the Purchased Mortgage Loans and/or Repurchase Assets with a counterparty of Buyers’ choice (such transaction, a
“Repledge Transaction”). Any Repledge Transaction shall be effected by notice to the Administrative Agent, and shall be reflected on the books and records of the Administrative Agent. No such Repledge Transaction shall relieve such
Buyer of its obligations to transfer Purchased Mortgage Loans and Repurchase Assets to Seller (and not substitutions thereof) pursuant to the terms hereof. In furtherance, and not by limitation of, the foregoing, it is acknowledged that each
counterparty under a Repledge Transaction (a “Repledgee”), is a repledgee as contemplated by Sections 9-207 and 9-623 of the UCC (and the relevant Official
Comments thereunder). Administrative Agent and Buyers are each hereby authorized to share any information delivered hereunder with the Repledgee; provided, that, Administrative Agent will cause such Repledgee to execute and deliver a non-disclosure agreement agreeing to keep such information delivered by Administrative Agent and Buyers to such Repledgee confidential, subject to standard caveats and exceptions. 

19. Single Agreement 

Administrative Agent, Buyers and Seller acknowledge they have and will enter into each Transaction hereunder, in consideration of and in
reliance upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and have been made in consideration of each other. Accordingly, each of Administrative Agent, Buyers and Seller agrees (i) to
perform all of its obligations in respect of each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Transactions hereunder and (ii) that payments, deliveries
and other transfers made by either of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries and other transfers in respect of any other Transactions hereunder, and the obligations to make any
such payments, deliveries and other transfers may be applied against each other and netted. 
 20. Notices and Other Communications

 Any and all notices (with the exception of Transaction Requests, which shall be delivered via electronic mail or other electronic
medium agreed to by the Administrative Agent and the Seller), statements, demands or other communications hereunder may be given by a party to the other by mail, email, facsimile, messenger or otherwise to the address specified below, or so sent to
such party at any other place specified in a notice of change of address hereafter received by the other. All notices, demands and requests hereunder may be made orally, to be confirmed promptly in writing, or by other communication as specified in
the preceding sentence. In all cases, to the extent that the related individual set forth in the respective “Attention” line is no longer employed by the respective Person, such notice may be given to the attention of a Responsible Officer
of the respective Person or to the attention of such individual or individuals as subsequently notified in writing by a Responsible Officer of the respective Person. 

  
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 If to Seller: 

United Shore Financial Services, LLC 

1414 E. Maple Road 
 Troy, MI
48083 
 Attention: 
 Phone
Number: [***] 
 E-mail: [***] 

with a copy to: 
 United Shore
Financial Services, LLC 
 1414 E. Maple Road 

Troy, MI 48083 
 Attention:
Legal Department 
 If to Administrative Agent: 

For Transaction Requests: 

CSFBMC LLC 
 c/o Credit Suisse
Securities (USA) LLC 
 [***] 

[***] 
 Attention: [***], Resi
Mortgage Warehouse Ops 
 Phone: [***] 

E-mail: [***] 

with a copy to: 
 Credit Suisse
First Boston Mortgage Capital LLC 
 c/o Credit Suisse Securities (USA) LLC 

[***] 
 [***] 

Attention: [***] 
 E-mail: [***] 
 For all other Notices: 

Credit Suisse First Boston Mortgage Capital LLC 

c/o Credit Suisse Securities (USA) LLC 

[***] 

  
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 Attention: [***] 

[***] 
 Phone Number: [***] 

Fax Number: [***] 
 E-mail: [***] 
 with a copy to: 

Credit Suisse First Boston Mortgage Capital LLC 

c/o Credit Suisse Securities (USA) LLC 

[***] 
 [***] 

Attention: Legal Department—RMBS Warehouse Lending 

Fax Number: [***] 
 21.
Entire Agreement; Severability 
 This Agreement shall supersede any existing agreements between the parties containing general terms and
conditions for repurchase transactions. 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. 
 22. Non assignability 

a. Assignments. The Program Agreements are not assignable by Seller. Subject to Section 36 (Acknowledgement of
Assignment and Administration of Repurchase Agreement) hereof, Administrative Agent and Buyers may from time to time assign all or a portion of their rights and obligations under this Agreement and the Program Agreements if (i) an Event of
Default has occurred and is continuing, (ii) such assignment is to an Affiliate of Administrative Agent or a Buyer or (iii) such assignment is to any other Person, with (in respect of this clause (iii) and in the absence of an Event of
Default) Seller’s prior written consent, not to be unreasonably withheld; provided, however that Administrative Agent shall maintain, solely for this purpose as a non-fiduciary agent of Seller, for
review by Seller upon written request, a register of assignees and participants (the “Register”) and a copy of an executed assignment and acceptance by Administrative Agent and assignee (“Assignment and
Acceptance”), specifying the percentage or portion of such rights and obligations assigned. The entries in the Register shall be conclusive absent manifest error, and the Seller, Administrative Agent and Buyers shall treat each Person whose
name is recorded in the Register pursuant to the preceding sentence as a Buyer hereunder. Upon such assignment and recordation in the Register, (a) such assignee shall be a party hereto and to each Program Agreement to the extent of the
percentage or portion set forth in the Assignment and Acceptance, and shall succeed to the applicable rights and obligations of Administrative Agent and Buyers hereunder, as applicable, and (b) Administrative Agent and Buyers shall, to the
extent that such rights and obligations have been so assigned by them to either (i) an Affiliate of Administrative Agent or Buyers which assumes the obligations of Administrative Agent and Buyers, as applicable or (ii) another Person
approved by Sellers (such approval not to be unreasonably withheld) which assumes the obligations of 

  
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 Administrative Agent and Buyers, as applicable, be released from its obligations hereunder and under the
Program Agreements. Any assignment hereunder shall be deemed a joinder of such assignee as a Buyer hereto. Unless otherwise stated in the Assignment and Acceptance, Seller shall continue to take directions solely from Administrative Agent unless
otherwise notified by Administrative Agent in writing. Administrative Agent and Buyers may distribute to any prospective or actual assignee this Agreement, the other Program Agreements, any document or other information delivered to Administrative
Agent and/or Buyers by Seller; provided, that, if such prospective or actual assignee is a residential mortgage originator, such sharing of information shall require Seller’s prior consent, not to be unreasonably withheld;
provided, further, Administrative Agent will cause such prospective or actual assignee to execute and deliver a non-disclosure agreement agreeing to keep such information delivered by
Administrative Agent and Buyers to such prospective or actual assignee confidential, subject to standard caveats and exceptions. 
 b.
Participations. Any Buyer may sell participations to one or more Persons in or to all or a portion of its rights and obligations under this Agreement and under the Program Agreements; provided, however, that (i) such Buyer’s
obligations under this Agreement and the other Program Agreements shall remain unchanged, (ii) such Buyer shall remain solely responsible to the other parties hereto for the performance of such obligations; and (iii) Seller shall continue
to deal solely and directly with Administrative Agent and/or Buyers in connection with such Buyer’s rights and obligations under this Agreement and the other Program Agreements except as provided in Section 7.
Administrative Agent and Buyers may distribute to any prospective or actual participant this Agreement, the other Program Agreements any document or other information delivered to Administrative Agent and/or Buyers by Seller; provided,
that, Administrative Agent will cause such prospective or actual participant to execute and deliver a non-disclosure agreement agreeing to keep such information delivered by Administrative Agent and
Buyers to such prospective or actual participant confidential, subject to standard caveats and exceptions. 
 23. Set-off 
 In addition to any rights and remedies of the Administrative Agent and Buyers hereunder and
by law, the Administrative Agent and Buyers shall have the right, without prior notice to the Seller, any such notice being expressly waived by the Seller to the extent permitted by applicable law to set-off
and appropriate and apply against any Obligation from Seller or any Affiliate thereof to a Buyer or any of its Affiliates any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other obligation
(including to return excess margin), credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by or due from a Buyer or any Affiliate thereof
to or for the credit or the account of the Seller or any Affiliate thereof. The Administrative Agent agrees promptly to notify the Seller after any such set-off and application made by the Administrative
Agent; provided that the failure to give such notice shall not affect the validity of such set-off and application. 

  
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 24. Binding Effect; Governing Law; Jurisdiction 

a. This Agreement shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Seller
acknowledges that the obligations of Administrative Agent and Buyers hereunder or otherwise are not the subject of any guaranty by, or recourse to, any direct or indirect parent or other Affiliate of Administrative Agent and Buyers. THIS AGREEMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

b. SELLER HEREBY WAIVES TRIAL BY JURY. SELLER HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY COURT OF THE STATE OF NEW YORK,
OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, ARISING OUT OF OR RELATING TO THE PROGRAM AGREEMENTS IN ANY ACTION OR PROCEEDING. SELLER HEREBY SUBMITS TO, AND WAIVE ANY OBJECTION THEY MAY HAVE TO, EXCLUSIVE PERSONAL
JURISDICTION AND VENUE IN THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, WITH RESPECT TO ANY DISPUTES ARISING OUT OF OR RELATING TO THE PROGRAM AGREEMENTS. 

25. No Waivers, Etc. 
 No
express or implied waiver of any Event of Default by either party shall constitute a waiver of any other Event of Default and no exercise of any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy
hereunder. No modification or waiver of any provision of this Agreement and no consent by any party to a departure herefrom shall be effective unless and until such shall be in writing and duly executed by both of the parties hereto. Without
limitation on any of the foregoing, the failure to give a notice pursuant to Section 6(a), 16(a) or otherwise, will not constitute a waiver of any right to do so at a later date. 

26. Intent 
 a. The
parties recognize that each Transaction is a “repurchase agreement” as that term is defined in Section 101 of Title 11 of the United States Code, as amended, a “securities contract” as that term is defined in
Section 741 of Title 11 of the United States Code, as amended, and a “master netting agreement” as that term is defined in Section 101(38A)(A) of the Bankruptcy Code, that all payments hereunder are deemed “margin
payments” or “settlement payments” as defined in Title 11 of the United States Code, and that the pledge of the Repurchase Assets constitutes “a security agreement or other arrangement or other credit enhancement”
that is “related to” the Agreement and Transactions hereunder within the meaning of Sections 101(38A)(A), 101(47)(A)(v) and 741(7)(A)(xi) of the Bankruptcy Code. Seller, Administrative Agent and Buyers further recognize and intend that
this Agreement is an agreement to provide financial accommodations and is not subject to assumption pursuant to Bankruptcy Code Section 365(a). 

  
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 b. Administrative Agent’s or a Buyer’s right to liquidate the Purchased Mortgage
Loans delivered to it in connection with the Transactions hereunder or to accelerate or terminate this Agreement or otherwise exercise any other remedies pursuant to Section 16 hereof is a contractual right to liquidate, accelerate or terminate
such Transaction as described in Bankruptcy Code Sections 555, 559 and 561; any payments or transfers of property made with respect to this Agreement or any Transaction to satisfy a Margin Deficit shall be considered a “margin payment” as
such term is defined in Bankruptcy Code Section 741(5). 
 c. The parties agree and acknowledge that if a party hereto is an
“insured depository institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”), then each Transaction hereunder is a “qualified financial
contract,” as that term is defined in FDIA and any rules, orders or policy statements thereunder (except insofar as the type of assets subject to such Transaction would render such definition inapplicable). 

d. It is understood that this Agreement constitutes a “netting contract” as defined in and subject to Title IV of the Federal
Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment
entitlement” or “covered contractual payment obligation”, respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is not a “financial institution” as that term is
defined in FDICIA). 
 e. This Agreement is intended to be a “repurchase agreement” and a “securities contract,” within
the meaning of Section 101(47), Section 555, Section 559 and Section 741 under the Bankruptcy Code. 
 f. Each party
agrees that this Agreement is intended to create mutuality of obligations among the parties, and as such, the Agreement constitutes a contract which (i) is between all of the parties and (ii) places each party in the same right and
capacity. 
 27. Disclosure Relating to Certain Federal Protections 

The parties acknowledge that they have been advised that: 

a. in the case of Transactions in which one of the parties is a broker or dealer registered with the SEC under Section 15 of the 1934 Act,
the Securities Investor Protection Corporation has taken the position that the provisions of the SIPA do not protect the other party with respect to any Transaction hereunder; 

  
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 b. in the case of Transactions in which one of the parties is a government securities broker
or a government securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect to any Transaction hereunder; and 

c. in the case of Transactions in which one of the parties is a financial institution, funds held by the financial institution pursuant to a
Transaction hereunder are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, as applicable. 

28. Power of Attorney 

Seller hereby authorizes Administrative Agent to file such financing statement or statements relating to the Repurchase Assets as
Administrative Agent, at its option, may deem appropriate. Seller hereby appoints Administrative Agent as Seller’s agent and attorney-in-fact to execute any such
financing statement or statements in Seller’s name and to perform all other acts which Administrative Agent deems appropriate to perfect and continue its ownership interest in and/or the security interest granted hereby, if applicable, and to
protect, preserve and realize upon the Repurchase Assets, including, but not limited to, the right to endorse notes, complete blanks in documents, transfer servicing, and sign assignments on behalf of Seller as its agent and attorney-in-fact. This agency and power of attorney is coupled with an interest and is irrevocable without Administrative Agent’s consent. Notwithstanding the foregoing,
the power of attorney hereby granted may be exercised only during the occurrence and continuance of any Default hereunder. Seller shall pay the filing costs for any financing statement or statements prepared pursuant to this Section 28. In
addition the foregoing, the Seller agrees to execute a Power of Attorney, in the form of Exhibit D hereto, to be delivered on the date hereof. To the extent legally permissible and practicable, within ninety (90) days following the
Administrative Agent’s use of the Power of Attorney, the Administrative Agent shall provide the Seller with a list of those entities to whom the Administrative Agent presented the Power of Attorney. Provided that (i) no Default or Event of
Default has occurred or is continuing and (ii) Administrative Agent has no good faith claim to an assertion that a Default or an Event of Default has occurred, within ninety (90) days following the Termination Date (other than a
Termination Date caused by an Event of Default), either (x) Administrative Agent shall revoke the Power of Attorney upon request of Seller or (y) Seller shall be permitted to revoke the Power of Attorney upon fifteen (15) Business
Days prior notice to Administrative Agent. 
 29. Buyers May Act Through Administrative Agent 

Each Buyer has designated the Administrative Agent for the purpose of performing any action hereunder. 

30. Indemnification; Obligations 

a. Seller agrees to hold Administrative Agent, Buyers and each of their respective Affiliates and their officers, directors, employees, agents
and advisors (each, an “Indemnified Party”) harmless from and indemnify each Indemnified Party (and will reimburse each Indemnified Party as the same is incurred) against 

  
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 all liabilities, losses, damages, judgments, costs and expenses (including, without
limitation, reasonable fees and expenses of counsel) of any kind which may be imposed on, incurred by, or asserted against any Indemnified Party by a third party relating to or arising out of this Agreement, any Transaction Request, any Program
Agreement or any transaction contemplated hereby or thereby resulting from anything other than the Indemnified Party’s gross negligence or willful misconduct. Seller also agrees to reimburse each Indemnified Party for all reasonable expenses in
connection with the enforcement of this Agreement and the exercise of any right or remedy provided for herein, any Transaction Request and any Program Agreement, including, without limitation, the reasonable fees and disbursements of counsel.
Seller’s agreements in this Section 30 shall survive the payment in full of the Repurchase Price and the expiration or termination of this Agreement. Seller hereby acknowledges that its obligations hereunder are recourse obligations of
Seller and are not limited to recoveries each Indemnified Party may have with respect to the Purchased Mortgage Loans. Seller also agrees not to assert any claim against Administrative Agent, each Buyer or any of its Affiliates, or any of their
respective officers, directors, employees, attorneys and agents, on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the facility established hereunder, the actual or proposed
use of the proceeds of the Transactions, this Agreement or any of the transactions contemplated thereby. THE FOREGOING INDEMNITY AND AGREEMENT NOT TO ASSERT CLAIMS EXPRESSLY APPLIES, WITHOUT LIMITATION, TO THE NEGLIGENCE (BUT NOT GROSS NEGLIGENCE OR
WILLFUL MISCONDUCT) OF THE INDEMNIFIED PARTIES. 
 b. Without limitation to the provisions of Section 4, if any
payment of the Repurchase Price of any Transaction is made by Seller other than on the then scheduled Repurchase Date thereto as a result of an acceleration of the Repurchase Date pursuant to Section 16 or for any other reason, Seller shall,
upon demand by Administrative Agent, pay to Administrative Agent on behalf of Buyers an amount sufficient to compensate Buyers for any losses, costs or expenses that they may reasonably incur as of a result of such payment. 

c. Without limiting the provisions of Section 30(a) hereof, if Seller fails to pay when due any costs, expenses or
other amounts payable by it under this Agreement, including, without limitation, fees and expenses of counsel and indemnities, such amount may be paid on behalf of Seller by Administrative Agent (subject to reimbursement by Seller), in its sole
discretion. 
 31. Counterparts 

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all such counterparts shall
together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in a Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed original counterpart
of this Agreement. 

  
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 32. Confidentiality 

a. This Agreement and its terms, provisions, supplements and amendments, and notices hereunder, are proprietary to Administrative Agent and
Buyers and shall be held by Seller in strict confidence and shall not be disclosed to any third party without the written consent of Administrative Agent except for (i) disclosure to Seller’s direct and indirect Affiliates and
Subsidiaries, attorneys or accountants, but only to the extent such disclosure is necessary and such parties agree to hold all information in strict confidence, (ii) disclosure required by law, rule, regulation or order of a court or other
regulatory body. Notwithstanding the foregoing or anything to the contrary contained herein or in any other Program Agreement, the parties hereto may disclose to any and all Persons, without limitation of any kind, the federal, state and local tax
treatment of the Transactions, any fact relevant to understanding the federal, state and local tax treatment of the Transactions, and all materials of any kind (including opinions or other tax analyses) relating to such federal, state and local tax
treatment and that may be relevant to understanding such tax treatment; provided that Seller may not disclose the name of or identifying information with respect to Administrative Agent and Buyers or any pricing terms (including, without limitation,
the Pricing Rate, Purchase Price Percentage, Purchase Price and any other fees specified in the Pricing Side Letter) or other nonpublic business or financial information (including any sublimits and financial covenants) that is unrelated to the
federal, state and local tax treatment of the Transactions and is not relevant to understanding the federal, state and local tax treatment of the Transactions, without the prior written consent of the Administrative Agent. 

b. Notwithstanding anything in this Agreement to the contrary, the Seller and Administrative Agent shall comply with all applicable local,
state and federal laws, including, without limitation, all privacy and data protection law, rules and regulations that are applicable to the Purchased Mortgage Loans and/or any applicable terms of this Agreement (the “Confidential
Information”). Each of the Seller and Administrative Agent understands that the Confidential Information may contain “nonpublic personal information”, as that term is defined in Section 509(4) of the Gramm-Leach-Bliley Act (the
“Act”), and each of the Seller and Administrative Agent agrees to maintain such nonpublic personal information that it receives hereunder in accordance with the Act and other applicable federal and state privacy laws. The Seller
shall implement such physical and other security measures as shall be necessary to (a) ensure the security and confidentiality of the “nonpublic personal information” of the “customers” and “consumers” (as those
terms are defined in the Act) of Administrative Agent and Buyers or any Affiliate of Administrative Agent or Buyers which the Seller holds, (b) protect against any threats or hazards to the security and integrity of such nonpublic personal
information, and (c) protect against any unauthorized access to or use of such nonpublic personal information. The Seller represents and warrants that it has implemented appropriate measures to meet the objectives of Section 501(b) of the
Act and of the applicable standards adopted pursuant thereto, as now or hereafter in effect. Upon request, the Seller will provide evidence reasonably satisfactory 

  
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 to allow Administrative Agent and/or Buyers to confirm that the providing party has
satisfied its obligations as required under this Section. Without limitation, this may include Administrative Agent’s or Buyers’ review of audits, summaries of test results, and other equivalent evaluations of the Seller. The Seller shall
notify Administrative Agent immediately following discovery of any breach or compromise of the security, confidentiality, or integrity of nonpublic personal information of the customers and consumers of Administrative Agent, Buyers or any Affiliate
of Buyers provided directly to the Seller by Administrative Agent, Buyers or such Affiliate. The Seller shall provide such notice to Administrative Agent by personal delivery, by facsimile with confirmation of receipt, or by overnight courier with
confirmation of receipt to the applicable requesting individual. 
 c. Financial statements, reports, notices and other communications
hereunder issued or to be issued by Seller are confidential and shall be held by Administrative Agent in confidence and shall not be disclosed to any third party without the written consent of Seller, except for (i) disclosure to Administrative
Agent’s or a Buyer’s direct and indirect Affiliates and Subsidiaries, investors, lenders, attorneys or accountants, but only to the extent such disclosure is necessary and such parties agree to hold all information in confidence,
(ii) disclosure required by law, rule, regulation or order of a court or other regulatory body (“Governmental Order”) or rating agency in connection with any securities issued by a Buyer or an Affiliate of a Buyer,
(iii) disclosure as Administrative Agent and Buyers deem appropriate in connection with the enforcement of Administrative Agent’s or Buyers’ rights hereunder or under any Transaction or in connection with working with Administrative
Agent’s and a Buyer’s affiliates, Subsidiaries and representatives in connection with the management and/or review of the Transactions but only to the extent such disclosure is necessary and such parties agree to hold all information in
strict confidence, (iv) disclosure of any confidential terms that are in the public domain other than due to a breach of this covenant, (v) disclosure made to an assignee, participant, repledgee or any of their direct and indirect
affiliates and Subsidiaries, representatives, attorneys or accountants, but only to the extent such disclosure is necessary in connection with the transactions or performing rights or obligations hereunder and Administrative Agent will cause such
party to execute and deliver a non-disclosure agreement agreeing to keep such information delivered by Administrative Agent to such party confidential, subject to standard caveats and exceptions. 

33. Recording of Communications 

Administrative Agent, Buyers and Seller shall have the right (but not the obligation) from time to time to make or cause to be made tape
recordings of communications between its employees and those of the other party with respect to Transactions. 

  
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 34. Reserved 

35. Reserved 
 36.
Periodic Due Diligence Review 
 Seller acknowledges that Administrative Agent and Buyers have the right to perform continuing due
diligence reviews with respect to the Seller and the Mortgage Loans, for purposes of verifying compliance with the representations, warranties and specifications made hereunder, for the purpose of performing quality control review of the Mortgage
Loans or otherwise, and Seller agrees that upon reasonable (but no less than one (1) Business Day’s) prior notice unless an Event of Default shall have occurred, in which case no notice is required, to Seller, Administrative Agent, Buyers
or their authorized representatives will be permitted during normal business hours to examine, inspect, and make copies and extracts of, the Mortgage Files and any and all documents, data, records, agreements, instruments or information relating to
such Mortgage Loans (including, without limitation, quality control review) in the possession or under the control of Seller and/or the Custodian. Seller also shall make available to Administrative Agent and Buyers a knowledgeable financial or
accounting officer for the purpose of answering questions respecting the Mortgage Files and the Mortgage Loans. Without limiting the generality of the foregoing, Seller acknowledges that Administrative Agent and Buyers may purchase Mortgage Loans
from Seller based solely upon the information provided by Seller to Administrative Agent and Buyers in the Mortgage Loan Schedule and the representations, warranties and covenants contained herein, and that Administrative Agent or Buyers, at their
option, have the right at any time to conduct a partial or complete due diligence review on some or all of the Mortgage Loans purchased in a Transaction, including, without limitation, ordering Broker’s price opinions, new credit reports and
new appraisals on the related Mortgaged Properties and otherwise re-generating the information used to originate such Mortgage Loan. Administrative Agent or Buyers may underwrite such Mortgage Loans itself or
engage a mutually agreed upon third party underwriter to perform such underwriting. Seller agrees to cooperate with Administrative Agent, Buyers and any third party underwriter in connection with such underwriting, including, but not limited to,
providing Administrative Agent, Buyers and any third party underwriter with access to any and all documents, records, agreements, instruments or information relating to such Mortgage Loans in the possession, or under the control, of Seller. Seller
further agrees that Seller shall pay all out-of-pocket costs and expenses incurred by Administrative Agent and Buyers in connection with Administrative Agent’s and
Buyers’ activities pursuant to this Section 36 (“Due Diligence Costs”) subject to the Due Diligence Cap; provided that, upon the occurrence of a Default or Event of Default, the Due Diligence Cap shall not apply.

 37. Authorizations 

Any of the persons whose signatures and titles appear on Schedule 2 are authorized, acting singly, to act for Seller or Administrative Agent to
the extent set forth therein, as the case may be, under this Agreement. The Seller may amend Schedule 2 from time to time by delivering a revised Schedule 2 to Administrative Agent and expressly stating that such revised Schedule 2 shall replace the
existing Schedule 2. 

  
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 38. Acknowledgment of Assignment and Administration of Repurchase Agreement 

Pursuant to Section 22 (Non assignability) of this Agreement, Administrative Agent may sell, transfer and convey or allocate certain
Purchased Mortgage Loans and the related Repurchase Assets and related Transactions to certain affiliates of Administrative Agent and/or one or more CP Conduits (the “Additional Buyers”). Seller hereby acknowledges and agrees to the
joinder of such Additional Buyers. The Administrative Agent shall administer the provisions of this Agreement for the benefit of the Buyers and any Repledgees, as applicable. For the avoidance of doubt, all payments, notices, communications and
agreements pursuant to this Agreement shall be delivered to, and entered into by, the Administrative Agent for the benefit of the Buyers and/or the Repledgees, as applicable. Furthermore, to the extent that the Administrative Agent exercises
remedies pursuant to this Agreement, any of the Administrative Agent and/or any Buyer will have the right to bid on and/or purchase any of the Repurchase Assets pursuant to Section 16 (Remedies Upon Default). The benefit of all representations,
rights, remedies and covenants set forth in the Agreement shall inure to the benefit of the Administrative Agent on behalf of each Buyer and Repledgees, as applicable. All provisions of the Agreement shall survive the transfers contemplated herein
(including any Repledge Transactions). Notwithstanding that multiple Buyers may purchase individual Mortgage Loans subject to Transactions entered into under this Agreement, all Transactions shall continue to be deemed a single Transaction and all
of the Repurchase Assets shall be security for all of the Obligations hereunder. 
 39. Acknowledgement Of Anti-Predatory Lending
Policies 
 Administrative Agent has in place internal policies and procedures that expressly prohibit its purchase of any High Cost
Mortgage Loan. 
 40. Documents Mutually Drafted 

The Seller, the Administrative Agent and the Buyers agree that this Agreement and each other Program Agreement prepared in connection with the
Transactions set forth herein have been mutually drafted and negotiated by each party, and consequently such documents shall not be construed against either party as the drafter thereof. 

41. General Interpretive Principles 

For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 

a. the terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural as well as the singular, and
the use of any gender herein shall be deemed to include the other gender; 
 b. accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with GAAP; 

  
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 c. references herein to “Articles”, “Sections”, “Subsections”,
“Paragraphs”, and other subdivisions without reference to a document are to designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement; 

d. a reference to a Subsection without further reference to a Section is a reference to such Subsection as contained in the same Section in
which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions; 
 e. the words “herein”,
“hereof”, “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular provision; 

f. the term “include” or “including” shall mean without limitation by reason of enumeration; 

g. all times specified herein or in any other Program Agreement (unless expressly specified otherwise) are local times in New York, New York
unless otherwise stated; and 
 h. all references herein or in any Program Agreement to “good faith” means good faith as defined in
Section 5-102(7) of the UCC as in effect in the State of New York; and 
 i. an Event of Default
that has been waived in writing shall be deemed not to be continuing. 
 42. Conflicts 

In the event of any conflict between the terms of this Agreement and any other Program Agreement, the documents shall control in the following
order of priority: first, the terms of the Pricing Side Letter shall prevail, then the terms of this Agreement shall prevail, and then the terms of the other Program Agreements shall prevail. 

43. Bankruptcy Non-Petition 

The parties hereby agree that they shall not institute against, or join any other person in instituting against, any Buyer that is a CP Conduit
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or similar law, for one year and one day after the latest maturing commercial paper note issued by the
applicable CP Conduit is paid in full. 
 44. Limited Recourse 

The obligations of each CP Conduit under this Agreement or any other Program Agreement are solely the corporate obligations of such CP Conduit.
No recourse shall be had for the payment of any amount owing by any Buyer under this Agreement, or for the payment by any Buyer of any fee in respect hereof or any other obligation or claim of or against such Buyer arising out of or based on this
Agreement, against any stockholder, partner, member, employee, 

  
 -62- 













 officer, director or incorporator or other authorized person of such Buyer. In addition, notwithstanding any
other provision of this Agreement, the Parties agree that all payment obligations of any Buyer that is a CP Conduit under this Agreement shall be limited recourse obligations of such Buyer, payable solely from the funds of such Buyer available for
such purpose in accordance with its commercial paper program documents. Each party waives payment of any amount which such Buyer does not pay pursuant to the operation of the preceding sentence until the day which is at least one year and one day
after the payment in full of the latest maturing commercial paper note (and waives any “claim” against such Buyer within the meaning of Section 101(5) of the Bankruptcy Code or any other Debtor Relief Law for any such insufficiency
until such date). 
 45. Amendment and Restatement 

Administrative Agent, as buyer, and Seller entered into the Existing Master Repurchase Agreement. Administrative Agent, Buyers and Seller
desire to enter into this Agreement in order to amend and restate the Existing Master Repurchase Agreement in its entirety. The amendment and restatement of the Existing Master Repurchase Agreement shall become effective on the date hereof, and each
of Administrative Agent, Buyers and Seller shall hereafter be bound by the terms and conditions of this Agreement and the other Program Agreements. This Agreement amends and restates the terms and conditions of the Existing Master Repurchase
Agreement, and is not a novation of any of the agreements or obligations incurred pursuant to the terms of the Existing Master Repurchase Agreement. Accordingly, all of the agreements and obligations incurred pursuant to the terms of the Existing
Master Repurchase Agreement are hereby ratified and affirmed by the parties hereto and remain in full force and effect. For the avoidance of doubt, it is the intent of the Administrative Agent, Buyers and Seller that the security interests and liens
granted in the Purchased Mortgage Loans pursuant to Section 8 of the Existing Master Repurchase Agreement shall continue in full force and effect. All references to the Existing Master Repurchase Agreement in any Program
Agreement or other document or instrument delivered in connection therewith shall be deemed to refer to this Agreement and the provisions hereof. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed as of the date first
above written. 
  

			
	Credit Suisse First Boston Mortgage Capital LLC, as Administrative Agent
		
	By:	 	/s/ MARGARET DELLAFERA
	Name:	 	MARGARET DELLAFERA
	Title:	 	VICE PRESIDENT

  

			
	 Credit Suisse AG, Cayman Islands Branch,

as a Buyer

		
	By:	 	/s/ Patrick Duggan
	Name:	 	Patrick Duggan
	Title:	 	Authorized Signatory

  

			
	By:	 	/s/ Elie Chau
	Name:	 	Elie Chau
	Title:	 	Authorized Signatory

 Alpine Securitization LTD, as a Buyer, by Credit Suisse AG, New York Branch as Attorney-in-Fact 
  

			
	By:	 	/s/ Patrick Duggan
	Name:	 	Patrick Duggan
	Title:	 	Authorized Signatory

  

			
	By:	 	/s/ Elie Chau
	Name:	 	Elie Chau
	Title:	 	Authorized Signatory

  

  
 Signature Page to the
Amended and Restated Master Repurchase Agreement 













 United Shore Financial Services, LLC, as Seller 

 

			
	By:	 	/s/ Timothy J. Forrester
	Name:	 	Timothy J. Forrester
	Title:	 	CFO & EVP


  
 Signature Page to the
Amended and Restated Master Repurchase Agreement 













 SCHEDULE 1 

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO PURCHASED 

MORTGAGE LOANS 
 Seller
makes the following representations and warranties to Administrative Agent with respect to each Purchased Mortgage Loan at all times during which such Purchased Mortgage Loan is subject to a Transaction hereunder. With respect to those
representations and warranties which are made to the best of a Seller’s knowledge, if it is discovered by such Seller or Administrative Agent that the substance of such representation and warranty is inaccurate, notwithstanding such
Seller’s lack of knowledge with respect to the substance of such representation and warranty, such inaccuracy shall be deemed a breach of the applicable representation and warranty for purposes of determining Asset Value. 

(a) Payments Current. All payments required to be made up to the Purchase Date for the Mortgage Loan under the terms of the Mortgage
Note have been made and credited. No payment required under the Mortgage Loan is delinquent nor has any payment under the Mortgage Loan been delinquent at any time since the origination of the Mortgage Loan. The first Monthly Payment shall be made,
or shall have been made, with respect to the Mortgage Loan on its Due Date or within the grace period, all in accordance with the terms of the related Mortgage Note. 

(b) No Outstanding Charges. All taxes, governmental assessments, insurance premiums, water, sewer and municipal charges, leasehold
payments or ground rents which previously became due and owing have been paid, or an escrow of funds has been established in an amount sufficient to pay for every such item which remains unpaid and which has been assessed but is not yet due and
payable. Neither Seller nor the Qualified Originator from which Seller acquired the Mortgage Loan has advanced funds, or induced, solicited or knowingly received any advance of funds by a party other than the Mortgagor, directly or indirectly, for
the payment of any amount required under the Mortgage Loan, except for interest accruing from the date of the Mortgage Note or date of disbursement of the proceeds of the Mortgage Loan, whichever is earlier, to the day which precedes by one month
the Due Date of the first installment of principal and interest thereunder. 
 (c) Original Terms Unmodified. The terms of the
Mortgage Note and Mortgage have not been impaired, waived, altered or modified in any respect, from the date of origination; except by a written instrument which has been recorded, if necessary to protect the interests of Buyers, and which has been
delivered to the Custodian and the terms of which are reflected in the Custodial Mortgage Loan Schedule. The substance of any such waiver, alteration or modification has been approved by the title insurer, to the extent required, and its terms are
reflected on the Custodial Mortgage Loan Schedule. No Mortgagor in respect of the Mortgage Loan has been released, in whole or in part, except in connection with an assumption agreement approved by the title insurer, to the extent required by such
policy, and which assumption agreement is part of the Mortgage File delivered to the Custodian and the terms of which are reflected in the Custodial Mortgage Loan Schedule. 

  
 Schedule 1-1 













 (d) No Defenses. The Mortgage Loan is not subject to any right of rescission, set-off, counterclaim or defense, including, without limitation, the defense of usury, nor will the operation of any of the terms of the Mortgage Note or the Mortgage, or the exercise of any right thereunder, render
either the Mortgage Note or the Mortgage unenforceable, in whole or in part and no such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto, and no Mortgagor in respect
of the Mortgage Loan was a debtor in any state or Federal bankruptcy or insolvency proceeding at the time the Mortgage Loan was originated. Seller has no knowledge nor has it received any notice that any Mortgagor in respect of the Mortgage Loan is
a debtor in any state or federal bankruptcy or insolvency proceeding. 
 (e) Hazard Insurance. The Mortgaged Property is insured by a
fire and extended perils insurance policy, issued by a Qualified Insurer, and such other hazards as are customary in the area where the Mortgaged Property is located, and to the extent required by Seller as of the date of origination consistent with
the Underwriting Guidelines, against earthquake and other risks insured against by Persons operating like properties in the locality of the Mortgaged Property, in an amount not less than the greatest of (i) 100% of the replacement cost of all
improvements to the Mortgaged Property, (ii) the outstanding principal balance of the Mortgage Loan, or (iii) the amount necessary to avoid the operation of any co-insurance provisions with respect
to the Mortgaged Property, and consistent with the amount that would have been required as of the date of origination in accordance with the Underwriting Guidelines. If any portion of the Mortgaged Property is in an area identified by any federal
Governmental Authority as having special flood hazards, and flood insurance is available, a flood insurance policy meeting the current guidelines of the Federal Emergency Management Agency is in effect with a generally acceptable insurance carrier,
in an amount representing coverage not less than the least of (1) the outstanding principal balance of the Mortgage Loan (2) the full insurable value of the Mortgaged Property, and (3) the maximum amount of insurance available under
the National Flood Insurance Act of 1968, as amended by the Flood Disaster Protection Act of 1973. All such insurance policies (collectively, the “hazard insurance policy”) contain a standard mortgagee clause naming Seller, its successors
and assigns (including, without limitation, subsequent owners of the Mortgage Loan), as mortgagee, and may not be reduced, terminated or canceled without 30 days’ prior written notice to the mortgagee. No such notice has been received by
Seller. All premiums on such insurance policy have been paid. The related Mortgage obligates the Mortgagor to maintain all such insurance and, at such Mortgagor’s failure to do so, authorizes the mortgagee to maintain such insurance at the
Mortgagor’s cost and expense and to seek reimbursement therefor from such Mortgagor. Where required by state law or regulation, the Mortgagor has been given an opportunity to choose the carrier of the required hazard insurance, provided the
policy is not a “master” or “blanket” hazard insurance policy covering a condominium, or any hazard insurance policy covering the common facilities of a planned unit development. The hazard insurance policy is the valid and
binding obligation of the insurer and is in full force and effect. Seller has not engaged in, and has no knowledge of the Mortgagor’s having engaged in, any act or omission which would impair the coverage of any such policy, the benefits of the
endorsement provided for herein, or the validity and binding effect of either including, without limitation, no unlawful fee, commission, kickback or other unlawful compensation or value of any kind has been or will be received, retained or realized
by any attorney, firm or other Person, and no such unlawful items have been received, retained or realized by Seller. 

  
 Schedule 1-2 













 (f) Environmental Compliance. To the best of Seller’s knowledge, there does not
exist on the Mortgaged Property any hazardous substances, hazardous materials, hazardous wastes, solid wastes or other pollutants, as such terms are defined in the Comprehensive Environmental Response Compensation and Liability Act, 42 U.S.C. 9601
et seq., the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq., or other applicable federal, state or local environmental laws including, without limitation, asbestos, in
each case in excess of the permitted limits and allowances set forth in such environmental laws to the extent such laws are applicable to the Mortgaged Property. There is no pending action or proceeding directly involving the Mortgaged Property in
which compliance with any environmental law, rule or regulation is an issue; there is no violation of any applicable environmental law (including, without limitation, asbestos), rule or regulation with respect to the Mortgaged Property; and nothing
further remains to be done to satisfy in full all requirements of each such law, rule or regulation constituting a prerequisite to use and enjoyment of said property. 

(g) Compliance with Applicable Laws. Any and all requirements of any federal, state or local law including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit opportunity or disclosure laws applicable to the Mortgage Loan have been complied
with, the consummation of the transactions contemplated hereby will not involve the violation of any such laws or regulations, and Seller shall maintain or shall cause its agent to maintain in its possession, available for the inspection of
Administrative Agent, and shall deliver to Administrative Agent, upon demand, evidence of compliance with all such requirements. 
 (h) No
Satisfaction of Mortgage. The Mortgage has not been satisfied, canceled, subordinated or rescinded, in whole or in part, and the Mortgaged Property has not been released from the lien of the Mortgage, in whole or in part, nor has any instrument
been executed that would affect any such release, cancellation, subordination or rescission. Seller has not waived the performance by the Mortgagor of any action, if the Mortgagor’s failure to perform such action would cause the Mortgage Loan
to be in default, nor has Seller waived any default resulting from any action or inaction by the Mortgagor. 
 (i) Location and Type of
Mortgaged Property. The Mortgaged Property is located in an Acceptable State as identified in the Custodial Mortgage Loan Schedule and consists of a single parcel of real property with a detached single family residence erected thereon, or a two- to four-family dwelling, or an individual condominium unit in a low-rise condominium project, or an individual unit in a planned unit development or a de minimis planned
unit development; provided, however, that any condominium unit or planned unit development shall conform with the applicable Fannie Mae and Freddie Mac requirements regarding such dwellings or shall conform to underwriting guidelines acceptable to
Administrative Agent in its sole discretion and that no residence or dwelling is a mobile home or manufactured home (other than a manufactured home that meets the criteria set forth in the definition of Manufactured Home Loan). No portion of the
Mortgaged Property is used for commercial purposes; provided, that, the Mortgaged Property may be a mixed use property if such Mortgaged Property conforms to underwriting guidelines acceptable to Administrative Agent in its sole discretion. 

  
 Schedule 1-3 













 (j) Valid First Lien. The Mortgage is a valid, subsisting, enforceable and perfected
with respect to each first lien Mortgage Loan, first priority lien and first priority security interest on the real property included in the Mortgaged Property, including all buildings on the Mortgaged Property and all installations and mechanical,
electrical, plumbing, heating and air conditioning systems located in or annexed to such buildings, and all additions, alterations and replacements made at any time with respect to the foregoing. The lien of the Mortgage is subject only to: 

a. the lien of current real property taxes and assessments not yet due and payable; 

b. covenants, conditions and restrictions, rights of way, easements and other matters of the public record as of the date of recording
acceptable to prudent mortgage lending institutions generally and specifically referred to in lender’s title insurance policy delivered to the originator of the Mortgage Loan and (a) referred to or otherwise considered in the appraisal
made for the originator of the Mortgage Loan or (b) which do not adversely affect the Appraised Value of the Mortgaged Property set forth in such appraisal; 

c. other matters to which like properties are commonly subject which do not materially interfere with the benefits of the security intended to
be provided by the Mortgage or the use, enjoyment, value or marketability of the related Mortgaged Property. 
 Any security agreement, chattel mortgage or
equivalent document related to and delivered in connection with the Mortgage Loan establishes and creates a valid, subsisting and enforceable first lien and first priority security interest on the property described therein and Seller has full right
to pledge and assign the same to Administrative Agent. The Mortgaged Property was not, as of the date of origination of the Mortgage Loan, subject to a mortgage, deed of trust, deed to secure debt or other security instrument creating a lien
subordinate to the lien of the Mortgage. 
 (k) Validity of Mortgage Documents. The Mortgage Note and the Mortgage and any other
agreement executed and delivered by a Mortgagor or guarantor, if applicable, in connection with a Mortgage Loan are genuine, and each is the legal, valid and binding obligation of the maker thereof enforceable in accordance with its terms. All
parties to the Mortgage Note, the Mortgage and any other such related agreement had legal capacity to enter into the Mortgage Loan and to execute and deliver the Mortgage Note, the Mortgage and any such agreement, and the Mortgage Note, the Mortgage
and any other such related agreement have been duly and properly executed by such related parties. No fraud, error, omission, misrepresentation, negligence or similar occurrence with respect to a Mortgage Loan has taken place on the part of any
Person, including, without limitation, the Mortgagor, any appraiser, any builder or developer, or any other party involved in the origination of the Mortgage Loan. Seller has reviewed all of the documents constituting the Mortgage File and has made
such inquiries as it deems necessary to make and confirm the accuracy of the representations set forth herein. To the best of Seller’s knowledge, except as disclosed to Administrative Agent in writing, all tax identifications and property
descriptions are legally sufficient; and tax segregation, where required, has been completed. 

  
 Schedule 1-4 













 (l) Full Disbursement of Proceeds. There is no further requirement for future
advances under the Mortgage Loan, and any and all requirements as to completion of any on-site or off-site improvement and as to disbursements of any escrow funds
therefor have been complied with. All costs, fees and expenses incurred in making or closing the Mortgage Loan and the recording of the Mortgage were paid, and the Mortgagor is not entitled to any refund of any amounts paid or due under the Mortgage
Note or Mortgage. 
 (m) Ownership. Seller has full right to sell the Mortgage Loan to Buyers free and clear of any encumbrance,
equity, participation interest, lien, pledge, charge, claim or security interest, and has full right and authority subject to no interest or participation of, or agreement with, any other party, to sell each Mortgage Loan pursuant to this Agreement
and following the sale of each Mortgage Loan, Buyers will own such Mortgage Loan free and clear of any encumbrance, equity, participation interest, lien, pledge, charge, claim or security interest except any such security interest created pursuant
to the terms of this Agreement. 
 (n) Doing Business. All parties which have had any interest in the Mortgage Loan, whether as
mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were) (i) in compliance with any and all applicable licensing requirements of the laws of the state wherein the Mortgaged
Property is located, and (ii) either (A) organized under the laws of such state, (B) qualified to do business in such state, 
 (C)
a federal savings and loan association, a savings bank or a national bank having a principal office in such state, or (D) not doing business in such state. 

(o) Title Insurance. The Mortgage Loan is covered by either (i) an attorney’s opinion of title and abstract of title, the form
and substance of which is acceptable to prudent mortgage lending institutions making mortgage loans in the area wherein the Mortgaged Property is located or (ii) an ALTA lender’s title insurance policy or other generally acceptable form of
policy or insurance acceptable to Administrative Agent with respect to Non-Agency QM Mortgage Loans and Non-Agency Non-QM
Mortgage Loans and Fannie Mae or Freddie Mac with respect to Mortgage Loans, other than Non-Agency QM Mortgage Loans and Non-Agency
Non-QM Mortgage Loans, and each such title insurance policy is issued by a title insurer acceptable to Administrative Agent with respect to Non-Agency QM Mortgage Loans
and Non-Agency Non-QM Mortgage Loans and Fannie Mae or Freddie Mac with respect to Mortgage Loans, other than Non-Agency QM
Mortgage Loans and Non-Agency Non-QM Mortgage Loans, and qualified to do business in the jurisdiction where the Mortgaged Property is located, insuring Seller, its
successors and assigns, as to the first priority lien of the Mortgage, as applicable, in the original principal amount of the Mortgage Loan, with respect to a Mortgage Loan (or to the extent a Mortgage Note provides for negative amortization, the
maximum amount of negative amortization in accordance with the Mortgage), subject only to the exceptions contained in clauses (a), (b) and (c) of paragraph (j) of this Schedule 1, and in the case of adjustable rate Mortgage Loans,
against any loss by reason of the invalidity or unenforceability of the lien resulting from the provisions of the Mortgage providing for adjustment to the Mortgage Interest Rate and Monthly Payment. Where required by state law or regulation, the
Mortgagor has been given the opportunity to choose the carrier of the required mortgage title insurance. Additionally, such lender’s title insurance policy affirmatively insures ingress and egress and against encroachments by or upon the
Mortgaged Property or any interest therein. The title policy does not contain any special exceptions (other than the standard exclusions) for zoning and uses and has been marked to delete the standard survey exception or to replace the standard
survey exception with a specific survey reading. Seller, its successors and 

  
 Schedule 1-5 













 
assigns, are the sole insureds of such lender’s title insurance policy, and such lender’s title insurance policy is valid and remains in full force and effect and will be in force and
effect upon the consummation of the transactions contemplated by this Agreement. No claims have been made under such lender’s title insurance policy, and no prior holder or servicer of the related Mortgage, including Seller, has done, by act or
omission, anything which would impair the coverage of such lender’s title insurance policy, including without limitation, no unlawful fee, commission, kickback or other unlawful compensation or value of any kind has been or will be received,
retained or realized by any attorney, firm or other Person, and no such unlawful items have been received, retained or realized by Seller. 

(p) No Defaults. There is no default, breach, violation or event of acceleration existing under the Mortgage or the Mortgage Note and no
event has occurred which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event of acceleration, and neither Seller nor its predecessors have waived any
default, breach, violation or event of acceleration. 
 (q) No Mechanics’ Liens. There are no mechanics’ or similar liens or
claims which have been filed for work, labor or material (and no rights are outstanding that under the law could give rise to such liens) affecting the Mortgaged Property which are or may be liens prior to, or equal or coordinate with, the lien of
the Mortgage. 
 (r) Location of Improvements; No Encroachments. All improvements which were considered in determining the Appraised
Value of the Mortgaged Property lie wholly within the boundaries and building restriction lines of the Mortgaged Property, and no improvements on adjoining properties encroach upon the Mortgaged Property. No improvement located on or being part of
the Mortgaged Property is in violation of any applicable zoning and building law, ordinance or regulation. 
 (s) Origination; Payment
Terms. The Mortgage Loan was originated by or in conjunction with a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act, a savings and loan association, a savings
bank, a commercial bank, credit union, insurance company or similar banking institution which is supervised and examined by a federal or state authority. Principal and interest payments on the Mortgage Loan commenced no more than 60 days after funds
were disbursed in connection with the Mortgage Loan. With respect to adjustable rate Mortgage Loans, the Mortgage Interest Rate is adjusted on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin (rounded up or down to the
nearest .125%), subject to the Mortgage Interest Rate Cap. The Mortgage Note is payable on the first day of each month in equal monthly installments of principal and/or interest (subject to an “interest only” period in the case of Interest
Only Loans), which installments of interest (a) with respect to adjustable rate Mortgage Loans are subject to change on the Interest Rate Adjustment Date due to adjustments to the Mortgage Interest Rate on each Interest Rate Adjustment Date and
(b) with respect to Interest Only Loans are subject to change on the Interest Only Adjustment Date due to adjustments to the Mortgage Interest Rate on each Interest Only Adjustment Date, in both cases with interest calculated and payable in
arrears, sufficient to amortize the Mortgage Loan fully by the stated maturity date, over an original term of not more than 30 years from commencement of amortization. 

  
 Schedule 1-6 













 (t) Customary Provisions. The Mortgage Note has a stated maturity. The Mortgage
contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the realization against the Mortgaged Property of the benefits of the security provided thereby, including, (i) in the
case of a Mortgage designated as a deed of trust, by trustee’s sale, and (ii) otherwise by judicial foreclosure. Upon default by a Mortgagor on a Mortgage Loan and foreclosure on, or trustee’s sale of, the Mortgaged Property pursuant
to the proper procedures, the holder of the Mortgage Loan will be able to deliver good and merchantable title to the Mortgaged Property. There is no homestead or other exemption or other right available to the Mortgagor or any other person, or
restriction on the Seller or any other person, including without limitation, any federal, state or local, law, ordinance, decree, regulation, guidance, attorney general action, or other pronouncement, whether temporary or permanent in nature, that
would interfere with, restrict or delay, either (y) the ability of the Seller, Administrative Agent, a Buyer or any servicer or any successor servicer to sell the related Mortgaged Property at a trustee’s sale or otherwise, or (z) the
ability of the Seller, Administrative Agent, a Buyer or any servicer or any successor servicer to foreclose on the related Mortgage. The Mortgage Note and Mortgage are on forms acceptable to Administrative Agent with respect to Non-Agency QM Mortgage Loans and Non-Agency Non-QM Mortgage Loans and Fannie Mae or Freddie Mac with respect to Agency Mortgage Loans.

 (u) Occupancy of the Mortgaged Property. As of the Purchase Date the Mortgaged Property is lawfully occupied under applicable law.
All inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy
and fire underwriting certificates, have been made or obtained from the appropriate authorities. Seller has not received notification from any Governmental Authority that the Mortgaged Property is in material
non-compliance with such laws or regulations, is being used, operated or occupied unlawfully or has failed to have or obtain such inspection, licenses or certificates, as the case may be. Seller has not
received notice of any violation or failure to conform with any such law, ordinance, regulation, standard, license or certificate. With respect to any Mortgage Loan originated with an “owner-occupied” Mortgaged Property, the Mortgagor
represented at the time of origination of the Mortgage Loan that the Mortgagor would occupy the Mortgaged Property as the Mortgagor’s primary residence. 

(v) No Additional Collateral. The Mortgage Note is not and has not been secured by any collateral except the lien of the corresponding
Mortgage and the security interest of any applicable security agreement or chattel mortgage referred to in clause (j) above. 
 (w)
Deeds of Trust. In the event the Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified under applicable law to serve as such, has been properly designated and currently so serves and is named in the Mortgage, and no
fees or expenses are or will become payable by the Custodian or Administrative Agent to the trustee under the deed of trust, except in connection with a trustee’s sale after default by the Mortgagor. 

(x) Transfer of Mortgage Loans. Except with respect to Mortgage Loans intended for purchase by GNMA and for Mortgage Loans registered
with MERS, the Assignment of Mortgage is in recordable form and is acceptable for recording under the laws of the jurisdiction in which the Mortgaged Property is located. 

  
 Schedule 1-7 













 (y)
Due-On-Sale. Except with respect to Mortgage Loans intended for purchase by GNMA, the Mortgage contains an enforceable provision for the acceleration of the
payment of the unpaid principal balance of the Mortgage Loan in the event that the Mortgaged Property is sold or transferred without the prior written consent of the mortgagee thereunder. 

(z) No Buydown Provisions; No Graduated Payments or Contingent Interests. Except with respect to Agency Mortgage Loans and Non-Agency Non-QM Mortgage Loans, the Mortgage Loan does not contain provisions pursuant to which Monthly Payments are paid or partially paid with funds deposited in any
separate account established by Seller, the Mortgagor, or anyone on behalf of the Mortgagor, or paid by any source other than the Mortgagor nor does it contain any other similar provisions which may constitute a “buydown” provision. The
Mortgage Loan is not a graduated payment mortgage loan and the Mortgage Loan does not have a shared appreciation or other contingent interest feature. 

(aa) Consolidation of Future Advances. Any future advances made to the Mortgagor prior to the Purchase Date have been consolidated with
the outstanding principal amount secured by the Mortgage, and the secured principal amount, as consolidated, bears a single interest rate and single repayment term. The lien of the Mortgage securing the consolidated principal amount is expressly
insured as having first lien priority by a title insurance policy, an endorsement to the policy insuring the mortgagee’s consolidated interest or by other title evidence acceptable to Administrative Agent with respect to Non-Agency QM Mortgage Loans and Non-Agency Non-QM Mortgage Loans and Fannie Mae or Freddie Mac with respect to Agency Mortgage Loans.
The consolidated principal amount does not exceed the original principal amount of the Mortgage Loan. 
 (bb) No Condemnation
Proceeding. There have not been any condemnation proceedings with respect to the Mortgaged Property and Seller has no knowledge of any such proceedings. 

(cc) Collection Practices; Escrow Deposits; Interest Rate Adjustments. The origination and collection practices used by the originator,
each servicer of the Mortgage Loan and Seller with respect to the Mortgage Loan have been in all respects in compliance with Accepted Servicing Practices, applicable laws and regulations, and have been in all respects legal and proper. With respect
to escrow deposits and Escrow Payments, all such payments are in the possession of, or under the control of, Seller and there exist no deficiencies in connection therewith for which customary arrangements for repayment thereof have not been made.
All Escrow Payments have been collected in full compliance with state and federal law. An escrow of funds is not prohibited by applicable law and has been established in an amount sufficient to pay for every item that remains unpaid and has been
assessed but is not yet due and payable. No escrow deposits or Escrow Payments or other charges or payments due Seller have been capitalized under the Mortgage or the Mortgage Note. All Mortgage Interest Rate adjustments have been made in strict
compliance with state and federal law and the terms of the related Mortgage Note. Any interest required to be paid pursuant to state, federal and local law has been properly paid and credited. 

(dd) Conversion to Fixed Interest Rate. Except as allowed by Fannie Mae or Freddie Mac or otherwise as expressly approved in writing by
Administrative Agent, with respect to adjustable rate Mortgage Loans, the Mortgage Loan is not convertible to a fixed interest rate Mortgage Loan. 

  
 Schedule 1-8 













 (ee) Other Insurance Policies. No action, inaction or event has occurred and no state
of facts exists or has existed that has resulted or will result in the exclusion from, denial of, or defense to coverage under any applicable special hazard insurance policy, private mortgage insurance policy or bankruptcy bond, irrespective of the
cause of such failure of coverage. In connection with the placement of any such insurance, no commission, fee, or other compensation has been or will be received by Seller or by any officer, director, or employee of Seller or any designee of Seller
or any corporation in which Seller or any officer, director, or employee had a financial interest at the time of placement of such insurance. 

(ff) Servicemembers Civil Relief Act. The Mortgagor has not notified Seller, and Seller has no knowledge, of any relief requested or
allowed to the Mortgagor under the Servicemembers Civil Relief Act of 2003. 
 (gg) Appraisal. The Mortgage File contains either
(i) to the extent permitted by the applicable Agency, a Property Inspection Waiver (as defined in the applicable Agency guidelines) or (ii) an appraisal of the related Mortgaged Property signed prior to the funding of the Mortgage Loan by
a qualified appraiser, duly appointed by Seller, who had no interest, direct or indirect in the Mortgaged Property or in any loan made on the security thereof, and whose compensation is not affected by the approval or disapproval of the Mortgage
Loan, and the appraisal and appraiser both satisfy the requirements of Fannie Mae or Freddie Mac and Title XI of the Federal Institutions Reform, Recovery, and Enforcement Act of 1989 as amended and the regulations promulgated thereunder, all as in
effect on the date the Mortgage Loan was originated. As of the origination date, unless no appraisal is required pursuant to the applicable Agency guide, no appraisal is more than one hundred and twenty (120) days old. 

(hh) Disclosure Materials. The Mortgagor has executed a statement to the effect that the Mortgagor has received all disclosure materials
required by applicable law with respect to the making of adjustable rate mortgage loans, and Seller maintains such statement in the Mortgage File. 

(ii) Construction or Rehabilitation of Mortgaged Property. No Mortgage Loan was made in connection with the construction or
rehabilitation of a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged Property. 

(jj) No Defense to Insurance Coverage. No action has been taken or failed to be taken, no event has occurred and no state of facts
exists or has existed on or prior to the Purchase Date (whether or not known to Seller on or prior to such date) which has resulted or will result in an exclusion from, denial of, or defense to coverage under any private mortgage insurance
(including, without limitation, any exclusions, denials or defenses which would limit or reduce the availability of the timely payment of the full amount of the loss otherwise due thereunder to the insured) whether arising out of actions,
representations, errors, omissions, negligence, or fraud of Seller, the related Mortgagor or any party involved in the application for such coverage, including the appraisal, plans and specifications and other exhibits or documents submitted
therewith to the insurer under such insurance policy, or for any other reason under such coverage, but not including the failure of such insurer to pay by reason of such insurer’s breach of such insurance policy or such insurer’s financial
inability to pay. 

  
 Schedule 1-9 













 (kk) Capitalization of Interest. The Mortgage Note does not by its terms provide for
the capitalization or forbearance of interest. 
 (ll) No Equity Participation. No document relating to the Mortgage Loan provides for
any contingent or additional interest in the form of participation in the cash flow of the Mortgaged Property or a sharing in the appreciation of the value of the Mortgaged Property. The indebtedness evidenced by the Mortgage Note is not convertible
to an ownership interest in the Mortgaged Property or the Mortgagor and Seller has not financed nor does it own directly or indirectly, any equity of any form in the Mortgaged Property or the Mortgagor. 

(mm) Proceeds of Mortgage Loan. The proceeds of the Mortgage Loan have not been and shall not be used to satisfy, in whole or in part,
any debt owed or owing by the Mortgagor to Seller or any Affiliate or correspondent of Seller, except in connection with a refinanced Mortgage Loan; provided, however, that other than with respect to FHA Loans and VA Loans originated in accordance
with their respective guidelines, no such refinanced Mortgage Loan (other than a Fannie Mae Refi Plus Mortgage Loan) shall have been originated pursuant to a streamlined mortgage loan refinancing program. 

(nn) Origination Date. The Purchase Date for a Mortgage Loan other than a Correspondent Mortgage Loan is no more than thirty
(30) days following the origination date and the Purchase Date for a Correspondent Mortgage Loan is no more than one hundred eighty (180) days following the origination date. 

(oo) No Exception. The Custodian has not noted any material exceptions on a Custodial Mortgage Loan Schedule with respect to the
Mortgage Loan which would materially adversely affect the Mortgage Loan or Administrative Agent’s or Buyers’ interest in the Mortgage Loan. 

(pp) Mortgage Submitted for Recordation. The Mortgage either has been or will promptly be submitted for recordation in the appropriate
governmental recording office of the jurisdiction where the Mortgaged Property is located. 
 (qq) Documents Genuine. Such Purchased
Mortgage Loan and all accompanying collateral documents are complete and authentic and all signatures thereon are genuine. Such Purchased Mortgage Loan is a “closed” loan and is fully funded by Seller and held in Seller’s name. 

(rr) Bona Fide Loan. Such Purchased Mortgage Loan arose from a bona fide loan, complying with all applicable State and Federal laws and
regulations, to persons having legal capacity to contract and is not subject to any defense, set-off or counterclaim. 

(ss) Other Encumbrances. To the best of Seller’s knowledge, any property subject to any security interest given in connection with
such Purchased Mortgage Loan is not subject to any other encumbrances other than a stated first mortgage, if applicable, and encumbrances which may be allowed under the Underwriting Guidelines. 

  
 Schedule 1-10 













 (tt) Description. Each Purchased Mortgage Loan conforms to the description thereof as
set forth on the related Custodial Mortgage Loan Schedule delivered to the Custodian and Administrative Agent. 
 (uu) Located in U.S.
No collateral (including, without limitation, the related real property and the dwellings thereon and otherwise) relating to a Purchased Mortgage Loan is located in any jurisdiction other than in one of the fifty (50) states of the United
States of America or the District of Columbia. 
 (vv) Underwriting Guidelines. Each Purchased Mortgage Loan has been originated in
accordance with the Underwriting Guidelines (including all supplements or amendments thereto) previously provided to Administrative Agent. 

(ww) Aging. Such Purchased Mortgage Loan has not been subject to a Transaction hereunder for more than the applicable Aging Limit. 

(xx) Committed Mortgage Loans. Each Committed Mortgage Loan is covered by a Take-out Commitment,
does not exceed the availability under such Take-out Commitment (taking into consideration mortgage loans which have been purchased by the respective Take-out Investor
under the Take-out Commitment and mortgage loan which Seller has identified to Administrative Agent as covered by such Take-out Commitment) and conforms to the
requirements and the specifications set forth in such Take-out Commitment and the related regulations, rules, requirements and/or handbooks of the applicable Take-out
Investor and is eligible for sale to and insurance or guaranty by, respectively the applicable Take-out Investor and applicable insurer. Each Take-out Commitment is a
legal, valid and binding obligation of Seller enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and subject, as to enforceability, to general
principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
 (yy) Primary Mortgage Guaranty
Insurance. Each Mortgage Loan is insured as to payment defaults by a policy of primary mortgage guaranty insurance in the amount required where applicable, and by an insurer approved, by the applicable
Take-out Investor, if applicable, and all provisions of such primary mortgage guaranty insurance have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder
have been paid. Each Mortgage Loan which is represented to Administrative Agent to have, or to be eligible for, FHA insurance is insured, or eligible to be insured, pursuant to the National Housing Act. Each Mortgage Loan which is represented by
Seller to be guaranteed, or to be eligible for guaranty, by the VA is guaranteed, or eligible to be guaranteed, under the provisions of Chapter 37 of Title 38 of the United States Code. As to each FHA insurance certificate or each VA guaranty
certificate, Seller has complied with applicable provisions of the insurance for guaranty contract and federal statutes and regulations, all premiums or other charges due in connection with such insurance or guarantee have been paid, there has been
no act or omission which would or may invalidate any such insurance or guaranty, and the insurance or guaranty is, or when issued, will be, in full force and effect with respect to each Mortgage Loan. There are no defenses, counterclaims, or rights
of setoff affecting the Mortgage Loans or affecting the validity or enforceability of any private mortgage insurance or FHA insurance applicable to the Mortgage Loans or any VA guaranty with respect to the Mortgage Loans. 

  
 Schedule 1-11 













 (zz) Tax Service. The Mortgage Loan is covered by a life of loan, transferrable real
estate tax service contract that may be assigned to Administrative Agent or Buyers. 
 (aaa) Predatory Lending Regulations; High Cost
Loans. No Mortgage Loan (i) is classified as High Cost Mortgage Loans (ii) is subject to any law, regulation or rule that (A) imposes liability on a mortgagee or a lender to a mortgagee for upkeep to a Mortgaged Property prior to
completion of foreclosure thereon, or (B) imposes liability on a lender to a mortgagee for acts or omissions of the mortgagee or otherwise defines a mortgagee in a manner that would include a lender to a mortgagee.” 

(bbb) Credit Score and Reporting. As of the Purchase Date, the Mortgagor’s credit score as listed on the Mortgage Loan Schedule is no more
than ninety (90) days old. Full, complete and accurate information with respect to the Mortgagor’s credit file was furnished to Equifax, Experian and Trans Union Credit Information in accordance with the Fair Credit Reporting Act and its
implementing regulations. 
 (ccc) Wet-Ink Mortgage Loans. With respect to each Mortgage Loan
that is a Wet-Ink Mortgage Loan, the Settlement Agent has been instructed in writing by Seller to hold the related Mortgage Loan Documents as agent and bailee for Administrative Agent or Administrative
Agent’s agent and to promptly forward such Mortgage Loan Documents in accordance with the provisions of the Custodial Agreement and the Escrow Instruction Letter. 

(ddd) FHA Mortgage Insurance; VA Loan Guaranty. With respect to the FHA Loans, the FHA Mortgage Insurance Contract is or eligible to be
in full force and effect and there exists no impairment to full recovery without indemnity to the Department of Housing and Urban Development or the FHA under FHA Mortgage Insurance. With respect to the VA Loans, the VA Loan Guaranty Agreement is in
full force and effect to the maximum extent stated therein. All necessary steps have been taken to keep such guaranty or insurance valid, binding and enforceable and each of such is the binding, valid and enforceable obligation of the FHA and the
VA, respectively, to the full extent thereof, without surcharge, set-off or defense. Each FHA Loan and VA Loan was originated in accordance with the criteria of an Agency for purchase of such Mortgage Loans.

 (eee) Mortgage Loan Schedule. The information set forth in the related Mortgage Loan Schedule and all other information or data
furnished by, or on behalf of, Seller to Administrative Agent is complete, true and correct in all material respects. 
 (fff) Qualified
Mortgage. Notwithstanding anything to the contrary set forth in this Agreement, on and after January 10, 2014 (or such later date as set forth in the relevant regulations), (i) prior to the origination of each Mortgage Loan, the originator
made a reasonable and good faith determination that the Mortgagor had a reasonable ability to repay the loan according to its terms, in accordance with, at a minimum, the eight underwriting factors set forth in 12 CFR 1026.43(c) and (ii) unless
otherwise approved in writing by Administrative Agent in its sole discretion, each Mortgage Loan is a “Qualified Mortgage Loan” as defined in 12 CFR 1026.43(e). 

  
 Schedule 1-12 













 (ggg) Correspondent Mortgage Loans. The Mortgage File with respect to each
Correspondent Mortgage Loan is (i) in the possession of the Seller as of the related Purchase Date, or (ii) in transit for delivery from the Seller to the Custodian in accordance with the terms of the Custodial Agreement. 

(hhh) TRID Compliance. With respect to each Mortgage Loan where the Mortgagor’s loan application for the Mortgage Loan was taken on
or after October 3, 2015, such Mortgage Loan was originated in compliance with the TILA-RESPA Integrated Disclosure Rule. 

  
 Schedule 1-13