EX-10.98



 Exhibit 10.98 

EXECUTION 
 AMENDMENT NO.
3
 TO MASTER REPURCHASE AGREEMENT 

Amendment No. 3, dated as of January 10, 2014 (this “Amendment”), among CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL
LLC (the “Buyer”), PENNYMAC OPERATING PARTNERSHIP, L.P. (the “Seller”) and PENNYMAC MORTGAGE INVESTMENT TRUST (the “Guarantor”). 

RECITALS 
 The Buyer, the
Seller and the Guarantor are parties to that certain Master Repurchase Agreement, dated as of September 28, 2012 (as amended by Amendment No. 1, dated as of May 8, 2013 and Amendment No. 2, dated as of December 31, 2013, the
“Existing Repurchase Agreement”; and as further amended by this Amendment, the “Repurchase Agreement”). The Guarantor is a party to that certain Guaranty (the “Guaranty”), dated as of
September 28, 2012, as the same may be further amended from time to time, by the Guarantor in favor of Buyer. Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Repurchase Agreement and
Guaranty, as applicable. 
 The Buyer, the Seller and the Guarantor have agreed, subject to the terms and conditions of this Amendment, that
the Existing Repurchase Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Repurchase Agreement. As a condition precedent to amending the Existing Repurchase Agreement, the Buyer has required the Guarantor to
ratify and affirm the Guaranty on the date hereof. 
 Accordingly, the Buyer, the Seller and the Guarantor hereby agree, in consideration of
the mutual promises and mutual obligations set forth herein, that the Existing Repurchase Agreement is hereby amended as follows: 
 SECTION
1. Representations and Warranties. Part 1 of Schedule 1 of the Existing Repurchase Agreement is hereby amended by adding the following clause (ccc) at the end thereof: 

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

SECTION 2. Conditions Precedent. This Amendment shall become effective as of the date hereof (the “Amendment Effective
Date”), subject to the satisfaction of the following conditions precedent: 
 2.1 Delivered Documents. On the Amendment
Effective Date, the Buyer shall have received the following documents, each of which shall be satisfactory to the Buyer in form and substance: 

  
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 (a) this Amendment, executed and delivered by duly authorized officers of the
Buyer, the Seller and the Guarantor; and 
 (b) such other documents as the Buyer or counsel to the Buyer may reasonably
request. 
 SECTION 3. Representations and Warranties. Seller hereby represents and warrants to the Buyer that it is in compliance
with all the terms and provisions set forth in the Repurchase Agreement on its part to be observed or performed, and that no Event of Default has occurred and is continuing, and hereby confirms and reaffirms the representations and warranties
contained in Section 13 of the Repurchase Agreement. 
 SECTION 4. Limited Effect. Except as expressly amended and modified by
this Amendment, the Existing Repurchase Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms. 

SECTION 5. Counterparts. This Amendment may be executed by each of the parties hereto on any number of separate counterparts (including
by facsimile or .pdf), each of which shall be an original and all of which taken together shall constitute one and the same instrument. 

SECTION 6. Severability. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 SECTION 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF. 
 SECTION 8.
Reaffirmation of Guaranty. The Guarantor hereby ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and acknowledge and agree that the term “Obligations” as used in the Guaranty shall
apply to all of the Obligations of Seller to Buyer under the Pricing Side Letter and the Repurchase Agreement, as amended hereby. 

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

			
	Credit Suisse First Boston Mortgage Capital LLC, as Buyer
		
	By:	 	 /s/ Adam Loskove

		 	Name: Adam Loskove
		 	Title: Vice President
	
	PennyMac Operating Partnership, L.P., as Seller
		
	By:	 	 /s/ Pamela Marsh

		 	Name: Pamela Marsh
		 	Title: Executive Vice President, Treasurer
	
	PennyMac Mortgage Investment Trust, as Guarantor
		
	By:	 	 /s/ Pamela Marsh

		 	Name: Pamela Marsh
		 	Title: Executive Vice President, Treasurer


 Signature Page to Amendment No. 3 to Master Repurchase Agreement